Is CityPlace Toronto’s next ghetto? ⇒
10 November 2011, early morning
I find that comparisons to St. Jamestown come up fairly often when people talk about CityPlace. Unlike St. James Town, the CityPlace condo corporations need to maintain enough funds to pay for the upkeep of their buildings. So I don’t think they will fall into the same start of disrepair as St. Jamestown. Most condominiums from the 80s still look quite nice. (With maintenance fees that will make you blush, no doubt.)
On the other hand, like St. Jamestown of old, the community is probably fairly transient. The buildings are designed in such a way that they really only appeal to particular demographics: the young professional and the retiree. People with families probably wouldn’t consider living in CityPlace because the units aren’t that big. I had complained to my friend who lives in the complex that they should have built 3 bedroom units as well, to attract families. He pointed out—correctly, I think—that the units would be too expensive. If a 2 bedroom and den in CityPlace sells for a half million dollars, give or take, how much would a 3 bedroom unit sell for? I suspect the costs would make the cities ridiculous housing prices look reasonable. This complaint is true of all modern condo developments. Two things will probably happen here: condo prices will come back down, or more likely, housing prices will go up. (They aren’t building more houses in the city, after all.)
All of that said, CityPlace is down the road from the finical district. That probably counts for a lot.
This is a post from my link log: If you click the title of this post you will be taken the web page I am discussing.
they could have built some semis. but it’s probably not as profitable to concord.
by tiff on November 10 2011, 11:44 pm #