Combine cutting edge technology with the paucity of new condominium launches in the GTA last year and you’re left with what will doubtless be one of the most sought-after developments in 2021.
Joy Station Condos by Liberty Development, named after nearby Mount Joy Go Station in Markham, is planning its first phase composed of two 22-storey towers containing over 500 units, and considering how hot the condo market is becoming, the timing of this launch couldn’t be better for investors.
“There hasn’t been a condo launch in Markham for over a year now, so there’s a supply issue there and demand for this will be high,” said Louis Nguyen, VP of sales and marketing at International Home Marketing Group. “When people look for a home in the 905, they want to be within close distance to highways and to GO stations, and Joy Station is close to both.”
Demand outstripping supply is nothing new for the GTA, but the market is hotter than it’s ever been and supply is lagging even further behind than usual. Yet, Joy Station is still being sold for under $1,000 per sq ft, one of the few condo developments in the GTA that haven’t broken four figures.
“Vaughan, Richmond Hill, Mississauga and Oakville are selling for over $1,000 psf on multiple projects,” said Nguyen. “Joy Station is in an established area of Markham and homes there have been , with townhomes now over $1 million. While this is primarily an end user neighbourhood, the profile of the neighbourhood has created a lot of opportunity for investors.
“Joy Station is equally designed for investors and end users, with incredibly efficient use of space. There’s no wasted space in the units and the floor plans will help investors get the best return on the price per square foot.”
The most impressive aspect of Joy Station is it’s incorporated the latest by 1Valet, including facial recognition to gain entry into the building.
“These technological features are things residents are beginning to expect today, and in only a few short years everyone will expect them,” he said. “Joy Station has this technology and it will help us stand out from the existing buildings in the area. Investors and end users will love these features. They won’t just make the first phase buildings modern, they will add an air of futurism to them as well. No buildings sold in the last few years have these features.”
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
