City of Toronto
North York
Rank: 11
Universe: 67,303
Vacancies: 1.3% ↓
Rents: $1,214 ↑
Toronto’s Northern Neighbour Offers Big Buildings Ready for Repositioning
After the Old City of Toronto, the former City of North York is the largest market for rental apartments in the Greater Toronto Area. Despite seeing most of its growth following the Second World War, unlike its surrounding neighbours, or even Etobicoke or Scarborough, the borough-turned-city invested heavily in high-rise rental apartments.
Compared to the old City of Toronto, North York has a slightly lower concentration of apartments. Even so, North York has a slightly higher vacancy rate and a lower average rent, though vacancies are dropping, and rents remain comfortably above the provincial average.
North York shares in Toronto’s economic experience, but hasn’t had the benefit of rapid growth within Toronto’s downtown core. Four of the city’s priority neighbourhoods are found here, including Jane-Finch, Flemingdon Park O’Connor, Lawrence Heights and Westminster-Branson. Jane-Finch, in particular, has struggled to rise above the stigma of years of bad news.
North York’s lower average rents are also a draw for new residents looking for more affordable accommodations while they commute to work elsewhere. Transportation connections with the rest of the city are strong, and getting stronger.
In the past couple of decades, North York has worked to bolster its commercial development and intensify its residential neighbourhoods. The opening of the Sheppard subway and intensification along Yonge Street have helped increase heights and density in North York’s new downtown core and along Sheppard Avenue and the 401. Construction has begun on an extension of the Spadina subway to York University which should increase densities and rental demand.
While North York does not have the supply or the prices of the old City of Toronto and East York, this helps buyers and investors, offering good value for long term holds and repositioning plays.
Market Outlook
- Northwest quadrant offers challenging market.
- Northeast quadrant offers stable expansion.
- Southeast quadrant offers good value for repositioning.
- North-Bathurst corridor especially good as a long-term income play, especially for seniors.
- Large reserve of stock in the mid-market presents many good opportunities.
INTERESTED IN NEW APARTMENT CONSTRUCTION IN THIS REGION? FILL OUT THE FORM BELOW TO REQUEST THE RECENT TRANSACTIONS.
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Mansoor KazerouniGlobal Director BuildingsIBI |
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.
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Darryl McCullough CCIM SECBroker - Royal LePage Lakes of Muskoka Realty Inc., BrokeragePresident - 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.
