Every once in a while, a transformation happens and a neighbourhood is reborn. We’ve already seen it plenty of times in Downtown Toronto as swathes of brownfields and derelict industrial spaces are replaced by resplendent condo towers and mixed-use communities. The Concord neighbourhood could be the setting for the next urban transformation, as it benefits from its proximity to the development of a major urban centre.
The area is off to a good start as most of the homes sales over the past year were for condos, accounting for 66% of total sales, while detached homes only accounting for 15% of sales. The average price of a home during that time was $665,739, and that can be divided to an average condo price of $502,126, and an average freehold price of $1,176,716.
Its boundaries are defined as Steeles Avenue to the south, Highway 400 to the west, Dufferin Street to the east, and Rutherford Road to the north. So why could this neighbourhood see a future investment boom? Because of the Vaughan Metropolitan Centre of course!
Vaughan has set its sights on becoming the next major urban hub in the GTA, even nick-naming the project “The New Downtown North.” This new downtown will be full of employment, retail, entertainment, and more. It is also the setting of the GTA’s newest and northernmost subway station, connecting the region to the TTC’s Line 1 Yonge-University subway line.
So where does Concord come in? Well, the current site of the VMC was once officially part of the neighbourhood before it was identified as the best spot for the city’s new urban centre. Once the downtown core is sufficiently densified, then this neighbourhood becomes the next logical place on which to build, and it could happen sooner than you think.
One of the reasons this tremendous growth is happening in Vaughan is due to its friendly building practices and its generous corporate taxes. This makes it an attractive place to build and put your company's headquarters. It also makes the city more agile compared to a large metropolis like Toronto, so if it’s decided that new development is required in the neighbourhood, then it will happen quick!
There’s another Vaughan landmark close by, and it attracts visitors from all over the country, of course we’re talking about Canada’s Wonderland, located just north of here. This is a massive amusement park and waterpark, and there’s no question that it has the best rides in Canada. Haven’t you always wondered about the people lucky enough to get value out of season passes for amusement parks? That could be you!
Vaughan Mills is located on the northwestern corner of this neighbourhood, and it is a massive shopping centre and outlet mall. This is where you go if you want to track down a specialty item at a discounted price. It has 245 stores and services, including 16 anchor tenants, and 1,274,000 square feet of floor spaces. Its anchors include H&M, Urban Planet, Winners Homesense, Nordstrom’s, and Bass Pro Shops.
One master-planned community that’s coming here is the Rose City Gardens. This is going to be a massive development that will bring a vibrant mix of residential, commercial, and office floor space. It will also bring ample green space with the design calling for two individual parks. It will also catalyze the development of a new local GO Station, thereby creating a new mobility hub in the city. By itself, Phase 1 will bring 950 new units to the region, and that will be bolstered with the creation of retail and employment centres as well.
This is not the GTA’s primary development hub… at least not right now, but once you start digging into some of the finer details, you start to identify a lot of characteristics that could make this an incredibly valuable location for investment. The ability to identify potential is the key for the savvy investor, and this neighbourhood is ripe with it. Need more proof? Toronto once had swathes of undervalued industrial land, but today those places are thriving residential zones like Liberty Village and CityPlace. So what are you waiting for? It’s time to get in on the ground floor. It’s time to register.
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