Toronto Condo and Real Estate Blog

The Schoolhouse Lofts is one of those projects that comes along once or twice in a lifetime. Intimate in scale and number of suites, it preserves historic original architecture and adds stylish contemporary interior design to make this development unique in Toronto and precious in the Bloor/Annex neighborhood. Often, these gem like structures fall into the hands of a ham fisted developer unaware of the intricacies of honoring history while at the same time embracing the here and now, well not this time.

With the demand for premium Bloor/Annex/Yorkville condominiums vastly exceeding the supply, pricing for built stylish product has reached $600-$1000 per square foot. You just need to look around to see why. The freehold housing stock is in extremely short supply with less than 200 homes being sold each year with virtually every sale experiencing multiple offers. It’s been that way for years.

The actual stock of Annex housing will remain flat; just how many homes are getting built in the Annex per year? (less than a dozen). Additionally, how many condos can be built in this neighborhood when it is not possible to buy a few homes, and demolish them to build a building? Could you imagine the hue and cry from the neighborhood? The Annex neighborhood will experience extreme price increases over the next few years as virtually nothing new gets developed and the resale supply remains tight.

With just 3 luxurious lofty homes being offered for sale (16 are currently sold), the sun will soon have set at The Schoolhouse Lofts. Once they’re gone, nothing like them will be seen again. These three lofts range from 1,032 square feet to 2,048 square feet in one bedroom plus den, two bedroom and two bedroom plus den layouts. Parking is underground and protected.

These three lofts are priced at $629,900 through to $1,669,900 for the 2-storey penthouse with 2 parking spots.

***** UPDATE *****

I have just found out that there are actually 15 units for sale. Almost every unit is still available. There are units on the first floor, second, third and penthouse level. Layouts from one-bedroom-plus-den through to two-bedroom-plus-library. Exposures in all directions and sizes fro 1,032 to 2,092 square feet. Every unit includes one parking spot and locker, with 2nd parking spots available for penthouse units.

***** UPDATE *****

Interior design work has been done by one of Toronto’s top designers – 3rd Uncle Design. Enjoy 10-foot-high ceilings, concrete block party walls, custom stairs, custom kitchens and baths, stainless steel kitchen appliances, full size washer and dryer and every conceivable luxury material round out the finishes in these luxury homes. In development it’s the little things that mater, and at The Schoolhouse Lofts the little things have been attended to.

These executive lofts feature closed-circuit video monitoring at entrances and parking, with individual in-suite security panels and sensors. Terraces boast gas BBQ lines and electrical outlets. The penthouse spoils you with a 2nd floor wetbar with Viking Beverage & Bar Centre. All Schoolhouse Lofts sport Neff kitchens with granite counters and Viking stainless steel appliances, including french-door fridge and gas oven with cooktop. Spa-inspired master ensuites have marble and so much more!

So, if you want to live in a faceless, soulless, massive, badly designed concrete high-rise, located on a busy hub, then The Schoolhouse Lofts is not for you. However, if you’re looking for a nice transition from a home into an intimate building located in a true city neighborhood, on a quite Annex street where attention to history, architecture and design are the guiding focus, come and see what The Schoolhouse Lofts have to offer.

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Contact the Jeffrey Team for more information  -  416-388-1960

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Patty Winsa – Yourhome.ca

A recently approved tower near King St. W. and Spadina Ave. will contain something no other building in Toronto has: a floor of affordable housing built expressly for tenants who work in the building.

At least seven rental units on one floor of the 41-storey hotel and condo tower at 56 Blue Jays Way will be reserved for hotel workers.

It’s an innovative rental scheme brought to you by Councillor Adam Vaughan of Ward 20.

Tenants will pay less than market rent, and, in exchange, the developer has city permission to build a taller condo than zoning allows.

“Hotel workers can live on the same site where they work, so people don’t have to drive, walk or take transit to work. They can simply take the stairs,” said Vaughan.

The agreement was brokered under Section 37 of the city’s official plan, which stipulates developers have to pay fees to community benefits in exchange for higher density.

But the money isn’t usually earmarked for affordable housing and is seldom used to build it, said Paul Langdon, acting manager of community policy for the planning department.

Developers choose from options such as building a community centre or refurbishing a park. Affordable housing, while allowed, isn’t one of the choices.

“We would like affordable housing to become a menu item … ” said Nancy Singer, executive director of Kehilla, a non-profit housing provider. “This would not be mandated, but should you have a willing local councillor, developer and non-profit, then they can engage in this.”

Last year, Vaughan negotiated another precedent-setting deal, in which a developer was allowed higher density in exchange for four condo units given to Kehilla.

“The goal here is to build affordable housing,” said Vaughan. “For the better part of 15 years we’ve been waiting for pennies from heaven to fall and it’s not going to happen.”

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Contact the Jeffrey Team for more information  -  416-388-1960

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Single-detached housing values remain slightly off 2008 levels in 27% of Toronto Real Estate Board districts

Despite limited inventory levels in the Greater Toronto Area (GTA) in the latter half of the year, double-digit price appreciation failed to materialize in the single-detached housing category in 2009.

In fact, an in-depth analysis 63 districts within the Toronto Real Estate Board found that detached housing values in 27% of districts remained slightly off 2008 levels, while 57% reported price appreciation of less than 5% in 2009. Sixteen percent of districts recorded an increase in average price in excess of 5%. No double-digit gains were noted.

