Toronto Condo and Real Estate Blog

A great opportunity realized by Inaugural Source

Inaugural Source has recognized an amazing opportunity for new homes and it’s in an ideal spot downtown. Overlooked and under-appreciated, the beautiful heritage malthouse building on the east side was just waiting for someone with creativity and a visionary perspective. There’s a lack of space for new loft projects in the vital areas of downtown Toronto, and at the location on River just north of Queen Street East, Inaugural Source recognized a prime opportunity. The Malthouse Loft Towns is Phase 2 to Old York Village, a similar project done four years ago by Inaugural Source, that proved to be an incredible investment for the original buyers!

Surrounded by a wealth of urban convenience and lifestyle, Inaugural Source is offering The Malthouse Loft Towns, an exclusive enclave of 10 loft towns designated as live/work space. An ideal spot for those running a business from home or who just want to cut out the commute, the location offers easy access to the Don Valley Parkway, the Gardiner and Lakeshore Blvd., making it an easy starting point for getting anywhere in the GTA. There’s no more downtown commute for residents, it’s walking distance to the city core, a quick bus ride or a cheap taxi fare, depending on the speed of your lifestyle.

The prestige and demand for this part of the city has grown tremendously, gentrification and new communities making this a real “it” spot. The restored and rejuvenated Distillery District is only blocks away, offering a selection of great little boutiques, bistros and dining rooms as well as a variety of community events, festivals and an organic produce market on any given weekend. The area is also the new hot spot for design and decor - fabulous shops favoured by interior designers, decorators, and those with a taste for style-chic are cropping up in numbers on Queen, King and along Adelaide and Richmond.

Location being a major factor for Inaugural Source’s vision, the brilliance of this project was in designing homes to complement the location. The existing Italianate-inspired historic building, constructed in 1876 for local beer production, was designed by Smith and Gemmell, leading architects of the period. Maintaining the gorgeous facade allowed Inaugural Source to create a new community while preserving the history of this site and allowing the new community to mesh with the Victorian-era buildings of the existing neighbourhood quite seamlessly.

Each of the 10 loft towns is one-of-a-kind. The incredible 19th century architectural detailing of the malthouse building - buff brick pilasters, decorative corner corbelling, rounded arches and cast-iron tie-rod plates - are carried through the new design, marrying the heritage and the modern with comfortable and sophisticated style. Living space is spread over three floors, 10-ft. ceilings a feature of each. There are exposed brick walls, Juliet balconies and other industrial-era detailing. Sliding barn doors for bedrooms, contemporary railings with natural oak handrails and glass panels are just some of the great, modern interior details.

Added to this, there is an amazing array of features to complement your lifestyle. The roof-top deck provides a personal outdoor retreat with a natural gas outlet for a gas-powered barbecue so that you never have to hassle with a propane tank again.

Soundproofing in these homes surpasses the minimum building code requirements so that you can enjoy your home entertainment system without enjoying the neighbours’. Loft town designs include a versatile home office area - ideal for those who work from home - or those who simply want a quiet sanctuary to read or sit at the computer. Alternately, the room can be used as a den or even a bedroom. Homes are designed for the high-tech needs of today’s lifestyle, complete with high-speed Internet wiring.

An upscale selection of finishes and appointments completes The Malthouse Loft Towns with designer detail. Engineered wood flooring, as per model, is on the main floor. Sisal-style carpeting finishes the stairs and top two floors. Bathrooms are finished with designer-selected ceramic tile on the floor and wall.

The kitchen is a showpiece in the open-concept design. Finished with granite countertops, it features valance lighting which highlights the gorgeous stone surface, and there is track lighting for general room lighting. State-of-the-art appliances in black include a fridge, a stove with smooth cooktop and self-cleaning oven, a dishwasher and a spacesaver built-in microwave with hood fan. There’s also a stacked front-loading washer and dryer included in the appliance package, with laundry facilities tucked away in a second-floor laundry closet.

The Malthouse Loft Towns have been designed with comfort in mind. There is indoor parking with direct residence entry, as per plan, as well as plenty of other features that will have you wanting to make this your new home. The opening special that Inaugural Source is offering - a free upgrade to stainless steel appliances, a spectacular glass sink unit in the main bathroom and air-conditioning - makes these loft towns hard to resist.

There are only 10 of these incredible Malthouse Loft Towns, so opportunity is limited to enjoy this exclusive community. Starting at $449,900, the chance to enjoy the comforts, style and location of these live/work loft towns won’t last.

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Contact the Jeffrey Team for more information

Cityzen Development Group is bringing a much-needed option to anyone who loves the Yonge-Eglinton neighbourhood: affordable home ownership. With its new 88 on Broadway project, Cityzen offers an appealing opportunity. Existing or would-be residents can purchase a new condominium in a contemporary high-rise building for as little as $168,800.

“We have already received enormous interest from people currently living in the area,” says Sam Crignano, Cityzen Group president. “First, because it now makes home ownership in a much loved neighborhood possible, and second, because it makes it affordable.

“For many buyers, a condo at 88 on Broadway will prove cheaper than paying rent.” Pent-up demand is enormous, he adds.

“Yonge-Eglinton has long been recognized as one of the most exciting livable areas of the city. 88 On Broadway is minutes walk from all the best MidTown has to offer.”

