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

Featured Listing Title

 

Printers Row Lofts - 525 Logan AvenueRare, stunning loft conversion by Bob Mitchell, known as Printer’s Row. This vintage architectural gem located in the heart of Riverdale features soaring ceilings and 15-foot windows with a south view. This boutique 12 unit loft building is nestled in a lovely residential area. The suite’s walkout to private terrace was the original entrance to the building and overlooks a picturesque garden. Large master bedroom with two closets. Open concept main floor has a spacious upper loft overlooking the living room. MORE DETAILS HERE

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The Changing Landscape of Toronto’s Purpose-Built Rental Market

Demographics and economics may be swinging the development pendulum back towards rental units, analysts say.

Leah Jensen – Torontoist.com

With plans for 1,000 purpose-built rental units, the recently released Honest Ed’s proposal defies Toronto’s typical development narrative of condos, condos, condos. But real estate analysts say that narrative could be changing, as a shift to rental accommodations may indicate broader trends for young professionals entering Toronto’s real estate market and for the economics of Toronto development in 2015.

Comment: Mayhaps Toronto is finally growing up and seeing other development avenues as potentials.

With the average cost of a single-family house in Toronto at $606,700 and property values rising faster than income, home ownership is increasingly out of reach for many young adults. Condo prices are on the rise too, with a monthly mortgage payment becoming more consistent with what it might cost to rent. That’s without factoring in condo fees, which can cost an additional $500.

Comment: Um, no. Average PROPERTY (condos and houses and everything) price is $620,106 as of mid-March. Single-family homes, detached homes, are a couple bucks under $1.1-million now.

New rental buildings
“In the last couple years, especially 2014, we’re seeing pockets in the city where purpose-built rentals are being built, with amenities that are more comparable to the condo market. We’re seeing more luxury rentals, where prices are higher,” says Dana Senagama, principal of market analysis for the GTA at the Canadian Mortgage and Housing Corporation (CMHC).

Comment: It is time, we do need more rentals. Having private people supply all the new stock for decades is not the right way to go. It turns condos into private REITs, in a way… benefiting the investors, but not necessarily the owner-occupiers.

In the last 15-20 years, the city hasn’t seen much construction of purpose-built rentals, but that doesn’t mean people aren’t renting. “If you’re looking for a rental unit that was completed over the last few years, you’ll more likely be looking at investor-owned condominiums or apartments,” explains Jason Mercer, director of market analysis at the Toronto Real Estate Board.

With new purpose-built rental apartments, like those proposed for the Honest Ed’s site, young professionals or millennials are able to live close to downtown, in comparable conditions to a condo, without having to commit to monthly mortgage payments or long-term time commitments.

Comment: And that is good for the city.

High job turnover plays a factor in this lack of commitment, as there’s an increasing need for temporary housing types among young professionals. “Millennials don’t stick around in the same job for 20 years – they job hop and move around,” notes Senagama.

A CMHC report shows that as of last September, the number of rental units under construction was 2,212 – nearly double the amount that were built the previous year.

At the end of last year, the condo vacancy rate was 1.3%, and it has been consistently low for the past five years. But the economics could be adjusting with the demographics. Pre-construction sales for condominiums used to be around 70% before developers could secure construction financing, but now it’s closer to a more prohibitive 80%.

Comment: That isn’t all that prohibitive, not looking at all the cranes out there. Or thinking about the historical 98.1% purchase rate at registration of condos for the past 10 years. Even with the rash of completions of late, the sold rate is still 96.7%.

Long-standing condo developers, like Rockport Group, are transitioning into the purpose-built rental market, an example being their new 27-storey apartment building going up at Yonge and Eglinton.

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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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Toronto condo sales falter over winter, but new home sales are healthy, report says

Duncan McAllister – Metro

As we head into the spring season, real estate’s busiest time, Metro looks at what’s in store for the Toronto market for highrise and otherwise. One report has GTA condo sales down 25% in January, and the price gap between highrise and single-family homes continues to widen as the city-wide demand for houses outpaces supply.

Comment: Um, what? Condo resales in Toronto rose 11.2% in January, powered by a massive 23.3% rise in 905 region condo sales. New condo sales were lower, mind you, down 32.5%. But new condo sales were up by 2 sales in December, then rose 8.6% in February. Let’s not take one measure of one segment for one month and try to turn it into something it is not.

