Toronto Condo and Real Estate Blog

Condominium markets in Canada will continue to offer solid opportunities in 2008 to first-time homebuyers looking for accessible, affordable housing in Canada’s major urban centres, according to new data released today by Genworth Financial Canada, a subsidiary of Genworth Financial, Inc.

Genworth’s Winter 2008 Metropolitan Condominium Outlook concludes that while condo sales numbers are downshifting from near-record levels in eight cities surveyed, resale prices should continue to advance in 2008 and grow steadily through 2012. As a result, condos remain a good entry point for first-time buyers and a good investment for market entrants.

With drops in condo starts from historically high levels in Montreal, Calgary, Edmonton, Vancouver and Victoria, the country will see balancing between re-sales and new condo starts over the next few years. This will encourage moderate price growth and in turn maintain the affordability factor of condominiums. All markets will see price increases in 2008, ranging from 1.6% in Ottawa to 6.4%in Edmonton.

“Condominiums are still filling the demand for relatively affordable housing. With prices for single-detached homes rising well above $500,000 in Toronto and Calgary, and to at least $600,000 in Vancouver, the condo market remains extremely important to first-time buyers who wish to remain in Canada’s largest urban communities,” said Peter Vukanovich, president of Genworth Financial Canada.

The Genworth report, produced with the Conference Board of Canada, concludes that “recently elevated volumes suggest condos are becoming entrenched in most communities.” Edmonton, Vancouver and Victoria are estimated to have posted record high starts volumes in 2007, while Calgary and Ottawa hit all time highs in 2006.

“Canada’s condo market continues to remain a good opportunity for first-time home buyers. The slower rate of price appreciation in 2008 will benefit first-time buyers looking to get into the market, and the innovative mortgage solutions available to them make that first-time purchase more accessible and affordable than ever,” said Vukanovich.

“This report underscores the solid value condominiums offer to first-time homebuyers looking to get a foothold in Canada’s robust housing market. A condo offers an affordable opportunity to begin to build equity in a home of your own,” said Jim Murphy, President and CEO of the Canadian Association of Accredited Mortgage Professionals (CAAMP).

The Winter 2008 Metropolitan Condominium Outlook reviewed resale condo markets in Quebec City, Montreal, Ottawa, Toronto, Calgary, Edmonton, Vancouver and Victoria. All eight markets registered moderate price growth in 2007 and are forecast to continue to have moderate growth this year and through 2012.

About Genworth Financial Canada:
Genworth Financial Canada, The Homeownership Company, works with lenders, mortgage brokers, real estate agents and builders to make homeownership more affordable and accessible throughout Canada. The company combines global experience in mortgage insurance with technological and service leadership to deliver innovation to the mortgage marketplace.

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

Pape church conversion a part of history

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

Roll-Back Land Transfer Tax Immediately, Toronto Real Estate Agents Tell Councillors

With the City’s Executive Committee reviewing the proposed 2008 Operating Budget today, the Toronto Real Estate Board is calling for City Councillors to immediately begin to fulfill their commitment to roll-back the Toronto Land Transfer Tax, while still keeping property tax increases in check. Toronto real estate agents‘ input was presented in a detailed written submission to the Executive Committee.

“Toronto real estate agents and the public they serve, have not forgotten about the motion approved by City Council last fall, which committed to rolling back the Toronto Land Transfer Tax once the provincial government starts addressing the funding of downloaded services,” said Maureen O’Neill, President of the Toronto Real Estate Board. “We believe that recent progress means that the City can, and should begin rolling back the Toronto Land Transfer Tax immediately.”

When City Council approved the implementation of the Toronto Land Transfer Tax on October 22, 2007, it also approved a motion committing to reduce the Land Transfer Tax by $50 million once the Province has uploaded 50% of the City’s estimate of downloaded costs of $729 million. In its written submission to the City’s Executive Committee, the Toronto Real Estate Board pointed out that the City is already in a position to implement the intent of this motion because of:

* provincial uploading that has already begun,
* further uploading expected later in the spring
* provincial funding for operating costs of transit
* ongoing provincial funding for infrastructure, which could help reduce debt servicing costs in the operating budget
* opportunities available by implementing the recommendations of the Mayor’s Fiscal Review Panel.

“Recent progress on uploading and other provincial funding, taken together with even modest implementation of the Mayor’s Fiscal Review Panel’s recommendations, will reduce pressure on this year’s budget by literally hundreds of millions of dollars,” said O’Neill.

The Toronto Real Estate Board also believes that City Council can begin rolling back the Toronto Land Transfer Tax, while keeping property tax increases to the rate of inflation as promised by Mayor Miller.

“The Mayor committed to keeping property tax increases in-line with inflation, but the proposed residential increase is double the rate of inflation,” said O’Neill. “We believe that there is enough flexibility in the 2008 Budget to allow City Council to meet the Mayor’s property tax commitment, while also fulfilling the commitment to roll back the Toronto Land Transfer Tax.”

One of the key recommendations in the Toronto Real Estate Board’s submission to the City’s Executive Committee calls on the City to focus on core services, optimize efficiencies and implement innovative options, consistent with the recommendations of the Mayor’s Fiscal Review Panel.

“On numerous occasions, the Toronto Real Estate Board called for an independent review of the City’s finances, and we are encouraged by the work of the Mayor’s Fiscal Review Panel,” said O’Neill. “It is clear that many of the Toronto Real Estate Board’s views regarding fair ways to address the City’s financial challenges have been validated by the Panel.”

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