Greater Toronto Area
Vaughan, King, & Richmond Hill
Vacancies: 1.1% ↓
Rents: $1,243 ↑
The Cities Above Toronto Get Serious about Intensification
Located north of the City of Toronto, the City of Vaughan, the Town of Richmond Hill and the Township of King have seen explosive growth from urban sprawl spilling across Toronto’s boundaries.
Vaughan’s population has doubled in the past 20 years, to 239,000 people, making it the fastest growing municipality in Canada. Richmond Hill boasts 191,000 residents, a 17% increase in the past five years. Although the population of King Township is one-tenth that of Vaughan, it has been growing rapidly as well, with much of that growth concentrated in the urban centres of King City, Nobleton and Schomberg. The township expects the population of King City to double, reaching 12,000 by 2021.
Because of their late development, the apartment universe in this region is small, the lowest concentration of all the markets profiled in this report. The market has seen slow growth in the past five years, adding 30 units in 2006 and holding steady since.
All three municipalities have grown from rural settings to see significant suburban development serving Toronto’s commuters. Vaughan, King and Richmond Hill are taking steps to try and channel this new development, diversifying their economies, intensifying urban development, and protecting farmland.
Vaughan, in particular, is focusing development on a new urban centre around the intersection of Highway 7 and Jane Street, reinforcing this development with a region-built bus rapid transit line now operating along Highway 7 and an extension of the Toronto subway. Richmond Hill has a similar bus rapid transit line operating up Yonge Street and hopes to bring another extension of the Yonge subway north in the next two decades. As a result of this growth, and the small universe, the apartment industry in this area has seen low vacancy rates and high rents.
With the city, the town and the township each planning to intensify development around new and established urban centres, this is bound to change. The pressure will be on to build new supply to meet increasing demand. There is plenty of repressed demand to fill any new apartments that open in the next couple of years, and more demand will be arriving in the years to come.
- Richmond Hill’s favourable tax structure is a draw for new apartment development.
- Already strong transportation connections with rest of GTA will improve, increasing growth and demand.
- Several older but high-quality rental properties dominate Richmond Hill rental market.
- Vaughan has a minimal rental market, and needs new rental stock sooner rather than later—do not wait until all the land is gone.
INTERESTED IN NEW APARTMENT CONSTRUCTION IN THIS REGION? FILL OUT THE FORM BELOW TO REQUEST THE RECENT TRANSACTIONS.
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.