Over the years, we have spoken a lot about the role that investors play in Toronto's pre-construction condominium market. In the media, they are often spoken about pejoratively. They are seen as being a well-capitalized group that outbids end-users for a limited supply of new housing.
But on the other hand, we know that (1) they have been a major contributor to new rental housing in this city (they filled the gap after we decided in the 1970s that we didn't like purpose-built rentals) and that (2) they play an important function in getting new housing financed.
For better or for worse, we know that, without an investor market, there would have been far fewer new homes constructed over the last cycle. Pre-sales are generally always a prerequisite for a construction loan. And the fastest, and therefore safest, way to get pre-sales is/was to target investors.
. So much so that you could argue that the opposite is now true.
I was speaking to my friend Christopher Bibby this morning and he reminded me that end-users, who are passionate about specific projects and neighborhoods, are the more resilient demand base during a downturn. Because if you need a place to live, you need a place to live.
Perhaps it's no coincidence that every single sale that we have had at Junction House this year has been to an end-user who moved in.
I don't use Facebook anymore, but I was recently sent this. It is a post by a reporter for The West End Phoenix asking people from the community what they think of the JUNCTION sign on top of Junction House. As of right now, there are 217 comments and, if you scroll through them, you'll see that they are actually overwhelmingly positive.
Some people were critical of the fact that, depending on what you consider to be the boundaries of the Junction, this sign may or may not actually be in it. Some see Junction House as belonging to the West Bend neighborhood. So here is yet another real estate developer stretching boundaries and renaming neighborhoods.
I don't know, neighborhood boundaries are a funny thing. They're often amorphous and they often change. Here's what Google believes to be the boundaries of the Junction:
As you can see from the map, the whole point of the sign was to mark one of the entrances to the neighborhood. Although, Junction House seems to sit on contested lands; Google Maps shows it as simultaneously belonging to the West Bend. Whatever the case, it is really great to see that the vast majority of people seem to love the sign.
My favorite comment is this one here: "Love it. My kid recognizes it and always yells that we are close to home." I mean, this was our hope. We wanted to create something that could become a symbol for the area, help to reinforce its existing identity, and also bring people delight. The fact that kids are loving it makes it that much better.
Perhaps this is proof that we shouldn't be so rigid when it comes to the design of our cities. A little color, and some LEDs that look like neon, can be a positive thing. Just ask the kids.
Tonight was a "housewarming" party for the residents of Junction House. It was hosted in the co-working space that I wrote about, here, which was a lot of fun to see in action.
And in the penthouse, we set up a little gallery displaying historic photos of the Junction -- from the 80s -- taken by photographer Avard Woolaver.
They're awesome photos, and eventually they'll make their way down to the lobby. But for now, it's a penthouse gallery.
However, the most important component of the evening was that it was an opportunity for residents to meet each other. And that's why the question of the night quickly became, "so what floor do you live on?"
I sometimes hear people say that there can be a lack of community in multi-family buildings. But I can honestly tell you that I felt the exact opposite of that this evening.
It was nice to meet so many lovely people from the building.
