Toronto condos have room to rise, study predicts

January 31st, 2007

Report puts Toronto-area price increases at around 4 per cent

Excerpt from an article by Tony Wong – Toronto Star

Thinking of buying a condominium in the Toronto area?

For some potential buyers who remember the real estate meltdown of the 1980s, buying at the top of the market is a real fear.

Despite an unprecedented influx of supply on the market, however, Toronto condo prices have room to rise over the next five years, according to a report released yesterday. The study is more bullish than recent reports by some analysts who have called for a weaker condo market.

The Conference Board predicts the price of an average existing condominium will rise from $239,816 in 2006 to $292,077 in 2011, for an increase of about 4% annually. Resales of units in Toronto have increased for 10 consecutive years, from 7,100 in 1995 to 17,700 in 2005. The average price increase during 2006 was 5%.

The Conference Board said condo prices should increase 3.1% by the end of 2007 and average 4.2% over the following four years, for an average annual increase of close to 4%.

Experts such as independent housing analysts Will Dunning and Frank Clayton have said speculative buying in the Toronto condo market is creating the potential for oversupply in the market.

In an interview yesterday, Dunning said he expects a condominium price correction in the 5% range by mid-2007. For several years after 2007, Dunning said, condo prices will probably increase around 2% a year, in line with inflation.

Condo starts in Toronto reached a record high of 16,200 units in 2005.

Immigration, an aging population and affordability are some of the factors that will keep the Toronto condo market healthy. Toronto’s population is forecast to increase 1.9% annually to 2011.Also, average house prices have risen at a faster rate than condominiums since 2002, forcing more buyers into the high-rise market.

Still, condo starts are expected to have fallen 4.6% in 2006 and to drop another 6.3% this year, putting more balance into the market.

Read the full article
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Posted in First Time Buyers, New Condos & Lofts, Toronto Condos and Lofts, Toronto Real Estate Market | No Comments »

Bohemian Embassy purchasers meet and greet

January 30th, 2007

From the Condo Guide Magazine

The holiday spirit sparkled as future residents of Bohemian Embassy were greeted by the Bohemian Girl and then gathered to enjoy pink champagne and hors d’oeuvres at the project’s presentation centre on Queen Street West.

It was a perfect opportunity for purchasers at the popular condominium to meet one another and compare notes about their new home with a backdrop featuring a wall of original paintings by local artists. Capping off the enthusiasm were three draws for prizes, bringing the gift-giving spirit to the evening.

“It was terrific to see the excitement exchanged between neighbours that share the same enthusiasm toward Bohemian Embassy and the Queen Street West neighbourhood,” says Natascha Pieper, Sales and Marketing Manager for Baywood Homes. “This event was just a taste of the eclectic happenings that we have planned over the next several months at Bohemian Embassy.”

The future residents of Bohemian Embassy already felt at home as they experienced a true sense of what life at Bohemian Embassy can provide especially at the end of the day. By the end of the night, many were calling each other by first name.

Baywood Homes is contributing its version of cool on Queen Street West with its Bohemian Embassy, a stylish condominium in the heart of the Toronto’s Queen West Art & Design District on Queen Street at Gladstone.

Bohemian Embassy is an updated salute to the best of urban lifestyles, designed by II by IV Design and renowned Page & Steel Architects. An eight-storey mid-rise building will front onto Queen Street West with ground-level retail and an archway leading into a lushly landscaped courtyard. The outdoor space will lead south to a second building of 19 storeys, which will give residents a magnificent panoramic view of the lake or city.

The courtyard is just the beginning of the pleasures that await residents. There is a men’s and women’s fitness centre, a multi-media lounge plus unexpected treasures such as the rooftop Bohemian Sky Lounge with its splendid outdoor patio.

And Bohemian has been registered with the Canada Green Building Council whose LEED (Leadership in Energy and Conservation Design) system recognizes projects that have reduced environmental impacts promoting high performance, sustainable buildings.

Suites at Bohemian Embassy range up to 1,220 sq. ft and are priced from as low as $169,900. The stylish flats have eight to nine-ft. ceilings, engineered hardwood floors and in some cases, concrete columns.

There will be one- and two-bedroom designs, with dens as per plan, as well as one and two-storey units to choose from. Each suite will feature an optional balcony, Juliet balcony or terraces suitable for outdoor entertaining that range up to 20 by five ft. deep.

For cooking enthusiasts, the kitchens will be a spacious, European-style open area with an island, quartz stone countertop and stainless steel appliances. Bathrooms will have quartz stone countertops with vessel sinks. Laundry machines are also included in each unit.

