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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.

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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 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.

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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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York Mills TTC parking lot slated for hotel, office complex

Toronto developer the Gupta Group/East’s Group buys prime subway site for $25 million to construct seven-storey building.

Susan Pigg – Toronto Star

The Toronto Transit Commission parking lot at Yonge St. and York Mills Rd. has been sold to a Toronto developer who intends to replace it with a seven-storey, 480,000-square-foot office, hotel and retail complex.

The $25-million deal for the 3.2-acre site on the northerly section of the Yonge subway line was finalized between Build Toronto, the city agency responsible for selling off underutilized real estate, and the Gupta Group/Easton’s Group on Dec. 22.

The Gupta Group/Easton’s Group plans to move some of the 266-spot TTC parking lot underground and relocate its own offices to the site, which will connect to the York Mills subway station and is within easy reach of Hwy. 401.

Most of the building — about 320,000 square feet — will be so-called office condos starting at 2,000 square feet which will be sold, rather than leased, largely to professionals looking to have control of their own space, says founder of the development company, Steve Gupta.

York Mills TTC parking lot
The building is close to three hospitals, Sunnybrook, North York General and the new mega-hospital, Humber River Regional Hospital at Keele and Hwy. 401, which Gupta hopes will make it a big draw for doctors, health clinics and other medical staff looking for control of their own space.

Zoning on the site does not allow residential condo development and the city was intent on creating more employment in the Hoggs Hollow area, which is one of the more affluent residential neighbourhoods in the city.

“It’s a valuable employment node that the city was looking to protect, so we were looking for someone with a proven track record in that kind of (mixed-use) development,” said Bill Bryck, president and CEO of Build, which had multiple bidders for the site.

“This was seen as a great site to generate employment opportunities.”

The $300-million project is expected to create about 300 jobs and bring a new hotel, most likely a four-star Marriott or a Hilton, to the Yonge St. corridor of North York which now has just one hotel, said Gupta in a telephone interview.

4050 Yonge Development
Just over one acre of the site, which sits on flood plain abutting the Don River, will be turned over to the city for conservation purposes, he added.

Gupta had been looking in North York for some time for a hotel site, as well as a new flagship office for his own business, which started out 30 years ago in 1,000 square feet of office space and now needs to expand beyond its current 12,000 square feet on Steele Ave. at Hwy. 404.

For some time the site had been considered as the new headquarters for the TTC, but politicians nixed that idea.

But by the time it went up for sale through commercial brokerage CBRE late last year, Build had negotiated increased density on the site, addressed concerns around the flood plain lands with the regional conservation authority and talked to local residents and businesses about plans for the site, said Bryck.

“We don’t just sell land, we approach it in terms of a value-creation process,” he added. “Basically, we created a lot of value on the site by taking a lot of uncertainty out of the deal for the purchaser.”

Gupta, who moved to Canada in 1973, started out his business by buying a major gas station on Hwy. 401, between Port Hope and Cobourg. He owned it until just three years ago.

It wasn’t until 2011 that he first entered the condo market, with the King Blue project at the corner of King St. W. and Blue Jays Way, just as the market was facing a downturn.

While sales got off to a slow start, some 85% of the units had been pre-sold by last year when Chinese developer Greenland Holding Co. — which was on an aggressive international acquisitions binge — came “shopping for a site,” in Gupta’s words.

Greenland paid $113 million for the one-acre, prime downtown site.

The Easton’s Group builds and manages hotels. It now has 15 hotels in Ontario and Quebec, under the brand names Hilton, Marriott and Holiday Inn.

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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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