Toronto Real Estate Blog

December 6, 2006 — The Greater Toronto Area’s resale housing market maintained its strong pace in November as 6,281 homes changed hands during the month, Toronto Real Estate Board President Dorothy Mason announced today.

“The market is holding very steady as we progress through autumn and we are seeing a good level of activity across the board,” Mrs. Mason said. “Overall conditions are very healthy and 2006 remains within just one and a half percent of last year’s all-time record sales pace.”

Despite a slight moderation from last November’s total of 6,646 transactions, the resale market remains on solid footing according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA.

“Existing home sales have remained very respectable through the first two months of the fourth quarter,” Mr. Mercer said. “Home buyers have remained confident in their ability to purchase a home due to low borrowing costs and steady employment and wage growth, on average.”

In the city’s east end, Scarborough Town Centre / Woburn (E09) saw an increase in overall sales of 30% compared to November 2005, led by a jump in condominium transactions.

A jump in transactions of semi-detached homes fueled an overall sales increase of 53% in the York South area of Toronto (W03) compared to the same time frame a year ago.

North of Toronto in Richmond Hill North (N05), detached homes were the most common housing type changing hands as the area saw an overall increase in sales of 29% compared to last November.

“It’s a great time to be getting in the market or making your move,” TREB’s President added. “Conditions in the GTA remain very stable, and that’s good news for consumers.”

Completed in 2004, The Glebe is a fabulous loft conversion of the architecturally magnificent Riverdale Presbyterian Church, located at 660 Pape Avenue, in prime Riverdale and just steps from the subway.

Very rarely does an opportunity come along to live in history. Designed by renowned period architect J. Wilson Gray, originally constructed for the trustees of the Riverdale Presbyterian Church, this imposing architectural building is now retrofitted, entirely within the existing envelope, into only 32 astonishing condos-for-sale/torontolofts.htm” title=”multi level lofts toronto”>multi-level loft residences.

Erected in 1920 as an extension to the original 1912 Riverdale Presbyterian Church, this loft conversion pays homage to the soaring height of the original sanctuary in all of its two storey primary living spaces, featuring large open plans, expansive interconnected to flow with the building space.

Each condos-for-sale/propertysearch.htm” title=”toronto lofts for sale”>loft is custom designed for the purchaser, to optimize the dramatic effects of light and spatial volume: incorporates solid masonry demising walls, thermopane windows, superior thermal and acoustical insulation, individual high efficiency heating systems, all new electrical and mechanical systems, and a host of luxury features.

Located at 660 Pape Avenue, steps from the subway and the vibrant cosmopolitan shops, restaurants and coffeehouses of the Danforth, close to the downtown and the cultural heart of the City, The Glebe offers a unique lifestyle for character, location, design features and value anywhere in Toronto.

Mitchell & Associates is a design/build firm that has been creating new residential built form in the City of Toronto for the past eighteen years. In 1982 they designed, developed and built the first legal loft condominium conversion in Toronto at 41 Shanly Street, previously the Dominion Felt Company, and won the Ontario Renews Award in 1984 for that project for excellence and innovation in design.

Since then, Mitchell and Associates, through subsidiary project specific companies, has converted numerous factories, Churches, and institutional buildings into high quality residential loft condominiums.

The principal of Mitchell and Associates, Robert Mitchell, holds a Bachelor of Applied Science degree in Civil Engineering, and a Master of Science degree in Urban and Regional Planning. He is a registered member of the Association of Professional Engineers of Ontario, and the Canadian Institute of Planners, and has over twenty years hands-on experience in all aspects of the retrofitting and conversion of buildings into lofts.

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Excerpt of an article by Ellen Moorehouse – Toronto Star

Christopher Hume actually gave 5 “A” ratings a few years back, four of those top marks went to small loft conversion projects. In all cases, the buildings, whether a former peanut factory or office building, had outlived their original usefulness. But builders with vision practiced the ultimate in recycling and transformed obsolete structures into condos that revitalize neighbourhoods, preserve history and enrich our housing stock.

