the highlights ✨
- 194 Condominiums Units
- 7 Live-Work Units
- 7 Rental Units
- 2 Commercial units
- Brand New Building
- Located on Kingston Rd
- Walking distance to Scarborough GO
Near the Property
About Neighbourhood
Cliffside is a charming neighbourhood situated in Toronto, Ontario, Canada. Nestled close to the picturesque Scarborough Bluffs, this community offers residents a unique blend of natural beauty and suburban living. The boundaries of Cliffside encompass Kennedy Road to the west, St. Clair Avenue East to the north, Brimley Road to the east, and the stunning Bluffs along the lakeshore to the south.
During the post-World War II era, when there was a surge in population growth and the demand for housing, Cliffside emerged as a well-planned suburban housing subdivision in the early 1950s. This period witnessed the transformation of farmland into a modern and expansive residential area, catering to the growing needs of families. Notably, the southern part of Cliffside was formerly home to a golf course, adding to the neighbourhood’s unique history.
Nature enthusiasts and outdoor lovers will find solace in Cliffside, as it boasts an array of parks and green spaces. The waterfront and the Scarborough Bluffs provide a picturesque backdrop, offering residents the opportunity to enjoy scenic walks, picnics, and stunning views of Lake Ontario. Among the notable parks in Cliffside are Scarborough Crescent Park, Scarborough Heights Park, Midland Ravine Park, and the eastern portion of Bluffer’s Park. Bluffer’s Park, in particular, offers an array of amenities and is home to the renowned Bluffer’s Park Yacht Club.
For convenient transportation, the Toronto Transit Commission’s (TTC) bus system serves Cliffside, with several routes traversing the neighbourhood. Residents also have the advantage of easy access to GO Transit’s commuter rail lines, including Lakeshore East and Stouffville, through the nearby Scarborough GO station. This connectivity provides seamless travel options for both commuting and exploring other parts of the Greater Toronto Area.
Location in Toronto
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About Real Estate Market
Toronto Multifamily 2023 Outlook
The demand for apartments has increased due to a rise in immigration, a continued return to office, and high homeownership costs, causing a drop in the multifamily vacancy rate to pre-pandemic levels. The Pickering and Ajax submarket have reached near-full occupancy, and some parts of Etobicoke and North York also recorded ultra-low availability. Toronto is expected to see another surge in new settlers this year as the federal government plans to admit a record number of permanent residents. Elevated borrowing costs and short supply are expected to send rents higher despite the expected increase in apartment deliveries.
Total employment is projected to decrease by 1.3 per cent in 2023, resulting in a slight uptick in the unemployment rate. Of the 13,500 units under construction, roughly 45 per cent are expected for delivery in 2023, a 75 per cent increase from 2022, which is fueled by delayed completions of projects that started construction during the pandemic. Following a significant drop in 2022, the vacancy rate is expected to continue to trend down but register a smaller decrease in 2023. Healthy rental demand is expected to continue to put upward pressure on the average effective rent, which is expected to rise above $1,750 per month, a 20 per cent increase from the 2019 level.
2022 Overview
In 2022, construction activity fell from its peak seen in 2021 to a level that is consistent with its pre-pandemic trend. Approximately 40 percent of the deliveries were in Central and North Toronto, followed by 640 units in West Brampton. An increase in immigration and rapidly-rising home purchasing costs bolstered demand for apartment rentals, causing the metro’s multifamily vacancy rate to plummet below 2 per cent. The largest availability declines were seen in West Toronto, York and East. The average effective rent in the metro recorded its highest pace of growth since the onset of the pandemic, rising by $100 per month. This was the largest increase since 1990.
Sale volumes contracted in 2022 on the heels of rising borrowing costs, mostly in York, Oakville and Old Toronto. The largest decrease was recorded in the $10 million to $20 million category, with total dollar volume traded dipping 38 per cent below the previous year’s level. The average sale price advanced roughly 15 per cent to almost $360,000 per unit in 2022, which was one of the highest growth rates in Canada. The average cap rate remained relatively stable throughout the year, likely due to strong rent growth that boosted operating incomes. Toronto’s long-awaited Eglinton Crosstown LRT is expected to begin operations as early as this summer, improving livability in the surrounding area, and future investment is likely to occur.
About Calgary’s Residential Market
Downtown Calgary Development Incentive Program
Calgary’s downtown office vacancy rates are high, with approximately 14 million square feet of office space currently vacant, or around 32.6%. This is a concerning situation as it poses a risk to the city’s vibrancy, economic competitiveness, and fiscal sustainability.
To address this issue, the Calgary City Council has approved a $100 million investment in the Downtown Calgary Development Incentive Program. The program aims to remove at least six million square feet of office space from the market by offering grants for building owners to convert their underused or vacant office space to other uses such as residential.
Most buildings participating in the program are largely vacant, and building owners are not required to convert their entire building. However, a minimum conversion area of 40,000 square feet is required to be eligible for the program.
Building owners are also required to submit a ‘tenant relocation plan’ as part of their application if they have existing tenants that will be displaced through a building conversion.
The program offers a grant of $75 per square foot for office to residential conversions, up to a maximum of $10 million per property, under Administration approval. Requests exceeding $10 million require Council approval.
