Total construction starts in Canada through July of this year were up 73 per cent in square footage and up 70 per cent in dollar volume versus the first seven months of last year, according to CanaData figures.
The residential component was up 87 per cent in square footage and up 84 per cent in dollars.
Non-residential building was up 48 per cent in square feet and up 21 per cent in dollars, while engineering was up 16 per cent in dollars.
The residential strength corresponded with starts as reported by Canada Mortgage and Housing Corp.
The single-family-home market is expected to weaken considerably in the second half of this year, due to harmonized sales tax introductions in Ontario and B.C., as well as interest rate increases and poorer resale markets.
“What is driving the multiple-unit market remains a mystery,” says CanaData chief economist Alex Carrick in his latest report.
“New major condo projects continue to be initiated, but the inventory of unsold units is more than double what it should be, according to historical averages. A serious correction seems all but inevitable.”
In non-residential building work, commercial starts are about even with last year.
Industrial construction starts have all but disappeared (down 61 per cent in square feet and down 95 per cent in dollars). dcnonl.com
Showing posts with label Toronto Condo Market. Show all posts
Showing posts with label Toronto Condo Market. Show all posts
Tuesday, August 31, 2010
Monday, March 22, 2010
Toronto real estate. TORONTO REAL ESTATE MARKET UPDATE
Record breaking warm temperatures in March helped bring out buyers during the first two weeks of the month.
The Toronto Real Estate Board reported 4,353 existing home sales, up 70 per cent from the same time last year, when the market was in recession.
But sales were also strong enough to break the mid-month peak set in March of 2006 by 16 per cent, according to the board.
“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market,” said board president Tom Lebour.
The average price for March mid-month transactions was $440,153, up 20 per cent over last year.
Some good news for buyers was that new listings improved by 34 per cent over last year.
“Look for double digit price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason Mercer, TREB’s senior manager of market analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”
If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants, Right at Home Realty, with all your questions: (416) 723-9383 (cell).
The Toronto Real Estate Board reported 4,353 existing home sales, up 70 per cent from the same time last year, when the market was in recession.
But sales were also strong enough to break the mid-month peak set in March of 2006 by 16 per cent, according to the board.
“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market,” said board president Tom Lebour.
The average price for March mid-month transactions was $440,153, up 20 per cent over last year.
Some good news for buyers was that new listings improved by 34 per cent over last year.
“Look for double digit price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason Mercer, TREB’s senior manager of market analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”
If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants, Right at Home Realty, with all your questions: (416) 723-9383 (cell).
Tuesday, April 14, 2009
Toronto real estate. TORONTO GOES GREEN
Toronto real estate. Toronto city committee wants to make green roofs mandatory on most new buildings.
Roofs on new buildings with an area of 5,000 square metres or greater to be 30% to 60% covered by vegetation. The bigger the building, the more planted space it would have to have – otherwise fines of up to $100,000 could be levied.
As drafted, the bylaw would cover mid- to high-rise condos, retail space and office towers, but exempt low-rise, large-scale industrial, non-profit housing and public buildings like schools.
Deputy Mayor Joe Pantalone, who helped bring the city’s first power-generating wind mill to the Exhibition grounds, said he was “disappointed” the first draft of the bylaw was so “tepid.”
Mr. Pantalone asked city staff to come back in a month with a proposal that would include schools, low-rise buildings on “Main Street” and even private residences.
“Either we are the leading city in the world or we’re the ones who looked in the mirror and got scared,” he said.
Stephen Upton, vice-president development planning at building giant Tridel, pointed out that once installed, the rooftop shrubbery has to be left untouched for two years to allow it to take root.
More information is also required about how long the longevity of green roofs and how much should be budgeted in a condo corporation’s building fund for future replacement.
“I think there’s still quite a bit left to be understood, digested and refined,” Mr. Upton said. “Toronto green standards, those are things that shouldn’t be mandated but should be encouraged, like LEED is in the industry.”
But while the developers were balking at the bylaw, environmental groups were urging Toronto to move further and faster. The issue will return to the planning and growth committee for further debate in May.
network.nationalpost.com
If you want to know more about green Toronto, go here - http://www.torontogreathomes.com
Roofs on new buildings with an area of 5,000 square metres or greater to be 30% to 60% covered by vegetation. The bigger the building, the more planted space it would have to have – otherwise fines of up to $100,000 could be levied.
As drafted, the bylaw would cover mid- to high-rise condos, retail space and office towers, but exempt low-rise, large-scale industrial, non-profit housing and public buildings like schools.
Deputy Mayor Joe Pantalone, who helped bring the city’s first power-generating wind mill to the Exhibition grounds, said he was “disappointed” the first draft of the bylaw was so “tepid.”
Mr. Pantalone asked city staff to come back in a month with a proposal that would include schools, low-rise buildings on “Main Street” and even private residences.
“Either we are the leading city in the world or we’re the ones who looked in the mirror and got scared,” he said.
Stephen Upton, vice-president development planning at building giant Tridel, pointed out that once installed, the rooftop shrubbery has to be left untouched for two years to allow it to take root.
More information is also required about how long the longevity of green roofs and how much should be budgeted in a condo corporation’s building fund for future replacement.
“I think there’s still quite a bit left to be understood, digested and refined,” Mr. Upton said. “Toronto green standards, those are things that shouldn’t be mandated but should be encouraged, like LEED is in the industry.”
But while the developers were balking at the bylaw, environmental groups were urging Toronto to move further and faster. The issue will return to the planning and growth committee for further debate in May.
network.nationalpost.com
If you want to know more about green Toronto, go here - http://www.torontogreathomes.com
Monday, February 9, 2009
Toronto real estate. FEBRUARY REAL ESTATE UPDATE
Canadian housing starts fell to the lowest since 2001 as work on urban single-family dwellings plunged to the lowest level since 1996.
New home starts fell 11 percent in January to 153,500 units on an annualized basis, the fifth straight decline, Canada Mortgage and Housing Corp. said today, February 9th, from Ottawa. Economists anticipated the pace would slow to 165,000 units, according the median of 20 responses in a Bloomberg survey.
“Canada’s homebuilders are aggressively pulling in their horns on worries of a supply glut in a deteriorating economy,” Derek Holt, an economist at Scotia Capital in Toronto, wrote in a note to clients.
Potential buyers of new homes are being discouraged by job losses in the country’s first recession since 1992, which has also triggered a rising stock of existing homes that they can buy instead. Employers cut a record 129,000 workers in January, Statistics Canada reported Feb. 6.
Work on new single-family homes in cities fell 20 percent to 50,000 units, the lowest since February 1996. Condominiums fell 12 percent to 76,700.
New home construction declined in all five regions of the country in January, led by 30 percent drops in British Columbia and the western prairie provinces, the report said.
“Reduced sales and increased listings in the existing home market have led to reduced spillover demand in the new home market,” Canada Mortgage and Housing’s chief economist, said in the report.
Existing home sales will fall 17 percent this year, the CREA said in a separate report today, blaming waning consumer confidence.
Bankruptcies jumped 47 percent in December from a year earlier as more consumers struggled to pay their bills, the country’s bankruptcy superintendent reported on its Web site.
If you want to know more, go here - http://www.torontogreathomes.com
New home starts fell 11 percent in January to 153,500 units on an annualized basis, the fifth straight decline, Canada Mortgage and Housing Corp. said today, February 9th, from Ottawa. Economists anticipated the pace would slow to 165,000 units, according the median of 20 responses in a Bloomberg survey.
“Canada’s homebuilders are aggressively pulling in their horns on worries of a supply glut in a deteriorating economy,” Derek Holt, an economist at Scotia Capital in Toronto, wrote in a note to clients.
Potential buyers of new homes are being discouraged by job losses in the country’s first recession since 1992, which has also triggered a rising stock of existing homes that they can buy instead. Employers cut a record 129,000 workers in January, Statistics Canada reported Feb. 6.
Work on new single-family homes in cities fell 20 percent to 50,000 units, the lowest since February 1996. Condominiums fell 12 percent to 76,700.
New home construction declined in all five regions of the country in January, led by 30 percent drops in British Columbia and the western prairie provinces, the report said.
“Reduced sales and increased listings in the existing home market have led to reduced spillover demand in the new home market,” Canada Mortgage and Housing’s chief economist, said in the report.
Existing home sales will fall 17 percent this year, the CREA said in a separate report today, blaming waning consumer confidence.
Bankruptcies jumped 47 percent in December from a year earlier as more consumers struggled to pay their bills, the country’s bankruptcy superintendent reported on its Web site.
If you want to know more, go here - http://www.torontogreathomes.com
Tuesday, January 13, 2009
Toronto real estate. GTA SALES IN DECEMBER
Toronto Real Estate Board Members reported 2,577 sales in December 2008, compared to the 4,646 recorded during the same month in 2007, and the 4,447 recorded in December 2006, TREB President Maureen O'Neill announced today. "Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006."
The average price in December of 2008 came in at $361,415, compared to $394,931 in 2007, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006.
The City of Toronto (416) recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.
The average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.
The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 in December of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.
The average price in the 905 was $341,847 in December, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006.
Breaking down the total, 993 sales were reported in TREB's 28 West districts and averaged $338,855; 473 sales were reported in the 14 Central districts and averaged $479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and 620 sales were reported in TREB's 21 East districts and averaged $291,488.
Median Price:
The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006.
The Median for the year as a whole was $325,000, as opposed to $318,200 in 2007 and $299,000 in 2006.
The average price in December of 2008 came in at $361,415, compared to $394,931 in 2007, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006.
The City of Toronto (416) recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.
The average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.
The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 in December of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.
The average price in the 905 was $341,847 in December, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006.
Breaking down the total, 993 sales were reported in TREB's 28 West districts and averaged $338,855; 473 sales were reported in the 14 Central districts and averaged $479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and 620 sales were reported in TREB's 21 East districts and averaged $291,488.
Median Price:
The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006.
The Median for the year as a whole was $325,000, as opposed to $318,200 in 2007 and $299,000 in 2006.
Monday, October 27, 2008
Toronto real estate. WHY CANADIAN BANKING SYSTEM IS STRONG
Canadian politicians, bank executives and monetary authorities have stressed in recent months that Canada's banking system is strong.
Its banks are better capitalized than global peers and avoided many of the problems infecting other financial institutions, they say.
Here are some key differentiating factors:
Canada's federal regulator, the Office of the Superintendent of Financial Institutions, requires chartered banks to keep a minimum Tier-1 capital ratio of 7 percent, versus 6 percent in the United States.
Canadian banks' capital ratios are well above that minimum. The median Tier-1 capital ratio of the six biggest Canadian banks was 9.8 percent in the latest quarter, according to RBC Capital Markets.
Canada's five largest banks have branches in all 10 provinces, so their economic/credit risks are diversified (the sixth-largest operates mainly in the province of Quebec). No U.S. bank has branches in all 50 U.S. states.
Canada's largest banks contain both commercial and investment bank businesses, and OSFI has oversight over the entire entity. In the United States, investment banks have been separate from and regulated differently from commercial banks. The five major U.S. investment banks have this year either gone bankrupt, agreed to be acquired, or changed their banking structure to become commercial banks.
Canadian banks were conservative in approving mortgage loans. The Canadian Bankers' Association estimates that "non-prime" mortgages -- loans to customers who nearly qualify for prime mortgages as well as to riskier borrowers -- make up less than 5 percent of outstanding mortgages
Canadian borrowers are more likely to keep up their mortgage payments. The CBA says the rate of mortgages at least three months in arrears was 0.27 percent in July, near historic lows.
The Canadian Bank Act requires insurance on mortgage loans that exceed 80 percent of a home's value.
Canadian banks were the first in the world to adopt new risk-management rules under the Basel II capital framework.
By law, shares of large, publicly traded banks and insurance companies must be "widely held," which in effect prevents domestic mergers or foreign takeovers unless approved by the Canadian finance minister.
reuters.com
Its banks are better capitalized than global peers and avoided many of the problems infecting other financial institutions, they say.
Here are some key differentiating factors:
Canada's federal regulator, the Office of the Superintendent of Financial Institutions, requires chartered banks to keep a minimum Tier-1 capital ratio of 7 percent, versus 6 percent in the United States.
Canadian banks' capital ratios are well above that minimum. The median Tier-1 capital ratio of the six biggest Canadian banks was 9.8 percent in the latest quarter, according to RBC Capital Markets.
Canada's five largest banks have branches in all 10 provinces, so their economic/credit risks are diversified (the sixth-largest operates mainly in the province of Quebec). No U.S. bank has branches in all 50 U.S. states.
Canada's largest banks contain both commercial and investment bank businesses, and OSFI has oversight over the entire entity. In the United States, investment banks have been separate from and regulated differently from commercial banks. The five major U.S. investment banks have this year either gone bankrupt, agreed to be acquired, or changed their banking structure to become commercial banks.
Canadian banks were conservative in approving mortgage loans. The Canadian Bankers' Association estimates that "non-prime" mortgages -- loans to customers who nearly qualify for prime mortgages as well as to riskier borrowers -- make up less than 5 percent of outstanding mortgages
Canadian borrowers are more likely to keep up their mortgage payments. The CBA says the rate of mortgages at least three months in arrears was 0.27 percent in July, near historic lows.
The Canadian Bank Act requires insurance on mortgage loans that exceed 80 percent of a home's value.
Canadian banks were the first in the world to adopt new risk-management rules under the Basel II capital framework.
By law, shares of large, publicly traded banks and insurance companies must be "widely held," which in effect prevents domestic mergers or foreign takeovers unless approved by the Canadian finance minister.
reuters.com
Friday, January 25, 2008
Toronto real estate. PROPERTY TAXES SET TO RISE
Ontario property owners will see a double-digit increase on their assessments because of the hot housing market and because the province's property assessment freeze has lifted, a real estate industry expert warns. Maureen O'Neill, president of the Toronto Real Estate Board, says the median price of a detached home in the GTA has increased about 20 per cent since the last assessments were done in 2005.Three years ago, the median price of a detached home in the GTA was $335,000. Today, it's $403,000, O'Neill said. "Condominium and apartment owners will also see a whopping 27 per cent increase in their property assessments"
"In 2005, the median price of a condo or apartment was $192,000. Today, it's $245,000", O'Neill said. "They've seen appreciation and therefore they're going be taxed accordingly. Property owners are going to experience quite a dramatic shock."
