In the News
Pauline Lierman, vice president of market research at Canadian housing research consulting group Zonda Urban, said that pricing in the market is up more than 10% across the geographic target area. For example, in the City of Toronto, small, 260-square-foot condo units are priced at $360,000, and a 500-square-foot one-bedroom condo is more than $550,000. These represent the least expensive entry-level new housing in the City.
Zonda today announced the appointment of accomplished housing market specialist, analyst, and advocate Pauline Lierman to the Zonda Urban team. Lierman—now Vice President, Market Research, Ontario and Quebec—brings more than 20 years of experience in market research and advisory roles in the greater Toronto area (GTA), providing insight and strategic input based on a deep knowledge of new residential developments across the region.
“Jasmine is a highly respected and established expert in Canada’s housing industry. Her extensive experience and knowledge of cities across the country will make Zonda Urban a leader in the rental and for sale sectors of the housing market.”
Brown notes prior to 2018 most projects in the area would have launched as condominiums for ownership, but developers recognized the need for new rentals as many professional young adults are taking longer to buy a home or choosing not to buy at all.
“Rentals can attract a much wider demographic of people not just those who can secure a mortgage,” she says.
Toronto’s “increase in rents can be attributed to owners reducing the value of incentives offered,” UA analyst Kendall Brown said in a e-mailed reply to questions. “It shows that developers are willing to get competitive again as demand increases” with international students and professionals returning to the downtown core, he said.
Brown predicts a return to pre-COVID-19 rents in Toronto over “the next couple of quarters.”
“It’s been quite successful due to the timing of the launch. We haven’t really had a big project launch in the downtown (for awhile). The location being in East Village definitely contributed to the number of leases they’ve seen so far and the interest,” she said.
“Rental projects with extensive lifestyle amenities and daily conveniences are more likely to achieve faster absorptions, higher rents and lower turnover. A lot of younger professionals are choosing buildings based on the amenity offering.”
“Arris differs from the competition by offering larger floorplans than what are typically found in downtown Calgary, plus it offers comprehensive, upscale amenities that are becoming a trend among rental buildings,” said Kendall Brown, Market and Rental Analyst at Urban Analytics. “Rental projects with extensive lifestyle amenities and daily conveniences are more likely to achieve faster absorptions, higher rents, and lower turnover. A lot of younger professionals are choosing buildings based on the amenity offering.”