Scenery you can bank on
Developer believes his latest project, set behind a Scarborough golf club, guarantees ‘ forever views’ of the lake and beyond — a tall promise in a growing city
Securing a Lake Ontario view in Toronto is tricky. Water vistas cost a premium, bumping a property’s price up between five to 80 per cent, depending on the quality, closeness and clarity of the overlook. There is also a risk that the sight lines might one day be obstructed, an ever-present concern in a city where towers keep growing taller and taller, reaching above their neighbours to better catch glimpses of the horizon.
At t he site of hi s eight- storey Terrasse condo project in Scarborough, developer John Myszko, owner of Sunrise Gate Homes, believes he has found a solution for “forever views.”
“Terrasse is across from the Toronto Hunt, one of Toronto’s oldest golf clubs, which isn’t going anywhere. That’s why I picked this location — the scenery of the golf club greens and the lake in the distance.”
Myszko might be right about the forever views. Dating back to 1843, The Toronto Hunt is co-operatively owned by its members, who reportedly pay more than $ 50,000 each to join ( plus annual dues). Although it’s not unheard of for golf club members to collectively sell out to developers ( it happened at Markham’s York Downs in 2015, which went for $412 million), the City of Toronto disincentivizes such large green spaces from being paved over for housing. The Toronto Hunt, along with other golf courses including the Rosedale Club and Oakdale Golf & Country Club, has a property tax deferral agreement with the city, wherein it pays relatively low rates as long as it remains operational. The clubs only back pay the deferred amount if and when a sale goes through.
Myszko has his own reasons for being confident the Toronto Hunt is staying put. Roughly 20 per cent of Terrasse’s 30 units have sold to the golf club’s members, the same members who would one day have to decide on any possible redevelopment deals.
“They like how close the club is and want to be able to play golf early in the morning,” says Myszko.
The amenities, including a sixth- floor indoor- outdoor gathering space with barbecues and al fresco fire pit, are another selling point.
“The members are all friends. They like the option of either meeting each other at the clubhouse or back at the condo.”
The project is Myszko’s first multi- unit residential building. His background is in large, private homes — the kind that don’t need to be lakefront because they have swimming pools.
But Myszko believes his background helps attract the kind of high- end buyer who would also be a Toronto Hunt member.
Terrasse’s units, which start at $ 632,000 for 741 square feet, have high- end finishes — hardwood floors, quartz or granite countertops, custom kitchen cabinets. Large balconies and 10-foot ceilings are standard in each suite.
“I’m not sure we have any buyers who are investors, buying in to have a rental property,” says Myszko. “Most people seem interested in living in the building themselves.”
Of those who aren’t Toronto Hunt members, Myszko believes many already live in the area and are downsizing from larger homes but want to stay close to the things the love — the nearby restaurants and boutiques on Eastern Avenue in the Beach neighbourhood a short drive, or walk, away.
Some buyers are young professionals who work in the financial district. Terrasse is an easy commute, close to the Victoria Park subway and Danforth Go stations. And aside from the odd “Fore!” or a sailboat bopping by with the music too loud, it promises more peaceful evenings and weekends than in the core.
Units starting at $ 631,900. Sales centre at 1316 Kingston Road. For more information, visit the virtual showroom at or terrassecondos.com.
The members are all friends.