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.

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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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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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