Toronto Loft Conversions

We know classic brick and beam lofts! From warehouses to factories to churches, Laurin and Natalie want to help you find your perfect new loft. More »

Modern Toronto Lofts

Not just converted lofts, we can help you find the latest cool and modern space. There are tons of new urban spaces across the city. More »

Unique Toronto Homes

Not just lofts, we can also help you find that perfect house. From the latest architectural marvel to a piece of Toronto\'s Victorian past, the best and most creative spaces abound. More »

Condos in Toronto

We started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite. More »

Toronto Real Estate

For all of your Toronto real estate needs, contact the Jeffrey Team. Laurin and Natalie are dedicated to helping you find that perfect and unique new home to call your own. More »

 

Search Results for: how to change pet restrictions in condos in toronto

Bayview Avenue Condos

The south­ern end of Bayview Avenue starts at River Street (under Queen Street East) near the city’s Lake Ontario water­front (or Toronto Bay hence the name Bayview). It runs north beyond Stee­les Avenue, Toronto’s north­ern city limit, and con­tin­ues north through York Region, where it is for­mally iden­ti­fied as York Regional Road 34.

Many of the neigh­bour­hoods that Bayview Avenue passes through, such as the Bri­dle Path, are con­sid­ered to be among the most expen­sive res­i­den­tial real estate in Toronto and among the most pres­ti­gious neigh­bour­hoods in all of Canada. These areas include the inter­sec­tions at Post Road, Lawrence Avenue, Stee­les Avenue and 16th Avenue.

Fol­low­ing World War II, Bayview was extended south from Moore Avenue in Lea­side to Front Street, par­al­lel to the route of the Don Val­ley Park­way. This addi­tion is fre­quently referred to as the Bayview Exten­sion. South of Bloor Street, Bayview runs along­side the Cana­dian National Rail­way tracks in the Don Val­ley. This part of Bayview, though only four lanes wide, and at its south­ern­most tip only two lanes wide, is nev­er­the­less a very quick route from the down­town to the sub­urbs due to the absence of res­i­dences and busi­nesses along the route and the lack of cross-streets.

Most of the con­dos on Bayview are towards the mid­dle and north­ern ends. The area north of Eglin­ton has seen a few con­dos built in the past 10 years or so. Many more con­dos are being built around Bayview and Shep­pard, though. With the prox­im­ity of the TTC and Bayview Vil­lage shop­ping cen­tre, it is a nat­ural place to build new con­dos.

Call Lau­rin at 416−388−1960 or or email him today if you are inter­ested in any of these Bayview Avenue Con­dos! And please be sure to let us know if you think a condo is missing.