Since the launch of Bohemian Embassy last year, more than 160 suites have been snapped up by eager buyers. They range from young singles, both male and female, to young-thinking empty-nesters. Professionals with jobs in the city’s financial district are choosing to live side-by-side with artists, designers, musicians and artisans, many of whom run their businesses from lofts and storefronts nearby.

“We have attempted to design a broad range of designs to suit nearly every taste as we see people from a variety of walks of life buying suites here,” comments Pieper. “Many who have purchased already live in the area or work downtown and like the easy access to King and Bay by TTC outside their front door.”

It is that heady mix of the creative and the forward-thinking professionals that gives this section of Queen Street West its charm and vibrant character, adds Pieper.

The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.

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Posted in First Time Buyers, New Condos & Lofts, Toronto Condos and Lofts, Toronto Real Estate Market, West Toronto Real Estate | No Comments »

Giving Don Mills its due

January 30th, 2007

By Dave Leblanc – Globe and Mail

R-E-S-P-E-C-T. Something Don Mills needs a little bit more of, if you ask me.

“I think this is a real treasure – if people don’t go about ruining the houses,” Jim Peterson, 51, says of the neighbourhood where he and his wife moved last summer.

“I don’t understand why you would buy up here and then make [your house] look like it doesn’t belong.”

Mr. Peterson, Barbara Stuart-Peterson, 42, and French bulldogs Allard and Prevost (named after French chefs) are sitting comfortably in their living room, facing an original 1953 Roman brick fireplace.

Opposite this buff-coloured beauty, the dining area and recently renovated kitchen, nice as they are, can’t hold a candle to the lush panorama of the Donalda Golf Club as it pours in through new oversized windows. Next door, out of view, is a monster home, and while it’s not the focus of our conversation, in a sneaky kind of way it does inform our words.

But let’s be clear: The Petersons don’t hate other architectural styles.

In fact, before buying this 1,500-square-foot home from the original owner last April, they lived in an 1889 Cabbagetown semi. But, just as a modernist bungalow would look ridiculous dropped into that Victorian enclave, it’s a bit perplexing when others drop faux-historic mansions into a modernist mecca like Don Mills. But we’re not talking about that, remember? We’re talking, actually, about why they started looking for a new home in the first place – an interesting story the couple hopes might inspire others.

A few years ago, after almost buying a house in Jamaica because of its admired “inside-outside” qualities, the Petersons – who in their 17 years of marriage had never lived north of Bloor – found they were becoming dissatisfied with their Wellesley Avenue home.

“It was gorgeous and it was beautifully decorated, but it was a very narrow house with one opening at the back, and I was constantly having that door open. And this was a big point of difference between us,” Ms. Stuart-Peterson says of her attempts to bring the outdoors in while her husband interrupts with the story of the time the raccoons waltzed in like they owned the place.

So, they began searching for a place that recreated that Jamaican feeling, or perhaps that twinge Mr. Peterson felt in Palm Springs when he went gaga for all that mid-century modern desert architecture. To further the “indoor-outdoor” experience, they decided their new home should back on to a ravine.

Fuelled by take-out coffee and clutching a map highlighting appropriate ravine-backed streets, they began their search in earnest on Easter weekend and concluded two weeks later. Taking possession in July, the couple started brainstorming ways to enhance the home’s wide, horizontal floor plan. In Cabbagetown, Ms. Stuart-Peterson jokes, it was all “forwards and backwards.

“The dogs, seriously, would just run forwards and backwards. This house has a circular flow that we wanted to emphasize, and hence, [we took] out the [foyer] bathroom and… all the kitchen walls and kitchen doors.” It was also decided to tack a glassy 250-square-foot master bedroom on the back. When I ask who designed it, Mr. Peterson quips “Philip Johnson,” referring to the architect of the iconic Glass House in New Canaan, Conn.

“The two things I ‘get’ because they’re easy for me to understand are [Ludwig Mies van der Rohe's] Farnsworth House and Philip Johnson’s Glass House, so I’d say, ‘I really like those two, how do we get it to look sort of like that,’ ” Mr. Peterson says of the $60,000 addition.

“It was really about having a glass box that just floated out into the backyard,” adds Ms. Stuart-Peterson. She runs her own catering company, Stuart + Saladino, but dusted off her old architectural technology diploma to create plans that were then given to design/build contractor Yuill McGregor.

Ironically, at 1,750 square feet, the home is now the same size as their three-storey Cabbagetown Victorian, but with the inside-outside feeling achieved via gargantuan windows and stark white walls punctuated by their art collection, it feels much, much bigger.

If more Don Mills renovators followed the example of expanding out instead of up, the character of this historically important neighbourhood would be preserved.