Homes in east Toronto will be particularly hard hit, as assessments will rise about 31 per cent.
The province's three-year freeze on assessments lifted on January 1. The Ontario government, however, has introduced a plan to spread out any assessment increases over the next four years.
NDP Leader Howard Hampton, however, said the government's strategy, including the freeze, has made the housing assessment ordeal worse. "There's a big problem here. The property tax is not based upon someone's income, it's not based on my ability to pay," Hampton said.
The Municipal Property Assessment Corporation came under fire years ago for conducting inaccurate assessments. The agency performed 500,000 on-site inspections last year in its bid to boost accuracy.
Property owners will be receiving their new assessments in August and September.
Want to know more? Call Toronto real estate agent Alex Malkhassiants: (416) 723-9383.
"In 2005, the median price of a condo or apartment was $192,000. Today, it's $245,000", O'Neill said. "They've seen appreciation and therefore they're going be taxed accordingly. Property owners are going to experience quite a dramatic shock."
Homes in east Toronto will be particularly hard hit, as assessments will rise about 31 per cent.
The province's three-year freeze on assessments lifted on January 1. The Ontario government, however, has introduced a plan to spread out any assessment increases over the next four years.
NDP Leader Howard Hampton, however, said the government's strategy, including the freeze, has made the housing assessment ordeal worse. "There's a big problem here. The property tax is not based upon someone's income, it's not based on my ability to pay," Hampton said.
The Municipal Property Assessment Corporation came under fire years ago for conducting inaccurate assessments. The agency performed 500,000 on-site inspections last year in its bid to boost accuracy.
Property owners will be receiving their new assessments in August and September.
Want to know more? Call Toronto real estate agent Alex Malkhassiants: (416) 723-9383.
Friday, November 23, 2007
Toronto real estate. TORONTO IS A CONDO CITY!
Toronto has solidified its spot as North America's largest condominium market, according to a report that says 259 projects are in the works in the city's census area.
Urbanation, one of the country's major condominium market research firms, says condo sales skyrocketed over the first nine months of 2007. There were 16,790, sales - more than all of 2005, which was a record year. Sales will likely reach 21,000 by the end of the year. By comparison, New York City usually records about 10,000 condo sales a year.
"This is the highest number we've ever tracked since we started in 1981," said Jane Renwick, executive vice-president of Urbanation. "If you look at our [research], sales just keep going up, up, up."
Urbanation, which tracks just about every condo in the city, says its quarterly research report has grown into a 360-page mini-encyclopedia from modest beginnings when it looked more like a small pamphlet on the condo sector.
The city's red-hot condo sector came under scrutiny last week when sales at a tower planned for Yonge and Bloor streets resulted in lineups and prices skyrocketing overnight.
The proposed 80-storey One Bloor St. is said to have started with prices of $650 per square foot for VIPs and has escalated since. The site is located near the most expensive hub of the 52 submarkets in the census metropolitan area, which stops at Ajax in the east, and Burlington to the west.
Bloor-Yorkville gets the nod as the most expensive submarket in the city with an average price of $839 per square foot, which would get you a small one-bedroom apartment for $1-million. The market is home to Toronto's most expensive condo tower, the Four Seasons Hotel and Residences.
Sale prices in the Four Seasons' east building have averaged about $1,250 per square foot, while prices in the west tower go for $1,450 per square foot. Prices have since climbed, and the west tower is now asking about $1,600 a square foot, making it Toronto's most posh address.
The 53-storey Ritz-Carlton Hotel and Residences has the largest condominium under construction in the city, with a 10,820 square foot mansion in the sky planned, according to Urbanation.
While the so-called trophy buildings are getting all the attention in the city, Ms. Renwick said, they are hiding the fact that the condo market is growing at a steady pace across Toronto. The 416 area code accounts for 79% of transactions and 905 accounts for 21%.
The average sale price across the Toronto census area is $371 per square foot, up 10.1% from a year ago. Sale prices have jumped from about $180 per square foot in 1996.
It has eaten into affordability. To carry a 700-square-foot apartment -- the average size of a unit in the city -- a consumer would need about $70,000 in household income, based on a standard mortgage with 25% down.
Affordability has eroded quickly after remaining relatively stable for most of the decade. From 2001 to 2005, a buyer needed about $54,000 to $57,000 to carry that same 700-square-foot apartment in Toronto. It climbed to $63,000 by last year, rising another $7,000 this year.
Despite the cut in affordability, some of which has been driven by rising interest rates, Ms. Renwick said speculation is hardly rampant.
Urbanation said of the 259 projects in the works, it estimates 30% of units were bought by investors. The other 70% of the condos to go up in the next five years will be owner occupied. That 70% is made up of 30% first-time buyers, 20% move-up buyers and 20% people downsizing.
You want to buy a condo in Toronto? Ask Alex how to do it. Call Alexandre (Alex) Malkhassiants at (416) 723-9383
National Post
Urbanation, one of the country's major condominium market research firms, says condo sales skyrocketed over the first nine months of 2007. There were 16,790, sales - more than all of 2005, which was a record year. Sales will likely reach 21,000 by the end of the year. By comparison, New York City usually records about 10,000 condo sales a year.
"This is the highest number we've ever tracked since we started in 1981," said Jane Renwick, executive vice-president of Urbanation. "If you look at our [research], sales just keep going up, up, up."
Urbanation, which tracks just about every condo in the city, says its quarterly research report has grown into a 360-page mini-encyclopedia from modest beginnings when it looked more like a small pamphlet on the condo sector.
The city's red-hot condo sector came under scrutiny last week when sales at a tower planned for Yonge and Bloor streets resulted in lineups and prices skyrocketing overnight.
The proposed 80-storey One Bloor St. is said to have started with prices of $650 per square foot for VIPs and has escalated since. The site is located near the most expensive hub of the 52 submarkets in the census metropolitan area, which stops at Ajax in the east, and Burlington to the west.
Bloor-Yorkville gets the nod as the most expensive submarket in the city with an average price of $839 per square foot, which would get you a small one-bedroom apartment for $1-million. The market is home to Toronto's most expensive condo tower, the Four Seasons Hotel and Residences.
Sale prices in the Four Seasons' east building have averaged about $1,250 per square foot, while prices in the west tower go for $1,450 per square foot. Prices have since climbed, and the west tower is now asking about $1,600 a square foot, making it Toronto's most posh address.
The 53-storey Ritz-Carlton Hotel and Residences has the largest condominium under construction in the city, with a 10,820 square foot mansion in the sky planned, according to Urbanation.
While the so-called trophy buildings are getting all the attention in the city, Ms. Renwick said, they are hiding the fact that the condo market is growing at a steady pace across Toronto. The 416 area code accounts for 79% of transactions and 905 accounts for 21%.
The average sale price across the Toronto census area is $371 per square foot, up 10.1% from a year ago. Sale prices have jumped from about $180 per square foot in 1996.
It has eaten into affordability. To carry a 700-square-foot apartment -- the average size of a unit in the city -- a consumer would need about $70,000 in household income, based on a standard mortgage with 25% down.
Affordability has eroded quickly after remaining relatively stable for most of the decade. From 2001 to 2005, a buyer needed about $54,000 to $57,000 to carry that same 700-square-foot apartment in Toronto. It climbed to $63,000 by last year, rising another $7,000 this year.
Despite the cut in affordability, some of which has been driven by rising interest rates, Ms. Renwick said speculation is hardly rampant.
Urbanation said of the 259 projects in the works, it estimates 30% of units were bought by investors. The other 70% of the condos to go up in the next five years will be owner occupied. That 70% is made up of 30% first-time buyers, 20% move-up buyers and 20% people downsizing.
You want to buy a condo in Toronto? Ask Alex how to do it. Call Alexandre (Alex) Malkhassiants at (416) 723-9383
National Post
Monday, October 22, 2007
Toronto real estate. THE STORY BEHIND TRUMP TOWER IN TORONTO
In the battle for one-upmanship in Toronto's luxury real estate market, Alex Shnaider has revealed a convincing hand.
The enigmatic Toronto billionaire says in an exclusive interview he has decided to keep what has been billed as Canada's most expensive condominium, valued at up to $20 million, at the Trump International Hotel & Tower for himself.
A work in progress, his mansion in the sky could be as large as 14,000 square feet, and will have, in some areas, soaring 9-metre ceilings.
"You can put an observatory up there. It's a great place to get away from the wife if we ever have a fight," joked Shnaider.
While New York billionaire Donald Trump is the brand, Shnaider, at 39 Canada's youngest billionaire, is the financial muscle behind the ultra-luxury project in the city's financial district.
The most expensive condo sold in the city so far is thought to be former Bank of Montreal CEO Tony Comper's One St. Thomas penthouse at $15 million.
Shnaider – whom Forbes says is the 557th richest man in the world with a net worth of $1.8 billion (U.S.) – will presumably give himself a respectable friends-and-family discount, but his is an expensive pied-Ã -terre. He is already building a magnificent new home in Toronto, less than half an hour away.
And it's not as if he's living in squalor now. His current 15,000-square-foot residence is a traditional stone mansion put together in 2000 by celebrity designer Katherine Newman. The property was listed for $10.9 million (Cdn.) two years ago when he was thinking of relocating to Russia, but it was taken off the market after he decided to keep his headquarters in Toronto.
The home is stunning, decorated in a traditional English manor style, but the security-conscious billionaire allowed the Star a rare glimpse of his residence only if its location not be revealed. In the garage is a gleaming silver $450,000 (U.S.) Mercedes SLR McLaren, barely 2,000 kilometres on the odometer.
A car nut, he most famously bought a Formula One team in 2005 for $50 million and sold it last year for $106.6 million.
Other toys include a 170-foot Benetti yacht, the Midlandia, (which sleeps 12 and rents for a mere $270,000 a week when he's not using it) and a private jet.
How did Shnaider get this rich?
His private company Midland Group, which he runs with London-based partner Eduard Shifrin (number 538 on the Forbes list at $1.9 billion) has diverse holdings, including steel mills in the Ukraine, the national power grid of Armenia, real estate, retail malls, and manufacturing in Russia and Siberia. The company has 34 offices and more than 50,000 employees and earnings in excess of $2 billion annually.
And Shnaider, it seems, is putting some of that money where his mouth is – at least with his $500 million (Cdn.) Toronto venture.
Rumours have persisted at the Trump site on Bay and Adelaide Sts. that sales were poor and the project was destined for failure.
Shnaider was taking a three-week break with his family on the Midlandia – he may have been in the waters of Turkey at the time, or it could have been Greece – when the call came that news had broken in the Toronto Star that his 70-storey Trump International Hotel & Tower was going to be downsized and eleven residential floors, including two hotel floors, lopped off.
"The hotel part of the sales was always doing well. Residential sales were a problem," says Shnaider.
"A lot of buyers were buying for themselves, usually people working on Bay St. and, because of the skepticism, when they didn't know a date they are quite reluctant. This is especially true for the larger, more expensive units because you have talk on the street that it won't be built."
But Shnaider said he expects construction to start in September. He also says 75 per cent of the building is sold. Over the past two and a half years, the developer says, approximately $275 million worth of property has been sold.
The original plans called for only four residential units per floor, but that had to be changed, he says.
"We needed to stimulate sales because the units were very big and expensive and they weren't selling as fast as we would have liked," he says candidly. "We ended up making this six units per floor to make it more affordable."
The higher density meant that something had to go, says Shnaider.
But even with 13 fewer storeys, the high ceiling heights in the building will still make it the tallest residential tower in the city, he says.
"We ended up with more units than we were allowed to have for engineering purposes. To provide the amount of service necessary, we couldn't do it with the higher density, we really had to make the building smaller," he says.
When the building was shortened, there was skepticism from some in the real estate community that the rationale was pure spin to explain falling sales.
In an earlier Star story, one of Shnaider's executives said one reason for the height reduction was "the more residents we had, the more elevators were going to be used, and that wasn't what we wanted in an exclusive building like Trump." (Four elevators are designated for residents for the 57 habitable floors, although the building may be two stories higher to allow for mechanical systems.)
What is known is that sales for the tower started in September 2004, three years before the proposed start of construction. In comparison, it took competitor Ritz Carlton 14 months to break ground.
But the buck stops with Shnaider, who is remarkably frank during the interview. He says he isn't sure why the $500 million project didn't sell as well as expected initially, although sales have been better since the smaller suites were introduced.
"We were certainly asking very high prices at the time. But we may have been too early for the market," he says, noting that the Four Seasons and the Shangri-La hotel brands now have condominiums selling in Toronto.
"We started at $700 a square foot, which was unheard of back then and now we're over a thousand a square foot. But I think the market has caught up."
His purchase of the penthouse, meanwhile, may prompt skepticism that Shnaider couldn't find a buyer for the pricey property. But he insists that he's buying because "it's a good investment."
One gets the sense that Shnaider would break ground if only as a point of pride – whether it made money or not. But the business person in him seems resolute: "If this were a loss-making venture, I wouldn't go ahead," he says.
Shnaider has shown he knows when to cut and run: He sold the Formula 1 Team in short order because he couldn't find a Russian sponsor. "We underestimated the interest of Russian companies, thinking they would embrace it more than they did," he says.
And, despite the prominence of the Trump project, it is only one small part of his diverse holdings.
Over the past two months, for example, he has rolled out a new convenience store chain in the Ukraine, tapping the need for modern community-based retail. He plans to open 1,500 stores in the next several years.
But the Trump project is the most visible part of his empire, especially since it's in his backyard.
"I wanted to build something important in the city, something I could be proud of," he says.
By the time Shnaider bought the site, the Trump Tower was already steeped in controversy. "I knew from the beginning this wouldn't be an easy project," he says.
The site was initially supposed to have been a Ritz Carlton hotel and condominium, with Donald Trump as a partner, when it was first announced in 2001.
That soon fizzled after the Star revealed one of the original partners had been convicted of bankruptcy fraud and embezzlement in the United States and had fled to Canada. The Ritz Carlton backed out, eventually finding a new site years later at Simcoe and Wellington Sts.
Meanwhile, the original location was sold to Shnaider and his development company. Trump remained as a partner and his brand was put on the hotel – the flamboyant developer's first venture at the time outside the United States.
