In a huge upcoming development, Google is going ahead with its plans for a major smart city in Toronto. Sidewalk Labs, a sister entity at Google and Waterfront Toronto, the public corporation, have already inked the deal to go ahead with this much-discussed future smart city/neighbourhood blueprint. The new deal will have an investment of $50 million by Sidewalk Labs for building Sidewalk Toronto over 12 acres on a plot on the city’s waterfront. This will be a residential community that will be futuristic and packed with technological advancements and there will be more emphasis given to safety, sustainability and affordability alike. This new development will spark further infrastructural and real estate development in surrounding regions and is expected to be good for Toronto’s real estate market in general.
The development will comprise of underground garbage robots, autonomous vehicles, snow-melting sidewalks, green energy features, wooden buildings and modular construction in the future as per reports. There will be one key feature, namely pervasive collection of data from connected sensors and personal details shared by customers for providing access to customized services and programs. Waterfront Toronto will be accessing future prospective revenues that are built from products along the Quayside. The new deal has been inked after heady negotiations spanning 9 months.
This new development will be a new landmark in Toronto and will bolster the city’s urban planning, infrastructure development and real estate sectors in addition to generating higher employment as forecasted by several experts. Toronto’s real estate market is anyway witnessing a steady recovery in recent times. Prices and home sales volumes went up for the second month in succession in Toronto.
The year-over-year resale home values and sales volumes increased for two straight months. For July 2018, selling prices increased by a handsome 4.8% on the back of demand to stand at $782, 129 for July 2018 as compared to $745, 971 in the same period in 2017 for all home types in the entire region as per TREB reports. Some of Toronto’s mega developments include The Massey Tower, Empire Maverick Condos, Theatre District Tower and Nobu Residences Toronto to name a few.