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The Canadian commercial real estate (CRE) market’s growth doesn’t seem to be slowing down. According to several sources, Canadian CRE executives are optimistic about 2021. A survey by PwC/ULI shows that 83% of the Canadian respondents believe that 2021 will be an excellent year for real estate investments, as oppose to 55% of the US respondents.
This is why one of the latest of the numerous CRE investments comes from Oxford Properties, a Canadian multinational corporation investing in real estate, development, and property management.
Oxford’s plan is to redevelop the Canada Square in midtown Toronto by enriching it with a massive mixed-use complex. The $2.0 billion Canada Square project started in 2017, but just recently got the green light and could begin construction in 2023 if everything goes to plan.
Meeting the Growing Demand for Multi-Family Housing
The corner of Yonge Street and Eglinton Avenue has become known as the “Young and Eligible,” thanks to a surge of young people flocking to the neighborhood in recent years. It’s one of the liveliest parts of midtown Toronto, where new residential and commercial units keep popping up.
The ongoing pandemic has lowered the demand for urban living a bit, but it’s bound to spike again once the pandemic is over. Oxford and its partners are confident it will, given their $2 billion bet on urban living.
Still, the demand for multi-family housing remains high, as most people are now working from home. The new mixed-use complex with four residential towers will successfully meet the demand for dense downtown living.
The community space will accommodate many useful amenities, such as a public plaza, a central courtyard, parking garages, and a bus depot. It will also accommodate many community services, including a recreation centre and a daycare centre.