Outlook 2020 – Samson Fung, Vice-President Marketing, Tridel
Part of our series of Outlook 2020 Q&As with building industry executives
Condo Life: What is the outlook for the new home industry in 2020?
Fung: Last year saw the return to a more stable market, after the huge period of growth in 2017 and the year of uncertainty in 2018. The new home industry introduced a number of prominent new communities, many of which achieved a favourable reception. With interest rates still at historic lows and an ever-growing population, the GTA continues to be a prime destination for all. We would expect this trend to continue into 2020, with pent-up demand driving more developers to introduce new developments and communities into the marketplace.
CL: And for Tridel?
Fung: We are very excited to introduce a number of new projects in the early half of 2020. These communities will be located throughout the GTA, including Toronto and Markham, with a focus on designing for the end-user. With prime locations and a variety of amenities, these new condominiums will suit the lifestyles of urban professionals, families and downsizers, as well.
In addition, we will be delivering keys to approximately 1,600 homeowners at our SQ2 community downtown Toronto, at Islington Terrace and Bloorvista in Etobicoke, at Selene and Avani2 at Metrogate in Scarborough, and finally in North York, to homeowners at Parfait, the final phase of our Atria community.
We will also be opening the doors to our Innovation Suite at Ten York. This tech-focused suite was designed to transform the way people live; showcasing technologies that were created to make life easier, more comfortable, and quite simply, better at home. The suite will also serve as a learning hub for the industry to learn about what’s new in housing technology.
CL: What is your company doing to address the issues facing the homebuilding industry – namely, affordability and new home supply?
Fung: Tridel is actively working with city planners to find solutions to the issues facing our industry. In the shorter term, the several launches we are planning for 2020 will comprise approximately 850 suites; therefore, increasing the overall supply for new homes available within the GTA. We are also partners with the Toronto Community Housing Corp. (TCHC), and we are working together to revitalize the Alexandra Park and Leslie Nymark communities. The TCHC townhomes at Leslie Nymark are well under construction; and at Alexandra Park we will be delivering occupancy to the townhomes early into the new year. In addition, we will be launching our third phase to this community, which will include a market condo tower with 174 suites, and include an affordable homes tower.
CL: What more could the industry do to address these issues?
Fung: The development industry needs to address them directly, and with a united voice. While BILD and other organizations can help to bring these matters to the attention of the City and other legislative bodies within the GTA, the developers and builders of the industry all need to come together, identify the issues and agree to tackle them together so that we can support and implement the changes needed to make improvements.
CL: What should prospective new-home buyers know about your company for 2020?
Fung: It’s going to be a busy year! We will be launching four or five new projects within the GTA – specifically in Toronto, Markham and Etobicoke. We will be starting construction on four projects, including the condominium portion of The Well Signature Series at Wellington and Spadina, and on our Aqualuna project in the Bayside Toronto community. In Etobicoke, we’ll be starting construction on Evermore at our West Village community, and finally, on Chateau, the third phase of the Auberge on the Park community in North York. Final closings will be taking place at Avani2, Bloorvista, Islington Terrace, Parfait and Selene.
CL: Why should prospective new-home buyers consider buying from your company in 2020?
Fung: Our “Built for Life” motto reflects our commitment to quality in all that we build and do, from the homes we deliver to the lifelong relationships we build with our homebuyers. We have been building homes for more than eight decades, and we take our leadership role and responsibility seriously. Our reputation as one of Canada’s leading highrise developers is rooted in our dedication to customer service, innovation, environmentally sustainable designs, construction excellence, and most importantly, quality. All of this earned us the distinction as the 2019 Builder of the Year awarded by the Ontario Home Builders’ Association.
Our relationships with strong, highly-skilled trades have helped us deliver more than 85,000 homes in the GTA. Our trades share our commitment to quality, and we work together to deliver spectacular products to our homeowners at closing, with all of our suites undergoing rigorous quality assurance checks before residents receive their keys.
The communities we introduce in 2020 will be well-suited for an array of homebuyers, in a range of locations from serene greenery to the trendiest urban areas.
Special Report: Outlook 2020