Kilgour Estates - 20 Burkebrook Place & 50 Kilgour RoadKil­gour Estates – 20 Burke­brook Place & 50 Kil­gour Road
In 1909, Joseph Kil­gour, Pres­i­dent of the Canada Paper Com­pany, estab­lished one of Bayview’s first coun­try estates, south of Lawrence Avenue. Daniels has envi­sioned Kil­gour Estate to be an address that has always belonged within Toronto’s most sought-after neigh­bour­hoods. Beyond the stately entry gates within twelve acres of finely groomed estate lands, a tree-lined boule­vard leads towards gra­cious ter­raced con­do­minium res­i­dences, dis­tin­guished town­homes and a clas­si­cal look­out belved­eres on the edge of the lush Burke Brook ravine.
Con­tact us today if this condo inter­ests you.
———-
Bayview Walk Condos - 1818 Bayview Avenue Bayview Walk – 1818 Bayview Avenue
Bayview Walk is a low rise build­ing located near the very desir­able Lea­side neigh­bour­hood. Sun­ny­brook plaza is steps away for easy gro­cery shop­ping and a 5-minute bus ride gets res­i­dents to the Eglin­ton sub­way. Built in 1992 by Plaza­corp, the condo has ameni­ties such as a fit­ness cen­tre, sauna, party room, rooftop deck/garden, secu­rity sys­tem and vis­i­tor park­ing. The build­ing has retail on the ground floor to add even more con­ve­nience. Con­tact us today if this condo inter­ests you.
———-
The Braxton Condos - 1750 Bayview Avenue The Brax­ton – 1750 Bayview Avenue
The Brax­ton is steps to every­thing the neigh­bour­hood has to offer but gives you a feel­ing like you’re liv­ing in the coun­try. Sun­ny­brook Plaza and Lea­side shops are just oppo­site of the build­ing. The TTC is just at the building’s door for a short 5 minute ride to the sub­way. The build­ing has a won­der­ful exer­cise room, enter­tain­ment room, and vis­i­tor park­ing. A rel­a­tively recent condo, it was com­pleted in 2000.
Con­tact us today if this condo inter­ests you.
———-
Canterbury Lawrence Park - 2130 Bayview Avenue Can­ter­bury Lawrence Park – 2130 Bayview Avenue
Can­ter­bury Lawrence Park is a new town­house project by Trib­ute Com­mu­ni­ties cur­rently under con­struc­tion at 2130 Bayview Ave in Toronto. The project is sched­uled for com­ple­tion in 2013. Avail­able town­houses start at $739,990. The scenic Blyth­wood Ravine nour­ishes this beau­ti­ful land­scape, endow­ing it with rare nat­ural beauty. Bril­liant clay brick and stone exte­ri­ors invite you into a gor­geous inte­rior set­ting, with lux­u­ri­ous hard­wood floors, oak veneer stair­cases, nine-foot ceil­ings, gran­ite coun­ter­tops and more.
Con­tact us today if this condo inter­ests you.
———-
Blyth­wood at Hunt­ing­ton – 1900 Bayview Avenue Blyth­wood at Hunt­ing­ton – 1900 Bayview Avenue
Perched on the east­ern edge of Sher­wood Park, this devel­op­ment will con­sist of two lowrise build­ings, joined by an attrac­tive one-story glass prom­e­nade. While most units will have at least some expo­sure to the ravine view, units on the west and south also have a view of the city sky­line. Sizes start at 1,690 square feet and rise to an impres­sive 6,000 square foot pent­house with two ter­races, four bed­rooms and two lev­els. It’s car­riage trade all the way here: state-of-the-art envi­ron­men­tal effi­ciency, kitchens by Irpinia, oak strip floor­ing, 10-foot ceil­ings and a host of ameni­ties make it as fine as the homes these buy­ers are leav­ing behind. And as such, pur­chasers are encour­aged to cus­tomize their units.
Con­tact us today if this condo inter­ests you.
———-
The Bayview - 1801 Bayview Avenue The Bayview – 1801 Bayview Avenue
On Bayview just north of Eglin­ton, this condo was built in 2003 by Daniels. Ris­ing 9 sto­ries, there are 100 units in this Lea­side condo build­ing. Lay­outs range from one to three bed­rooms, with two bed­rooms being the most com­mon. All have bal­conies or ter­races, and each unit has at least one park­ing spot. Fin­ishes are rather posh, with hard­wood, coved ceil­ings, cor­ner tubs and stain­less appli­ances. Ameni­ties include a rec room, exer­cise room with sauna and secu­rity guard. While the condo fees are all-inclusive, they are quite high.
Con­tact us today if this condo inter­ests you.
———-
The Chedington - 1 Chedington Place The Ched­ing­ton – 1 Ched­ing­ton Place
