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  • Neo Cameron

The Renaissance of Broadview

Updated: Jan 10, 2022

In the wake of the COVID-19 pandemic, many industries have declined, businesses have collapsed and whole countries have shut down. Canada, though not as hard-hit as other countries, has been no exception to this rule. Many businesses have significantly slowed down activities, if not shut down altogether. However, the real estate sector has been one industry that has continued to see activity among the despair. As the central bank of Canada responded to the slowed economic activity by lowering its prime interest rate to 0.25%, the Bank’s lowest crisis-level rate. This has made it easier and more affordable for Canadians and businesses to receive financing/mortgages, while on the other hand, many large developers such as Cresford face cash and funding dilemmas.and file for bankruptcy. This has shortened supply in an already vastly under-supplied market with immense demand, and one of the lowest vacancy rates in North America.

As Downtown Toronto is quickly becoming far too expensive for developers and largely unaffordable for the average middle-class buyer, many newer housing developments have moved slightly East and West of the city’s financial core. A prime example is Option Development’s latest project in East York, Nahid on Broadview, located at 800 Broadview Avenue.

Featuring a sophisticated modern finish with European- inspired architecture, the proposed 6-storey boutique condominium sits steps away from the renowned intersection of Broadview and Danforth, the gateway to Toronto’s historic Greektown neighbourhood running along Danforth Ave. This means that a variety of shops, restaurants, banks, grocery stores and schools are all within walking distance.

Also, the corner of Broadview and Mortimer Ave. is slated to be home to the 1001 Broadview Residence, a uniquely designed, fully-smart, futuristic 7-storey commercial/residential mixed-use building by Daffodil Developments. The building’s modern architecture, by Square Vis Architects, will boast an eye-catching diamond shape, reflecting the overall concept of ingenuity and innovation that the developer has integrated into the project. The artistic, one-of-a-kind exterior design will not only add a unique aesthetic to the area, it will also bring a fresh modern touch to the historic Toronto neighbourhood - in addition to modernizing the condominium experience asa whole.

Equipped with a digital concierge, and fully smart features, the building’s most groundbreaking aspect is it’s utilization of cryptocurrency and blockchain software. The exact details surrounding the digitization of the project are still emerging, but information from Daffodil indicates that not only will cryptocurrency be an available method of payment for purchasing units in the building, but the property is also being listed on the blockchain as a tokenized asset.

The 1001 Broadview Residence will undoubtedly push the envelope of creativity and modernization in real estate and development, and showcase what transitioning into the future will look like for our living spaces.

The countless public transport options available at the building’s doorstep grants residents easy access to quickly navigate the city’s vast transit network, providing convenience in completing nearly all of their day-to-day activities.

All of these luxuries, along with the location’s close proximity to Downtown make this one of the most sought-after areas in the city, albeit with a more affordable the price-tag than most, with an average sale of price of approximately $1,580.00 pers sq. ft.

As the economy continues to waver, and uncertainty over the future of the markets increases, home and condominium prices will likely stay stable, however the lack of income will render it increasingly difficult for buyers to purchase in already high-priced areas such as the city’s Downtown and Financial Core.

Federal and Provincial aid combined with lower interest rates will allow for home sales to continue. In turn, an ever-increasing demand for homes in Toronto, coupled with a consistent flow of immigration to the area, will fuel the growth of developments and new construction projects further away from downtown, in areas such as East York, Scarborough, and Etobicoke, where prices will be more affordable for prospective buyers.

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