With the building boom we've been experiencing in the far east end of Toronto, particularly around Kingston Road, it's no surprise that the west end of Scarborough is undergoing a condo renaissance as well, particularly in lakeside communities with the lure of waterfront views out over the Bluffs.
For those looking for a small village feel, the communities of Scarborough Village and Guildwood have always held their charms. But what they didn't hold was a decent stock of newer, modern condos. There are a ton of new condo developments in Birch Cliff such as the highly anticipated Hunt Club but we're now seeing development push further east.
Queue the Guildwood Condos by the old Guild Inn. As you may know, the Guild Inn is being redeveloped into a restaurant and events space, revitalizing this tired but prime pocket of Scarborough Village. Right next to it, this mid-rise condo development is springing up, bringing with it much-needed condo stock that we think will be particularly appealing to downsizers who want to stay in the Scarborough Village / Guildwood area but looking for a more manageable, turn-key lifestyle.
Our own Todd Armstrong of MrLOFT has a number of pre-construction listings available. The MrLOFT team focuses on Toronto lofts for sale but also other types of unique properties and that's why we're interested in The Guildwood, because it's unique for the area.
There's really nothing else like it currently in this pocket of Scarborough, an area that's got plenty in the way of multi-million dollar homes by the lake and affordable family homes further inland, but nothing noteworthy in the way of condos or lofts.
Here's what you need to know about this new development.
This is a mid-rise development which Toronto and surrounding areas are sorely in need of. The demand for low- and mid-rise living is rising as the demographic for Toronto and Scarborough condos and lofts changes from young, first and second time buyers to families and downsizers as well.
The Guildwood is an eight-storey, mid-rise with 110 suites ranging in size from 605 to 1,560 sqft. Developers McMurry Street Corporation have partnered with architectural firm Gabriel Bodor Architect, Inc. who focus primarily on single-family homes, subdivisions and low- and mid-rise apartments and from what we've seen so far, that experience is translating to a really liveable design versus some of the condo-heavy or condo-only developers that focus on tall towers filled with micro condos. The developers are aiming for 2018 occupancy.
The location is near the apex of Kingston Road and Eglinton Avenue East which is close to Guildwood Village that Lauren Pelley from the Toronto Star describes as “a tranquil community frozen in time”. The surrounding areas have a really charming, small-village feel and in the direct vicinity, the re-development of the Guild Inn next door means that the area will be completely transformed.
This stretch of Kingston Road offers plenty in the way of shops, transit options, parks and schools. The building itself will offer a gym, security guard, party room, meeting / function room, and, the most anticipated element, a common area rooftop deck with BBQs and stunning lake views.
There are very few condo buildings in the area and probably because of this, they've enjoyed above-average value appreciation in the +10-12% range in 2015 over 2014. That said, we don't see the big market here as one for investors; downsizers are the prime market for this building in our opinion and that's a sizeable and growing market.
The Guildwood condo units all offer high ceilings and stylish spaces at reasonable price points and we love how the design is modern but more mature than what we're use to seeing with new build downtown Toronto condos.
Hands-down the biggest selling feature? Unobstructed lakeviews. What a great way to wake up on a Saturday morning, with coffee and a newspaper from your balcony or the common rooftop deck.
If you'd like to learn more about The Guildwood Condos, feel free to reach out to Todd at firstname.lastname@example.org, 416.317.0602.
All renderings of The Guildwood condos © McMurray Street Corporation.