Toronto 2015 Pan American Games

[TOareaFan]

Was just speaking with an associate of mine who works part time in real estate. According to him, despite the current market slump, Toronto will be relatively untouched by it due to the upcoming PanAm games, but I beg to differ. Yes, some of our recent boom is, in part, due to the games, but I can't see how our seemingly never ending condo boom has anything to do with it, so I thought I'd ask the experts aka you, true or false, what is your opinion?

I would dispute so much of what you have posted here......and not surprising the comments come from someone who "works part time in real estate"...all due respect to your friend but it is a real profession that requires a similar level of commitment and dedication as any profession. We have a guy here at the office who is a "part time realtor"...always reminding me to "refer my friends"...yeah, right!

As for the Pan Am games.....other than providing some construction jobs (which weren't short in supply anyway) the Pan Ams is having very little (to the point of difficult to measure) impact on the local economy and likely even less on the local real estate market.

As yourself (and your friend) "what effect could they have had to date? what effect will they have leading up to 2015? What effect during the games? What effect post games?".

The Pan Ams are (IMO) a good thing for the area....but they will have a minor economic effect and an even more minor effect on the real estate market.

 

[canarob]

The Pan Am games mean that many projects, like the West Don Lands and the Union Station reno, have a deadline of 2015, whereas otherwise they might have have kept being put off longer. This, along with the new facilities being constructed across the GTA, is certainly coming at a good time if the housing market continues to cool. This won't stop a housing slump, but it will keep the construction industry busier than it would have been otherwise.

 

[TOareaFan]

The Pan Am games mean that many projects, like the West Don Lands and the Union Station reno, have a deadline of 2015, whereas otherwise they might have have kept being put off longer. This, along with the new facilities being constructed across the GTA, is certainly coming at a good time if the housing market continues to cool. This won't stop a housing slump, but it will keep the construction industry busier than it would have been otherwise.

A marginal impact. So much of Toronto's housing projects are of the high rise variety that the construction industry is set to be ok for the next few years anyway (ie. even if a sales slump comes now...the projects launching now are going to keep builders pretty occupied for the next 36 -48 months) and it is in future years (likely after the Pan Ams) when any construction slump will/would occur.

Combine that with other large scale, non-residential projects, (Spadina subway, Union Station, etc) the impact of the Pan Am projects are pretty minimal. The total budget of the Pan Ams is, what, $1.5 billion.........not all of that is construction and not all of the construction is in Toronto. So, let's say $1B is being spent on construction activity in Toronto....that is 1/8th the cost of Eglinton Crosstown (just to pick one project).

Pan Ams are good....nothing to sneeze at....but they are not going to drive our economy nor are they going to stave off much of anything on their own.

 

[intoronto1125]

The Aquatic Centre/Field house will be known as:
Pan Am and Parapan Am Aquatics Centre and Fieldhouse presented by CIBC

-6,000 capacity for the aquatic facility and 2,000 for the field house.

-Will cost $205 million which is the largest amount spent on a facility ever in Canada including all 3 Olympics held in the country.
- Will host Swimming, Synchro, Diving, Modern Pentathlon (swimming) in the aquatic centre and Fencing and Modern pentathlon (fencing) in the field house

Here is the aquatic centre. Looks like London's without the wings.

This field house is the ugliest venue I have ever seen (it might be in legacy mode IDK):

Another rendering from a friend of mines who was there at the launch, (Note the field house)

Outside of the venue:

 

[AlvinofDiaspar]

Got to love the big box appeal - then again, thankfully I wasn't expecting superlative architecture from the budget they had. But you're right, the field house is atrocious - those choices of wall colour smacks of someone running out of ideas.

AoD

 

[TOareaFan]

The Aquatic Centre/Field house will be known as:
Pan Am and Parapan Am Aquatics Centre and Fieldhouse presented by CIBC

-6,000 capacity for the aquatic facility and 2,000 for the field house.

-Will cost $205 million which is the largest amount spent on a facility ever in Canada including all 3 Olympics held in the country

That can't be right.....can it? What did Montreal's Olympic Stadium cost?

 

[intoronto1125]

Now that you mention it you are right. I worded it wrong they were advertising it as the largest amateur sport investment in Canadian history.

 

[pman]

It's a shame the facilities will be so boring and ugly. For that money I would have expected better architecture.

 

[Tewder]

The Pan Am games mean that many projects, like the West Don Lands and the Union Station reno, have a deadline of 2015, whereas otherwise they might have have kept being put off longer.

... or canceled outright, along with many other development plans. Let's not be obstinate in our opposition to all things 'Olympic', these large events will keep projects rolling which is good for many reasons.

 

[ChesterCopperpot]

This field house is the ugliest venue I have ever seen (it might be in legacy mode IDK)

Yeah - that's what the legacy is going to look like

 

[Riverdale Rink Rat]

... or canceled outright, along with many other development plans. Let's not be obstinate in our opposition to all things 'Olympic', these large events will keep projects rolling which is good for many reasons.

I don't understand how folks worried about a housing bubble in Toronto can also be worried about huge projects not being delayed when the economics aren't there. It's not the construction jobs, but rather the sales to end condo users that matters. Now that the bubble has been pricked, will WDL be delivering too many units into an already saturated market??? God, I hope this doesn't turn out like the Vancouver village bloodbath. It would be such a shame.

 

[intoronto1125]

I think we are right. I have seen another rendering with more seating.

 

[ChesterCopperpot]

It doesn't look much different from the B+H drawings that I saw for the building.

 

[intoronto1125]

More pictures:

This is the main pool in legacy mode:

 

[Tewder]

I don't understand how folks worried about a housing bubble in Toronto can also be worried about huge projects not being delayed when the economics aren't there. It's not the construction jobs, but rather the sales to end condo users that matters. Now that the bubble has been pricked, will WDL be delivering too many units into an already saturated market??? God, I hope this doesn't turn out like the Vancouver village bloodbath. It would be such a shame.

Perhaps this is more of a market correction, than a full-on 'crash', per se? I do agree there will be a flood of properties on the market but hey this is Toronto and people immigrate here, right? Will demand plummet that drastically for that long? Regardless, it'll be 2016 at least before these come to market. Things will likely rebound by then.