The European-designed Ched­ing­ton Place is on the north-east cor­ner of Bayview and Lawrence. An exclu­sive condo that fea­tures pri­vate ele­va­tors, spec­tac­u­lar ravine views and grand suites. Empty nesters from the area are attracted to the building’s exquis­ite fin­ishes and full ser­vice valet park­ing. There are def­i­nitely a lot of peo­ple sell­ing larger homes who want a decent size con­do­minium, Ched­ing­ton Place is a link to the cur­rent short­age of suites in the upper end of the mar­ket. The Ched­ing­ton is newer and has exquis­ite fin­ishes – high ceil­ings, fire­places, bal­conies which over­look the Rosedale Ravine. Condo buy­ers in this mar­ket are gen­er­ally look­ing for two bed­rooms and a den, a big kitchen, a bal­cony and high ceil­ings. They also want valet park­ing, secu­rity and ser­vice, which The Ched­ing­ton pro­vides with some grandeur.
Con­tact us today if this condo inter­ests you.
———-
Empire on Bayview - 17 Barberry Place Empire on Bayview – 17 Bar­berry Place
The Empire Con­do­mini­ums at New York Tow­ers on Bayview is a gor­geous devel­op­ment from the Daniels Cor­po­ra­tion. The unique archi­tec­ture of these four condo tow­ers makes them iden­ti­fi­able from miles away. There are 400 suites avail­able in this build­ing – com­prised of one bed­rooms, one bed­rooms plus den, two bed­rooms, pent­houses and beau­ti­ful gar­den vil­las and town­homes. Each has a bal­cony or ter­race. Condo ameni­ties include the Empire Club, a sprawl­ing spa and fit­ness cen­tre com­plete with recre­ational facil­i­ties for res­i­dents and their guests to enjoy. There are steam­rooms, a pool, a fit­ness cen­tre with aer­o­bics room, media room, vir­tual golf cen­tre, party room with kitchen, and bil­liards room. The lobby boasts a card room, lounge and library. 24-hour concierge ser­vices and alarms pre-wired to suite doors pro­vides com­pre­hen­sive secu­rity. This tower was com­pleted in 2005 and is 28 storeys tall.
Con­tact us today if this condo inter­ests you.
———-
The Chelsea - 19 Barberry Place The Chelsea – 19 Bar­berry Place
Com­pleted in 2003 by Daniels, this is one of the shorter build­ings in the New York Tow­ers com­plex at Bayview and Shep­pard. The Chelsea has 8 floors and 126 suites. The con­do­mini­ums here are 1 bed­room, 1 bed­room + den, two bed­rooms or 2 bed­room + den lay­outs. The rooms are rel­a­tively spa­cious as far as new condo con­struc­tion goes. Many of the con­dos are fur­nished with hard­wood floors along with gran­ite coun­ter­tops in the kitchens. 19 Bar­berry con­dos are walk­ing dis­tance from Bayview Vil­lage Mall and the sub­way. The 401 is just a few min­utes drive from the con­dos mak­ing this an excel­lent loca­tion for the morn­ing com­mute. There is an indoor swim­ming pool and an under­ground garage facil­ity. Inter­net access and a café are also avail­able within the build­ing. How­ever, there is a restric­tion on keep­ing pets.
Con­tact us today if this condo inter­ests you.
———-
Waldorf Towers - 2 & 8 Rean Drive Wal­dorf Tow­ers – 2 & 8 Rean Drive
The other 2 build­ings in the New York Tow­ers com­plex by Daniels, these were also com­pleted in 2003. With 230 suites on 20 floors in the East Tower and 221 suites over 20 floors in the West Tower, 2 Rean Drive & 8 Rean Drive have 1 bed­room, 2 bed­room or 2+1 bed­room lay­outs with one or two bath­rooms respec­tively. The Wal­dorf Tower con­dos have great access to nearby Bayview vil­lage, 401 high­way, sub­way, Loblaws, YMCA and schools. The con­do­mini­ums boast high qual­ity fin­ishes and style that the Daniels group has been known for. You can calm and relax your­self in a charm­ing and peace­ful envi­ron­ment through var­i­ous activ­i­ties pro­vided in the exer­cise room, swim­ming pool, sauna, library, vir­tual golf, bil­liards, ping-pong, out­door BBQ patio, and a multi pur­pose recre­ational room.
Con­tact us today if this condo inter­ests you.
———-
Bayview Mansions - 1 & 2 Clairtrell Road Bayview Man­sions – 1 & 2 Clairtrell Road
