Why Invest in Port Lands Real Estate?

Port Lands is an industrial and recreational area southeast of downtown Toronto, south of Lake Shore Drive, and between the Inner Harbor and Leslie Streets. In a city with pre-built condos development and intense bidding, sits 1,000 acres of unused real estate on the city’s waterfront, also due east of the city center. Port Lands is also close to vibrant neighborhoods such as Leslieville, St. Lawrence, the Distillery District, and the Financial District, and is also next to the apex of two of the city’s major highways.

List of New Condos in Port Lands Neighbourhood

Why Buy New Condo Developments in Port Lands?

The governments of Canada, Ontario and Toronto have jointly invested $1.25 billion in Toronto’s waterfront. Funding will be used for projects such as flood control on Port Toronto Land to help combat risks associated with climate change. By protecting the region against flooding, it will lay the groundwork to transform the industrial area into a vibrant area of downtown neighbourhood. Although there may not be any new condos being built in Port Lands at the moment, new waterfront condo developments are already planned by 2023. Waterfront Toronto is overseeing the revitalization effort, and their estimation of the new development will support a population of approximately 25,000 people and create an astonishing 30,000 jobs.

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History And The Potential of Port Lands

We can study Port Lands’ history to better grasp its future. Port Lands was one of Lake Ontario’s most diversified and luxuriant ecosystems just over 200 years ago. It was a natural wetland with a broad range of flora and wildlife, and it was especially well-known for its huge duck population. However, as the City of York continued to expand and became known as Toronto, its pollution impacted the wetland so badly and collapsed the ecosystem completely by 1850. Seeing opportunities in crisis, industrialists identified the land’s potential as an integral shipping port. To realize their vision, they set out to redirect the Don Rivermouth, therefore establishing Keating Channel and altering the river’s path by ninety degrees before it runs into Lake Ontario. By 1922, over 500 acres of land had been developed for industrial use from landfills in former wetlands, with some other 500 developed in the 1950s. This highlights the reason why the area has not been utilized for modern purposes.. It turns out that rivers don’t naturally bend on 90-degree angle into their estuaries, creating a dangerous situation in which further rainfall or other climatic variables might cause catastrophic floods in the area. This must be addressed before any real estate development can occur on Port Lands. Waterfront Toronto’s principal goal is to renaturalize the Don Rivermouth. This will result in the formation of a new river valley, which will correctly divert flood waters away from the Port Lands. In the process it will create Villiers Island by surrounding the neighbourhood with water.

Average Prices of Condos in Port Lands

In 2019, pre-construction condos in Toronto sold at an average price of $485,650. New listings for this year have been maintained at a price per square foot of approximately $883. Prices are continuing to grow every year at a rate of 10.2 percent annually. Rent in Toronto is around $2700 on average currently. This is also keeping in mind a rate of 3.5 percent as rental appreciation which has stayed relatively the same over the last 10 years. The vacancy rate sits at 0.7 percent at the moment which shows the demand for condos is strong here. On the other hand, the average resale price for condos in the city of Toronto is at $883,782 with the average rate of resale appreciation hovering around 5.4 percent for the last 10 years.

Port Lands Neighbourhood

When the municipal, provincial, and federal governments agreed to invest $1.25 billion in this large infrastructure development project in June 2017, Waterfront Tonto gained big points toward actualizing their vision. Port Lands certainly have some of the most anticipated new condo developments in Toronto. Consider having both the unrivaled landscape of the lakefront and the Toronto core itself. It has undoubtedly been one of all the underused lands in North America for many years, but today it’s starting to appear like one of the finest spots for new condo investment. Consider getting in early on other successful Toronto revitalization projects such as Liberty Village and the Distillery District. Port Lands new condos development will certainly surpass its predecessors. One unique difference is that Port Lands are located immediately on Lake Ontario and are surrounded by reinvented beautiful nature and wildlife. Located next to The Distillery District – one of the most visited places in the entire city, with an incredible variety of restaurants and shops, Port Lands will be a lively and vibrant place, and the perfect place for your refreshing urban lifestyle.

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