The Yorkville Condominiums Launch Update

The Yorkville was featured in our “Hot 5 Condo Projects for 2011” post based on the incredible reputation Lifetime Developments have created with some of their recent work (including Bisha, Four Seasons among others).

The Yorkville launched on March 10th to much fanfare and coined a new term, “Yorkvillism”, which refers to the attitude of the people who live in Yorkville, referring to the culture, the cuisine and architecture.  Yorkville is held in very high regard among Torontonians, being home to some of the premiere and priciest residences in the city.

The Yorkville is located right in the heart of it all at the intersection of Davenport & McMurrich, just a stones throw from Toronto’s best restaurant and high end shopping.

The new development caters to the higher end clientele, with amenities such as a shared wine locker, lounge and piano bar being some of the highlights.  The fireplace on the outdoor terrace screams luxury and will definitely be a highlight of the building.

Suites are finished with the high quality you expect from Lifetime, with high quality wood flooring throughout and a very sleek and integrated look for the kitchen with mid-to-high-range Miele appliances (not quite the Sub Zero, Wolf and Viking that we saw in 80-100 Yorkville).

The Yorkville will be a high end development by an extremely reputable builder.  Other pre-construction developments in the neighbourhood range from $750 per foot and all the way to $1,500 per foot and up (admittedly, $1,500 is for the Four Seasons which The Yorkville was never competing against to begin with…).

Compared to The Florian and Pears, the Yorkville compares favourably, given that it closes in 2014 (whereas the other developments will all be completed by 2013).

Development Address Price/Sq.Ft. Occupancy Mt.Fees/Sq.Ft Parking Deposit
THE YORKVILLE 32 Davenport $725+ 2014 $0.56 $47,000 20%
The Florian 76 Davenport $750+ 2012 $0.69 N/A N/A
The St. Thomas 2 St. Thomas $1,000+ N/A N/A N/A N/A
Four Seasons 50-60 Yorkville $1,500+ 2011 $0.81 N/A N/A
Pears on the Avenue 162 Avenue $750+ 2013 $0.60 $50,000 15%+5%

The resale market in Yorkville is very active.  We tried to choose developments in Yorkville that were newer to give us a good idea of what the product in the area was moving for today.  Crystal Blu and 18 Yorkville we obvious choices, but we also looked at 80-100 Yorkville which is a higher end product (we wanted to make sure that The Yorkville wasn’t more expensive than a higher end product).

The development at 80-100 Yorkville are mostly larger suites and offer a number of high end amenities (valet parking) and suite features (high end appliances, 10 ft. ceilings etc.) and start from approximately $700,000, with prices starting from approximately $900 per square foot and appreciating at approximately 8-11% per annum, it shows that people are definitely willing to pay the big dollars to be in the premium location and buildings.

Development Price/Sq.Ft. Approx Appreciation Rate
Crystal Blu $700-$800 Not Enough Data
80-100 Yorkville $900-$1,000+ 8-11% per annum
18 Yorkville $730-$800 10-15% per annum

The final development we compared it to was 18 Yorkville by Great Gulf.  The development, currently selling for approximately $730 per square foot on the lower floors (compared to $725 per square foot on the lower floors of the podium for The Yorkville).  This particular development has seen rapid price appreciation in the last 5 years, with an average of approximately 15% per annum.  3 suites have sold and re-sold at an appreciation of over 20% per year at an average price growth of approximately $50,000 per year.

Yorkville commands some of the top rental rates in the city with buildings consistently generating $3.00 per square foot for rental units.

Type Rent Per Square Foot
Crystal Blu $2.80-$3.20
80-100 Yorkville $3.20+
18 Yorkville $3.00

It would not be a wild assumption to say that rents for The Yorkville will be at least $3.00 per square foot moving forward and perhaps more as the rental rates are expected to grow by 2014.