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Whitby to witness the largest development in 30 years

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Whitby to witness the largest development in 30 years Whitby to witness one of the biggest development in 30 years, there has been an official start to construction of the Station No. 3 condominiums. The Brookfield Residential venture has been involved in the work for a long time and has finally taken a decision to go ahead. The great development has received fund commitments from Whitby and Durham regions. These funds will “incentivize” the new project and also act as investments in the downtown core. The sum offered by the Durham region through the Regional Revitalization Program (RRP) will be upto $630,000 while Whitby will be funding $1,167,500 through the Town’s Community Improvement Plan (CIP) program for this huge venture. Station No.3 will be a 6-storey multi-purpose complex situated at Brock St and Colborne St. The development will be home to around 160 families. There is a limited variety of one to three bedrooms measuring upto 1,517 square feet for every condo. One of the major purposes behind this development is to provide housing to a large number of people including young professionals, retirees, and young families. Being a multi-purpose development, it is expected to accommodate business, thus resulting in the filing of 9,500 square feet mainly on the ground floor just for commercial purposes. The appropriate location of the development can be a great advantage too. It has proximity to Brock and Dundas Area, Whitby Four Corners, and several historical developments. One can also get convenient access to educational institutions. The different school found in the area includes Henry Street High, West Lynde Public, St Theresa Catholic School, and Julie Payette Public. Another significant feature of this Brookfield Residential project is that it will be created in alignment to the Council’s goal for the downtowns, wherein, the people can reside and work in proximity to the shops. According to Whitby Mayor Don Mitchell, “This will make historic downtown Whitby more vibrant and attractive. ” Expecting the Durham population to double in the next 20 years, such developments can be seen as a necessary step. Considering Whitby, there can be a 40 percent increase by 2033. Moreover, the ongoing population growth is affecting housing prices leading to higher costs. There has been an extensive rise in the housing prices at Whitby in the last few years. The average pricing of the house is around $1.3M. According to John Henry, Regional Chair and CEO, The Regional Municipality of Durham “While the housing demands in Durham Region continue to increase, the Region is working to ensure that supply and pricing are competitive. Developments such as this are exactly what our residents need. That is why Regional Council invested nearly $630,000 into this development, with funding from the Regional Revitalization Reserve Fund. With its mix of new residential units and commercial space being created, Station Number 3 is a prime example of the imaginative solutions being implemented to help keep up with Durham’s growing population.” Related posts. Severe Impact on Mental Health Thanks to the Canadian Real Estate Market by admin123 A comparison of Open and Closed Mortgages by admin123 How to Purchase a Home in Canada in just 7 Easy Steps? by admin123 Would the GTA see a slowdown in rising prices this spring? by admin123 Whitby to witness the largest development in 30 years by admin123 February Leap in Canadian building intentions by admin123

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February Leap in Canadian building intentions

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February Leap in Canadian building intentions Even though all the development, innovation, and scientific and technological advances were made by man, he could not reduce the growing dependency of the economy on the construction of buildings. This case became evident in the case of Canada where the building permits showed a massive increase in number. This was a positive influence on the construction industry which resulted due to demand for new housing and increased government spending. The February hike in permit prices According to the statistical reports, the building intentions showed a drastic increase all over Canada. The value of permits showed a shocking amount of $12.4 billion in the month of February which is a 21% increase from what it was in January. Experts found high inflation rates in the country to be a major contributor to this current situation. Since the Canadian building intentions are a combination of a desire for residential and non-residential buildings it is necessary to understand the difference between the two What are residential building intentions? Throughout the years the demand for residential building construction has always been high due to the continuous increase in the human population and awareness among people to acquire a place of residence to retire to. But in February this already popular type of construction showed an increase of $7.8 billion which is 9.8% higher than January. Some explain this surge as the result of single-family home building desires. Most people aspire to move out of big cities to build their place of residence to enjoy some peace and quiet. What are non-residential building intentions? Non-residential buildings include commercial and institutional structures which were not left out in the latest trend of demand hike. The permits for this category of buildings reached a whopping $4.9 billion in February which when compared to the month of January is a 43.2%increase. This is more surprising that a hike in the price of residential permits as such a boost was not witnessed in this section for many years. An example of a non-residential boom was seen in BC and Quebec where hospital permits saw a boost to $1.9 billion. Though it was not a sustainable boom, it had its benefits, nonetheless. Importance of permit The building permit values are the early indication of construction activities going on in a country. For Canada, it is based on 2,400 municipalities that represent about 95% of the nation’s population. An important thing to note is that the issuance of a permit does not ensure that construction will take place. Conclusion Although an increase in building intentions has major positive effects on the economy, like boosting the construction industry, we need to ensure the level of inflation or any other negative output that caused this hike does not overpower the benefit of this result. Related posts. Severe Impact on Mental Health Thanks to the Canadian Real Estate Market by admin123 A comparison of Open and Closed Mortgages by admin123 How to Purchase a Home in Canada in just 7 Easy Steps? by admin123 Would the GTA see a slowdown in rising prices this spring? by admin123 Whitby to witness the largest development in 30 years by admin123 February Leap in Canadian building intentions by admin123

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