The Vice-President of the Menkes Development company, Jared Menkes, was recently interviewed regarding the outlook on housing in 2020, and here is where you can find a detailed gathering of all of the takeaways from that interview..
Vaughan will become more desirable
One of the most crucial points that were made during the interview is that the market will see less demand being satisfied than ever before because of a shortage of units. Due to this, buyers can expect to see the prices on housing remain in the higher range. Jared believes very firmly that Vaughan (due to the immense revitalization the city’s undergoing with the creation of such places as Festival Condos and the Vaughan Metropolitan Centre (VMC) at large) will remain and become increasingly more desirable thanks to not only the easy accessibility to the wealth of retail/commercial outlets in the city, but also the Vaughan Metropolitan Centre TTC subway station (which can take people living in Vaughan right down into the city of Toronto with incredible ease).
The housing market, according to Menkes,
had best be prepared for a rough ride, as it has been gathered that approximately 22,000 condominium units and housing units will need to be rented annually to reach the level of demand by 2023. Unfortunately, the way things are going, the actual number won’t even be close to 22,000.
As far as Menkes Developments itself is concerned, their sales have been commendable over the past year, and the company as a whole has identified that, amongst the people looking for new homes (be they condominiums or detached homes) are primarily looking for homes that have a great deal of walkability to nearby amenities and services. Down on the iconic Waterfront of downtown Toronto, the Sugar Wharf project has been a relatively new but powerful player in the “walkability” name combined with legendary Menkes quality, along with Mobilio Condos and Grand at Festival Condos in Vaughan. Both of these condominium projects feature the ultimate accessibility to public transit and various retail outlets, restaurants, and other commercial attractions/services. Thus, people at these two condominium projects will not only have the pinnacle of lavishness and comfort in their unit, but they will also be able to experience the best Toronto and Vaughan have to offer, respectively.
The average-income family does not have nearly enough net income to be able to afford a home in Toronto’s downtown core (or possibly even the Vaughan Metropolitan Centre for that matter), but Menkes has been set on building affordable (but still exquisite) homes and condos that can ensure average-income families can still partake of Menkes’ quality and initiative while still getting all of the benefits of the urban lifestyle.
The York Region is a diverse region encompassing multiple towns and cities, but Vaughan stands as its primary employer right now, and despite the housing market, Menkes has been able to fill constructed homes with people thanks to the fact that they are gainfully employed here. As another point, the highest demand for condominiums is in the form of family-friendly condos, and Menkes has been making sure that their condos contain family-friendly amenities and comforts so that they can appeal to all sorts of different buyers/renters.
Jared Menkes stated in his interview that he believes the province of Ontario and the city of Toronto need to come together and work out ways to balance the real estate market to try to keep it from continually sinking as it is now for many, and take the initiative regarding affirmative action.
As for the company itself, and what they may think of people’s opinion of them, Jared invites people to go right on into their constructions (like their condominiums) and see for themselves why the name “Menkes” has echoed across Toronto, Vaughan, and other places for over half a century.
Published by ajay