Toronto Condo and Real Estate Blog

Resort living comes to life at this stunning downtown Toronto waterfront community.

This luxurious condo community is comprised of three high-rise towers located at the corner of York and Queen’s Quay, in the heart of the downtown Toronto waterfront. These sleek condos are fully clad in aluminium and glass, and range from 27 to 38 stories in height.

Waterclub houses over 1,000 condos, from bachelor suites to penthouses, ranging from 452 sq.ft. to over 2,000 sq.ft. All condos enjoy floor to ceiling windows with breathtaking lake and/or city views, and boast exceptional finishes including granite countertops and marble and hardwood flooring.

Developed by Kolter Property Company, the first tower – 8 York St, often referred to as the ‘East Tower’, was registered as TSCC#1598 in April 2004. The second tower – 208 Queens Quay or the ‘South Tower’, was registered as TSCC#1649 in December 2004. The third tower – 218 Queens Quay or the ‘West Tower’, was registered as TSCC#1686 in July 2005.

Waterclub occupies a tourist friendly corner in its prime downtown waterfront location, pedestrians are treated to an impressive granite waterfall, complete with a garden of greenery. Following this oasis, visitors will find the entrance to the grand lobby complete with a lounge area and a custom salt water fish tank.

Greeted by the concierge desk, visitors will soon realize that these condos boast extensive security, including 24-hour concierge, video surveillance, controlled access to elevators and shared facilities, and a monitored in-suite security system.

Waterclub residents and guests enjoy exclusive use of extensive recreational facilities including an indoor/outdoor pool with landscaped terrace, saunas, steam rooms, change rooms with lockers, a fully-equipped exercise room with juice bar and a co-ed steam room in this truly unique facility.

The shared facilities are nestled onto the second and third levels between the East and South Towers, so Waterclub residents can make the most of city and lake views in this bright, inviting space.

Entertaining a couple of friends or hosting a large event is easy at Waterclub. There is a wide selection of venues including a lounge with billiard tables and a large screen TV, a barbeque area complete with picnic style seating, a multi-purpose room with bar and lounge, a formal entertainment room with kitchen, bar and walk-out terrace and a meeting/dining room with walk-out terrace. Out of town guests can also spend the night in one of two fully furnished guest suites.

Waterclub’s waterfront location comes with part-ownership in two sailboats moored in a nearby slip, providing the opportunity to enjoy sailing without having to own a boat. Living on Queen’s Quay West at the foot of York Street, residents have plenty of other attractions at their doorstep.

They are steps from exciting cultural, shopping and recreational venues including SkyDome, the Air Canada Centre, Hummingbird Centre, Harbourfront Centre, and the Waterfront Trail with its scenic green space and kilometres of biking and blading trails, parks and marinas.

Adding to convenience, the condo’s commercial space includes high-end amenities such as Starbucks, Quiznos, Baskin-Robbins, and International News. It also includes the Harbourfront Health & Wellness Centre - a full service healthcare facility including a pharmacy, a medical clinic with lab services, and a rehab & sports injury clinic.

———————————————————————————

Contact the Jeffrey Team for more information

Solid early-year housing starts, home resales and price appreciation

Ongoing erosion in housing affordability points to a softening in real estate activity later in 2007

TORONTO, March 7 /Canada News Wire/ - Healthy real estate activity is expected across Canada despite some loss of momentum later this year, according to experts who presented today at Scotiabank’s Canadian Real Estate Outlook and Trends Forum 2007.

Canada’s real estate market to spring forward in the early part of 2007 before falling back as the year progresses, predict experts during Scotiabank’s Canadian Real Estate Outlook and Trends Forum.

During the forum, which was held in Toronto, keynote speaker Phil Soper, President and CEO, Royal LePage Real Estate Services observed that, “Fuelled by solid economic conditions including moderate interest rates, high employment and strong consumer confidence, Canada’s real estate market was quick out of the gate this year.

Early indications point to a stronger than forecast spring market, the most important trading period on the annual real estate calendar. We expect that this resilient real estate market will continue throughout 2007.”

