TORONTO, Oct. 24, 2013 /CNW/ - Brad J. Lamb, best known as Toronto's condo king, says Porter Airlines'
plans to fly whisper jets from Billy Bishop Toronto City Airport will
boost local property values.
"I can tell you without any doubt in my mind that, if anything, the
airport has added value to the waterfront and I believe that adding jet
service will continue to do so," said Lamb, president and CEO of Brad
J. Lamb Realty Inc. and Lamb Development Corp. "Waterfront real estate
prices have gone up since Porter arrived. The Pier 27 project is one
example that commands Yorkville-type pricing for a front row seat on
Lamb has sold approximately 21,000 properties worth almost $8 billion
His assessment is supported by Urbanation Inc., the market leader in
condominium research since 1981.
An Urbanation report commissioned for Porter confirms that the
Harbourfront Community experienced rapid growth following the inception
of Porter flights in 2006. The population increased by 66 per cent from
2006 to 2011, and the number of built condominium apartment projects
has grown from 28 to 60.
There are no indications that Porter's growth has had a negative effect
on the local housing market. Market conditions for condos have remained
balanced and price appreciation has been steady, averaging
approximately six per cent annually for the past 10 years. Many
developments promote proximity to the airport as a selling feature.
Lamb is also keenly aware of the community aspects of living on the
waterfront, having been a resident of the Bathurst Quay neighbourhood
for three years during Porter's operation.
"I lived at the Tip Top Lofts directly facing the airport and I was
never bothered inside or outside by the sound of Porter's aircraft,"
said Lamb. "There is no good reason to stop the expansion, but there
are many reasons to push it forward. I, for one, will be first in line
to buy a ticket on the new whisper jet."
SOURCE: Porter Airlines Inc.
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