“I don’t know that everybody has to live in a giant million-and-a-half dollar house,” Mr. Peterson says. “I think some people could live in a house like this and live quite well.” Ms. Stuart-Peterson adds: “People don’t often equate good living with stylish living. They just think it’s giant living.”

It’s something to think about. With hundreds of architect-designed, mid-century homes only a few extra commuter minutes farther away than desirable yet overpriced Leaside and Riverdale, will the design-savvy Dwell and Wallpaper magazine crowd migrate to Don Mills?

“I believe that people will discover this in the same way that Cabbagetown was discovered 30 years ago,” Mr. Peterson says. “Cabbagetown is kind of at its peak now; there aren’t that many places left to do, [and] people are starting to talk about mid-century modern housing.”

Ms. Stuart-Peterson: “Our lot is 60 feet across and 130 feet deep – you won’t get that in Leaside.”

So bring on the mid-century modern aficionados and respect will surely follow. But this time, spell it “H-C-D” for heritage conservation district.

Dave LeBlanc hosts The Architourist on CFRB Wednesdays during Toronto at Noon and Sunday mornings. Send inquiries to dave.leblanc@globeandmail.com.

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    Community Focus – Leaside

    January 30th, 2007

    From New Dream Homes and Condos Magazine

    Leaside is one of the most popular neighbourhoods in Toronto. In light of its high profile, it is not surprising that Leaside is also one of the more expensive real estate districts in the city.

    Leaside is in especially high demand with upper middle-income families who value this neighbourhood as an ideal place to raise children. Leaside has abundant green space and parkland, a fine selection of schools, one of Toronto’s best shopping districts on Bayview Avenue, and excellent access to public transit.

    John Lea – a pioneer farmer who immigrated to Canada from Philadelphia in 1819, first settled Leaside, and in the 1850s, Lea’s oldest son, William, built an eight-sided octagonal shaped house – appropriately named “Leaside” – near the present day site of Leaside Memorial Gardens. This neighbourhood has been called Leaside ever since.

    The Canadian Northern Railway incorporated the Town of Leaside in 1913 on land formerly owned by the Lea family. Leaside’s development was historically significant in that it was the first town in Ontario to be completely planned on paper before any homes were actually built.

    Leaside’s residential development was stalled due to the outbreak of World War I. However, Leaside was an important contributor to the war effort with heavy artillery being manufactured at the Leaside Munitions Company. Leaside was also the location of an airfield used for the training of Canadian pilots.

    In 1918, the Leaside Airfield made Canadian aviation history as the terminus of the first airmail flight in Canada, traveling from Montreal to Toronto.

    Leaside’s status as a town came to an end in 1967 when it became part of the Borough of East York, which has since amalgamated with the City of Toronto.

    The typical Leaside house is situated on a generous lot with a private drive and a garage. Most of the houses contain beautiful wood trim, hardwood floors, and a working fireplace. The Tudor-style houses were built largely in the 1930s and 1940s and there is a good mix of two-storey detached homes, bungalows, and semi-detached houses. A growing number of Leaside bungalows have added a second storey, while others have been replaced by new custom-designed homes.

    During the 1990s, a handful of exclusive condominium and townhouse projects were built on the periphery of the neighbourhood. Leaside also contains some of Toronto’s nicest rental apartment buildings, located on the east side of Bayview Avenue and on Leacrest Road overlooking the Don Valley Ravine.

    Bayview Avenue features a wonderful collection of shops and restaurants. Many of these stores are geared towards children – reflecting the demographics of this neighbourhood. Bayview Avenue is also known for its antique shops, specialty stores, and neighbourhood pubs that attract a clientele from all over the city.

    Leaside residents also shop at the local stores along Eglinton Avenue. This shopping district is anchored by the Sunnybrook Plaza located at the north-east corner of Bayview and Eglinton. There are also some small shops and services located in the interior of the Leaside neighbourhood on both McRae Drive and Millwood Road.

    The area’s newest shopping destination is the Leaside Centre, a collection of large national retailers located at the south-east corner of Laird Drive and Eglinton Avenue. Adjacent to the Leaside Centre is the Leaside Business Park, which combines light industrial businesses mixed in with specialty retail stores.

    Few Toronto neighbourhoods can match Leaside when it comes to recreation. The Leaside Memorial Community Gardens at Millwood Road and Laird Drive is a multi-recreational complex that includes an indoor ice arena, an indoor swimming pool, a curling rink, and an auditorium.