“There is simply no evidence of a housing bubble,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “While sales were up considerably over one year ago – and supply was tight in many of the city’s hot pocket areas – the expected surge in average price did not occur. Buyers remained cautious in their pursuit of homeownership – with most unwilling to overpay for the privilege. ”

While one quarter of all Toronto Real Estate Board districts saw prices in the detached housing category soften in 2009, just over half declined by less than 2%. Those that saw prices fall by more than 2% were primarily upper-end neighbourhoods – the vast majority located in the central core – which were slower to rebound once the market regained momentum. By year-end, however, sales in all of these areas posted double-digit growth – a fact that clearly indicates a greater number of transactions at the lower end of the price spectrum. Inventory may have also played a role as sellers held off listing their luxury properties until market conditions improved.

Leading the GTA in terms of price appreciation was South Pickering (E12) where the average has risen 9.4% to $358,493; Malvern, Hillside, Rouge (E11) takes second place with a 7.3% upswing to $368,095; North Pickering (E13) was ranked third with values climbing 7.2% to $396,973; fourth spot goes to Port Credit (W12) in Mississauga where values have climbed seven% to $614,144; and rounding out the top five – the lone downtown Toronto district – was Riverdale, Leslieville (E01) where prices escalated 6.7% to $522,017.

Ballantrae, Cedar Valley (N13) ranked sixth with a reported 6.4% increase to $662,268. In seventh place is Richmond Hill – North End (N05) with a 6.3% increase in average price to $574,642. The Applewood, Rathwood neigbhourhoods (W14) in Mississauga ranked eighth in terms of price appreciation, rising 6.1% to $505,994, while Markham (N10) claimed ninth spot with a 5.3% escalation in detached housing values, bringing the average to $510,268. Bathurst Manor, Armour Heights (C06) in the city’s north end secured tenth place with a 5.1% upswing in average price to $597,025.

Top Toronto Neighbourhoods

The East clearly dominated the top five and affordability factored in heavily, with single-detached homes in both Pickering districts and Malvern, Hillside, Rouge, priced under $400,000. Young families – most buying their first home – were attracted to communities like Riverdale and up-and-coming Leslieville, while move-up buyers looked to Port Credit, which has steadily increased in popularity in recent years.

“First-time buyers were a driving force throughout much of the year, but their role was most noticeable in early 2009,” says Polzler. “Almost one in every two homes sold was priced under $400,000 in the first quarter of the year. An entirely different picture emerged in the final quarter when just one-third of homes moved under the $400,000 price point.”

As the move-up segment swelled, so too did demand for more upscale properties across the board. Yet, despite the upswing, average price registered only a small percentage increase. In the central core, for example, where the average price ranges from $572,529 in Don Mills to as high as $1,717,190 in Rosedale, overall values rose 1% to $919,838, compared to 2008. Unit sales in C-district jumped 31% to close to 4,000 units.

The number of homes sold in the city’s north end saw the greatest percentage increase at 32% to 8,843 units. Average price in North district, which ranges from $398,864 in Newmarket to $700,499 in King City, rose 2% overall to $555,616. Housing sales climbed in the west, where values range from $298,136 in Brampton to $790,060 in the Kingsway, by close to 19% to 12,453 units. West district’s average price rose a nominal 1.5% to $467,227. The increase in sales was more moderate in the East End (including Scarborough and Pickering, Ajax), where values range from $325,393 in Bendale, Woburn to $691,128 in the Beach. The number of detached homes sold increased 15% year over year to 6,690. Average price in East Toronto rose 2.6% overall to $400,813.

“After a dismal start, the stats confirm that 2009 returned to the healthy, upward trajectory that we have followed for much of the last decade,” says Polzler. “We see detached homes continuing on that course in 2010, with moderate gains expected. The detached housing category continues to be a solid gauge of the market’s overall performance, accounting for approximately half of the activity in GTA.”

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Contact the Jeffrey Team for more information  -  416-388-1960

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Tony Wong – Toronto Star

Home price appreciation will slow in the Toronto market this year as a looming supply of new homes is completed, giving consumers more choice and helping to mitigate future gains, a bank study said.

“The stock of new construction is rising and that will have the effect of slowing any price increases,” National Bank of Canada senior economist Marc Pinsonneault said Tuesday.

Toronto prices were up 4% at the end of 2009, with sales rising 17% year over year, as homes sold in an average of 23 days, the shortest interval in recent history.

However, a record number of completions this year will help bring more listings to the market. Move-up buyers, meanwhile, are expected to put more homes up for sale, alleviating the supply crunch.

Given those factors, the bank echoes other analysts who say price appreciation likely will be much slower, or flat line this year.

“Certain factors lead us to believe the price growth will slow soon,” said Pinsonneault in the bank report on real estate.

“The number of homes on the market has been mounting since November and could continue to do so. Recent price increases and the current tight conditions on the resale market have stimulated housing starts … Once these dwellings are completed and enter the market, they will reduce the scarcity of available homes.”

Shaun Hildebrand, senior market analyst for Canada Mortgage and Housing Corp. estimates 36,000 condominiums are under construction for Toronto alone. Another 7,000 single-family homes were being built at the end of 2009.

“The big question is how many of them were purchased by investors who are going to put them back on the resale market by flipping them,” said Hildebrand.

New home sales in the Greater Toronto Area were on a tear in the second half of 2009. In December alone, sales rose fivefold from a year earlier, when the recession took hold. Overall, 2009 sales were 28% higher than in 2008.

In the condo sector, investors are back in the market buying smaller units, Hildebrand said.

Buildings sold in 2006 and 2007 are finally being completed this year due to a construction backlog. “It was difficult to get labour, then many of the buildings are more complex and taller, and then you had a credit crunch,” Hildebrand said.

CMHC said the highrise sector will be more affected by the new supply and the lowrise sector by increased resale listings.

With homeowners staying put due to economic uncertainties, many fixed “their homes up under the renovation tax credit.

“Now they’re likely to be putting their homes on the market this year.”

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Contact the Jeffrey Team for more information  -  416-388-1960

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