Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Not just lofts, we can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Toronto Real Estate

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Broadview Lofts - 68 Broadview AvenueCheck out this spectacular authentic brick and beam loft in one of Toronto’s most desirable buildings – The Broadview Lofts! Enjoy life in Toronto’s booming Riverside neighbourhood in over 1,300 square feet of hard loft space. Gorgeous 10-1/2-foot wood beam ceilings, original Douglas Fir posts, exposed brick, polished concrete floors and original warehouse doors. Loft has 2 bathrooms, exclusive underground parking and a large locker. Walk to Queen and the new Canary District. MORE DETAILS HERE

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Big banks boost condo financing even as unsold units in Toronto hit 21-year high

Katia Dmitrieva – Bloomberg News

The Bank of Nova Scotia is among lenders boosting loans to condominium developers as regulators become less vocal about housing-market risk, according to Canada’s third-biggest bank.

Comment: I guess everyone has finally settled down and realized that the Toronto condo market is safe and stable. Now, if we could only get the media on board…

Scotiabank is financing as much as 75% of a condo project’s value and others are doing the same, according to Chris Milne, vice-president of real estate lending at the bank. That’s up from about 70% in the past, when banks were concerned “there may be a meltdown” and regulators were more vocal about residential market risk, Mr. Milne said.

Toronto condo financing
“The banks are back out there lending in the condo sector,” Mr. Milne said at a Toronto real estate conference Tuesday. “There is a hole that the banks are looking to fill. The regulators were really pounding them a year and a half ago and now it’s quiet.”

Banks are boosting financing to condo developers even as the number of unsold units in Canada’s largest city reached a 21-year high in January. There are about 1,600 unsold units on the market following a record number of completions in January, according to a report from Sal Guatieri, senior economist at Bank of Montreal.

Comment: It would seem that the banks understand that 1,600 unsold condos is meaningless. Out of 31,000+ condo completions over the past 13-14 months, those 1,600 units represent only 5% or less of recently completed condos. That means than 95% or more are sold – plus another 28,000-odd new condo sales in 2014. The units that sell WAY outweigh those that don’t.

Federal regulators have eased warnings on the real estate market compared with the late Finance Minister Jim Flaherty and former Bank of Canada Governor Mark Carney, Mr. Milne said. Mr. Flaherty backed several mortgage rule changes that tightened scrutiny of the so-called Big Six banks while Mr. Carney often commented on the risk of record consumer debt.

Canada Mortgage & Housing Corp. no longer insures loans to developers to construct condominiums. The federal housing agency said in June it would drop coverage as it seeks to distance taxpayers from the risk of falling home prices.

Comment: But they don’t need to if banks are funding 75% of the project. Insurance is not needed when there is 25% or more put down.

Spokesmen for the Department of Finance, Bank of Canada, and Office of the Superintendent of Financial Institutions, which oversees federally regulated firms including banks, did not immediately respond to requests seeking comment.

Lenders require a building to be 65% sold before making a loan, Mr. Milne said. A developer would need to inject more of their own equity into the project if a bank were to finance a building less than 65% sold, he said.

Comment: I thought it was more in the 70-80% sold range.

“Sales are not where they were in late 2007 where you can sell a high-rise condo in a week,” Mr. Milne said. “Now it takes a while.”

Comment: But they do sell, that is the point. If completed buildings are 95% sold, then there is no issue. And the rate gets up to 98.5% by the time the condo corporation is registered. It may take time, but the condos are selling, there is no doubt about that.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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Unsold condos pile up in Toronto, hit 21-year high

JamieSturgeon – Global News

As far as statistical outliers on charts go, the Bank of Montreal produced a dandy on Tuesday that should get some attention from condo market watchers in Toronto.

According to BMO economist Sal Guatieri, there were 10,368 condominiums completed by builders last month in Toronto – a record high. That’s a “whopping” eight times more than the average for the past decade, with only two other months coming even close to that total, in the spring of 2011 and summer of 2012. And even then, not that close.

The BMO economist chalked last month’s record completions up to “construction delays” that had builders playing “catch up” to finish units that were sold in 2011 – a record year for sales, Guatieri noted.

Comment: Right, so they should have been more spread out, but delays caused them to all end up completing in January. Without delays, 2014 might have had 25,000 completions (instead of 20,804) and January only 6,000. Still a lot, but we do need these things in context.

