Toronto Rail Deck Park could raise nearby condo prices as much as 10 per cent, says realtor
The 21-acre park would create an oasis of green space over the rail corridor between Bathurst St. and Blue Jays Way
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Future Torontonians can expect to pay a premium for condo units overlooking Rail Deck Park.
A proposal to build a massive, 21-acre park atop the CN Rail corridor in downtown will boost prices as much as 10 per cent in nearby condo communities like City Place, realtor Alex Balikoev said.
“It will definitely raise the value of the whole neighbourhood because it will be much more interconnected,” he said, assuming the proposal, which currently lacks a timeline or a budget, moves ahead.
While the property value bump may be cheered by some, it’s not necessarily a positive thing in a city struggling with affordability.
The average price of a home in Toronto rose to $746,546 in June, up 16.8 per cent from the same month last year. The average condo price jumped 7.7 per cent.
Toronto’s chief planner, Jennifer Keesmaat, said the key to balancing property values downtown with much-needed assets like parkland is a practice called “inclusionary zoning.”
Under the policy, developers must set aside a portion of units for low-to-moderate income households. Keesmaat believes stronger inclusionary zoning rules – expected to be passed at the provincial level next year – could have built 12,000 new affordable homes in Toronto in the last five years.
A staff report with more details about Rail Deck Park is slated to go before the city’s executive committee in September.