It seemed like an ideal match: Two billionaires who exemplified the high life would be creating one of the world's tallest and most luxurious residencies in Toronto.
In many ways the building symbolized the loftiness of Shnaider's ambition. To say his rise was meteoric seems almost like an understatement, since he formed the holding company Midland Resources only in 1994 at the age of 26.
Born in St. Petersburg, Shnaider moved to North York when he was 13. His parents, an engineer and a dentist, ended up buying a deli.
Shnaider went to William Lyon Mackenzie C.I. while helping his parents in the deli. He later studied economics at York University.
With help from his politically connected future father-in-law, Shnaider ended up in the steel business, eventually setting up his own steel trading shop in Russia. One of his big customers was the Zaporizhstal plant in eastern Ukraine, one of the country's largest steel producers. With privatization in the '90s, after the collapse of the Soviet Union, Shnaider and his partner Shifrin, an academic with a PhD in metallurgical engineering, formed Midland. They eventually bought the Zaporizhstal plant.
From there, they built a substantial collection of assets throughout Eastern Europe.
The steel plant acquisition was perfect timing, as prices for the material started to jump with the economic rise of India and China. Now the industry is in major consolidation, with steel mills fetching hefty premiums. Asked whether he would sell, Shnaider says with a smile, "Everything is for sale. ... But we are concentrating on other areas such as retail and real estate."
It continues to be a sore point with the self-made billionaire, however, that a negative stigma seems to surround successful Russians.
He wrote a letter to Forbes after a mostly laudatory profile of him in 2005 that referred to the "murky" world of Russian business.
"There is this stereotype that was especially strong during the '90s that every Russian who is successful or made money must have done so through connections with the mafia, or arms dealing or prostitution, which I find really offensive," he says. "But Russians are incredibly educated people who are fast learners and willing to work hard. That is the stereotype you don't hear about as much."
Time is precious for Shnaider, who travels constantly, including an appointment in New York this day. He glances at his oversized watch, a $150,000 Audemars Piguet Royal Oak tourbillion. After saying goodbye to his guests, he slips into a jacket by Neapolitan tailor Attolini.
Then it's into the sports car and a brisk drive to his waiting jet.
Thestar
The enigmatic Toronto billionaire says in an exclusive interview he has decided to keep what has been billed as Canada's most expensive condominium, valued at up to $20 million, at the Trump International Hotel & Tower for himself.
A work in progress, his mansion in the sky could be as large as 14,000 square feet, and will have, in some areas, soaring 9-metre ceilings.
"You can put an observatory up there. It's a great place to get away from the wife if we ever have a fight," joked Shnaider.
While New York billionaire Donald Trump is the brand, Shnaider, at 39 Canada's youngest billionaire, is the financial muscle behind the ultra-luxury project in the city's financial district.
The most expensive condo sold in the city so far is thought to be former Bank of Montreal CEO Tony Comper's One St. Thomas penthouse at $15 million.
Shnaider – whom Forbes says is the 557th richest man in the world with a net worth of $1.8 billion (U.S.) – will presumably give himself a respectable friends-and-family discount, but his is an expensive pied-Ã -terre. He is already building a magnificent new home in Toronto, less than half an hour away.
And it's not as if he's living in squalor now. His current 15,000-square-foot residence is a traditional stone mansion put together in 2000 by celebrity designer Katherine Newman. The property was listed for $10.9 million (Cdn.) two years ago when he was thinking of relocating to Russia, but it was taken off the market after he decided to keep his headquarters in Toronto.
The home is stunning, decorated in a traditional English manor style, but the security-conscious billionaire allowed the Star a rare glimpse of his residence only if its location not be revealed. In the garage is a gleaming silver $450,000 (U.S.) Mercedes SLR McLaren, barely 2,000 kilometres on the odometer.
A car nut, he most famously bought a Formula One team in 2005 for $50 million and sold it last year for $106.6 million.
Other toys include a 170-foot Benetti yacht, the Midlandia, (which sleeps 12 and rents for a mere $270,000 a week when he's not using it) and a private jet.
How did Shnaider get this rich?
His private company Midland Group, which he runs with London-based partner Eduard Shifrin (number 538 on the Forbes list at $1.9 billion) has diverse holdings, including steel mills in the Ukraine, the national power grid of Armenia, real estate, retail malls, and manufacturing in Russia and Siberia. The company has 34 offices and more than 50,000 employees and earnings in excess of $2 billion annually.
And Shnaider, it seems, is putting some of that money where his mouth is – at least with his $500 million (Cdn.) Toronto venture.
Rumours have persisted at the Trump site on Bay and Adelaide Sts. that sales were poor and the project was destined for failure.
Shnaider was taking a three-week break with his family on the Midlandia – he may have been in the waters of Turkey at the time, or it could have been Greece – when the call came that news had broken in the Toronto Star that his 70-storey Trump International Hotel & Tower was going to be downsized and eleven residential floors, including two hotel floors, lopped off.
"The hotel part of the sales was always doing well. Residential sales were a problem," says Shnaider.
"A lot of buyers were buying for themselves, usually people working on Bay St. and, because of the skepticism, when they didn't know a date they are quite reluctant. This is especially true for the larger, more expensive units because you have talk on the street that it won't be built."
But Shnaider said he expects construction to start in September. He also says 75 per cent of the building is sold. Over the past two and a half years, the developer says, approximately $275 million worth of property has been sold.
The original plans called for only four residential units per floor, but that had to be changed, he says.
"We needed to stimulate sales because the units were very big and expensive and they weren't selling as fast as we would have liked," he says candidly. "We ended up making this six units per floor to make it more affordable."
The higher density meant that something had to go, says Shnaider.
But even with 13 fewer storeys, the high ceiling heights in the building will still make it the tallest residential tower in the city, he says.
"We ended up with more units than we were allowed to have for engineering purposes. To provide the amount of service necessary, we couldn't do it with the higher density, we really had to make the building smaller," he says.
When the building was shortened, there was skepticism from some in the real estate community that the rationale was pure spin to explain falling sales.
In an earlier Star story, one of Shnaider's executives said one reason for the height reduction was "the more residents we had, the more elevators were going to be used, and that wasn't what we wanted in an exclusive building like Trump." (Four elevators are designated for residents for the 57 habitable floors, although the building may be two stories higher to allow for mechanical systems.)
What is known is that sales for the tower started in September 2004, three years before the proposed start of construction. In comparison, it took competitor Ritz Carlton 14 months to break ground.
But the buck stops with Shnaider, who is remarkably frank during the interview. He says he isn't sure why the $500 million project didn't sell as well as expected initially, although sales have been better since the smaller suites were introduced.
"We were certainly asking very high prices at the time. But we may have been too early for the market," he says, noting that the Four Seasons and the Shangri-La hotel brands now have condominiums selling in Toronto.
"We started at $700 a square foot, which was unheard of back then and now we're over a thousand a square foot. But I think the market has caught up."
His purchase of the penthouse, meanwhile, may prompt skepticism that Shnaider couldn't find a buyer for the pricey property. But he insists that he's buying because "it's a good investment."
One gets the sense that Shnaider would break ground if only as a point of pride – whether it made money or not. But the business person in him seems resolute: "If this were a loss-making venture, I wouldn't go ahead," he says.
Shnaider has shown he knows when to cut and run: He sold the Formula 1 Team in short order because he couldn't find a Russian sponsor. "We underestimated the interest of Russian companies, thinking they would embrace it more than they did," he says.
And, despite the prominence of the Trump project, it is only one small part of his diverse holdings.
Over the past two months, for example, he has rolled out a new convenience store chain in the Ukraine, tapping the need for modern community-based retail. He plans to open 1,500 stores in the next several years.
But the Trump project is the most visible part of his empire, especially since it's in his backyard.
"I wanted to build something important in the city, something I could be proud of," he says.
By the time Shnaider bought the site, the Trump Tower was already steeped in controversy. "I knew from the beginning this wouldn't be an easy project," he says.
The site was initially supposed to have been a Ritz Carlton hotel and condominium, with Donald Trump as a partner, when it was first announced in 2001.
That soon fizzled after the Star revealed one of the original partners had been convicted of bankruptcy fraud and embezzlement in the United States and had fled to Canada. The Ritz Carlton backed out, eventually finding a new site years later at Simcoe and Wellington Sts.
Meanwhile, the original location was sold to Shnaider and his development company. Trump remained as a partner and his brand was put on the hotel – the flamboyant developer's first venture at the time outside the United States.
It seemed like an ideal match: Two billionaires who exemplified the high life would be creating one of the world's tallest and most luxurious residencies in Toronto.
In many ways the building symbolized the loftiness of Shnaider's ambition. To say his rise was meteoric seems almost like an understatement, since he formed the holding company Midland Resources only in 1994 at the age of 26.
Born in St. Petersburg, Shnaider moved to North York when he was 13. His parents, an engineer and a dentist, ended up buying a deli.
Shnaider went to William Lyon Mackenzie C.I. while helping his parents in the deli. He later studied economics at York University.
With help from his politically connected future father-in-law, Shnaider ended up in the steel business, eventually setting up his own steel trading shop in Russia. One of his big customers was the Zaporizhstal plant in eastern Ukraine, one of the country's largest steel producers. With privatization in the '90s, after the collapse of the Soviet Union, Shnaider and his partner Shifrin, an academic with a PhD in metallurgical engineering, formed Midland. They eventually bought the Zaporizhstal plant.
From there, they built a substantial collection of assets throughout Eastern Europe.
The steel plant acquisition was perfect timing, as prices for the material started to jump with the economic rise of India and China. Now the industry is in major consolidation, with steel mills fetching hefty premiums. Asked whether he would sell, Shnaider says with a smile, "Everything is for sale. ... But we are concentrating on other areas such as retail and real estate."
It continues to be a sore point with the self-made billionaire, however, that a negative stigma seems to surround successful Russians.
He wrote a letter to Forbes after a mostly laudatory profile of him in 2005 that referred to the "murky" world of Russian business.
"There is this stereotype that was especially strong during the '90s that every Russian who is successful or made money must have done so through connections with the mafia, or arms dealing or prostitution, which I find really offensive," he says. "But Russians are incredibly educated people who are fast learners and willing to work hard. That is the stereotype you don't hear about as much."
Time is precious for Shnaider, who travels constantly, including an appointment in New York this day. He glances at his oversized watch, a $150,000 Audemars Piguet Royal Oak tourbillion. After saying goodbye to his guests, he slips into a jacket by Neapolitan tailor Attolini.
Then it's into the sports car and a brisk drive to his waiting jet.
Thestar
Wednesday, September 12, 2007
TORONTO REAL ESTATE. NEW HOMES MARKET IN FALL
Sales of new homes in the Toronto area remain healthy, but that isn't being reflected in current housing starts, according to Canada Mortgage and Housing Corp.
Starts edged down in August to a seasonally adjusted and annualized 32,000 from 35,100 in July, the federal housing agency reported yesterday.
One problem has been that developers are having trouble getting work crews, which are too busy with single detached housing to work on condominiums.
"While pre-construction sales of condominium apartments remained at record levels over the past year, condominium apartment starts have been lower," said CMHC senior market analyst Jason Mercer.
"The answer to this conundrum lies with the fact that builders have completed fewer condominium projects this year and have not been able to shift as many resources to new projects."
The current slowdown could cause capacity problems in the future, said Brian Johnston, who heads the Ontario Home Builders' Association and is president of Monarch Corp., one of the largest Canadian builders.
"Right now you've got a situation where the pipeline is filled and you've got a potential blockage," said Johnston.
Everyone from builders to architects and city hall staff is probably running flat out to deal with demand, said Johnston.
With the record number of condominium sales in the last year, the worry if problems continue is about the potential for a record number of delays down the road for condominium purchasers taking possession.
As of the end of July, sales of new condos in the Toronto area hit 13,365, compared with 10,722 at the same time last year. CMHC is expecting this to be a record year, with 18,000 condo sales.
Nevertheless, condo starts were off 48 per cent in the first eight months of the year, compared with a year earlier.
"We are a little surprised that this is still continuing, but obviously the system is experiencing some capacity issues," said Johnston.
While the Toronto area experienced a drop, housing starts across Canada rose to 226,500 seasonally adjusted and annualized units in August from 215,600 in July. Much of the increase came in condominiums, up 10 per cent from the prior month.
CMHC has said condos are selling so well because they provide a choice for some would-be homeowners priced out of the single detached home market.
"While detached home construction weakens next year, a stronger apartment sector will support new construction activity in the back half of this year and into 2008," said CMHC economist Ted Tsiakopoulos.
In a separate report released yesterday, Statistics Canada said the pace of growth in prices for new homes across the country slowed for the eleventh-straight month in July. Selling prices were up 7.7 per cent from a year earlier. In June, the year over year growth was 7.8 per cent.
That's probably small consolation to some would-be purchasers across Canada, including those in Saskatoon, where housing prices posed a record increase of 51.4 per cent year over year. Regina's increase was 23 per cent.
Price increases for new homes in Toronto and Oshawa were much more moderate, up by about the rate of inflation, or 2.3 per cent.
thestar.com
Starts edged down in August to a seasonally adjusted and annualized 32,000 from 35,100 in July, the federal housing agency reported yesterday.
One problem has been that developers are having trouble getting work crews, which are too busy with single detached housing to work on condominiums.
"While pre-construction sales of condominium apartments remained at record levels over the past year, condominium apartment starts have been lower," said CMHC senior market analyst Jason Mercer.
"The answer to this conundrum lies with the fact that builders have completed fewer condominium projects this year and have not been able to shift as many resources to new projects."
The current slowdown could cause capacity problems in the future, said Brian Johnston, who heads the Ontario Home Builders' Association and is president of Monarch Corp., one of the largest Canadian builders.
"Right now you've got a situation where the pipeline is filled and you've got a potential blockage," said Johnston.
Everyone from builders to architects and city hall staff is probably running flat out to deal with demand, said Johnston.
With the record number of condominium sales in the last year, the worry if problems continue is about the potential for a record number of delays down the road for condominium purchasers taking possession.
As of the end of July, sales of new condos in the Toronto area hit 13,365, compared with 10,722 at the same time last year. CMHC is expecting this to be a record year, with 18,000 condo sales.