Also speaking was Adrienne Warren, Senior Economist, Scotiabank. “Canada’s housing market is the rabbit that keeps on going, and going,” remarked Ms. Warren, while presenting the findings of her latest Real Estate Trends Report.

“Warmed by mild winter temperatures, housing starts in January jumped to a two-and-a-half year high while home resales climbed to a new record.” Ms. Warren added that the trend in national new and existing home prices, while off the highs of last spring, is still averaging about 10% year-over-year.

Western provinces lead in growth

In the report, Ms. Warren noted that Canada’s booming Western provinces were the hottest real estate markets in the past year. In the last twelve months, home price appreciation west of the Ontario border averaged 18% year-over-year - four times the pace in the east.

The report added that significant regional performance disparities will persist, with the Western provinces expected to again lead in average house price increases and construction in 2007, supported by tighter market conditions, record employment rates and more favourable demographic trends.

In fact, last year Western Canada’s active resource industries and tight labour markets attracted more than 70,000 Canadians to Alberta and British Columbia from other parts of the country.

Despite the western-biased growth, Ms. Warren reported that virtually all of Canada’s major urban markets are currently reporting year-over-year real estate price increases. A number of cities are enjoying strong population and employment growth which support strong housing price gains.

For example, Toronto is the overwhelming destination for immigrants to Canada and natural resource abundant centres such as St. John’s, Saguenay and Sudbury are also witnessing above average job growth.

Canadian housing expected to remain buoyant despite U.S downturn

“The buoyancy of Canada’s real estate market is particularly impressive in light of the marked slowdown under way south of the border,” observed Ms. Warren, who noted that U.S. housing starts and resale volumes have fallen roughly 25% and 10%, respectively, over the past year.

In the Real Estate Trends Report it is noted that Canada is unlikely to follow a similar path to its southern neighbour in 2007. Relative to the United States, speculative investing has been less active, overbuilding less prevalent, and high risk lending less widespread. A consistently strong domestic job market and historically low mortgage rates in Canada are sufficient to maintain at least some forward momentum.

Housing affordability impacted by rising prices

In her report, Ms. Warren noted that some softening in overall Canadian real estate activity appears inevitable, since housing affordability has been eroded by the steady run-up in prices since the start of the decade and pent-up buyer demand has been largely absorbed. The report predicted a drop of roughly 10% in home sales and housing starts this year and national price increases in the mid single digits.

At this late stage in the cycle, affordability favours lower-priced multiple-unit housing, such as condos, over single-detached homes. In addition “move up” buyers who have already built up equity in their homes will likely be more active than first-time purchasers. Renovation activity should outpace new construction and sales, sustained by the record number of existing home sales in recent years.

Steady borrowing costs now, lower later

Scotiabank’s Deputy Chief Economist Aron Gampel indicated that “The Canadian economy would record moderate growth this year in response to the slowdown in the United States, ongoing competitive issues, including a strong Loonie, and prior interest rate adjustments.”

Mr. Gampel also predicted that economic prospects would remain strongest in the resource-rich regions, and in the fast-growing service and construction sectors that are supportive of the nationwide boom in infrastructure spending.

According to Mr.Gampel, “In this environment, borrowing costs will likely remain steady for the time being, though the slowing momentum in growth points to lower interest rates in the second half of the year.”

Scotia Economics provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

———————————————————————————

Contact the Jeffrey Team for more information

The value of building permits surged to their highest level ever in January, thanks to huge gains in the value of residential and non-residential permits

March 6 - Statistics Canada News Release

Builders took out a record $6.3 billion in building permits in January. January’s level was 11.3% higher than December 2006. It was the third time in four months that the $6-billion mark was surpassed.

These results point to a busy spring on building sites as building permits are a leading indicator for construction activity.

The value of non-residential permits increased 19.3% to a record $2.6 billion in January, the third monthly gain in four months. January’s gain was due largely to surges in the values of both industrial and institutional permits in Ontario.

In the residential sector, the value of building permits rose 6.3% to $3.7 billion after two monthly declines. This was the third highest monthly level on record. Intentions increased in both single- and multi-family components.

