Vaughan Metropolitan Centre
The city of Vaughan has over the years started to gain importance and has become a crucial part of the Greater Toronto Area owing to its large and significant development project in its history, which is the revitalization initiative that will transform it to a major downtown destination. The Vaughan Metropolitan Centre or the VMC is a central business district in the city of Vaughan that stretches over 442 acres. It is bordered by Portage Parkway to the north, Highway 407 to the south, Creditstone to the east and Highway 400 to the west. Although much of the area is still under development, the new district already has some massive economic and population growth in the pipeline. It has been estimated that by the year 2031, the Vaughan Metropolitan Centre will have a population of 25,000 residents living in approximately 12,000 new residential projects. By this time, Vaughan Metropolitan Centre will be home to 1.5 million square feet of new commercial office spaces along with new retail spaces of 75,000 square feet. These new developments will not only bring about a chance in the essence of the neighborhood but will also offer employment to about 11,500 workers. Vaughan Metropolitan Centre in the coming years seeks to provide local residents with a urban life of high standard through coordinated development of multiutility workplace towers, open green spaces, luxurious residential buildings, hotels, restaurants, community-friendly squares, unique cultural spaces, street-level retail outlets, pedestrian links and entertainment venues. This will turn Vaughan Metropolitan Centre into a neighborhood where residents can live, work and play.
To ensure an economic growth of significance in Vaughan Metropolitan Centre, the city plans to promote commercial development here by offering office costs at a reduced rate. The VMC’s Community Improvement Plan consists of a considerate amount of financial incentives along with planning tools such as reductions and deferrals on city development charges, a tax increment equivalent grant that will offset incremental assessment increases, cash in lieu parkland exemptions that will offer discounts of $4,400 for every residential unit in mixed-use projects, and expedited development approvals by which the proposed projects can be delivered as soon as possible. With much more on the way, the incentives have already been utilized in the construction on the 365,000 square feet KPMG Tower, which is a Class-A office building with 65,000 square feet of retail space and has received the 2017 NAIOP Greater Toronto Rex Aware for Office Development of the Year. Vaughan Metropolitan Centre is also home to several residential condo developments that include the CG Tower, which is a 554-unit 60-storey architectural marvel that will be the tallest building in Vaughan once the construction is completed in September 2021. Besides this, the neighborhood also has the PwC-YMCA Tower that is expected to open in 2020. This 9-story, 220,00 square foot building will consist of 36,000 square feet of space that will be assigned for a new library branch which will perform arts studio and community kitchen while the other 77,000 square feet will be reserved for a new branch of the YMCA which will consist of a pool, non-for-profit child care facilities and a fitness area.
List of New Condos in the Vaughan Metropolitan Centre Neighbourhood
Why invest in Vaughan Metropolitan Centre Real Estate?
Vaughan Metropolitan Centre along is undergoing massive change in terms of development and is a promising neighborhood when it comes to investment. Although there are several plans lined up for the future, in many aspects, the future has already begun and is here. With the current population standing at 330,000, Vaughan is now home to the region’s largest employment centre where there are more than 11,000 companies along with 200,000 jobs. It also boasts an average five-year employment growth rate of 4.1 percent. This is a desirable location for both working professionals as well as investors. It has also been estimated that there will be an exponential growth in the population and by 2031, it will cross 25,000 while also generating new residential projects along with 11,500 job opportunities. The Vaughan Metropolitan Centre is also very walkable and makes life easy for residents to acquire whatever they need without having to travel far. Everything is within walking distance, which negates the need of using vehicles. Vaughan had also been named the 20th Best Place to Live in Canada by MoneySense in 2016 and till date lives up to its reputation as a popular live and work destination in the Greater Toronto Area. With several development plans in line, it will only gain more popularity in the days to come.
Vaughan Metropolitan Centre offers you several real estate properties to choose from ranging from condos to townhomes. Although the area has already witnessed a series of developmental improvements around, the prices here are still reasonable and affordable as compared to its other counterparts in the Greater Toronto Area. It is advisable and a smart move to invest now while the prices are still low. Once the development phase is over and the population increases, things will take a turn and the prices will soar. This also provides you with an assurance of your property’s value increasing annually. Owing to the demand for this neighborhood and the estimated population increase, you will also not have a hard time in finding tenants. There will be several more migrants who will come to this neighborhood in search of employment and a place to call home. You also have the option of putting the place on rent and receive a monthly income through rent.
Besides the several residential, commercial and community developments that are in the pipeline for Vaughan Metropolitan Centre, one of the perks of living here is the excellent transit system that comes along with it. Development of local transportation infrastructure has been prioritized and progress can already be seen. One of the major developments is the Vaughan Metropolitan Subway Station, which is the Toronto Transit Commission’s northernmost terminus belonging to its Yonge/University Line 1 subway. There are more than 20,000 commuters who pass through the VMC Mobility Hub regularly. Thanks to this, subway riders can now reach York University in just 7 minutes while the Bay Street Subway Station can be reached within 45 minutes. One of the other major transportation hubs in the region is the SmartCentres Place Bus Terminal, which is a new regional transit interchange that is connected to the adjoining subway station as well the VIVA express bus routes through an underground tunnel. Commuting is also convenient for motorists as well owing the close proximity and adjacency to several highways. Vaughan Metropolitan Centre motorists are given a direct entry on to Highway 7, Highway 407 and Highway 400, which not only allow them to travel within the city but also to any other part in the Greater Toronto Area effortlessly.
Find New Condos Developments By The Neighbourhood
- Crestwood – Springfarm – Yorkhill
- East Woodbridge
- Elder Mills
- Islington Woods
- Richmond Hill
- Rural Vaughan
- Sonoma Heights
- South Richvale
- South Steeles
- Steeles West Industrial
- Vaughan Corporate Centre
- Vaughan Metropolitan Centre
- Vellore Village
- West Woodbridge
- West Woodbridge Industrial Area