Simion Kronenfeld, CEO AJGL Group tells about affordable housing options in the GTA

One way the company accomplishes this is via customized units that include the standout amenities and features young professionals or new families are looking for, but with a smaller footprint.

“A perfect example of this is a downtown development we’ve recently opened, which allows buyers who want to be in Toronto to access affordable units with approximately 700 square feet of living space at a cost of $700,000 to $800,000,” says Simion Kronenfeld, adding that AJGL also offers myriad options to buyers who are interested in larger spaces at budget-friendly prices.

AJGL Group is known for its work on innovative and visually striking residential and commercial developments that have become familiar landmarks across the city. 

Invested in many projects such as O2, Expression, Four Seasons, No 1 Yorkville, 18 Yorkville, Victory, Panda, Bisha, Whitehaus, Bond and in many other similar projects in Downtown Toronto.

“Offering our clients more impact for their dollar is important to us, which is why we have a team dedicated to finding locations in and around the GTA that are beautiful and spacious, in driving proximity to Toronto, and close to subway or GO Transit lines in many cases,” he says.

Case in point: an eight-storey, 93-unit redevelopment building located in Innisfil on Lake Simcoe. The area’s first residential condominium project, this development is positioned just 500 feet from the beach and, once complete, will feature a bistro and coffee shop, as well as a variety of additional ground-floor commercial units.

“People are realizing that, pandemic or no pandemic, now is the time to invest in real estate, and many are choosing locations outside the city that will provide them with the high-quality product and much-needed space they want – both in and outside of their home – at a more affordable cost,” Simion Kronenfeld says.

So much so that, in addition to projects in Toronto, the company has completed and in-progress developments in Markham, Cambridge and Lindsay, with a venture in Muskoka currently in the works.

“Muskoka is a very special market and a wish-list destination for so many buyers, but because of the incredibly high cost of property in the area, it’s been largely unattainable for most,” he says. Until now.

Thanks to an explosion of interest from working professionals looking to relocate to this quiet, lakeside region in the past 18 months, AJGL Group has secured 50 acres of undeveloped waterfront property, which will enable buyers to own a small piece of Muskoka that would otherwise never have been an option.

“Our plan is to build 396 homes on Muskoka Lake with a target cost of $1.5 million each, which, for a beachfront area in that region, is quite inexpensive,” Simion Kronenfeld says. “We’ve already seen a huge demand at this price point, and we anticipate that the project will sell out quickly.”

As for his view on the state of real estate in light of ongoing challenges with supply chains, labour shortages, and increased construction costs, Simion Kronenfeld says he sees the light at the end of the tunnel.

“Prices have gone up across the industry, but people understand that certain margins are out of our control, and they’re working hard to earn the income necessary to fund the purchase of a home,” he says. “My advice to buyers is to take advantage of these low interest rates and choose a housing option that enables them to comfortably live within their means. If that means going outside the city to do so, Ontario has many great cities and towns worth considering.”