The hottest new real estate trend in Toronto?
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Imagine: all the luxury of a lavish condo purchase, without any high, long-term financial commitment.
It’s the kind of suite setup on the table for those entering the purpose-built luxury rental market in Toronto. Concierge service, top-of-the-line amenities and in many cases sprawling square footage all come together in these constructions, forming a perfect package for those who prefer the finer things in life.
And in these buildings, the inhabitants do not have to go to war (at auction) to get their place.
Offering a modern take on a market which, according to award-winning real estate agent Johnston & Daniel and Toronto Regional Real Estate Board (TRREB) Chairman Kevin Crigger, has traditionally been occupied by older buildings, new rental projects are now seeing the light of day. the day in some of the most prestigious areas of the city.
READ: The GTA luxury real estate market is not just back, it’s bigger than ever
âOne of the amazing things [thatâs happened] Over the past few years we have had a number of very forward thinking developers or investor groups that have brought to market a number of rental developments specifically designed for their category, âsays Crigger. âIt really changed the landscape of what’s available, but it also changes the conversation: people see the value of a specially designed rental property in terms of rental security, tenure, all of those things. “
Indeed, Johnston & Daniel have already discovered that even in times of change, residents of Toronto don’t compromise on luxury. And it seems that persistence permeates the resale market: those accustomed to a lavish lifestyle are finding ways to maintain it, even after the sale of their freehold property in Rosedale.
âInventory levels are really at historically low levels, depending on the level of demand,â says Crigger, reflecting on the current resale market. As such, now is a great time for sellers to make gains on a home they may be underutilizing – maybe they’re ready to downsize, or their three story space. just won’t meet their long-term needs. But moving from full ownership to success is not always easy.
âWith the substantial transaction cost of a move, people fear making the wrong choice,â says Crigger. âThey’re worried about selling that bigger house that doesn’t really suit them, going into a condo, realizing that they don’t really like the condominium lifestyle and potentially wanting to leave and go somewhere. something different. “
Specially designed luxury rentals meet these vendors in the middle. They offer the opportunity to experience a “condo” lifestyle, while providing security (physical and financial), consistency and, yes, those luxury details.
âIt’s really a category of interest now that there are specially designed rental suites in the luxury sector that are competitive with what were previously exclusively luxury condominium suites,â said Crigger.
On the opposite end of the spectrum, specially designed rentals also provide comfort to those who want to be confident in their homes; those who prefer to rent, but don’t want to risk wasting their space on the whims of their owner.
âFirst and foremost, I think the need for specially designed rentals, of any kind, is the fact that people can be sure that once they live there – and assuming they’re happy to live there – they don’t have to relocate again, âsays Leeanne Weld, estate agent for Johnston & Daniel.
These types of rental buildings, according to Weld, are ideal for those who aren’t interested in unreliability.
âThe challenge for someone in a condo, for example, is if the owner decides to sell a year [into your] living there⦠the difference with a rental property is that once you are there, you are there. And for the little ones, you don’t want uncertainty. It’s stressful. You want to imagine that [for] the rest of your years – if that’s what you choose to do – you can live comfortably and safely in your rental.
Regarding specifically the dedicated luxury market, Weld underlines the importance of these offers for those who have already laid the foundations of life in the most prestigious areas of the city.
âI think there is a very specific need for luxury rentals for people coming out of big homes, whether it’s Rosedale, Forest Hill or Lawrence Park, and they don’t really want to give up their lifestyle, nor their goods: their dining room table, their dining room buffet, their living room suite. They are tied up, âshe said. “They are sentimental about all their things, their art.”
By looking for a space that can match the lifestyle found in their old home, these home seekers will naturally be drawn to larger (and therefore more expensive) units. Luxury prices are determined by square footage, Weld explains, as well as the location of the building itself.
One such building, both Weld and Crigger, is a premier luxury rental offering is 101 St. Clair. With suites ranging from 600 to 1,500 square feet, or even larger in twin-bed penthouses, the building can accommodate those Actually looking to downsize, and those who just like the idea of ââdoing it.
Brought to you by Camrost Felcorp, one of Toronto’s most established and esteemed developers, 101 St. Clair boasts over 30,000 square feet of hotel-inspired amenities⦠some of which, Weld notes, include a golf simulator. , a projection room (read: film theater) and an indoor swimming pool.
Indeed, this building was designed so that its residents feel perpetually on vacation.
And while the amenities offerings are important, Crigger notes that they’re just one part of the larger plan of what makes a rental property âluxuryâ.
âWhen we talk about purpose-built rentals, especially those in the luxury space, it’s really about service, quality and lifestyle,â he says. âAt 101 St. Clair there is an incredible executive concierge team on duty, welcoming residents upon their arrival.â
Meanwhile, a professional management company covers the backdrop of the house, ready to deal with issues ranging from a faulty dishwasher to general improvements in the suite. Through a partnership with The Forest Hill Group, a market leader in luxury services, 101 offers its residents a la carte services ranging from suite cleaning and florist delivery to frontline tickets and dry cleaning. .
âIt’s more of a concierge-driven lifestyle, where people are available to provide services, so your home truly becomes a place where you can relax and enjoy, rather than manage and enjoy. ‘maintain. I think that’s the most intrinsic part of what true luxury is – it’s an experience.
Standing at 215 Lonsdale Road, 2Fifteen is another rental specifically designed to provide its residents with a similar experience. With an on-site team prepared to help residents with anything they may need, as well as a suite of lavish amenities, Forest Hill’s offering will open in 2022.
The James at Scrivener Square, currently under construction, will soon provide a luxury rental experience for the Summerhill community, while The Montgomery is near Yonge and Eglinton. Comprising a combination of rental housing and retail space, Montgomery’s lavish offerings are also chock-full of shopping opportunities⦠and the more we think about it, the more appropriate it seems.
In fact, The Montgomery may be particularly well suited to another specific type of tenant mentioned by Weld: someone who’s in town for a good time, not long.
Over the past year and a half, many have moved to greener pastures. Buying in a cottage country or in a more rural community became more and more appealing when working from home became a long game. But this summer Toronto has stirred – the urban center has come back to life, and the core is only promising. to offer more of his old self to city dwellers over time. This alarm clock can bring familiar faces home, if only for a weekend.
âMaybe you’re going to live in your country house and just want a base in Toronto,â Weld remarks.
Either way, whether someone is looking to be in town for a short time or a long time, there is little argument against those days spent shopping and dining on the doorstep, a concierge at the front desk and breathtaking views out the window. Especially when all of this can come without any conditions.
Cover image: 101 Sainte-Claire
This article was produced in partnership with STOREYS Custom Studio.
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