It’s a sure sign of a real estate boom – or a real estate bubble.
A penthouse unit in Guelph’s new Riverhouse condo tower has sold for more than $1 million.
The development overlooks the Speed River from the corner of Woolwich and Macdonell streets, and is nearly sold out – but the penthouse sale is believed to be the first time a Guelph condo has sold for such a high price.
City officials point to the sale as proof that the money they spend attracting developers to such projects is worth the cost.
“These grants are … kickstarting the type of development we want to see downtown,” says Coun. Leanne Piper.
“They are bringing developers to the table that might not otherwise look at these sites unless these grants were available to them.”
In Riverhouse’s case, the city offered developer Tricar $4.8 million through two different grant programs to get the project up and running.
It’s not something unique to Guelph – most other communities across Ontario have similar programs in place.
