Here is another affordable condo project that I recently read. The Guelph Mercury published an interesting article regarding property developments in Guelph. It seems that although the general buzz from local developers and builders is that Guelph is an unfriendly place to build homes, behind the scenes there are several projects being proposed. Perhaps the new players are out of town voices proceeding in an unbiased fervor, recognizing the immense opportunity that Guelph offers and scoring big.
Nevertheless, this article is not to dwell on the position of the city and its development policies, but to focus on the fact that there are indeed exciting things happening around the city. The latest development proposal is a six storey residential building on 3-7 Gordon Street. The property sits directly across from Guelph’s Farmers Market.
This 57 unit building is another affordable condo project. A similar project was introduced to Guelph by Deerfield Homes in Guelph’s east end on Mountford Drive. The Mountford Drive project was the first of its kind in Guelph and was slow to catch on. Many people were confused by what “affordable housing” really meant. Soon people overcame their fears and the project blasted ahead with great success. The Market Commons project will be similar and will likely be even more sucessful now that Guelph is used to the concept.
The units will start as low as $149,900 and will be approximately 20% less than the market rate. There are also “payment free loans” of up to 10% of the condos value and does not have to be repaid until the owner sells the property.
This development is the latest of several proposed developments. W.C. Wood site on Arthur Street, a 18 stoery luxury building on the corner of Macdonell and Woolwich Streets and a few other proposals for the downtown core have surfaced over the last 6 months. The residential component of the downtown core is important to the growth strategy of the City and is expected to grow from 3000 residents to 9000 by 2031.
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