Nevertheless, condo starts were off 48 per cent in the first eight months of the year, compared with a year earlier.
"We are a little surprised that this is still continuing, but obviously the system is experiencing some capacity issues," said Johnston.
While the Toronto area experienced a drop, housing starts across Canada rose to 226,500 seasonally adjusted and annualized units in August from 215,600 in July. Much of the increase came in condominiums, up 10 per cent from the prior month.
CMHC has said condos are selling so well because they provide a choice for some would-be homeowners priced out of the single detached home market.
"While detached home construction weakens next year, a stronger apartment sector will support new construction activity in the back half of this year and into 2008," said CMHC economist Ted Tsiakopoulos.
In a separate report released yesterday, Statistics Canada said the pace of growth in prices for new homes across the country slowed for the eleventh-straight month in July. Selling prices were up 7.7 per cent from a year earlier. In June, the year over year growth was 7.8 per cent.
That's probably small consolation to some would-be purchasers across Canada, including those in Saskatoon, where housing prices posed a record increase of 51.4 per cent year over year. Regina's increase was 23 per cent.
Price increases for new homes in Toronto and Oshawa were much more moderate, up by about the rate of inflation, or 2.3 per cent.
thestar.com
Thursday, August 9, 2007
Toronto real estate. YONGE STREET ROCKS!
Average detached home prices in north central Toronto, particularly along the Yonge Street corridor, nudged above the million-dollar mark in the first half of 2007, according to Toronto Real Estate Board.The area - which encompasses such tony neighbourhoods as Forest Hill, Chaplin Estates, Deer Park and Cedarvale - saw average home prices increase by nearly 17 per cent, from $895,000 to $1,046,500, the largest such jump among 62 Toronto Real Estate Board districts. The increase could be attributed to the three Ls of real estate: location, location, location.
The demand is evident along Yonge Street from Bloor up to Hwy. 7. It's right on transportation lines, with the subway and trains, so the demand will always be there.
The increase in demand in midtown Toronto indicates a reversal of a recent trend that saw many in the city looking for larger or cheaper homes in the 905 area code.
A lot of people have been looking to get into the central core, perhaps realizing that if they don't jump in now, within a couple of years, it may be out of reach.
The demand in North Toronto and midtown communities was virtually unparalleled.
Closer to the downtown core, an area including South Hill and Yorkville ranked third in terms of price increase among detached homes, with the average price rising 14.3 per cent to $883,869. That district also saw the second-largest increase in condo prices, with a 28.44 per cent jump, to $663,688.
Jane Renwick of condominium market research firm Urbanation added that the volume of condos being built represented a shift in real estate buying trends, both among first-time buyers and previous homeowners.
"(Condo ownership) would definitely be the trend in midtown if you just look at the number of new units being built there," she said. "In a residential area, condos used to be an alternative to (detached) home ownership, but now it's a first choice."
Renwick said the Yonge Street corridor, especially in North Toronto and North York, is popular among condo builders and buyers because of its easy access to public transit and Hwy. 401.
"It's a real transportation hub, which is a key because of all the job growth in the 905," she said.
Renwick added that condo ownership in North Toronto also allows buyers to live in a community setting in the heart of a major city, which adds to the unprecedented demand for units.
"It's like a machine," she said. "No matter how many (condo) buildings open along parts of that corridor, they're still soaked up." (mirror-guardian.com)
If you want to know the prices and availablity of Yonge condos, check out this link -
http://www.torontogreathomes.com/CONDOMINIUMS/page_1532104.html
or call Alex Malkhassiants at (416) 723-9383 with all your questions.
The demand is evident along Yonge Street from Bloor up to Hwy. 7. It's right on transportation lines, with the subway and trains, so the demand will always be there.
The increase in demand in midtown Toronto indicates a reversal of a recent trend that saw many in the city looking for larger or cheaper homes in the 905 area code.
A lot of people have been looking to get into the central core, perhaps realizing that if they don't jump in now, within a couple of years, it may be out of reach.
The demand in North Toronto and midtown communities was virtually unparalleled.
Closer to the downtown core, an area including South Hill and Yorkville ranked third in terms of price increase among detached homes, with the average price rising 14.3 per cent to $883,869. That district also saw the second-largest increase in condo prices, with a 28.44 per cent jump, to $663,688.
Jane Renwick of condominium market research firm Urbanation added that the volume of condos being built represented a shift in real estate buying trends, both among first-time buyers and previous homeowners.
"(Condo ownership) would definitely be the trend in midtown if you just look at the number of new units being built there," she said. "In a residential area, condos used to be an alternative to (detached) home ownership, but now it's a first choice."
Renwick said the Yonge Street corridor, especially in North Toronto and North York, is popular among condo builders and buyers because of its easy access to public transit and Hwy. 401.
"It's a real transportation hub, which is a key because of all the job growth in the 905," she said.
Renwick added that condo ownership in North Toronto also allows buyers to live in a community setting in the heart of a major city, which adds to the unprecedented demand for units.
"It's like a machine," she said. "No matter how many (condo) buildings open along parts of that corridor, they're still soaked up." (mirror-guardian.com)
If you want to know the prices and availablity of Yonge condos, check out this link -
http://www.torontogreathomes.com/CONDOMINIUMS/page_1532104.html
or call Alex Malkhassiants at (416) 723-9383 with all your questions.
Thursday, July 26, 2007
Toronto real estate. NEW CONDO DEVELOPMENT IN ETOBICOKE
Condominium sales are at a record high in Toronto with 40 per cent of new home sales coming from condo purchases.
According to the Toronto Real Estate Board, 2,173 units sold in the city last month representing a 23 per cent increase in sales compared to June of last year. Ontario's housing market continues to perform beyond industry expectations.
Stronger-than-expected consumer confidence has fuelled extraordinary demand for properties this year.
Residential real estate sales in the first five months of the year are higher in 28 of 33 markets surveyed. Average prices also soared higher.
On July 26 new condo development sales was started in Etobicoke. The Empire Communities development won't be finished for another three years but is considered a popular spot because of its proximity to Lake Ontario, the Etobicoke Yacht Club and public transportation.
Located at the Etobicoke shoreline at Lakeshore Blvd. W., west of Parklawn and just minutes from the Gardiner Expressway, Beyond the Sea Condominiums offers spectacular, unobstructed views of the lake and the Toronto city skyline from each of its 27 and 36-storey buildings. With Marina Del Ray across the street and the Martin Goodman Trail at your front door, the beauty of nature and the relaxation of the waterfront will never be beyond your reach.
The waterfront theme continues inside, beyond the front doors. Both Beyond the Sea towers are joined by a spectacular shared limestone and paneled lobby showcasing a majestic two-story waterfall on the portico, a magnificent aquarium filled with exotic sea life and coral, plus the convenience of 24-hour concierge service and a host of other amenities.
It's a world beyond your wildest dreams. Never before has Toronto been offered such an exciting recreational and lifestyle experience in a condominium setting. Its 40,000 square feet of style and substance split equally between the interior Blue Water Club and the extensive exterior facilities. Entertaining becomes a pleasure that you can share with friends in the private dining room - a cozy enclave for up to 12 guests. Prepare refreshments in the onsite kitchen while selecting the perfect wine from your private collection in the adjacent wine cellar. Entertaining on a larger scale is just as easy in the incredible party room which can facilitate up to 120 guests with a full catering kitchen and bar. When it's time to wind down, Beyond the Sea offers a host of options including a billiards room, two fitness centres, a theatre room, guest suites, a hobby room, student library with wireless Internet access, and even a Doggie Spa to wash down your pampered pet after long strolls on the boardwalk.
Priced from just $169,900, Beyond the Sea stays within reason when it comes to pricing these exceptional waterfront homes. Why pay the high prices of downtown Toronto? Move just slightly west and Beyond the Sea offers an affordable waterfront option saving you thousands of dollars.
Click here to see more condos in Etobicoke - http://www.torontogreathomes.com/Etobicoke_houses/page_1522293.html
According to the Toronto Real Estate Board, 2,173 units sold in the city last month representing a 23 per cent increase in sales compared to June of last year. Ontario's housing market continues to perform beyond industry expectations.
Stronger-than-expected consumer confidence has fuelled extraordinary demand for properties this year.
Residential real estate sales in the first five months of the year are higher in 28 of 33 markets surveyed. Average prices also soared higher.
On July 26 new condo development sales was started in Etobicoke. The Empire Communities development won't be finished for another three years but is considered a popular spot because of its proximity to Lake Ontario, the Etobicoke Yacht Club and public transportation.
Located at the Etobicoke shoreline at Lakeshore Blvd. W., west of Parklawn and just minutes from the Gardiner Expressway, Beyond the Sea Condominiums offers spectacular, unobstructed views of the lake and the Toronto city skyline from each of its 27 and 36-storey buildings. With Marina Del Ray across the street and the Martin Goodman Trail at your front door, the beauty of nature and the relaxation of the waterfront will never be beyond your reach.
The waterfront theme continues inside, beyond the front doors. Both Beyond the Sea towers are joined by a spectacular shared limestone and paneled lobby showcasing a majestic two-story waterfall on the portico, a magnificent aquarium filled with exotic sea life and coral, plus the convenience of 24-hour concierge service and a host of other amenities.
It's a world beyond your wildest dreams. Never before has Toronto been offered such an exciting recreational and lifestyle experience in a condominium setting. Its 40,000 square feet of style and substance split equally between the interior Blue Water Club and the extensive exterior facilities. Entertaining becomes a pleasure that you can share with friends in the private dining room - a cozy enclave for up to 12 guests. Prepare refreshments in the onsite kitchen while selecting the perfect wine from your private collection in the adjacent wine cellar. Entertaining on a larger scale is just as easy in the incredible party room which can facilitate up to 120 guests with a full catering kitchen and bar. When it's time to wind down, Beyond the Sea offers a host of options including a billiards room, two fitness centres, a theatre room, guest suites, a hobby room, student library with wireless Internet access, and even a Doggie Spa to wash down your pampered pet after long strolls on the boardwalk.
Priced from just $169,900, Beyond the Sea stays within reason when it comes to pricing these exceptional waterfront homes. Why pay the high prices of downtown Toronto? Move just slightly west and Beyond the Sea offers an affordable waterfront option saving you thousands of dollars.
Click here to see more condos in Etobicoke - http://www.torontogreathomes.com/Etobicoke_houses/page_1522293.html
Monday, April 30, 2007
Toronto real estate. TORONTO'S MOST EXPENSIVE CONDO
A planned condominium building in Yorkville will feature the city's most expensive penthouse --a $16-million unit.
The creation of a 9,000- square-foot space atop the soonto- be built Four Seasons Hotel marks a coming of age for Toronto, co-designer Brian Gluckstein said in a recent interview.
The 55-storey tower at Bay Street and Yorkville Avenue will house 103 private residences above a 253-room hotel, while a second 25-storey tower will include 101 private residences.
The hotel-condo combination is not new, but the eye-popping asking price signals a change in the appetites of Toronto buyers.
"Before, [Torontonians with money] did not value communal living," Mr. Gluckstein said. "Now people with affluence want this type of lifestyle."
The lifestyle of which he speaks will allow residents to travel freely without worrying about property maintenance; to cater dinner parties from the condo's adjoining restaurant; or to go down a hallway to receive a manicure, pedicure or massage at the 28,000-square-foot spa.
"It's a level of service few people in houses can afford," he said.
The penthouse will provide room enough for large family dinners, storage of designer clothes, a live-in housekeeper or nurse and a grand piano, Mr. Gluckstein suggested. Such trappings have traditionally kept the wealthy in their homes, he said.
Stone floors and counters, nickel plumbing fixtures, natural wood and state of the art mechanical systems will be available in each suite, he said, adding that purchasers are free to hire interior designers of their choosing.
Mr. Gluckstein, the designer behind the product line Gluckstein Design Interiors and a fixture on the Toronto talk show CityLine with Marilyn Denis, and architect Peter Clewes admit to occasionally driving past the spaces they have created, but say they only do so for reassurance that the people inside are enjoying themselves.
Mr. Clewes, who designed the recently constructed 18 Yorkville, the condo towers directly east of the new building, said the Four Seasons Hotel and Private Residences will illuminate the block with an exterior that "celebrates glass."
The deliberately transparent building will have a taut and slick glass "skin," held together by a cladding that cannot easily be seen, he said.
Mr. Clewes, the Montreal-native, who has also been commissioned to overhaul the Bloor Street shopping district, believes those buying into the Toronto real estate market are ready for unapologetic opulence.
Cost for the project has previously been estimated at $500-million.
A presentation gallery at the northeast corner of Bay Street and Yorkville Avenue opens this week.
canada.com
The creation of a 9,000- square-foot space atop the soonto- be built Four Seasons Hotel marks a coming of age for Toronto, co-designer Brian Gluckstein said in a recent interview.
The 55-storey tower at Bay Street and Yorkville Avenue will house 103 private residences above a 253-room hotel, while a second 25-storey tower will include 101 private residences.
The hotel-condo combination is not new, but the eye-popping asking price signals a change in the appetites of Toronto buyers.
"Before, [Torontonians with money] did not value communal living," Mr. Gluckstein said. "Now people with affluence want this type of lifestyle."
The lifestyle of which he speaks will allow residents to travel freely without worrying about property maintenance; to cater dinner parties from the condo's adjoining restaurant; or to go down a hallway to receive a manicure, pedicure or massage at the 28,000-square-foot spa.
"It's a level of service few people in houses can afford," he said.
The penthouse will provide room enough for large family dinners, storage of designer clothes, a live-in housekeeper or nurse and a grand piano, Mr. Gluckstein suggested. Such trappings have traditionally kept the wealthy in their homes, he said.
Stone floors and counters, nickel plumbing fixtures, natural wood and state of the art mechanical systems will be available in each suite, he said, adding that purchasers are free to hire interior designers of their choosing.
Mr. Gluckstein, the designer behind the product line Gluckstein Design Interiors and a fixture on the Toronto talk show CityLine with Marilyn Denis, and architect Peter Clewes admit to occasionally driving past the spaces they have created, but say they only do so for reassurance that the people inside are enjoying themselves.
