The Kennedys Condos offers affordable condo living in the east end

With intimidating new home sales figures like the ones the Building Industry and Land Development Association (BILD) announced recently, the dream of homeownership seems to be slipping out of reach for many. Luckily, there are still condo developments like The Kennedys Condos in Toronto by SAMM Developments.   

In BILD’s release, they said that the average price for a new high-rise unit in the Greater Toronto Area (GTA) as of July 2016 was $475,764. That’s 7% higher than the average price in July 2015. The average price per square foot also hit a record high last month, reaching $594.

First of all, when a first-time buyer sees a price in the high $400,000s, the majority of them won’t even register the unit as an option. For the most part, first-time buyers are looking in the $200,000s to mid $300,000s range.

There’s another problem facing first-time buyers in the GTA; since a wider range of buyers are being priced out of the low-rise market, more are looking to the new condo market, which is making the demand for larger units stronger. If the units start getting larger and the price per square foot keeps going up, then first-time buyers will eventually be priced out of both low- and high-rise markets across the GTA.  

This is exactly why it’s a good thing that SAMM Developments has recognized that Kennedy and Highway 401 in the east end is an opportunity to give condo buyers more value and space. Phase 1 of The Kennedys features two towers, and Phase 2 and 3 have one tower each.

That equals four towers in total at this up-and-coming east end location, which is amazing because the GTA’s new home inventory has hit a 10-year low and the amount of preconstruction condo units on the market has dropped 25% compared to last year.  

When Newinhomes.com chatted with President of SAMM Developments, Ali Akman, earlier this month, he told us that the majority of registrants at The Kennedys Condos so far are young professionals, singles and couples, aged 25 to 35. There have been a few families showing interest, but not a significant amount.

We wouldn’t be surprised if many of the professionals registering for The Kennedys Condos are employed in the Financial District in downtown Toronto. The average price for new condo units in the downtown core is growing quicker than other parts of the GTA, according to Urbanation.    

In the downtown core, the average selling price per square foot was $662 in the second quarter of 2016. Unsold prices went up even more to $724 per square foot. That’s simply unaffordable for 20- and 30-somethings just getting started in their new career.

The Kennedys Condos offers easy access to the Financial District via the 401 and Don Valley Parkway. With no traffic, you can get from The Kennedys to the Financial District in 15 to 20 minutes. Even in the worst of traffic, which we hit on the way back from The Kennedys presentation centre, it only takes about half an hour (and we were driving down to 1 Yonge on the waterfront).   

Register for The Kennedys Condos

Here’s the number you’ve been looking for; when Phase 1 of The Kennedys Condos launches, prices will start from the $200,000s and range up to the high $300,000s.

Phase 1 (two condo buildings) will be launching this fall, so register now to be among the first to receive updates about the opening!