The location is superb. 88 on Broadway will rise from the northwest corner of Broadway and Redpath, just north of Eglinton Avenue East and five minutes walk from Yonge and Eglinton. The 20-storey contemporary condo tower, by E.I. Richmond Architects, follows a stepped back design, which allows buyers their own outdoor space in every suite with a choice of a balcony or terrace.

Parks, restaurants, shopping and schools abound. The Yonge Street subway line is five minutes walk to the west and the TTC’s bus service is two minutes to the south.

The innovative condo suite designs offer a range of size, style and price to suit almost any pocketbook. The choice begins with a 565 square foot, one-bedroom unit and continues through one-bedroom plus den, 733 square foot two-bedroom units right up to a large 1,291 square foot, two-bedroom plus den penthouse, priced at $499,000.

Each suite offers the design touches and quality finishes buyers have come to expect from a Cityzen project. Standard units have full nine-foot ceilings while penthouses boast 10-foot heights. There are six appliances included in a choice of stainless steel, black or white instead of the standard five. A microwave with built in exhaust fan is part of the package.

Hardwood floors gleam in principal rooms while bedrooms boast 50-oz. broadloom. Countertops glisten in highly polished granite.

Nor has Cityzen overlooked the amenities, those special features that make a condo a celebration of life. 88 on Broadway will have its own fitness centre complete with exercise room where residents can work out on cardio or resistance equipment, his and hers locker rooms, showers and steam rooms, swimming pool and whirlpool, and a party and event lounge with state-of-the-art theatre system.

An executive concierge will greet residents and guests alike. For those warm spring, summer and fall days and evenings, there is even a rooftop garden where you can take your party outdoors with its own barbeque area, full kitchen and Napa Valley outdoor fireplace.

“What we are creating is the perfect project for almost all residents of the Yonge-Eglinton area,” says Crignano. “88 on Broadway is designed to reflect the lifestyle people currently enjoy but to bring it all under one roof. No need for a health club; 88 on Broadway has one.

“No need to leave the area to find homeownership. It is now right there on their doorstep.”

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Contact the Jeffrey Team for more information

Slowdown here not a sure thing - U.S. homeowners borrowing more

By Romina Maurino - Canadian Press

Should the U.S. housing market bog down in an anticipated slump, its Canadian counterpart is likely to be in for a softer landing thanks to lower interest rates and a different attitude to home financing, observers say.

“When you take a look at the new home construction numbers, we’ve been running at the 200,000-plus level for a number of years — this will mark the fifth such year — and it’s felt that generally this is in excess of what long-run demographic demand is,” said Brent Weimer, senior economist with the Canada Mortgage and Housing Corporation, or CMHC.

“We see housing activity easing to a more long-run sustainable level moving forward.”

In recent weeks, analysts have been debating an impending North American housing slowdown and the form it might take. Some say when the market drops it will do so with a resounding crash, while others see a more gradual decline.

They also differ on how Canada and the U.S. will fare.

In Canada, hikes in interest rates, increasing home prices and higher energy costs are nibbling away at affordability but the country has benefited from a strong housing market in the West, as more and more workers settle in Alberta, drawn by the province’s booming energy economy.

Canadians have also seen less aggressive interest rate increases than in the U.S., and are less likely to borrow as much money for their homes.

David Rosenberg, North American economist for Merrill Lynch, has pegged the odds of a “hard landing” in the U.S. between 40% and 80% — significantly above the consensus view of 27%.

“Practically every indicator at our disposal tells us that we are very late in the cycle and the historical record also strongly suggests that the next wave after the Fed has inverted the entire yield curve is either a hard landing or a very bumpy soft landing,” he said in a note.

“Either way, the economy is going to have some sort of a ‘landing,’ which is far different than a ‘take-off.’”

On Tuesday, luxury home builder Toll Brothers Inc., based in Philadelphia, reported its third-quarter profits fell by 19% as housing market woes weighed on sales and caused the company to abandon some building locations.

The company also cut its earnings estimate for the full year, signalling it doesn’t expect the housing market to stabilize soon.

A day earlier, home improvement chain Lowe’s Cos. warned that a slowing U.S. housing market will hurt its earnings for the rest of the year, sending its stock down despite good quarterly results.

BMO economist Douglas Porter said a correction in Canada “won’t be nearly as severe as it’s likely to be in the U.S., because the boom hasn’t rumbled on as long (here).”

And while he expects housing starts and sales to weaken in 2007 and possibly in 2008, he doesn’t see the impending slowdown as a sure thing.

“For about the past five years, economists have been calling for declines in Canadian housing starts and sales, and the entire housing industry has defied expectations and remained incredibly resilient in recent years,” he said.

“This housing cycle has been counted out a number of times in the past and it’s proved to be a lot healthier than many economists believed possible.”

Once the slowdown does hit, it could spread out over a couple of years and “take a little bit of wind our of the sails for consumer confidence,” he added, saying decreases aren’t expected until 2007.

Mark Chandler, an economist with Scotia Capital, said a possible slowdown isn’t enough to push either the U.S. or Canadian economy into a recession.

One of the big differences between Canadian and American homebuyers, he added, is that “U.S. (homebuyers) have been taking a lot more out in terms of mortgage equity withdrawal.”

“Essentially, they’ve been borrowing more than the wealth in their homes have been increasing.”

The CMHC has forecast that both housing starts and sales will slow in 2007, with total housing starts expected to come in at 209,100 and sales of existing homes at 462,200 — less than a 10% drop.

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Contact the Jeffrey Team for more information