Taking Stock of the Market

Here at the Molinaro Group, our immediate focus entering the New Year is on completing our landmark project in Midtown Burlington.

A pleasant Fall allowed us to make good progress on the parking levels at Paradigm Grand Finale. If you haven’t considered lifestyle condominium living, we invite you to compare the features and amenities of Paradigm Grand to any project in the entire GTA/Golden Horseshoe  before making your investment decision.

The new street-facing towers on Fairview St. will bring more residential, office and commercial opportunities to a landmark development that has already transformed Burlington’s landscape. We couldn’t be more excited or positive about 2024… and beyond! This is important in a market where other big projects appear to be stalling or losing steam due to rising borrowing costs for builders, shortages of skilled trades, and slackening demand after a solid year (and then some) of monetary tightening by the Bank of Canada.

Looking Ahead, Demand for Housing Will Only Increase

In general terms, builders, buyers, and sellers alike, aren’t sure which way the wind is blowing or what direction is might take by next spring. A recent report by the Toronto-based, research and consulting firm Urbanation, states that up to 40 GTA condo projects this year had been placed on hold as of early November. It calculated that the cumulative effect of the broad-based slowdown will prevent many condo units from reaching the market any time soon.

The cause is attributed to weak sales based on higher mortgage rates. Not surprisingly, potential buyers are nervous about the highest interest rates in 22 years and the potential for higher, not lower, rates if the inflation beast isn’t tamed. The good news on that front, is the Bank of Canada’s decision to hold the line on further increases in each of its last two rate-setting meetings. That’s bolstered by another monthly decline in the inflation rate in October. Of equal importance is the reality that Canada has a housing shortage, and governments at all levels, even here in Burlington, are doubling down to help get more housing started and built as quickly as possible.

 Burlington is One of Canada’s Most Livable Cities

The Molinaro Group is dealing with these headwinds by sticking to our original value proposition, which we think is unique in The Golden Horseshoe. Paradigm Grand is now under construction which means that hundreds more new residents will enjoy the enviable lifestyle our medium-sized city offers and is renowned for.

In fact, Burlington was recently ranked the fifth most livable city in Canada out of 100 cities ranked by the Globe and Mail. The small town atmosphere and beckoning waterfront access, all within an easy commute of Toronto via the adjacent GO station, are among the reasons we’ve been so committed to Burlington in the first place.

The next wave of occupants at Paradigm Grand will join in the ongoing transformation of a neighbourhood created as a self-contained community located in what once was an unremarkable part of town.

Executive Vice-President, Robert Molinaro, says Paradigm Grand is also a powerful economic engine that drives prosperity for the city, suppliers, and workers. He’s proud of the project’s impact: “When you think about it, it’s amazing the amount of materials we use at Paradigm Grand. We have concrete, steel, and glass, plus all the materials we use for finishing the units. And let’s not forget about employment,” he noted, during a recent visit to the site.

“There will be thousands of hours of employment for hundreds of workers. These are well-paying jobs, skilled jobs that are great for our economy. It’s an important investment in our future sand we are very proud and honoured to be part of it.” With 2023 being the 60th anniversary of the Molinaro Group’s founding, our family-owned business is pressing ahead where scores of other builders dare not or simply can’t go.

Hesitation is not in our DNA. That’s why the future, from our vantage point, is bright.