Toronto Condo and Real Estate Blog

Terry Pedwell, The Canadian press

While more and more Canadians own homes, a new report says the country’s poorest struggle just to keep a roof over their heads.

The report by the Federation of Canadian Municipalities says it’s very difficult, and at times impossible, for some Canadians to find affordable real estate in the country’s biggest urban areas.

“Canadians must not forget that, despite our general prosperity, decent affordable housing is beyond the reach of many,” said Brenda Hogg, chair of the federation’s social and economic development committee.

The report’s authors warn that the situation is growing worse as real estate prices continue to outpace income growth and fewer rental units are constructed.

“While rental housing remains an alternative to home ownership, construction of new rental housing lagged far behind historical levels,” said a news release accompanying the report.

“Fewer than nine per cent of all housing units completed in Canada’s largest cities between 2001 and 2006 were rental units.”

As well, the report says homelessness remains a growing problem for urban Canada, requiring cities to establish close to 20,000 permanent shelter beds.

“Many low-income families, including children, are living on the brink of homelessness or living in substandard housing,” said Ms. Hogg, who is also a York Region councillor living in Richmond Hill, Ont.

“Families on social assistance are faced with difficult housing choices, including living in unaffordable, inadequate, illegal or overcrowded housing conditions,” she said Wednesday following the report’s release.

“And their are signs the underlying fundamentals are getting worse.”

The report looked at affordable housing and homelessness between 2001 and 2006 in 22 large and medium-sized municipalities and urban regions across the country.

They include Canada’s biggest cities, such as Vancouver, Toronto and Montreal, as well as large regional municipalities in Ontario and Quebec.

The problem will only be exacerbated as baby boomers grow older, especially as low-income home construction continues to decline, said Hogg.

“The population of Canadian cities are aging, and there are more seniors on social housing,” she said.

“Whatever housing that we do have in the lower-income range is aging and it’s not being replaced well enough.”

The federation was scheduled to release its strategy for tackling the problem on Jan. 23 in Vancouver.

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Contact the Jeffrey Team for more information - 416-388-1960

The first half of January saw 1,776 resale homes in the Greater Toronto Area change hands, an 11 per cent increase over the same timeframe a year ago Toronto Real Estate Board President Maureen O’Neill announced today.

“This early indication certainly gives us reason to be optimistic about the 2008 Toronto real estate market,” said Ms. O’Neill. “We are still looking forward to a strong, steady year ahead. Toronto’s land transfer tax will come into effect on February 1, so we are watching this issue.”

The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.

Strong activity was noted in several areas of the Greater Toronto real estate market.

Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales.

In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.

The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales.

Central Richmond Hill (N04) showed a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.

The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago.

“These are all solid gains that point to a stable, healthy market for 2008,” said Ms. O’Neill.

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Contact the Jeffrey Team for more information - 416-388-1960

Buying your first condo can feel intimidating at first, but the process is a lot easier than you think. Your real estate agent, lawyer, and bank representatives will help guide you to buying the right Toronto condo that suits you, so choose them wisely and don’t be afraid to ask questions. Here are some tips to help you start your search and find your dream condo.

1. Make sure you get what you want
Before you start hunting for condos in Toronto, make a list of your priorities. Consider approximate size, number of bedrooms and bathrooms, location, price, amenities, and how soon you want to move. Check the “Condominium Buyer’s Guide” from the Canada Mortgage and Housing Corporation website to help you start searching for potential condos.

2. Stay focused
Even the thriftiest shopper can lose perspective when dealing in six-figure amounts. What’s another $5,000 when you’re already spending $250,000, right? Well, if you consider interest, it’s quite a lot. Know what you can afford, get pre-approved for your mortgage, and stick to your budget.

3. All the world’s a stage
Whether you’re looking at model suites or resale condos, be aware of the staging that’s been done to make the space more appealing.

4. Know where to shove it
Storage space may not seem as exciting as a gourmet kitchen or a wrought-iron spiral staircase, but when you’re about to squeeze your whole life into 700 square feet, it’s important that there’s room for your all your possessions.

5. Go with your gut
Finding the right condo is like finding love. If it’s meant to be, sparks will fly. If the first 10 places don’t float your boat, don’t be disappointed, just keep on looking.

6. Does your car have a space?
Parking can be an uncovered stall, a covered stall, indoors but unheated or indoors heated and secured. Its legal status can be either assigned common-area space, or legally-titled ownership. If it is assigned, it should be protected by a formal lease agreement. You should also find if there is guest parking.

7. Warm and cozy
Heating is an important issue in condo buildings. In apartment condos it is usually central gas-fired hot-water heat, which means the cost is covered by your monthly condo fees. However, older hot-water heating systems can be heard! Electric heat is convenient, quiet and controllable in each room, but it’s expensive. Learn about the condo’s heating system and see if it works for you!

8. Who are your neighbours?
Renters will be found in any condo building. That’s good for your flexibility as an owner, but find out how many renters are in the building. If it’s primarily renters, this means that investors own the building and they may not share your standards of operation and maintenance. You may also find  a less sense of community in the building.

9. Light
Orientation of the condo is important if it’s an apartment facing only one direction, less so if it’s a townhouse or duplex bungalow condominium with more exposures. How much sun does the condo receive, and is that sun hitting your bedroom windows at 5 a.m. during the summer? You may prefer it, or you might hate it, so be aware of which ways the condo faces and whether it will be bright enough, too hot, or too dark for your needs.

10. Quality counts
Construction of condos can vary dramatically. Concrete is more long lasting and generally quieter than frame construction, but “post-tensioned” concrete construction can have problems requiring maintenance. Concrete transmits tapping sounds, while wood-frame buildings can quiver slightly under heavy footsteps. Remember, quality will be your best investment!

11. Check and Double Check
If something bothers you a little on the first sight, it’ll bother you a lot when you live there. You shouldn’t have to talk yourself into a $250,000 purchase. Think twice before you make the deal. Check all documentation carefully and make a wise decision.

If you take the above steps into consideration when you start your hunt, you’re guaranteed to be on the right track to finding your dream condo. Remember, buying a condo is not difficult if you do your research and consult with your real estate agent.

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Contact the Jeffrey Team for more information - 416-388-1960