Residential towers in Toronto will reach around 92 storeys
Great Gulf Group, a development giant has announced that residential towers in Toronto will reach around 92 storeys, in entertainment district of Toronto.
Buildings, which are projected over $1 billion were announced despite of number of indicators which real estate market appears to enter period of subdued activity.
According to figures from Toronto Real Estate Board showed that condo sales in Toronto declined by 30% in Q1 2018. Average home prices rose by around 9% in the same frame of time.
However, Jerry Patava, Great Gulf CEO is too optimistic that demand for condos will robust in Toronto, that he said that it is characterized by a healthy immigration.
“Lots of square footage is available, 1.5 million or 1.7 million sq. feet of residence is to sell out but building itself is designed and location is great,” said Patava. Patava also said that if they don’t get presales, they’re not building condo.
Even 10% drop in home prices triggered by unemployment, a considerable interest rate hike or a decline in immigration does not faze Patava.
Announcement is the latest in multiple developments of Great Gulf in Toronto, like a 46-storey building at King and Spadina and 34-storey condo tower at Yonge and St. Clair. Pre-sales for both of the projects are expected to start by next year.
Patava said that they are too selective in what they acquire into the downtown core. They spent around a year and a half before they bought site working with Frank Gehry only just to make sure that they can build this.