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 the lake."
Lamb has sold approximately 21,000 properties worth almost $8 billion since 1988.
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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