Toronto new condos
The latest report from RealNet Canada says that new highrise sales in the GTA fell 25% in January. Is this a bad omen for unsold condo inventory? No need to panic: RealNet says the new home sales are healthy, as they’re in line with historical averages.

Comment: Especially since they went up in December and then again in Februaruy. January was a slow month, it happens. I guess people bought resale condos instead, as their sales jumped 11.2% that month.

It’s a different story if you factor in single-family homes. According to the Toronto Real Estate Board (TREB), GTA home sales actually surged nearly 15% in the first half of February. That’s based on sales of existing homes in the first two weeks of February, a 14.9% jump over the same point in 2014.

Comment: Wait, you can’t suddenly jump from new condo sales in January to resale freehold sales in 2 weeks in February. But the point is solid, Toronto real estate is strong and not slowing down.

And nationally, it’s a different story altogether, according to the Canadian Real Estate Association (CREA). Home sales across the board in Canada fell 3.1% between December and January. The average reflects weakened activity in oil provinces such as Alberta and Saskatchewan, although the weakness in these markets is not believed to affect other Canadian markets at this stage.

What say the agents? Re/max sales representative, David Batori works in Toronto’s Forest Hill North area. “January and February this year have exceeded my last year, which was one of the busiest years for my business in the 25 years I’ve been doing this.”

Like many real estate agents, Batori is optimistic that Toronto is headed into a strong housing market this year. “There’s been continued negativity from different analysts and different individuals in the Economist magazine, the World Bank, all these different organizations are basically stating that Toronto is 20, 30, 40% overvalued. That may be the case, but in the meantime, inventory levels remain low and there are still more buyers than there are listings, so that continues to prop up our prices and continues this ongoing strength.”

Harvey Kalles sales representative Jennifer Greenberg is cautiously optimistic. “I think it’ll have a similar strength as we saw last year. Every year things increase in value, so that doesn’t surprise me that we’ll see slightly higher sale prices than what we saw from last year.”

Comment: I think we are actually going to have higher numbers this year. Which scares me. But listings are flirting with rising, they are not down every time we measure. Mortgage rates have gone down. With strong demand, a little more supply and lower interest rates – the stage is set for surging numbers.

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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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Don’t be misled by false reports

Ben Myers – Toronto Sun

Fortress Real Developments conducts a robust investigation of the health of the Canadian housing market twice a year. The findings are summarized in a report called The Market Manuscript.

We make the report available to download for free on our website as well as distributing it to our developer partners, to individuals that invest in Fortress projects, and to investors that have bought homes at our developments. My goal with this report is to bring together several forecasts from top analysts and economists, and debunk many of the flawed findings that grab national attention.

A frequent topic of discussion among our partners and clients is the barrage of conclusions that the Canadian housing market is overvalued.

Housing values
For example, recent reports have suggested that Canadian houses are overvalued by up to 63%! That number was a bit unbelievable to me, so I took a hard look at the topic in the spring 2015 Market Manuscript.

I found that conclusions are often based on price-to-rent and price-to-income ratio studies. These studies, according to the Bank of Canada, are popular because they are simple to construct and easy to compare across countries.

But the Bank also concluded that these studies are misleading, because they ignore interest rate changes and the differences in data definitions, demographic factors and government regulation.

I think these studies are too simplistic, but I wanted to see if other top Canadian analysts did, too.

I emailed a number of top economists an online survey, and asked them which ratio was the best at predicting future house price movements in our country.

Interestingly 94% of respondents clicked ‘none of the above': that no simple ratio study has the power to predict prices.

RBC Global Asset Management came to the same conclusion. They concluded that the best available measure of determining value in the Canadian housing market is the ‘average house price to average monthly carrying-cost ratio’.

Comment: Which is what I have been saying for years.

This ratio takes into consideration the low cost of borrowing.

When using this method, they concluded that a home financed with a variable-rate mortgage in Canada is actually 4% cheaper than it should be!

Whether or not we think Canadian housing is valued correctly or not, the most respected real estate analysts in Canada expect prices to increase nationally in 2015.

Please don’t base the biggest purchase of your life on these misleading reports.

If you can afford it and you love it, buy a new home this year.

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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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