    Leaside residents can enjoy nature and fitness activities in Serena Gundy Park and Sunnybrook Park. In addition to offering ideal picnic spots, Sunnybrook Park features top notch sports fields, an exercise trail, an equestrian centre, and a licensed snack bar operated by the Parks and Property Department.

    Trace Manes Park, located in south Leaside off McRae Drive, is the home of the Leaside Tennis Club, which boasts six tennis courts. Trace Manes Park also has a playground, a baseball diamond, and an outdoor natural ice rink which is in use from late December until the end of February. The Leaside Public Library is situated adjacent to this park off McRae Drive.

    Howard Talbot Park, situated in a picturesque valley at the south-east corner of Bayview and Eglinton Avenues, features two baseball diamonds that are popular with local baseball leagues.

    Bus service winds its way through the interior of the Leaside neighbourhood, south of Eglinton Avenue and connects to the St. Clair subway station on the Yonge-University-Spadina subway line. Bus routes on Bayview and Eglinton Avenues connect to the Davisville and the Eglinton stations also on the Yonge-University-Spadina subway line.

    Motorists can be downtown in ten minutes via the Bayview extension, which also links up with the Don Valley Parkway and a myriad of commuter highways.

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    Information for Buyers

    January 29th, 2007

    From MLS.ca

    Finding the perfect home doesn’t happen in one day. There are a number of things you can do to simplify the process, including defining financial parameters, potential neighbourhoods and the desired features in your next home.

    Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what is most important to your lifestyle.

    Then it’s location, location, location. Location affects your day-to-day living and is one of the most significant influences on value. Your choice of location may be limited somewhat by the price you can afford. Even so, make sure you consider such things as distance to work, schools, shopping and entertainment.

    What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living.

    A REALTOR® can help you analyze all of these buying issues. A REALTOR® working as a buyer’s agent works to find the connection between homes available in the market and the needs and financial capacity of buyers. Talk to and compare the services of REALTORS® to help you navigate through this complicated business transaction. Be comfortable and confident with the REALTOR® you are selecting as your business partner.

    As your agent, the REALTOR® owes you the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your REALTOR®. In most provinces, if a REALTOR® is showing you homes, they are automatically deemed to legally be your agent, and owe you all of the associated obligations.

    A REALTOR® will use various tools to try and find properties that meet your specifications including the MLS® service. One of the important search tools will be the local MLS® system. By sitting down at a computer the REALTOR® can key in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties available through the MLS® system. You can also view listings posted to the national mls.ca web site.

    When you select a property and decide to visit a house, there are many things to consider. Does it have all the features you wanted? Is the neighbourhood what you expected? Try to picture your favorite furnishings in a room. Remember all of the technical considerations:

    * what type of wiring does the house have?
    * what about power outlets? Different appliances use different types.
    * what type of heating system does it use?
    * what about the roof and foundation?
    * what condition are the windows in?
    * what about the plumbing?

    There are other things to look at as well. If you don’t have time or don’t feel comfortable doing it, home inspection services are available for a reasonable fee. Having a qualified home inspector look at the house is always a good idea. The older the home, the greater the need for professional inspection.

    Once you find the house you want to make your home, work with a REALTOR® to develop an offer. In the offer, you should specify how much you’re willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:

    * getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
    * selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
    * the seller providing a current survey, or a “real property report,” showing the location of the house on the property owned by the seller and that there are no encroachments;
    * the seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
    * if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards;
    * if you still have any doubts about the home’s safety and construction, you may wish to make the purchase conditional on an inspection by a qualified engineer;
    * any inclusions – basically, what stays and what goes.

    You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller’s agent is bound by law to bring all offers to the seller’s attention.

    After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.

    No matter what type of home or property you’re buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property).

    You may also have to pay:

    * a mortgage Broker’s fee;
    * an appraisal fee;
    * surveying costs (if the seller couldn’t come up with a current survey);
    * a high-ratio mortgage insurance premium;
    * an interest adjustment.

    Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.

    You’ll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any legal fees. Be prepared to furnish proof to your lender that you have insured your new house as well.

    Before the property can formally change hands, there are still a few things to do. On or before closing day, your lawyer and the seller’s lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer’s trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.

    At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase. Once you’re satisfied and the keys to the front door are in your hands, there’s nothing else to say… except welcome home!

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    Contact the Jeffrey Team for more information

    Posted in East Toronto Real Estate, First Time Buyers, Luxury Real Estate, New Condos & Lofts, North York Condos, Other Real Estate Markets, Pickering Ajax Real Estate, Toronto Condos and Lofts, Toronto Loft Conversions, Toronto Real Estate Market, Toronto Townhouses & Townhomes, West Toronto Real Estate, York Region Real Estate | No Comments »


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