Mr. Clewes, who designed the recently constructed 18 Yorkville, the condo towers directly east of the new building, said the Four Seasons Hotel and Private Residences will illuminate the block with an exterior that "celebrates glass."
The deliberately transparent building will have a taut and slick glass "skin," held together by a cladding that cannot easily be seen, he said.
Mr. Clewes, the Montreal-native, who has also been commissioned to overhaul the Bloor Street shopping district, believes those buying into the Toronto real estate market are ready for unapologetic opulence.
Cost for the project has previously been estimated at $500-million.
A presentation gallery at the northeast corner of Bay Street and Yorkville Avenue opens this week.
canada.com
Tuesday, March 20, 2007
Toronto real estate. MISTER TRUMP IS COMING TO TORONTO!
Trump said Toronto is one of the great cities where he intends to have a real estate presence. He will be in Toronto this weekend for one of the roaming "real estate wealth expos" put on by the Learning Annex, a private educational outfit. His $1.5-million (U.S.) fee for the event will go to charity.
Mr. Trump shrugged off concerns that a crisis in U.S. subprime mortgage lending, which caters to poor credit risks, would spread to the wider property market, including Mr. Trump's luxury buildings.
"I don't see the subprime problems affecting the higher-end stuff," he said. In fact, he is advising investors that there are now great deals in buying subprime mortgages at a discount and repossessed houses at low prices.
Mr. Trump, 60, said that as he got older, he became more conservative in his borrowing. "I'm the most underleveraged now than I've ever been in my life. I almost feel uncomfortable."
While he would not disclose his debt load, he said it was far below proportional levels of 1992, when his much smaller holdings were carrying $9-billion (U.S.) in debt, including $900-million personally guaranteed by him.
As values plummeted, he became dramatically overleveraged. He denied reports that he was bailed out by his wealthy family, insisting that, while his family provided verbal support, he escaped ruin through the patience of his banks.
Mr. Trump said that his current low-debt portfolio represents a bet that the market will remain somewhat soft for some time. If he is wrong, and the market is about to roll higher, it would be better to have more leverage on his books.
"I think I'm in great shape because I think the market is a little unsettling, I think the war in Iraq is a total catastrophe, I think it's been handled horribly by the President and lot of crazy things can happen."
For the moment, he said, conditions vary widely from city to city. New York and Los Angeles are very strong, he said, while Chicago is "okay," and San Francisco joins Toronto in the weaker category.
He said that two years ago, when the market was at an all-time high, he was telling people not to buy real estate. "Now I'm telling them to do it."
theglobeandmail.com
Mr. Trump shrugged off concerns that a crisis in U.S. subprime mortgage lending, which caters to poor credit risks, would spread to the wider property market, including Mr. Trump's luxury buildings.
"I don't see the subprime problems affecting the higher-end stuff," he said. In fact, he is advising investors that there are now great deals in buying subprime mortgages at a discount and repossessed houses at low prices.
Mr. Trump, 60, said that as he got older, he became more conservative in his borrowing. "I'm the most underleveraged now than I've ever been in my life. I almost feel uncomfortable."
While he would not disclose his debt load, he said it was far below proportional levels of 1992, when his much smaller holdings were carrying $9-billion (U.S.) in debt, including $900-million personally guaranteed by him.
As values plummeted, he became dramatically overleveraged. He denied reports that he was bailed out by his wealthy family, insisting that, while his family provided verbal support, he escaped ruin through the patience of his banks.
Mr. Trump said that his current low-debt portfolio represents a bet that the market will remain somewhat soft for some time. If he is wrong, and the market is about to roll higher, it would be better to have more leverage on his books.
"I think I'm in great shape because I think the market is a little unsettling, I think the war in Iraq is a total catastrophe, I think it's been handled horribly by the President and lot of crazy things can happen."
For the moment, he said, conditions vary widely from city to city. New York and Los Angeles are very strong, he said, while Chicago is "okay," and San Francisco joins Toronto in the weaker category.
He said that two years ago, when the market was at an all-time high, he was telling people not to buy real estate. "Now I'm telling them to do it."
theglobeandmail.com
Tuesday, August 15, 2006
Toronto condo market. CONDO LIFESTYLE - WHAT"S NOT TO LIKE?
There's been a dramatic change to Toronto's skyline in the last few years as dozens of new high-rise condominiums have been built to feed the current housing boom. While it appears the market may be cooling, a new survey suggests that the long-term prognosis is good for condo developers in Canada.
The survey, conducted by Ipsos-Reid.ca for TD Bank, says that younger Canadians are more willing to consider raising a family in a condo than those who are over 45 years old. Overall, 80 per cent of the people surveyed would not consider raising a family in a condominium, but those in the age group that's most likely ready to start a family (25 to 34-year-olds) are the most open to the idea of condo living.
The results also indicate that those who currently live in condos are enjoying the experience. "Younger Canadians who bought condos as their first step into the housing markets have grown accustomed to the numerous benefits of the condo lifestyle, and many are considering extending them into the next phase of their lives," says Chris Wisniewski of TD Canada Trust.
The survey, conducted among adults aged 25-59 in Toronto, Montreal, Vancouver, Calgary and Ottawa, found that 64 per cent of respondents would not be likely to consider purchasing a condo as a primary residence. But the 35 per cent who would consider it are driving condo sales to record levels.
In Toronto, it's expected that a record number of new condos will be built for the second consecutive year. In June, more new high-rise condos were sold in the city than ever before. "Home buyers were snapping up a new condo every four minutes the sales offices were open," says Desi Auciello, president of the Greater Toronto Home Builders' Association. "Frankly, we never thought we'd see the day when low-rise product would represent the minority of our sales, particularly to this extent," he says. Six out of every 10 new homes sold in June were high-rise suites. Through the first six months of the year, high-rise sales are running two per cent ahead of last year's pace, while low-rise sales have declined by 10 per cent.
In the resale market, high-rise condos represented 20.2 per cent of the market share in July. The median price for a resale condo in the Greater Toronto Area in July was $214,000, while the average new high-rise condo price in June was $314,370. The average price for resale homes of all types in July was $358,035.
Not surprisingly, affordability is one of the main reasons why condos continue to be popular, and was cited in the survey by 57 per cent of those who said they would choose a condo as their primary residence. Other reasons for buying a condo, according to the survey results, are because they are "easier maintain (69 per cent)", and because people are "attracted to the condo lifestyle" (45 per cent).
Asked what amenities condos can offer to families, the top answers were building security (91 per cent), proximity to public transit (87 per cent), pool or recreational facilities for children (83 per cent), close to work (81 per cent), and proximity to schools (81 per cent).
Torontonians surveyed were the most likely to say all of these amenities are important to have for raising children in a condo, and were also the most likely to say they would not consider buying a condo because there is "no backyard or play areas."
People in Montreal were the most likely to say that condos are not suitable for families with children living at home, and 87 per cent said they would not be likely to consider starting and raising a family in a condo.
In contrast, Vancouver residents were the most likely to have lived in a condo either now or in the past (36 per cent), and the most likely to say they would consider buying a condo as their primary residence. They are also the most likely to consider starting a family and raising children in a condo.
Affordability is the number one reason why they would purchase a condo.
"Traditional attitudes change slowly," says Wisniewski. "Yet, as condo developers continue to create new projects with more family-friendly features and amenities, I think we can expect to see a rise in the number of families with children who choose this option."
For Toronto and area condos go to - http://www.torontogreathomes.com or call Alex, Sales representative with Right at Home Realty: (416) 723-9383
realtytimes.com
The survey, conducted by Ipsos-Reid.ca for TD Bank, says that younger Canadians are more willing to consider raising a family in a condo than those who are over 45 years old. Overall, 80 per cent of the people surveyed would not consider raising a family in a condominium, but those in the age group that's most likely ready to start a family (25 to 34-year-olds) are the most open to the idea of condo living.
The results also indicate that those who currently live in condos are enjoying the experience. "Younger Canadians who bought condos as their first step into the housing markets have grown accustomed to the numerous benefits of the condo lifestyle, and many are considering extending them into the next phase of their lives," says Chris Wisniewski of TD Canada Trust.
The survey, conducted among adults aged 25-59 in Toronto, Montreal, Vancouver, Calgary and Ottawa, found that 64 per cent of respondents would not be likely to consider purchasing a condo as a primary residence. But the 35 per cent who would consider it are driving condo sales to record levels.
In Toronto, it's expected that a record number of new condos will be built for the second consecutive year. In June, more new high-rise condos were sold in the city than ever before. "Home buyers were snapping up a new condo every four minutes the sales offices were open," says Desi Auciello, president of the Greater Toronto Home Builders' Association. "Frankly, we never thought we'd see the day when low-rise product would represent the minority of our sales, particularly to this extent," he says. Six out of every 10 new homes sold in June were high-rise suites. Through the first six months of the year, high-rise sales are running two per cent ahead of last year's pace, while low-rise sales have declined by 10 per cent.
In the resale market, high-rise condos represented 20.2 per cent of the market share in July. The median price for a resale condo in the Greater Toronto Area in July was $214,000, while the average new high-rise condo price in June was $314,370. The average price for resale homes of all types in July was $358,035.
Not surprisingly, affordability is one of the main reasons why condos continue to be popular, and was cited in the survey by 57 per cent of those who said they would choose a condo as their primary residence. Other reasons for buying a condo, according to the survey results, are because they are "easier maintain (69 per cent)", and because people are "attracted to the condo lifestyle" (45 per cent).
Asked what amenities condos can offer to families, the top answers were building security (91 per cent), proximity to public transit (87 per cent), pool or recreational facilities for children (83 per cent), close to work (81 per cent), and proximity to schools (81 per cent).
Torontonians surveyed were the most likely to say all of these amenities are important to have for raising children in a condo, and were also the most likely to say they would not consider buying a condo because there is "no backyard or play areas."
People in Montreal were the most likely to say that condos are not suitable for families with children living at home, and 87 per cent said they would not be likely to consider starting and raising a family in a condo.
In contrast, Vancouver residents were the most likely to have lived in a condo either now or in the past (36 per cent), and the most likely to say they would consider buying a condo as their primary residence. They are also the most likely to consider starting a family and raising children in a condo.
Affordability is the number one reason why they would purchase a condo.
"Traditional attitudes change slowly," says Wisniewski. "Yet, as condo developers continue to create new projects with more family-friendly features and amenities, I think we can expect to see a rise in the number of families with children who choose this option."
For Toronto and area condos go to - http://www.torontogreathomes.com or call Alex, Sales representative with Right at Home Realty: (416) 723-9383
realtytimes.com
Toronto real estate. CANADA CONSTRUCTION BOOM - WHAT IS DIFFERENT IN 2006?
Canada's construction boom continued in July, but Canada Mortgage and Housing Corp. says it is seeing a swing away from single-family units towards cheaper condominiums, townhouses and apartments.
In its monthly report on housing starts, CMHC said the trend has been spurred by the rising price of new homes and slightly higher mortgage rates.
CMHC, a Crown agency that helps finance home purchases, said Canada's home builders started work on 236,500 units in July, up by 100 units from the strong levels of June.
Moreover, the number of new homes has risen by 3.1 per cent so far this year, compared with the first seven months of 2005. Multiple-unit starts are up by 4.3 per cent, while urban singles have risen by 0.9 per cent.
The raw numbers may look good, but they disguise a shift from more expensive single-family detached housing towards the cheaper condominiums and townhouses.
"Strong multiple starts reflect a growing interest in relatively less expensive dwellings," said Bob Dugan, chief economist at CMHC's market analysis centre.
Single-family homes have been trending down for several months, reaching their lowest level of the year in July. It is a trend that Dugan expects will continue for the remainder of the year.
"Rising prices and slightly higher mortgage rates are expected to soften the demand for new homes in the second half of 2006,” he said.
CMHC has also noticed a large discrepancy between the provinces. The housing market is booming in British Columbia — especially Vancouver — where the number of housing starts jumped by 21.9 per cent over the month before. Ontario also rose, although by a much smaller 4.2 per cent.
But starts fell by 10.5 per cent in Quebec, 9.4 per cent in the Prairies and by 2.2 per cent in the Atlantic provinces.
"The strong results achieved this past month were attributable to the performance of the multiple starts registered in Ontario and British Columbia," Dugan said, saying they made up for the declines in other regions.
For Toronto and area condos go to - http://www.torontogreathomes.com or call Alex, Sales representative with Right at Home Realty: (416) 723-9383
Tuesday, August 8, 2006
For Toronto real estate investors. IS NOW A GOOD TIME TO INVEST IN TORONTO CONDO?
Is it a good time to invest in a condo apartment in Toronto? And if so, what are smart buying tips for a condo investor?
Industry insiders say you have to do your homework. It's a tough time to buy since prices are rising, but rents are stable or going down.
Rents for condo apartments in Toronto have been relatively flat since 2003, says Jason Mercer, a senior market analyst with Canada Mortgage and Housing Corp. During the same period, the prices have gone up steadily in both the new and resale market.
"On average, the income-generating ability of condominium apartments has declined, making other asset classes more appealing for investors," says a CMHC condominium survey last fall. There are warning signs for the Toronto real estate market, which had its best year ever in sales of existing homes last year.
"This year, we're seeing a bit of a plateau," says Mercer, who predicts that annual sales will fall by about one per cent. Meanwhile, there's a surge of new condo construction in Toronto. About 38,000 rental apartments are coming on stream and will be registered this year and in 2007.
Still, Toronto is not seeing the same speculative activity as it did a decade ago. Investor-held rental condo apartments are now 18 to 19 per cent of the total market, compared to more than 30 per cent in the mid-1990s. The vacancy rate for rental condo apartments was just 0.9 per cent last year — compared to an overall 3.7 per cent vacancy rate for all rental units in Toronto.
Given what could be a difficult time for condo investors, what should you be looking to buy?
Try to buy the smallest units in the building, anywhere from 350 to 600 square feet. Tenants aren't rich and powerful. They can afford to rent the lowest common denominator.
You have to hook up with the right real estate brokers. If you're a loyal client, they'll get you into properties before the public do. It's much like getting into a hot night club.
Put enough into the down payment to cover mortgage principal, interest, taxes and condo fees, including potential increases in condo fees. Invest in mid-priced condos. Don't buy more expensive units, which won't cover their costs in rent. Anything under 700 square feet performs best.
