40 York Street - (Tricar) - 24 Floors

[jammer139]

Construction elevator is still there and getting heavy use with material delivery to the floors. Flooring and base board skids being loaded today.

[jammer139]

Construction elevator is still attached to west side of building. Would expect that it is no longer needed in all the time that has passed by now.

[jammer139]

Construction elevator is still in heavy use. Would expect it to be removed by now given most materials should already be delivered to every floor including appliances and cabinets.

[tyeman200]

Originally Posted by jammer139

Construction elevator is still in heavy use. Would expect it to be removed by now given most materials should already be delivered to every floor including appliances and cabinets.

Was just there recently to help for an inspection, only to realize half the building is still under construction. They have people living in there, but the top floors are still being worked on. I would expect them to be done by now, but who knows

[jammer139]

Long time coming but they have now finally removed the external construction elevator from west side. They can now finish installing the balcony doors and finish all those units.

[jammer139]

Any indication of the percentage rented on this building yet? Are they at 50%, 75% or 100%? Same question for Old Oaks Richmond St tower?

[Goldenamishplumber]

I'm unsure of the rental rates, but when I was in the building last week, delivering furniture for their 24th lounge. According to the manager incharge of finishing units, they are still working on units on the 23rd and 24th floor. And they'll be moving to Sunningdale to start on the units over there next.

[MolsonExport]

welcome to the forum

[jammer139]

The vacancy rate in the new buildings is interesting to watch. Some of them are offering one free months rent as incentive to sign a lease. This might be sign of over building. Could put a damper on new projects being built if the buildings have high vacancy rates. Or is the higher vacancy rate just due to fewer students in town due to pandemic? On the other hand the condo buildings appear to be selling really well.

[TallerIsBetter]

Or maybe just setting the rent too high for the market? I'm sure they will fill up a nice new building like that in a good location when they find pricing the market likes. Demand is there. I don't have any idea what they are asking but maybe they are inflated because of the housing bubble and think people will be happy to pay. Also when the pandemic wanes more people will want to live downtown (everything is closed right now).

[Djeffery]

Lookin at Tricar and Drewlo sites quickly doesn't seem to show Riverwalk hugely out of whack compared to City Place. Both offer free month promos, which sounds to be pretty standard anymore anyway. Riverwalk is obviously higher, but is new and a much nicer location. I've been in City Place and it's just ordinary inside as well.

[jammer139]

It's not just downtown. We should see around 1000 rental units coming on the market in the next 18 months with an additional 1000 units within 30 months. Old Oaks Hyde Park tower and Mosiak buildings will be renting this fall. York's Alto II building will be renting this summer. York's Boswick and Springbank buildings will be renting early 2022. Will the demand continue in the next few years or have we peaked?

[ssiguy]

I don't demand has peaked. In fact the vacancy rate is still quite low considering there are no students in town.

Also, as prices continue to climb more people will be regulated to condos if buying and most are high rises as they can fit more people onto smaller land purchases.

[haljackey]

Visited the office today for the first time in nearly 20 months- pic from 5th floor of Bell building: