Image: David J / Flickr
It’s official: MintoMidtown, a condominium project at Yonge and Eglinton in Toronto, has been certified with a Leadership in Energy and Environmental Design (LEED) Gold. With this certification, MintoMidtown is now the largest residential project that has achieved LEED Gold in North America.
LEED is the most important environmental certification in real estate, and Gold certification is an important indicator that the project is built to the highest environmental standards. The certification for the system works by awarding credits to a development project, either new or retrofitted. Out of a total 70 points, a project needs to earn 39 to achieve Gold status.
Credits are awarded for various things. For instance, builders can get credits by producing a percentage of the project’s energy requirements through an on-site renewable energy generation system (such as solar panels) or by creating a plan to have at least half the building’s waste diverted from landfill.
In MintoMidtown, most of the materials used to build the project were from local sources, and the building diverted 85% of its construction waste from landfill. The courtyard fountain is replenished by rainwater, and the building uses low-energy LED lighting. Residents also have a switch where they can disconnect their unit’s energy, to help them save money on electricity bills.
Not only is the LEED certification ecologically sensitive, but it also produces money savings. Based upon a comparison with standard building practices, residents in MintoMidtown have saved about $90 a month on average, and the building’s total savings could be as high as $1 million.
There is also evidence that LEED buildings hold their value better. A CoStar study showed that these buildings tended to have lower occupancy rates and sold for more money than their non-certified counterparts. This trend is likely to accelerate in the future as LEED certification becomes even more prevalent in real estate.
It makes sense: the LEED certification indicates that the builder or renovator who earned the certification took extra care in the design and construction of the building. Even if you do not see all of the benefits that the certification may promise, you will know that the extra care will likely make the building stand up better as a long-term investment. Which can only be a good thing for you.
Nelson Goulart
Broker of Record with Signature Service GMAC Real Estate
www.ssgmac.ca
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