Do your research on rents in the neighbourhood, vacancy rates and the time it takes to find a tenant for similar units. There's nothing worse than buying a place that will sit vacant for months.
Be prepared to do your own property management or consider the costs incurred to hire someone. It may be worthwhile to hire a real estate agent to rent out your condo unit. Realtors not only bring expertise in preparing the lease documents to best protect the owner, but also bring a higher quality of tenants.
Look for condos that appeal to the widest group of people possible. This means easy access to public transit, shopping, parks and other amenities.
If you're buying a unit in a new building, check the quality of construction done by the developer in the past. You want to make sure the developer finishes things to the highest standard, so the building doesn't get run down in a short period of time.
And if you're looking at an existing building, check the percentage of units that are owner-occupied. More owner-occupied units means more care, maintenance, decorum and pride of ownership.
Does the condo unit have a parking spot with a separate deed? This means you can sell it if you don't need it. Liquidity is an important factor. Being able to divide and sell separately does have some merit.
Rules change from one condo corporation to another. Do the condo bylaws allow rentals in the building? If so, how many are allowed and how many are currently in the building?
Many novice investors have been caught buying properties in buildings where the rental allotment was already filled, so they had to keep their property vacant or resell it. Some rules are quirky.
Tenants may not be allowed to park their bicycles on the balcony or set up a home-based business. Read the bylaws so you know what you're responsible for and what you can and can't do as an owner.
Check the reserve fund study that shows the current condition of the common areas, the schedule to replace them and the cost of doing so over the years. This is done by an outside company. I
s the condominium board doing what the study says it should be for maintenance and building a reserve fund? The condo board does not have to do everything the study suggests, but if it's not building adequate reserves to cover obvious future major expenses, you can expect to receive a hefty bill in the future.
If the reserve fund study isn't complete (perhaps it's in the process), you need to talk to your lawyer about an addition to your contract.Include something like this: "Seller warrants there are no special assessments required, contemplated or unpaid."
Good luck in your condo search!
For Toronto and area condos go to - http://www.torontogreathomes.com or call Alex, Sales representative with Right at Home Realty: (416) 723-9383
thestar.com
Industry insiders say you have to do your homework. It's a tough time to buy since prices are rising, but rents are stable or going down.
Rents for condo apartments in Toronto have been relatively flat since 2003, says Jason Mercer, a senior market analyst with Canada Mortgage and Housing Corp. During the same period, the prices have gone up steadily in both the new and resale market.
"On average, the income-generating ability of condominium apartments has declined, making other asset classes more appealing for investors," says a CMHC condominium survey last fall. There are warning signs for the Toronto real estate market, which had its best year ever in sales of existing homes last year.
"This year, we're seeing a bit of a plateau," says Mercer, who predicts that annual sales will fall by about one per cent. Meanwhile, there's a surge of new condo construction in Toronto. About 38,000 rental apartments are coming on stream and will be registered this year and in 2007.
Still, Toronto is not seeing the same speculative activity as it did a decade ago. Investor-held rental condo apartments are now 18 to 19 per cent of the total market, compared to more than 30 per cent in the mid-1990s. The vacancy rate for rental condo apartments was just 0.9 per cent last year — compared to an overall 3.7 per cent vacancy rate for all rental units in Toronto.
Given what could be a difficult time for condo investors, what should you be looking to buy?
Try to buy the smallest units in the building, anywhere from 350 to 600 square feet. Tenants aren't rich and powerful. They can afford to rent the lowest common denominator.
You have to hook up with the right real estate brokers. If you're a loyal client, they'll get you into properties before the public do. It's much like getting into a hot night club.
Put enough into the down payment to cover mortgage principal, interest, taxes and condo fees, including potential increases in condo fees. Invest in mid-priced condos. Don't buy more expensive units, which won't cover their costs in rent. Anything under 700 square feet performs best.
Do your research on rents in the neighbourhood, vacancy rates and the time it takes to find a tenant for similar units. There's nothing worse than buying a place that will sit vacant for months.
Be prepared to do your own property management or consider the costs incurred to hire someone. It may be worthwhile to hire a real estate agent to rent out your condo unit. Realtors not only bring expertise in preparing the lease documents to best protect the owner, but also bring a higher quality of tenants.
Look for condos that appeal to the widest group of people possible. This means easy access to public transit, shopping, parks and other amenities.
If you're buying a unit in a new building, check the quality of construction done by the developer in the past. You want to make sure the developer finishes things to the highest standard, so the building doesn't get run down in a short period of time.
And if you're looking at an existing building, check the percentage of units that are owner-occupied. More owner-occupied units means more care, maintenance, decorum and pride of ownership.
Does the condo unit have a parking spot with a separate deed? This means you can sell it if you don't need it. Liquidity is an important factor. Being able to divide and sell separately does have some merit.
Rules change from one condo corporation to another. Do the condo bylaws allow rentals in the building? If so, how many are allowed and how many are currently in the building?
Many novice investors have been caught buying properties in buildings where the rental allotment was already filled, so they had to keep their property vacant or resell it. Some rules are quirky.
Tenants may not be allowed to park their bicycles on the balcony or set up a home-based business. Read the bylaws so you know what you're responsible for and what you can and can't do as an owner.
Check the reserve fund study that shows the current condition of the common areas, the schedule to replace them and the cost of doing so over the years. This is done by an outside company. I
s the condominium board doing what the study says it should be for maintenance and building a reserve fund? The condo board does not have to do everything the study suggests, but if it's not building adequate reserves to cover obvious future major expenses, you can expect to receive a hefty bill in the future.
If the reserve fund study isn't complete (perhaps it's in the process), you need to talk to your lawyer about an addition to your contract.Include something like this: "Seller warrants there are no special assessments required, contemplated or unpaid."
Good luck in your condo search!
For Toronto and area condos go to - http://www.torontogreathomes.com or call Alex, Sales representative with Right at Home Realty: (416) 723-9383
thestar.com
Saturday, August 5, 2006
Toronto real estate. Condo Market. AUGUST UPDATE - DOWNTOWN CONDOS
Today, Condos on the Market looks at Toronto's downtown area (primarily between Yonge St. and the Don Valley, south of Bloor St.). Prices do not include parking space and storage locker unless indicated.
1. 85 BLOOR ST. E.: 85 Bloor St. E., east of Yonge St., south side of Bloor. Builder: Burnac Development Corp. A 20-storey, 252-unit precast stone building with bronze-tinted windows. Prices (locker included): $394,900 for 1,130 sq. ft. Fees: 38 cents per sq. ft. Amenities: rooftop terrace, exercise facility, saunas, home theatre screening room, billiards room, office room, multi-purpose room, equipped kitchen, walkout to ground-floor terrace and 24-hour concierge. Sales: one left. Status: built. Occupancy: immediate. Call Alex Malkhassiants: (416) 723-9383.
2. THE BLOOR STREET NEIGHBOURHOOD: 38 Charles St., north side of Charles, half a block east of Yonge St. Builder: Cresford Developments. A 26-storey, 327-unit precast concrete building. Prices: from $129,900 for 396 sq. ft. to $1.049 million for 2,026 sq. ft. Fees: 44 cents per sq. ft., plus hydro. Amenities: swimming pool, whirlpool, exercise room, billiards/games room, party room, dining room, sun terrace, two guest suites and 24-hour concierge. Sales: about 80 per cent sold. Status: under construction. Occupancy: summer 2007. Call Alex: (416) 723-9383
3. BLOOR WALK: 100 Hayden St., north side of Hayden, east of Church St. Builder: Philmor Group. A 21-storey, 165-unit brick, stucco and stone building. Prices: from $463,900 for a penthouse with 1,017 sq. ft. Fees: 47 cents per sq. ft., plus heat and hydro. Amenities: glass enclosed pool, whirlpool, steam rooms, exercise room, fitness studio, rooftop garden, TV lounge, library, party room, billiards room and card room, with views overlooking the city and Rosedale Valley. Sales: two left. Status: built and registered. Occupancy: 30 to 90 days. Call Alex: (416) 723-9383.
4. BOOT CONDOMINIUM: 75 Dalhousie St., north of Shuter St., south of Dundas St. Builder: Cresford Developments. A 12-storey, 153-unit building with an exterior of creamy-coloured stucco, French balconies and large windows. Price: from $176,900 for 566 sq. ft. and patio. Fees: 38 cents per sq. ft. Amenities: main floor party room, billiards room, concierge, 24-hour security, exercise room and sauna. Top floor walkout landscaped terrace. Sales: one remaining. Status: built. Occupancy: immediate.
5. CASA CONDOMINIO RESIDENZA: 33 Charles St., south side of Charles, ½ a block east of Yonge St. Builder: Cresford Developments. A 45-storey, 440-unit all-glass building. Prices: from $199,900 for 495 sq. ft. too $584,900 for 1,205 sq. ft. Penthouses not yet released. Fees: 42 cents per sq. ft., plus hydro. Amenities: outdoor heated pool, whirlpool terrace with a two-sided fireplace and outdoor lounge, glass-enclosed dining area, three indoor lounges, one with two-sided fireplace, 24-hour concierge, exercise room, weights room, media lounge, two guest suites and demonstration kitchen. Sales: about 60 per cent sold. Status: construction not started. Occupancy: October 2008.
6. 22 CONDOMINIUMS: 22 Wellesley St., east of Yonge St., west of Church St. Builder: H & R Lanterra. A 23-storey, 163-unit glass and precast concrete building. Prices: from $194,900 for 484 sq. ft. to $515,900 for 1,288 sq. ft. Fees: 38 cents per sq. ft., plus hydro. Amenities: fitness facilities, outdoor terrace with Jacuzzi, business suites, party room and concierge. Sales: over 75 per cent sold. Status: under construction. Occupancy: June 2007.
7. CRYSTAL BLU: 21 Balmuto St, between Bay St. and Yonge St. A 35-storey mostly glass building with about 135 units. Prices: from about $249,900 for about 500 sq. ft. to over $2 million for a penthouse with about 3,500 sq. ft. Fees: 48 cents per sq. ft., plus hydro. Amenities: 24-hour concierge, outdoor pool, landscaped terrace, party room/lounge with big screen T.V., weight room, cardio room, yoga room and dining room with kitchen. Sales: almost 50 per cent sold. Status: construction to start this fall.
8. EAST LOFTS: 275 King St. E., at Princess St. Builder: Harhay Construction. A 13-storey, 129-unit glass, steel and brick building. Prices: from $219,900 for 633 sq. ft. to $964,900 for 1,928 sq. ft. Fees: 34 cents per sq. ft., plus hydro. Amenities: party room. Sales: 80 per cent sold. Status: construction to start late this summer. Occupancy: December 2007
9. EDGE LOFTS: 625 Queen St E., west of Broadview Ave. Builder: Streetcar Development Inc. A six-storey 66-unit precast concrete and glass building. Prices: from $214,900 for 637 sq. ft. to $349,900 for 1,087 sq. ft. Fees: 33 cent per sq. ft., plus hydro. Amenities: rooftop garden with barbecue area. Sales: 50 per cent sod. Status: construction not started. Occupancy: September 2007.
10. ENCORE AT THE MET: 21 Carlton St., east of Yonge St. Builder: Edilcan. A 33-storey, 325-unit glass building. Prices: from $180,490 for 504 sq. ft. to $273,990 for 754 sq. ft. and a large terrace. Fees: 42 cents per sq. ft., plus hydro. Amenities: lap pool, whirlpool, sauna, steam rooms, party room, billiards room, theatre room, guest suite, pet spa, cardio workout room, gym, massage room, 24-hour concierge, Internet café and landscaped terrace. Sales: 68 per cent sold. Status: construction to start late summer. Occupancy: June 2008.
11. JARVIS MANSIONS: 539 Jarvis St., south of Bloor St., north of Wellesley St. Builder: Penterra Federated Properties Corp. 13 condominium units in a 100-year-old renovated mansion, 10 new construction stucco garden condominium townhouses with 11 penthouse units above. Prices: (parking and included): from $469,990 for 1,263 sq. ft. to $599,990 for 1,792 sq. ft. Fees: from $349 or $378 per month, plus heat and hydro. Sales: nine left. Status: under construction. Occupancy: December.
12. KING'S COURT: Northeast corner of Sherbourne and King Sts. Builder: Camrost-Felcorp. A 332-unit, 17-storey building incorporating the 1907 Canadian Imperial Bank of Commerce building. Prices: $167,900 for 470 sq. ft. Fees: 39 cents per sq. ft. Amenities: 24-hour concierge, exercise and weight room, whirlpool, saunas, sunbathing and barbecue area on the rooftop, clubroom, boardroom, private dining room and two guest suites. Sales: one left. Status: built and registered. Occupancy: immediate.
13. LONDON ON THE ESPLANADE: 38 The Esplanade, northeast corner of Scott St. and The Esplanade. Builder: Cityzen Urban Lifestyle. A 33-storey glass building and 15-storey glass and brick building with 460 units in total, plus a podium with two-storey lofts. Prices: units, from $130,900 for 345 sq. ft to over $379,900 for 1,120 sq. ft. Loft: $469,900 for 1,125 sq. ft. Fees: 35 cents per sq. ft., plus hydro. Amenities: 10,000-sq. ft. fitness facility, party room with pub-style bar and large screen TV, games room, theatre, fireside lounge, 24-hour concierge, guest suite and courtyard garden and outdoor pool. Sales: about 90 per cent sold. Status: under construction.
14. THE MALTHOUSE: One block north of Queen St., east off River St. Ten three-storey tonwnhouse built within an historical 1876 building. Builder: Inaugural Source. Prices (locker included): from $449,900 for 1,534 sq. ft. to $459,900 for 1,534 sq. ft. Fees: $266 per month, plus heat and hydro. Sales: two left. Status: built. Occupancy: 30 days.
15. THE MET: 21 Carlton St., east of Yonge St. Builder: Edilcan. A 43-storey, 387-unit glass building and a four-storey building with 16 condominium townhouses and two-storey lofts. Prices: building, from $190,990 for 509 sq. ft. to $874,990 for a penthouse with 1,847 sq. ft. Townhouses and lofts, from $409,990 for 1,098 sq. ft. to $435,990 for 1,266 sq. ft. Fees: 39 cents per sq. ft., plus hydro. Amenities: lap pool, whirlpool, sauna, steam rooms, party room, billiards room, theatre room, guest suites, pet spa, cardio workout room, gym, massage room, 24-hour concierge, Internet café and landscaped terrace. Sales: 98 per cent sold. Status: under construction.
