Market for suites spurred by competitive prices

DEREK RAYMAKER

From Friday's Globe and Mail

For two decades, Brampton served as the poster-child for the unchecked development of master-planned tract housing. While other fast-growing 905 suburbs at least paid lip service to the idea of managing the development of new subdivisions with single-family, detached housing, Brampton didn't impose any constraints. Consequently, it consistently has seen high volumes of building and sales of new low-rise housing over several years.

The new subdivisions have put a tight squeeze on municipal services such as the water supply and sewage capacity, while area schools have become overextended.

In short, Brampton's development binge fostered a classic case of infrastructure overload, which came home to roost in 2005 when city council approved a development cap of 5,500 new low-rise dwellings a year. The cap was so successful in helping builders catch up on the new homes approved before the measure was put into place that the city renewed it each year for two years after that.

At the same time, however, council encouraged the building of high-density condominium buildings in certain zones it designated for intensive, mixed-use development - particularly the "urban" corridor of Highway 10, or Main Street.

We've explored some of the more counterintuitive condominium markets in Greater Toronto, and looked at suburban condo projects that have popped up around designated "city centres," or been marketed to downsizing residents reluctant to leave their communities.

Brampton's condominium market is a bit of a hybrid of these two concepts. What's missing there is a strong mass-transit component that connects seamlessly with the TTC system.

But the city's GO Train station is located in the heart of the intensification zone, which means there is easy access to downtown Toronto.

Even without the transit feature, there's strong buyer interest in Brampton high-rise projects, driven mostly by their relative affordability compared with those in neighbouring Mississauga, as well as by the rapid spike in new low-rise house prices.

A fully mature, diversified condo market is still a long way off in Brampton, but there's enough of one to dispel the city's image as a one dimensional, low-rise housing market.

Among the projects that have generated the most buyer interest is Renaissance, with more than 300 suites in the heart of the old town centre on George Street. Alterra Group is throwing in parking and a locker - a common inclusion in Brampton, but not so much any more in solidly urban markets where space is expensive.

Prices in the 27-storey high-rise on a classical two-storey platform range from $189,500 to $565,00 for between 530 and 1,923 square feet. With common features such as an indoor swimming pool, extensive fitness facilities and a terrace, Renaissance is geared toward active adults.

Just down Queen Street, east of the old town centre, is a hat tip to the younger and hipper side of the market - Rhythm Condos + Lofts by Mattamy Homes.

This is a new direction for Mattamy, which has traditionally specialized in building low-rise communities, and serving the more mature side of that market.

Rhythm's prices range from $136,000 to $249,000 for between 471 and 836 square feet, again with parking and locker included. The 22-storey glass tower is tailor-made for first-time buyers, and it seems to have hit a chord with them, as about two-thirds of the 232 suites have been sold.

There's also activity percolating outside of the town centre, on some of the ravine lands on the east side of the city. For example, Pointe of View Developments has launched three phases at its Spring Pointe project, which is aimed squarely at the empty-nester market.

Located just north of Highway 7, Spring Pointe will consist of three- and four-storey stucco buildings with just under 200 suites in total. Prices are set at $212,000 to $242,000 for 818 to 902 square feet.

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