Provincially, the largest gain (in dollars) occurred in Ontario, where municipalities approved $2.6 billion worth of permits in January, thanks to a new record high in the non-residential sector.

On the other hand, the value of building permits fell in six provinces. The biggest decline in terms of dollars occurred in Alberta, where a large drop in commercial and industrial permits more than offset a gain in the housing sector.

Residential: Record-high value of single-family permits

Municipalities set a record for the value of building permits for single-family units for a second consecutive month. They issued $2.4 billion in single-family permits, up 2.8% from December. A major contributing factor was higher construction costs.

Demand remained high for single-family dwellings, as municipalities authorized 10,220 new units, a slight 0.6% decline from December. This level was 3.0% higher than the monthly average of 9,920 units set in 2006.

The demand for new single family units has been on an upward trend since the middle of 2006.

Following two monthly declines, the value of multi-family permits rebounded, rising 13.8% in January to $1.3 billion. The increase was powered by gains in the three types of multi-family dwellings (apartments/condominiums, semi-detached and row houses).

In January alone, permits for 10,005 new multi-family units were issued, up 27.4% from December. A vast majority of the January permits were for new apartments/condominiums.

Among the provinces, six showed increases in their value of housing permits in January. The largest gains (in dollars) were recorded in British Columbia (+16.7% to $719 million) and in Alberta (+15.1% to $758 million). The gains in both provinces were due to jumps in the values of single- and multi-family permits.

The housing sector continued to be positively affected by the very dynamic economy in Western Canada. Other contributing factors were advantageous mortgage rates, the continued strength in full-time employment and in personal disposable income as well as the high level of immigration.

Non-residential: Strong rebound in institutional and industrial components

Strong growth in the values of both institutional and industrial permits was the main factor behind the new monthly record in the non-residential sector.

Permits in the institutional sector rebounded a spectacular 69.3% to $620 million, after falling 51.1% in December. It was a fourth monthly increase over the last six months, and was largely the result of higher construction intentions for medical and educational buildings.

Among provinces, six showed gains in the institutional sector. The largest gain (in dollars) was recorded in Ontario (+115.0% to $337 million).

The value of institutional permits has been on an upward trend since February 2006.

In the industrial sector, the value of permits surged 45.9% to $650 million. The big gain, which followed an 11.1% decline in December, was the result of large increases in the manufacturing and utility building categories in Ontario. Alberta showed the biggest drop (in dollars) on the heels of a 125.6% gain in December.

The value of industrial permits has been on an upward trend since January 2006.

Commercial sector permits fell 2.6% from December to $1.3 billion. Behind this decline was the lower demand for permits associated with warehouses and recreation buildings. Despite the retreat, the value of commercial building permits in January remained 12.0% higher than the average monthly level in 2006.

Provincially, the biggest gain (in dollars) in the non-residential sector occurred in Ontario, where all three components (commercial, industrial and institutional) registered huge gains. In contrast, the largest decline (in dollars) occurred in Alberta, the result of important drops in the industrial and commercial components.

Several economic factors were consistent with the strength in the non-residential sector, including growth in consumer spending and declining vacancy rates for industrial and commercial buildings. In addition, corporate operating profits hit a record high in 2006.

Metropolitan areas: Strong growth in Toronto and Vancouver

Among the 34 census metropolitan areas, 16 showed higher value of permits compared with December 2006. Toronto and Vancouver had the strongest increases (in dollars), the result of strength in both the residential and non-residential sectors. In Toronto, the value of non-residential permits hit its highest value since March 2005.

The value of building permits hit a new high in January in Greater Sudbury.

In contrast, the largest decline occurred in Halifax where decreases in both the residential and non-residential sectors led the value of permits to its lowest level since February 2005.

The Building Permits Survey covers 2,380 municipalities representing 95% of the population. It provides an early indication of building activity. The communities representing the other 5% of the population are very small, and their levels of building activity have little impact on the total.

———————————————————————————

Contact the Jeffrey Team for more information