Toronto Loft Conversions

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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

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58 Marine Parade DriveLive right next to the lake! Cozy 1-bedroom condo with 10-foot ceilings, hardwood floors, granite & stainless kitchen. Floor-to-ceiling windows with walkout to huge 200sf terrace overlooking the courtyard. Waterfront Trail is right across the street with amazing views of the city skyline. One of the best buildings on the west waterfront! Upgraded washroom with large walk-in shower. Includes fridge, stove, dishwasher, microwave/hood fan, washer & dryer. Comes with one underground parking spot. MORE DETAILS HERE

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Toronto Condo Rental Market Q4 Report

Toronto Real Estate Board President Paul Etherington announced that fourth quarter 2014 condo rental transactions though the Toronto MLS system were up by 17% to 5,036 compared to the fourth quarter of 2013. Over the same period, the number of condos listed on Toronto MLS was also up, but by a lesser annual rate.

Comment: Note, there is no glut. Demand is increasing as supply is decreasing. This does not support a decrease in rents. Which indicates that investors will not abandon the condo rental market.

Toronto Condo Rental Market
“We have seen record condo completions over the last two years. Many of these new apartments are owned by investors who have chosen to rent them out. The increased supply of rental condos has been met by increased demand for these units, as renter households turn to the condo segment to find modern units in popular neighbourhoods,” said Mr. Etherington.

Comment: Not that many according to CMHC, less than 5%.

“Increased rental demand has resulted from steady population growth in the Greater Toronto Area, as newcomers have been attracted to the region by its economic and ethno-cultural diversity,” continued Etherington.

Comment: Over 30,000 new households created last year, they all need somewhere to live, to buy or to rent.

Average rents for popular one-bedroom and two-bedroom apartments were basically flat in the fourth quarter when compared to the same period in 2013. The average one-bedroom rent was up by $10 year-over-year to $1609. Over the same period, the average two-bedroom rent remained the same.

Comment: Even with all the new condos being built and completed, and the ever-increasing number of condos being rented and available for rent – the rental prices are NOT going down. That just shows how strong demand is.

“Average rents can be influenced by both changes in market conditions and changes in the type and geography of apartments rented from one period to the next. Over the next few months, if we continue to see the growth in rental transactions outstrip the growth in units listed for rent, we will likely see a new upward trend in average rents,” said Jason Mercer, TREB’s Director of Market Analysis.

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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 Market Q4 Report

Toronto Real Estate Board President Paul Etherington announced that there were 4,975 condo sales reported through the Toronto MLS system in the fourth quarter of 2014. This result was up by 8.3% compared to the fourth quarter of 2013.

“Demand for condos remained strong in the fourth quarter of 2014. While the supply of condos listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year,” said Mr. Etherington.

Comment: No real surprise there. As houses get more and more expensive, more people are turning to condos. And even more simply, as more and more condos are built, they will continue to take up a larger share of overall sales.

Toronto Condo Market
“Interest in ownership housing in the GTA, including demand from first-time buyers in the condo market, is extremely strong. The majority of households understand that a home purchase represents a quality long-term investment,” said Mr. Etherington.
The average Toronto MLS selling price for a condo in the fourth quarter of 2014 was $367,199 – up 3.8% compared to the average of $353,799 reported for the same period in 2013.

“Despite very strong condo completions over the last two years, we have not experienced a glut in inventory. The number of buyers has more than kept up with the number of units available for sale. This is why we continued to experience above-inflation average price growth in the condo segment,” said Jason Mercer, TREB’s Director of Market Analysis.

Comment: Well no, because 98.5% of condos are sold by completion (registration and title transfer). Of the remaining units, many are sold by the builder, others are rented, they don’t all end up on MLS.

Toronto Condo Market Summary Fourth Quarter 2014

Total GTA:
2014 Sales: 4,975 | Average Price: $367,199
2013 Sales: 4,594 | Average Price: $353,799

Toronto:
2014 Sales: 3,564 | Average Price: $390,989
2013 Sales: 3,229 | Average Price: $380,997

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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.

—————————————————————————————————–

Price gap between Toronto houses, condos hits record high

Tamsin McMahon – The Globe and Mail

The growing price gap between condominiums and houses hit a record high last year in the Toronto area, as the market saw a huge jump in the number of newly built condos and buyers battled over a persistent shortage of houses.

Comment: Well it is rather obvious. Houses have limited supply with increasing demand. Condos have increasing supply with somewhat constant demand.

The average price of a low-rise home in the Toronto area hit $705,813 in 2014, up 8% from the year before, while the average price of a high-rise unit rose just 4% to $454,476, according to new data from real estate research firm RealNet Canada Inc. and the Building Industry and Land Development Association.

Comment: It is a hard comparison to make. Most low-rise homes are being built in the 905 while most condo are being built in 416. We need to separate the 2 regions to make a meaningful comparison.

House condo price gap
The gap between condos and houses grew 16% in December compared to a year earlier, hitting a record of more than $251,000. (Low-rise homes consist of houses, including detached and semi-detached houses, townhomes and link homes, while high-rises encompass all condos and lofts.)

The growing price divide comes as developers have been under pressure to shrink the size of new condo units to keep costs down, while an insatiable appetite for houses, coupled with a shortage of supply, has driven up the cost of low-rise development.

“It’s creating a bit of an extremity condition in the market,” said RealNet president George Carras. “Living in a ground-oriented home is really becoming further and further out of reach.”

Comment: People just have to move farther and farther out. A new detached house in Toronto is likely to be an infill these days, probably in the $2 million range. Head just east, to Pickering, and a new subdivision house is going to run at least $800-900,000. Keep going and you are looking at $500,000 to start in Ajax. You are probably near Port Hope before you see prices around $300,000. Like someone said, people tend to drive as far as it takes to get a mortgage they can afford.

The story is largely one of government policy, not of low interest rates and easy credit, Carras says. Provincial intensification and land-use policies have limited new development in the greenbelt around the Greater Toronto Area and encouraged more density, helping to drive up the price of new homes and increase the supply of new condos. Last year saw a near-record number of 25,571 condo completions in the region, up from about 16,668 the year before.

While much of the jump in condo development is concentrated in the downtown Toronto core, the price gap between the two forms of housing has been spilling outward into suburbs like Mississauga and Vaughan, where detached homes can sell for as much as $1-million and a shortage of available land has also driven development toward high-rise projects.

Despite the growing price disparity, 2014 was a good year for sales of both houses and condos, with house sales jumping 46% to 17,745 and condo sales up 38% to 21,991. After years of shrinking condos, the average unit size increased slightly last year, from 796 to 816 square feet. The average price per square foot jumped 2% to $557. Condo developers also shifted back toward building more two-bedroom condos after years of building mainly one-bedroom units. The proportion of new condos that were two bedrooms rose from 31% in 2013 to 40% last year, while one-bedroom units fell from 61% to 48%.

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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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