Greater Toronto Area
Aurora, Newmarket & Whitchurch-Stouffville
Vacancies: 2.0% ↑
Rents: $1,121 ↑
Northeast York Region Has Small but Hot Market
The towns of Newmarket and Aurora are old settlements that were established over a century ago as development crept north from Toronto along Yonge Street. These centres became the core of post-war development as urban sprawl spread beyond Toronto’s boundaries. Most of this development followed Yonge Street, although the arrival of Highway 404 and two northern GO trains have increased growth.
Statistics Canada groups these communities with the three townships of northeastern York Region, including Whitchurch-Stouffville, East Gwillimbury and Georgina Township. Although these communities remain primarily rural, they’ve benefitted from the same transportation connections that have enhanced Aurora and Newmarket, as well as a third GO train extending north from Markham. East Gwillimbury, in particular, is dealing with rapid growth, and more is expected in the next twenty years.
Although small, the northeastern York Region apartment market is growing. Vacancy rates rose to 2.2% during the 2008 recession, but hover around 2% today.
Newmarket, Aurora and the rest of northeast York Region share a number of the categories of its more developed neighbours of Vaughan and Markham. Its distance from Toronto, however, are a drag on demand that has kept vacancy rates above 2%.
With the provincial government limiting development along the Oak Ridges Moraine, the growth that has played out in Vaughan and Markham has leapfrogged to these communities. People are searching for affordable land with good transportation connections to Toronto, and for places close to the waterborne amenities of Lake Simcoe. York Region and the province of Ontario plan to enhance these connections, improving bus rapid transit on Yonge Street, adding all day train service between Toronto and Barrie and extending Highway 404 into Georgina Township.
The low vacancy rates and strong average rents show that demand is strong for apartments in northeast York Region. Growth in the past five years has not saturated this market, and more growth is expected in the years to come.
- Limited supply and large demand will continue to make buying opportunities hard to find.
- Poorer transit access, compared to southern neighbours, will restrain demand, but only slightly.
- Good opportunities to build here.
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Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.