The Teahouse 2 Condos – Lanterra’s Development at 501 Yonge St

In the Fall of 2014 we witnessed the launch of the Teahouse Condos. Investors loved the idea of being within close proximity to both Ryerson and the University of Toronto, the Loblaws flagship store, and within five minutes of over 1000 restaurants and shops. Just weeks later, the Teahouse Condos was 70% sold out and the majority of these attractive suites were long gone. This 52 storey tower had over 550 units and was viewed as a great success.

Did you miss out on this lucrative opportunity? Well Teahouse 2 Condos is currently in its platinum stage and units are expected to go quicker than they did during the first phase. With just 22 storeys and 230 units for sale, this limited supply will definitely have an appeal to investors. Here are the facts that breakdown this development and help you with your choice:

VIP Sales

Available starting April 11th, 2015

• $2000 on signing
• 5% 30 days after signing
• 5% 90 days after signing
• 5% 210 days after signing
• 5% 365 days after signing

Platinum Promo Deposit Structure

• $2000 on signing
• Balance to 5% in 30 days
• 5% in 90 days
• 5% in 210 days
• 5% in 450 days
• 0% on occupancy

Platinum Promo Incentives

• Free assignment (Value of $5000)
• First access to suites
• Special upgrade packages available
• $5000 discount on parking

Demographic Breakdown

Source: 2011 Canadian Census

• ~70% of the population are working age (25–64)
• 16% of the population are classified as youth (15–24)
• 4% of the population are children (0–14)
• 9% of the area are seniors (65+)
• The population of the area is 28,365, a 16.3% increase from 2006
• The average household income after tax is $53, 372

• Average selling price of a house in the area is $1,339,000
• Average selling price of a condo townhome is $513,000
• Average selling price of a condo is $436,000
• Average days on the market is 22

99 – Rider’s Paradise

Walk Score

100 – Walker’s Paradise

Coffee Score

• Starbucks: 190 metres (approximately a two-minute walk or a one-minute drive)
• Tim Hortons: 450 metres (approximately a six-minute walk or a two-minute drive)

Quick Facts

• Beginning at 309 square feet
• Studios starting at $205,900
• Junior one-bedrooms starting at $272,900
• One bedrooms starting at $310,900
• One bedrooms plus den starting at $330,900
• Two bedrooms starting at $439,900
• Two bedrooms plus den starting at $508,900
• Lockers available for purchase at $5,000
• Parking spots available for purchase at $55,000