16. MURANO SOUTH TOWER: 879 Bay St., north of College St., south of Bloor St. Builder: Lanterra Developments and H & R Developments. A 43-storey glass tower with about 397 units. Prices: from $238,900 for 605 sq. ft. to $411,900 for 1,065 sq. ft. Fees: 41 cents per sq. ft., plus hydro. Amenities: indoor pool, recreational room, outdoor area with walking/running track, fitness room, exercise facility with steam room and massage room, boardroom, billiards room, multi-purpose party room, 24-hour concierge and guest suites. Sales: over 90 per cent sold. Status: under construction.
17. PURE SPIRIT LOFTS AND CONDOS: Southeast corner of Mill St. and Parliament St., south of Front St. Builder: Cityscape Development Corp. and Dundee Realty. A 32-storey glass point tower and a five- and eight-storey brick podium with 378 units in total. Prices: from $189,900 for 544 sq. ft. to $924,900 for a penthouse with 2,082 sq. ft. Fees: 42 cents per sq. ft., plus hydro. Amenities: outdoor pool, outdoor hot tub, exercise room, party room, saunas, guest suite, media room with large screen TV, games room, 24-hour concierge and outdoor terrace. Sales: 85 per cent sold. Status: under construction. Occupancy: podium, December 2007. Tower, spring 2008.
18. REZEN: Southeast corner of Adelaide St. E. and Frederick St., just west of Sherbourne St. Builder: Times Group Corp. A 13-storey, 140-unit glass, steel and brick building. Prices: from $198,900 for 549 sq. ft. to $617,800 for 1,781 sq. ft. Fees: 42 cents per sq. ft., plus hydro. Amenities: fully equipped gym, party room, home theatre, 24-hour concierge and rooftop terrace. Sales: 65 per cent sold. Status: construction to start this spring. Occupancy: December 2007.
19. THE 500 ON SHERBOURNE: On Sherbourne Ave., north of Wellesley St. Builder: Times Group. Corp. A 34-storey, 340-unit mostly glass building. Prices: from $180,300 for 592 sq. ft. to $550,100 for 1,365 sq. ft. Fees: 37 cents per sq. ft., plus hydro. Amenities: two party room, two guest suites, fully-equipped gym, games room, TV room, sauna and 24-hour concierge. Sales: just opened. Status: construction to start beginning of 2007. Occupancy: July 2009.
20. 76 SHUTER: 76 Shuter St., northwest corner of Shuter and Mutual Sts. Builder: Cresford Developments. A 15-storey, 124-unit building with an exterior of precast concrete, creamy-coloured stucco and large windows. Prices: from $169,900 for 539 sq. ft. to $399,900 for 1,058 sq. ft. with three balconies. Fees: 40 cents per sq. ft. Amenities: main-floor party room with walkout to patio, yoga room, teaching kitchen, massage room, dog spa, business centre, exercise room and concierge. Sales: 70 per cent sold. Status: under construction. Occupancy: March 2007.
21. SP!RE THE CONDOMINIUM: Northwest corner of Church St. and Adelaide St. E. Builder: Context Development Inc. A 45-storey modern glass building with 358 units. Prices: from $131,900 for 353 sq. ft. to $1.2759 million for a penthouse with 2,082 sq. ft. Fees: 48 cents per sq. ft., plus hydro. Amenities: 24-hour concierge, luxury health club, yoga room and rooftop terrace. Sales: 80 per cent sold. Status: under construction.
22.THE STAR OF DOWNTOWN: Southwest corner of Wellesley St. and Ontario St. Builder: Willowfield Homes. Art deco style 12 storey building with 152 units and 60 Victorian concrete townsuites. Prices (parking and locker included): units, $188,900 for 594 sq. ft. to $267,000 for 959 sq. ft. Townsuites: from $184,900 for 574 sq. ft. to $319,900 for 1,265 sq. ft. Fees: 28 cents per sq. ft., plus hydro. Amenities: fully equipped fitness centre, spa, rooftop terrace, saunas and private karoke dinner theatre. Sales: about 75 per cent sold. Status: construction to start this August.
23. THE STEAM PLANT LOFTS: 10 Wellesley Place, east of Jarvis St., north Wellesley St. Builder: Aykler Developments. A six-storey, 29-unit brick conversion of an existing three-storey building. Prices (locker included): from $234,900 for 588 sq. ft. to $339,900 for 820 sq. ft. Fees: about 39 cents per sq. ft., plus heat. Amenities: party room and roof garden. Sales: 65 per cent sold. Status: under construction. Occupancy: May 2007.
24. VERVE: North side of Wellesley St., between Jarvis St. and Sherbourne St. Builder: Tridel Corp. A 39-storey, 344-unit glass and precast concrete point tower and an adjoining seven-storey building with 86 loft units. Prices: tower, from $229,000 for 642 sq. ft. to $596,000 for a penthouse with 1,686 sq. ft. Lofts, from $232,000 for 614 sq. ft. to $537,000 for a two-storey loft with 1,404 sq. ft. Fees: 35 cents per sq. ft., plus hydro, water and heat. Call Alex: (416) 723-9383. Amenities: On rooftop of the loft building will be an outdoor pool, terrace, barbecue area and whirlpool. Inside the tower will be a party room, billiards room, dining room, theatre, 24-hour concierge, meeting room and extensive fitness area with cardio/weight room, yoga room and aerobics room. Sales: over 70 per cent sold. Status: construction to start late this summer. Occupancy: winter 2008. Call Alex: (416) 723-9383
25. VU: Northeast corner of Jarvis St. and Adelaide St. Builder: Aspen Ridge Homes. Two towers — 24-storeys, 15-storeys— and an eight-storey podium with 530 units in total and 17 two-storey condominium townhouses. The buildings' facades will be mostly glass with brick detail. Prices: from $160,000 for about 530 sq. ft. to $710,000 for 1,506 sq. ft.. Fees: about 42 cents per sq. ft., plus hydro. Amenities: large landscaped roof with two year-round covered barbecue areas, green pad for lawn bowling and sundeck; two party rooms, two gyms, two meeting rooms, entertainment/games room, gourmet kitchen, 24-hour concierge, glass pavilion at grade level and guest suites. Sales: over 50 per cent sold. Status: construction to start spring 2007. Call Alex: (416) 723-9383
26. X THE CONDOMINIUM: 110 Charles St. E., northwest corner of Jarvis St. and Charles. Builder: Great Gulf Homes. A 44-storey, 420-unit glass building. Prices: from $184,990 for 518 sq. ft. to over $700,000 for 1,660 sq. ft. Fees: 42 cents per sq. ft., plus hydro. Amenities: 14,000-sq. ft. of amenities, including outdoor pool and hot tub, terrace with two-sided fireplace, putting green, fully equipped gym, aerobics room, dance room, party room, billiards room, lounge, dining room, bar, TV room, two guest suites, library, media lounge, games room, steam rooms and 24-hour concierge. Sales: 65 per cent sold. Status: construction not started. Occupancy: December 2009.
To make an appointment to buy this condos call Alex Malkhassiants: (416) 723-9383.
1. 85 BLOOR ST. E.: 85 Bloor St. E., east of Yonge St., south side of Bloor. Builder: Burnac Development Corp. A 20-storey, 252-unit precast stone building with bronze-tinted windows. Prices (locker included): $394,900 for 1,130 sq. ft. Fees: 38 cents per sq. ft. Amenities: rooftop terrace, exercise facility, saunas, home theatre screening room, billiards room, office room, multi-purpose room, equipped kitchen, walkout to ground-floor terrace and 24-hour concierge. Sales: one left. Status: built. Occupancy: immediate. Call Alex Malkhassiants: (416) 723-9383.
2. THE BLOOR STREET NEIGHBOURHOOD: 38 Charles St., north side of Charles, half a block east of Yonge St. Builder: Cresford Developments. A 26-storey, 327-unit precast concrete building. Prices: from $129,900 for 396 sq. ft. to $1.049 million for 2,026 sq. ft. Fees: 44 cents per sq. ft., plus hydro. Amenities: swimming pool, whirlpool, exercise room, billiards/games room, party room, dining room, sun terrace, two guest suites and 24-hour concierge. Sales: about 80 per cent sold. Status: under construction. Occupancy: summer 2007. Call Alex: (416) 723-9383
3. BLOOR WALK: 100 Hayden St., north side of Hayden, east of Church St. Builder: Philmor Group. A 21-storey, 165-unit brick, stucco and stone building. Prices: from $463,900 for a penthouse with 1,017 sq. ft. Fees: 47 cents per sq. ft., plus heat and hydro. Amenities: glass enclosed pool, whirlpool, steam rooms, exercise room, fitness studio, rooftop garden, TV lounge, library, party room, billiards room and card room, with views overlooking the city and Rosedale Valley. Sales: two left. Status: built and registered. Occupancy: 30 to 90 days. Call Alex: (416) 723-9383.
4. BOOT CONDOMINIUM: 75 Dalhousie St., north of Shuter St., south of Dundas St. Builder: Cresford Developments. A 12-storey, 153-unit building with an exterior of creamy-coloured stucco, French balconies and large windows. Price: from $176,900 for 566 sq. ft. and patio. Fees: 38 cents per sq. ft. Amenities: main floor party room, billiards room, concierge, 24-hour security, exercise room and sauna. Top floor walkout landscaped terrace. Sales: one remaining. Status: built. Occupancy: immediate.
5. CASA CONDOMINIO RESIDENZA: 33 Charles St., south side of Charles, ½ a block east of Yonge St. Builder: Cresford Developments. A 45-storey, 440-unit all-glass building. Prices: from $199,900 for 495 sq. ft. too $584,900 for 1,205 sq. ft. Penthouses not yet released. Fees: 42 cents per sq. ft., plus hydro. Amenities: outdoor heated pool, whirlpool terrace with a two-sided fireplace and outdoor lounge, glass-enclosed dining area, three indoor lounges, one with two-sided fireplace, 24-hour concierge, exercise room, weights room, media lounge, two guest suites and demonstration kitchen. Sales: about 60 per cent sold. Status: construction not started. Occupancy: October 2008.
6. 22 CONDOMINIUMS: 22 Wellesley St., east of Yonge St., west of Church St. Builder: H & R Lanterra. A 23-storey, 163-unit glass and precast concrete building. Prices: from $194,900 for 484 sq. ft. to $515,900 for 1,288 sq. ft. Fees: 38 cents per sq. ft., plus hydro. Amenities: fitness facilities, outdoor terrace with Jacuzzi, business suites, party room and concierge. Sales: over 75 per cent sold. Status: under construction. Occupancy: June 2007.
7. CRYSTAL BLU: 21 Balmuto St, between Bay St. and Yonge St. A 35-storey mostly glass building with about 135 units. Prices: from about $249,900 for about 500 sq. ft. to over $2 million for a penthouse with about 3,500 sq. ft. Fees: 48 cents per sq. ft., plus hydro. Amenities: 24-hour concierge, outdoor pool, landscaped terrace, party room/lounge with big screen T.V., weight room, cardio room, yoga room and dining room with kitchen. Sales: almost 50 per cent sold. Status: construction to start this fall.
8. EAST LOFTS: 275 King St. E., at Princess St. Builder: Harhay Construction. A 13-storey, 129-unit glass, steel and brick building. Prices: from $219,900 for 633 sq. ft. to $964,900 for 1,928 sq. ft. Fees: 34 cents per sq. ft., plus hydro. Amenities: party room. Sales: 80 per cent sold. Status: construction to start late this summer. Occupancy: December 2007
9. EDGE LOFTS: 625 Queen St E., west of Broadview Ave. Builder: Streetcar Development Inc. A six-storey 66-unit precast concrete and glass building. Prices: from $214,900 for 637 sq. ft. to $349,900 for 1,087 sq. ft. Fees: 33 cent per sq. ft., plus hydro. Amenities: rooftop garden with barbecue area. Sales: 50 per cent sod. Status: construction not started. Occupancy: September 2007.
10. ENCORE AT THE MET: 21 Carlton St., east of Yonge St. Builder: Edilcan. A 33-storey, 325-unit glass building. Prices: from $180,490 for 504 sq. ft. to $273,990 for 754 sq. ft. and a large terrace. Fees: 42 cents per sq. ft., plus hydro. Amenities: lap pool, whirlpool, sauna, steam rooms, party room, billiards room, theatre room, guest suite, pet spa, cardio workout room, gym, massage room, 24-hour concierge, Internet café and landscaped terrace. Sales: 68 per cent sold. Status: construction to start late summer. Occupancy: June 2008.
11. JARVIS MANSIONS: 539 Jarvis St., south of Bloor St., north of Wellesley St. Builder: Penterra Federated Properties Corp. 13 condominium units in a 100-year-old renovated mansion, 10 new construction stucco garden condominium townhouses with 11 penthouse units above. Prices: (parking and included): from $469,990 for 1,263 sq. ft. to $599,990 for 1,792 sq. ft. Fees: from $349 or $378 per month, plus heat and hydro. Sales: nine left. Status: under construction. Occupancy: December.
12. KING'S COURT: Northeast corner of Sherbourne and King Sts. Builder: Camrost-Felcorp. A 332-unit, 17-storey building incorporating the 1907 Canadian Imperial Bank of Commerce building. Prices: $167,900 for 470 sq. ft. Fees: 39 cents per sq. ft. Amenities: 24-hour concierge, exercise and weight room, whirlpool, saunas, sunbathing and barbecue area on the rooftop, clubroom, boardroom, private dining room and two guest suites. Sales: one left. Status: built and registered. Occupancy: immediate.
13. LONDON ON THE ESPLANADE: 38 The Esplanade, northeast corner of Scott St. and The Esplanade. Builder: Cityzen Urban Lifestyle. A 33-storey glass building and 15-storey glass and brick building with 460 units in total, plus a podium with two-storey lofts. Prices: units, from $130,900 for 345 sq. ft to over $379,900 for 1,120 sq. ft. Loft: $469,900 for 1,125 sq. ft. Fees: 35 cents per sq. ft., plus hydro. Amenities: 10,000-sq. ft. fitness facility, party room with pub-style bar and large screen TV, games room, theatre, fireside lounge, 24-hour concierge, guest suite and courtyard garden and outdoor pool. Sales: about 90 per cent sold. Status: under construction.
