Real estate chatter always focuses on the numbers: everything from average prices to demographic changes to debt levels. But the Toronto Star recently published a fascinating look at the far-reaching economic effects of the city’s condo growth spurt.
Focusing on E Condos by Bazis Inc., RioCan and Metropia Urban Landscapes, the article breaks down exactly how the new development at Yonge and Eglinton creates jobs locally and helps power both the municipal and provincial governments.
The undertaking has embraced the mixed-use trend and will be made up of two 64- and 38-storey towers, a public piazza and retail space.
A few eye-opening numbers from the feature:
Jobs, jobs, jobs
- For a project like E Condos, the developer needs 15 to 20 consultants working on a project prior to submitting any application.
- Once approvals are granted, roughly 3,000 people will work on E Condos over the course of its four-year construction commitment. Everyone from plumbers, electricians, drywallers, lawyers, accountants, designers and even coffee truck drivers will be involved.
- Once units are officially for sale, 600 to 700 real estate agents will earn commissions for selling units.
- Once completed, the building should have about 50 to 60 jobs dedicated to looking after one building on a continuous basis. This includes concierge staff, fulltime maintenance workers, as well as cleaners, pool maintainers and landscapers.
The ripple effect
- According to Michael Gold, president of Bazis, for every $1 developers spend on the $6 million project, $17 will be spun off into the local economy.
- The money spent on the services and supplies needed for a project of this size and scope will generate close to $32 million in HST.
- Once finished, E will generate $6,000,000 a year in municipal taxes from residents and the commercial components.