With so much happening at Emerald City, Elad Canada’s master-planned condo community at Sheppard and Don Mills in North York, we caught up with Dror Duchovny, Director, Marketing and Business Development, Elad Canada, to learn more about the project.
Newinhomes (NIH): What has been the main feedback from residents living in Block A of Emerald City?
Dror Duchovny (DD): Residents who bought and live in Block A are very happy. They are the ones who bought in the first condominium block in the community, which was a wise decision. Since they purchased, the market has improved even more, and the value of their units has increased substantially. Some of the purchasers in the first phases also bought in the second Block, which is a testament to their confidence in our product. This is a great location, so demand will always be there for residences.
NIH: What percentage has sold at Park Club in the second Block? Are you seeing more end-users or investors purchasing?
DD: Park Club is 100% sold. Demand was extremely high for this residence, and the suites sold out very quickly to both end-users and investors – both of whom understand the great value in this location. There is a real sense of community at Emerald City, as well as outstanding amenities. In addition, buyers can afford larger layouts than they would downtown. Investors know that their suites will always be in demand by renters, and end-users know they will enjoy life in an amazingly convenient location.
NIH: Why do you think more couples and families are turning to the condo market?
DD: Single detached home prices have increased substantially in Toronto, making them unaffordable for many couples and families. The condo market can answer these families’ housing needs, at a more reasonable price point. The Peak will offer a range of suite configurations and sizes, as well as four two-storey, three-bedroom townhome style units. We expect to attract a diverse mix of end-users including couples, young families with children and even some empty-nesters looking for generous square footage. With residential unit prices starting from the high $200s, there is something for everyone. The Parkway Forest Community Centre offers programs for people of all ages. And the value is amazing, given its proximity to the Fairview Mall and only minutes to Shops at Don Mills and Bayview Village.
NIH: Can you tell us more about the decision to not have studios at The Peak?
DD: As we complete towers, we ask for feedback from our homeowners on everything from finishes to layouts and designs. We take their comments seriously, and each consecutive condominium responds to the ever-changing needs of our clients. The feedback we received and a market study showed us that there is a surge in demand for larger units. We have paid attention to maximizing the usable space of each unit, as well as enlarging the units from second block buildings, to meet the demand. In The Peak, we have included more one-bedroom+den, one-bedroom+flex and two-bedroom layouts.
NIH: BILD recently announced that the GTA’s new high-rise inventory hit a 10-year low. Do you see The Peak as much needed inventory for the GTA?
DD: Yes, we have just launched The Peak and the demand was very strong, in a 3:1 ratio. We have a continual stream of millennials entering the real estate market, as well as immigrants who see Toronto and the GTA as excellent places to put down roots. The demand for homes is there; supply is not. Condominiums are the logical choice.
NIH: We hear there will be a large retail component in Block C. Can you tell us more about the potential here? Is there a tenant yet?
DD: From the very beginning, the professionals at Elad envisioned Emerald City as a master-planned, mixed-use community that would offer the opportunity to live in beautiful and convenient surroundings at this significant North York intersection. We invested heavily in the overall community by building the Parkway Forest Community Centre, aquatic centre, and installed spectacular public art to help create a true sense of place. In keeping with the mixed-use aspect of the community, in our zoning application we have proposed a 30,000 square foot retail store in Block C. At this point, there is no tenant.
Big thanks goes out to Dror Duchovny for taking the time to tell us more about the exciting Emerald City condo community in North York. To stay updated on The Peak, register here!