Undertaking a lofts.com/torontohardlofts.htm” target=”_blank” title=”loft conversions in toronto”>loft conversion is not easy. Just ask anyone who has tried a house renovation, where the unexpected is the rule and cost overruns a fact of life.

Recently, Condo Living featured a story about St. Andrew’s Mill, a spectacular loft conversion in Fergus, Ont., where builder Murray Koebel admitted costs just crept up on him.

Loft conversions obviously pose a risk for buyers, just as they do for the developers, and, as lawyers will point out to any purchaser contemplating a loft project, it’s caveat emptor.

While the Ontario government has mandated Tarion, formerly the Ontario New Home Warranty Program, to protect buyers of new houses and condos-for-sale/torontolofts.htm” title=”toronto condos for sale”>condominiums, there’s no such protection for purchasers in loft conversion projects.

There are more than 100 loft conversions in the city, says Brdlik, and the number is growing. “There’s no reason why Tarion shouldn’t cover them.”

Not only does the buyer in a loft conversion project not get the benefit of warranty protection against deficiencies, but there are no qualification requirements for the builder doing the project, nor is there any way to monitor the number of deficiencies the builder may have failed to rectify in previous projects. Tarion performs all of these functions for the new homes and condos sector.

Finally, condos-for-sale/firsttimebuyer.htm”target=”_blank”title=”first time buyers” >first-time buyers in loft conversion projects are not eligible for the land transfer tax rebate of up to $2,000. Only newly built houses or condos bought from a builder in the warranty program are eligible.

Loft conversion projects, however, are not within Tarion’s scope, says Mary Mullens, Tarion’s general counsel.

“Our legislation was intended for brand-new construction. That’s not to say these aren’t good points, but loft conversions are not within our mandate,” she says. “If they were, that’s a major change, and it would be a complex new business to enter into. Risk assessment and appropriate security would vary from building to building depending on its age and condition.”

In the meantime, purchasers in a loft conversion project have to go in with their eyes open.

Read the full article

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M5V reveals that green living does not mean you have to compromise on design or a comfortable lifestyle

Excerpt from an article by Shelly Sanders Greer – Toronto Star

M5V, developed by TAS Design/Build, reveals what potential purchasers can expect from green initiatives in this 30-storey, 224-suite condominium, and shows that green living does not have to mean compromising design or comfort.

Condo residents benefit with a 35 to 40%eduction in energy use over a new building built to code, and 40% less water used.

At M5V’s sales centre, at King St. W. and Peter Sts., green features include energy efficient and water-conserving appliances, roof water collection for irrigation of the green landscaping at the sales centre, a permeable paving system, which absorbs rain water instead of letting it flow to storm sewers, and an efficient heat-recovery ventilation system.

“People don’t realize that half your heating load is ventilation, so the sales centre and the condo will be using exhaust air for pre-heating,” Carpenter explains.

What also makes this sales centre unusual is that it can be taken down and re-used. Traditionally, sales centres are destroyed once construction of the condominium begins, which add loads of debris to landfill sites. In M5V’s case, the flooring is all dry-laid so that it can be re-used, the mechanical equipment on the roof can be taken down, and the wall panels are re-mountable.

Although M5V has broken new ground with the first LEED-registered sales office, it will be one of many condos in Toronto that have been voluntarily built to a green standard. In Canada 325 projects are registered to become LEED certified, and 53 are certified. B.C. leads the way with 22% of all LEED certifications, followed by Ontario with 14%.

“The first LEED condo was done by Minto,” says Jeahny Shim, president and editor of Urbanation. “Tridel has also built LEED-certified condos and other developers are voluntarily starting to incorporate green features. This is consumer-driven as consumers are more aware of energy costs and 40% of maintenance fees are for utilities.”