14. THE MALTHOUSE: One block north of Queen St., east off River St. Ten three-storey tonwnhouse built within an historical 1876 building. Builder: Inaugural Source. Prices (locker included): from $449,900 for 1,534 sq. ft. to $459,900 for 1,534 sq. ft. Fees: $266 per month, plus heat and hydro. Sales: two left. Status: built. Occupancy: 30 days.
15. THE MET: 21 Carlton St., east of Yonge St. Builder: Edilcan. A 43-storey, 387-unit glass building and a four-storey building with 16 condominium townhouses and two-storey lofts. Prices: building, from $190,990 for 509 sq. ft. to $874,990 for a penthouse with 1,847 sq. ft. Townhouses and lofts, from $409,990 for 1,098 sq. ft. to $435,990 for 1,266 sq. ft. Fees: 39 cents per sq. ft., plus hydro. Amenities: lap pool, whirlpool, sauna, steam rooms, party room, billiards room, theatre room, guest suites, pet spa, cardio workout room, gym, massage room, 24-hour concierge, Internet café and landscaped terrace. Sales: 98 per cent sold. Status: under construction.
16. MURANO SOUTH TOWER: 879 Bay St., north of College St., south of Bloor St. Builder: Lanterra Developments and H & R Developments. A 43-storey glass tower with about 397 units. Prices: from $238,900 for 605 sq. ft. to $411,900 for 1,065 sq. ft. Fees: 41 cents per sq. ft., plus hydro. Amenities: indoor pool, recreational room, outdoor area with walking/running track, fitness room, exercise facility with steam room and massage room, boardroom, billiards room, multi-purpose party room, 24-hour concierge and guest suites. Sales: over 90 per cent sold. Status: under construction.
17. PURE SPIRIT LOFTS AND CONDOS: Southeast corner of Mill St. and Parliament St., south of Front St. Builder: Cityscape Development Corp. and Dundee Realty. A 32-storey glass point tower and a five- and eight-storey brick podium with 378 units in total. Prices: from $189,900 for 544 sq. ft. to $924,900 for a penthouse with 2,082 sq. ft. Fees: 42 cents per sq. ft., plus hydro. Amenities: outdoor pool, outdoor hot tub, exercise room, party room, saunas, guest suite, media room with large screen TV, games room, 24-hour concierge and outdoor terrace. Sales: 85 per cent sold. Status: under construction. Occupancy: podium, December 2007. Tower, spring 2008.
18. REZEN: Southeast corner of Adelaide St. E. and Frederick St., just west of Sherbourne St. Builder: Times Group Corp. A 13-storey, 140-unit glass, steel and brick building. Prices: from $198,900 for 549 sq. ft. to $617,800 for 1,781 sq. ft. Fees: 42 cents per sq. ft., plus hydro. Amenities: fully equipped gym, party room, home theatre, 24-hour concierge and rooftop terrace. Sales: 65 per cent sold. Status: construction to start this spring. Occupancy: December 2007.
19. THE 500 ON SHERBOURNE: On Sherbourne Ave., north of Wellesley St. Builder: Times Group. Corp. A 34-storey, 340-unit mostly glass building. Prices: from $180,300 for 592 sq. ft. to $550,100 for 1,365 sq. ft. Fees: 37 cents per sq. ft., plus hydro. Amenities: two party room, two guest suites, fully-equipped gym, games room, TV room, sauna and 24-hour concierge. Sales: just opened. Status: construction to start beginning of 2007. Occupancy: July 2009.
20. 76 SHUTER: 76 Shuter St., northwest corner of Shuter and Mutual Sts. Builder: Cresford Developments. A 15-storey, 124-unit building with an exterior of precast concrete, creamy-coloured stucco and large windows. Prices: from $169,900 for 539 sq. ft. to $399,900 for 1,058 sq. ft. with three balconies. Fees: 40 cents per sq. ft. Amenities: main-floor party room with walkout to patio, yoga room, teaching kitchen, massage room, dog spa, business centre, exercise room and concierge. Sales: 70 per cent sold. Status: under construction. Occupancy: March 2007.
21. SP!RE THE CONDOMINIUM: Northwest corner of Church St. and Adelaide St. E. Builder: Context Development Inc. A 45-storey modern glass building with 358 units. Prices: from $131,900 for 353 sq. ft. to $1.2759 million for a penthouse with 2,082 sq. ft. Fees: 48 cents per sq. ft., plus hydro. Amenities: 24-hour concierge, luxury health club, yoga room and rooftop terrace. Sales: 80 per cent sold. Status: under construction.
22.THE STAR OF DOWNTOWN: Southwest corner of Wellesley St. and Ontario St. Builder: Willowfield Homes. Art deco style 12 storey building with 152 units and 60 Victorian concrete townsuites. Prices (parking and locker included): units, $188,900 for 594 sq. ft. to $267,000 for 959 sq. ft. Townsuites: from $184,900 for 574 sq. ft. to $319,900 for 1,265 sq. ft. Fees: 28 cents per sq. ft., plus hydro. Amenities: fully equipped fitness centre, spa, rooftop terrace, saunas and private karoke dinner theatre. Sales: about 75 per cent sold. Status: construction to start this August.
23. THE STEAM PLANT LOFTS: 10 Wellesley Place, east of Jarvis St., north Wellesley St. Builder: Aykler Developments. A six-storey, 29-unit brick conversion of an existing three-storey building. Prices (locker included): from $234,900 for 588 sq. ft. to $339,900 for 820 sq. ft. Fees: about 39 cents per sq. ft., plus heat. Amenities: party room and roof garden. Sales: 65 per cent sold. Status: under construction. Occupancy: May 2007.
24. VERVE: North side of Wellesley St., between Jarvis St. and Sherbourne St. Builder: Tridel Corp. A 39-storey, 344-unit glass and precast concrete point tower and an adjoining seven-storey building with 86 loft units. Prices: tower, from $229,000 for 642 sq. ft. to $596,000 for a penthouse with 1,686 sq. ft. Lofts, from $232,000 for 614 sq. ft. to $537,000 for a two-storey loft with 1,404 sq. ft. Fees: 35 cents per sq. ft., plus hydro, water and heat. Call Alex: (416) 723-9383. Amenities: On rooftop of the loft building will be an outdoor pool, terrace, barbecue area and whirlpool. Inside the tower will be a party room, billiards room, dining room, theatre, 24-hour concierge, meeting room and extensive fitness area with cardio/weight room, yoga room and aerobics room. Sales: over 70 per cent sold. Status: construction to start late this summer. Occupancy: winter 2008. Call Alex: (416) 723-9383
25. VU: Northeast corner of Jarvis St. and Adelaide St. Builder: Aspen Ridge Homes. Two towers — 24-storeys, 15-storeys— and an eight-storey podium with 530 units in total and 17 two-storey condominium townhouses. The buildings' facades will be mostly glass with brick detail. Prices: from $160,000 for about 530 sq. ft. to $710,000 for 1,506 sq. ft.. Fees: about 42 cents per sq. ft., plus hydro. Amenities: large landscaped roof with two year-round covered barbecue areas, green pad for lawn bowling and sundeck; two party rooms, two gyms, two meeting rooms, entertainment/games room, gourmet kitchen, 24-hour concierge, glass pavilion at grade level and guest suites. Sales: over 50 per cent sold. Status: construction to start spring 2007. Call Alex: (416) 723-9383
26. X THE CONDOMINIUM: 110 Charles St. E., northwest corner of Jarvis St. and Charles. Builder: Great Gulf Homes. A 44-storey, 420-unit glass building. Prices: from $184,990 for 518 sq. ft. to over $700,000 for 1,660 sq. ft. Fees: 42 cents per sq. ft., plus hydro. Amenities: 14,000-sq. ft. of amenities, including outdoor pool and hot tub, terrace with two-sided fireplace, putting green, fully equipped gym, aerobics room, dance room, party room, billiards room, lounge, dining room, bar, TV room, two guest suites, library, media lounge, games room, steam rooms and 24-hour concierge. Sales: 65 per cent sold. Status: construction not started. Occupancy: December 2009.
To make an appointment to buy this condos call Alex Malkhassiants: (416) 723-9383.
Monday, July 17, 2006
TORONTO REAL ESTATE - CONDO MARKET. Two highest condo development in Toronto were approved recently
If anyone has a concern about the height of several new condos planned for Toronto's railway lands — including 50- and 54-storey towers slated for the Air Canada Centre — it's too late, that issue has already been settled.
The best city councillors can do now is try to ensure things like pedestrian walkways, parks, schools and community centres are included in the projects. That's just what happened at Toronto and East York community council where two major condo developments were approved, including the $400 million-plus Maple Leaf Square proposal, which calls for two condo towers at the ACC.
The nearly 900-unit project is a joint initiative involving Maple Leaf Sports and Entertainment, Cadillac Fairview and Lanterra Developments and includes a large podium with a sports-themed restaurant, broadcast studio and theatre. With construction scheduled to begin in October and be completed around December 2009, the project is slated for York St. north of the Gardiner, just metres south of the 30-storey Telus building, a $250 million project planned by Menkes Developments.
In addition to the two condo towers, another development calling for six condo buildings — three 18-storey buildings, two 36-storey structures, and one 38 storeys, all atop podiums — to be built on property west of Spadina Ave. at Front St. W. also got the green light at community council yesterday. Both proposals will be up for final approval when city council meets in two weeks.
Some might think that the enormous intensification called for by the two projects would have caused a stir at community council. The area is being transformed as condos spring up. But there was nary a peep, save for one deputant who complained the view of the Fairmont Royal York hotel might be obscured by the York St. project.
The battle over densities in both areas was fought years ago at OMB hearings and city councils, during heated debates over how best to build on the east and west railway lands. In the '70s and early '80s, the push from many elected leaders was more for "European-style'' mid-rises, than towers with large podiums. These days it's obvious which style has won out in Toronto.
The heights and densities of the two proposals have already been given the go-ahead. Now the fight is to ensure these large projects are a good fit with the downtown core, city councillors say.
"We're faced with that immovable object called the development agreement. But I do think that in this case the Maple Leaf Square development allows us to take a negative for the city (losing the fight at the OMB) and turn it into a positive,'' said Councillor Pam McConnell (Ward 28, Toronto Centre-Rosedale), whose ward takes in the York St. project.
The final staff report for that plan includes four pages of recommendations including calls for publicly accessible walkways in and around the site, landscaping and paving, and adequate parking spaces for cars, buses and bikes. McConnell also put forward amendments of her own, calling for staff to study things like pedestrian traffic in the area, speed limits, sidewalk widths and crosswalks. Her hope is that pedestrians won't be cut off from the waterfront by the project.
"We think we'll have a much better pedestrian realm, a real opportunity to go down York St. and connect to the waterfront and remove the barriers to that,'' McConnell said. "In addition to that we'll have a beautiful public space that can be used by tourists and Torontonians.''
Regarding the Spadina Ave. project called City Place, Councillor Martin Silva (Ward 20, Trinity-Spadina) admitted that "there's a lot of development going on'' on the site, part of which used to include a nine-hole golf course and driving range. There already are condo towers on the east side of Spadina, part of the same Concord Adex project that's unfolding on the west side.
The new project, pegged at over $300 million, is to be located south of the railway corridor. It also calls for the extension of Fort York Blvd., east past Bathurst St. The TTC has considered putting in a streetcar line, but Silva says that could prove too costly and that buses will likely run along the new street.
Despite the planned intensification Silva is heartened by the fact the new project includes plans for a large park, schools, and a community centre. "We managed to secure a park in the railway lands which I'm happy to see,'' he said, adding there are also plans for Toronto Community Housing units on the site, though that hasn't been approved yet.
To see new and resale condos in Toronto go here -
http://www.torontogreathomes.com
thestar.com
Sunday, June 25, 2006
TORONTO CONDO MARKET UPDATE
Toronto has the largest condominium market in North America. Last year, there were more than 16,000 condominium suites sold here — Chicago saw only 6,800 sales, New York City had 6,450 and Miami, 7,500. There are now 245 new condo projects in Toronto with suites ranging in price from $112,000 to $12 million.
Strength of the Toronto market is backed by many factors including affordability, our healthy Canadian economy, low interest rates and high demand.
With an annual population growth of 108,000 (representing 44,000 households) in the GTA, the need for new homes and condominiums will persist. Intense competition means that prices cannot be raised artificially, so the people buying condos are mostly end users, not investors. In the 1980s, there weren’t nearly the number of condo projects available, interest was a lot higher, and investors were inflating prices.
Toronto’s exceptional condo market is not a bubble that will burst at the first sign of change. The first quarter of 2006 resulted in nearly 3,800 condo units sold here, which is 34 per cent more than the same period last year.
This strong start occurred despite the eight per cent increase in prices over last year.
So what are you waiting for? You have more condo selection than ever before, in great locations with affordable prices, a higher level of finishes including standards that would have been considered upgrades a couple years ago, and excellent value. Now is a great time to buy.
For more Toronto real estate news go here - http://www.torontogreathomes.com
Metronews
Strength of the Toronto market is backed by many factors including affordability, our healthy Canadian economy, low interest rates and high demand.
With an annual population growth of 108,000 (representing 44,000 households) in the GTA, the need for new homes and condominiums will persist. Intense competition means that prices cannot be raised artificially, so the people buying condos are mostly end users, not investors. In the 1980s, there weren’t nearly the number of condo projects available, interest was a lot higher, and investors were inflating prices.
Toronto’s exceptional condo market is not a bubble that will burst at the first sign of change. The first quarter of 2006 resulted in nearly 3,800 condo units sold here, which is 34 per cent more than the same period last year.
This strong start occurred despite the eight per cent increase in prices over last year.
So what are you waiting for? You have more condo selection than ever before, in great locations with affordable prices, a higher level of finishes including standards that would have been considered upgrades a couple years ago, and excellent value. Now is a great time to buy.
For more Toronto real estate news go here - http://www.torontogreathomes.com
Metronews
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