Unsold Condos in Toronto
Rising high

The burst in completed units in Toronto comes as other Canadian cities confront mounting inventories of unsold condominiums. Centres like Winnipeg, Montreal and Moncton are grappling with surpluses, a report from the Globe and Mail said Tuesday.

In Saskatchewan, the number of unsold housing units in Regina and Saskatoon hit a 30-year high, according to the report, citing the Canadian Mortgage and Housing Corp. The majority of them condos.

In Quebec, Montreal had a backlog of nearly 3,000 unsold condos last year.

Comment: Almost double Toronto’s inventory.

Warning call

In November, CMHC’s chief economist warned condo builders in certain big cities they need to sell more existing units before planning new ones. Specifically, Toronto and Montreal were singled out.

“The number of units under construction is elevated in these centres,” the CMHC said. “This could develop into overbuilding if these units are completed but not sold.”

In Toronto where demand remains strong, most of the newly completed units have already been sold, Guatieri said, but the burst in completions has left 1,602 units on the market — a 21-year high.

Comment: Now now, again we need context. Take the almost 21,000 completions last year and 10,000-odd in January. That means only 1,600 of 31,000 did not sell. Of completed condos. Add in another 20-25,000 new condo sales last year and you are talking about 1,600 out of 50-55,000 – less than 3%. The ratio is in line with historical averages, it is just that with more condos being built, the absolute number is rising. Sure, 3% of 10,000 is more than 3% of 1,000, but the ratio does not change. But the 97% that are sold, that is what we need to concentrate on.

“This will slow the increase in new condo prices,” the BMO economist predicted.

Comment: No, it won’t. Those are large units (which are hard to sell), units that have bad views, ones where the original buyer backs out for some reason. There are any number of reasons why those units did not sell. And when you have the overwhelming majority selling, there is no reason for the developers to lower their prices. Even if they give those last 1,600 units way for free, they have made their money and are on to the next project. Why is this even a story? Trying to make bad news out of nothing… as usual.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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House of the week: 7 Millington Street

7 Millington Street is an unassuming modern loft near Parliament and Carlton Street listed for $1,399,000. The Millington Lofts, once a livery stable (circa 1885), was later converted into lofts in the late 1980s, and upgraded over time. There are only two units in the building, with the other previously listed for $1,100,000.

Comment: I remember stumbling across this building years ago. No other realtors knew about it at that time… What a neat and unique place.

7 Millington Loft
This two-storey unit is not your traditional industrial-looking brick and beam space. The 2,000 square foot loft is downright sexy with a dark wood kitchen, an interior courtyard, and a cozy fireplace in the living room. There’s a glass staircase and a second floor bridge leading to a master retreat and outdoor patio. And there’s still plenty of natural light with the cut-outs and large skylight.

There are only a handful of lofts in the Cabbagetown neighbourhood, including the Peanut Factory Lofts, a processing plant conversion on Sackville Street and the former home of a certain disgraced CBC host, who has since moved to the Beaches (or his mom’s place).

7 Millington Loft
Comment: Don’t forget the Corktown Lofts on River Street, an old tannery dating from around 1853. Next door is the Queen City Vinegar Lofts, a more recent conversion. The Carhart Lofts, an old jeans and work wear factory at Queen and River (that NEVER comes up for sale and almost no one knows about). How about the Brewery Lofts at Queen and Sumach? Amazing old CBC prop warehouse from the 1950s. Heck, the Sword Lofts on Sword Street are pretty amazing, don’t forget that conversion. There are more than you would think, you just need to ask someone who knows. Berkeley Lofts, The Tannery, I could go on…

Today, Cabbagetown is just a quiet neighbourhood amongst classic cottages with the best manicured front lawns in the city. Worth the asking price? Take a closer look.

7 Millington Loft
SPECS

* Address: 7 Millington Street
* Price: $1,399,000
* Lot Size: 23 x 80 feet
* Bedrooms: 2
* Bathrooms: 2
* Parking: 1 rented spot
* Taxes: $7,884
* Walk Score: 95

7 Millington Loft
NOTABLE FEATURES

* 2,000 square feet
* Interior courtyard
* Designer wood kitchen
* Custom built-ins

7 Millington Loft
GOOD FOR

A large condo alternative without the maintenance fees. The unit is a freehold loft which means no monthly fees or regulations, and you’re free to maintain the property as you like. The space is still larger than most row houses in the area.

MOVE ON IF

You need long-term parking and more than two bedrooms. The seller has a two year transferable rental on single car parking included in the purchase but beyond that, you’ll need to secure a spot and pay up.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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