The M5V condo project is in the final stages of planning approval, says Mortazavi.

Building green is voluntary, costs more than traditional construction (up to $100,000 extra for a condominium to be LEED-certified) and takes longer for approvals, which is why the City of Toronto is working to bring another Toronto-specific rating standard to the market along with incentives for developers to build green.

The idea is to set the bar high and make it easier to reach. This way, consumers, who have everything to gain from green building, will have more developments like M5V to choose from, and green features will be the norm, not the exception.

In the end, the rating system is just part of the solution. D’Abramo, Carpenter, Love and Morris are all working toward the same goal — incorporating high levels of energy efficiency in all future condominium developments.

Read the full story

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Trinity Park Lofts is a unique soft loft that has one of the best locations in the city. Right across from one of the biggest parks downtown, Trinity Bellwoods Park, this loft is definitely for the dog lover as well as those that love to shop!

About 60% of the original buyers were single women and their reasons for buying prove logical. The unique Trinity Park Lofts building is located in the eclectic Queen Street West neighbourhood, filled with trendy restaurants, outdoor cafes, parks and funky boutiques.

Trinity Park Lofts is a seven-storey building which wraps around the historic and restored Farr House (built in 1859, the House is designed in the Georgian style blended with Classical Revival features. This red-bricked building is one of the few surviving original buildings on Queen Street West and has been designated a historical site that will be preserved.

A glass entrance canopy welcomes visitors into the elegant designer lobby of Trinity Park Lofts. An executive concierge, sophisticated security system, exercise room, common room with a kitchen and a professionally landscaped courtyard are some of the luxurious amenities that residents appreciate.

Situated on trendy shopping mecca Queen West, the Trinity Park Lofts is steps to boutique shopping, furniture stores, cafes, restaurants, and a yoga studio. This seven storey, 102 unit loft building blends well into the facades of the neighbourhood as well as wraps around the historical Farr House, a landmark on this trendy street located at 901 Queen Street West.

Standard interior finishes are anything but standard. All Trinity Park Lofts include nine-foot ceilings; hardwood floors and halogen lighting; gourmet kitchens with oversize Shaker-style maple cabinetry; chic premium appliances (including stainless steel fridge); ceramic backsplash and undercabinet lighting; sisal-style or 40 oz. upgrade broadloom; bathrooms with extra-deep soaker tubs and cultured marble vanity tops.

Inside, the fabulous U-shaped kitchen features a convenient breakfast bar and plenty of extra high eight foot cabinets. The bright and open living/dining room opens onto a private terrace. Upstairs, the spacious master bedroom features twin closets and a deluxe ensuite bathroom. A cozy den can substitute as your personal home office.

A creative flair for planning and design. A discerning eye for detail and an overriding commitment to quality. These are merely a few of the attributes associated with the Canadian Equity & Development Corporation.

Developer Paul Anisman and his company, The Canadian Equity & Development Corporation, have been in the forefront of the Toronto real estate development industry since the early 80’s, creating successful niches with their unique projects targeted at a distinct group of home buyers and designed by a handpicked team of leading professionals. Each project is the result of years of planning, completed on a timely basis with undisguised attention to detail and after-sale service.

One such project is condos-for-sale/propertysearch.htm” title=”king west condos”>Citysphere Residences, a highly successful 338-unit high-rise condominium complex built at 801 King Street West. Along with Toronto’s premiere loft conversion projects, Gotham Vintage Lofts, at 781 King Street West, the first major condominium loft building of its size in the city. The Gotham Lofts bring the best of New York style living to 54 unique residences in a restored harness factory built in 1917.

The Canadian Equity & Development Corporation continues to be a pioneer in “The New Downtown West” with the recently completed Georgian style terrace homes of Stafford Terrace.

Trinity Park Lofts is a 102 unit condominium loft style building at 901 Queen Street West in the heart of Queen West Village that combines the best in cutting-edge design and the historic ambiance of the past.

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