Bayview Man­sions is a beau­ti­ful condo com­plex located just west of Bayview on the north side of Shep­pard. Devel­oped by the Times Group Cor­po­ra­tion and com­pleted in 2004, both build­ings are 14-stories high with 130 suites in each. Near the upscale shops and restau­rants of Bayview Vil­lage and the Bayview sub­way sta­tion, each build­ing of Bayview Man­sions has a brick, glass and pre­cast con­crete facade. There are approx­i­mately 260 con­dos avail­able, rang­ing from 777 square feet to 1,385 square feet – all with bal­conies. The Bayview Man­sions fea­ture a rooftop ter­race and a gar­den with a pleas­ant water­fall. Recre­ational facil­i­ties include gym, sauna, bil­liards room, exer­cise room and a fit­ness cen­ter. The main­te­nance charges include all the util­i­ties like park­ing, water, heat, hydro, and air con­di­tion­ing. The park­ing is under­ground. Pets are per­mit­ted with some restric­tions.
Con­tact us today if this condo inter­ests you.
———-
St. Gabriel Village Condos - 650 Sheppard Avenue East St. Gabriel Vil­lage Con­dos – 650–676 Shep­pard Avenue East
St. Gabriel is com­posed of St. Gabriel Vil­lage, two tow­ers which have the feel­ing of liv­ing in a bun­ga­low. They include large cov­ered ter­races. Next is St. Gabriel Ter­race, a bou­tique hotel-style res­i­dence, with all ameni­ties included, right down to a tooth­brush. Last is St. Gabriel Lane – town­homes for fam­i­lies, each with a bit of a back­yard area. Another devel­op­ment by Shane Baghai, St. Gabriel Vil­lage is a gor­geous com­plex of con­do­mini­ums and town­homes in the heart of North York. Right beside the upscale shops, restau­rants and ser­vices of Bayview Vil­lage, it is near pub­lic tran­sit and the 401. A con­do­minium build­ing and col­lec­tion of 23 town­homes will make St. Gabriel a secluded neigh­bour­hood of its own. Ameni­ties include a the­atre room, saunas, pri­vate din­ing room, relax­ing piano bar, valet park­ing and fit­ness facil­i­ties.
Con­tact us today if this condo inter­ests you.
———-
Arc Condos - 2885 Bayview Avenue Arc Con­dos – 2885 Bayview Avenue
Arc Con­dos is a Daniels-built condo located at the north­east cor­ner of Bayview and Shep­pard, in North York. It is a fan­tas­tic 15-storey new condo with 447 res­i­den­tial condo units in a prime spot in Bayview Vil­lage. Like no other condo in Toronto, the Arc Condo is shaped just that – like an arc. Arc Condo ameni­ties include pool, fit­ness cen­tre, his/her change rooms, bil­liards room, party room, media lounge, inter­net cafe, cater­ing kitchen, cof­fee bar, screen­ing the­atre, and two guest suites. With direct access to the Bayview sub­way sta­tion and located adja­cent to Bayview Vil­lage Shop­ping Cen­tre, Arc is at the apex of shop­ping, the­atres, din­ing and cul­tural events.
Con­tact us today if this condo inter­ests you.
———-
Chrysler Towers - 1 & 3 Rean Drive Chrysler Tow­ers – 1 & 3 Rean Drive
Both con­do­minium build­ings were com­pleted by the Daniel’s group in 2003 with 320 suites and 28 floors per build­ing. Part of the New York Tow­ers devel­op­ment at Shep­pard and Bayview. Both build­ings are known as the Chrys­lar East and West Tow­ers and have great access to nearby Bayview vil­lage, 401 high­way, sub­way, Loblaw’s, YMCA and schools. Many con­dos within the build­ing have a num­ber of upgrades includ­ing gran­ite coun­ter­tops, hard floors, stain­less steel appli­ances, mar­ble van­i­ties, and mar­ble floor­ing in the bath­rooms. With great lay­outs and neu­tral décor you will be ready to move in. Enjoy ameni­ties such as indoor swim­ming pool, party room, library, bil­liards room, sauna, and twenty-four hours concierge. The devel­op­ment also boasts locker facil­i­ties, and ample vis­i­tor park­ing spaces.
Con­tact us today if this condo inter­ests you.
———-
Governor's Manor - 67-93 Douglas Crescent Governor’s Manor – 67–93 Dou­glas Cres­cent
The homes on Dou­glas Cres­cent sit on the edge of the wooded hills of the Moore Park Ravine and all res­i­dences expe­ri­ence wildlife right out­side their back door. These houses were built in the 1920s, 1930s, and 1940s. Also on Dou­glas Cres­cent sits the his­toric Governor’s Manor at 67–93 Dou­glas Cres­cent. In recent years this res­i­dence has been trans­formed into an upscale con­do­minium town­house com­plex adding a grand qual­ity to this already pres­ti­gious enclave of homes. This Eng­lish Tudor style apart­ment, built in the 1920′s, is a stately look­ing build­ing that adds to the grandeur of this exclu­sive neigh­bour­hood.
Con­tact us today if this condo inter­ests you.
———-
The Rockefeller - 18 Kenaston Gardens The Rock­e­feller – 18 Kenas­ton Gar­dens
Part of the the New York Tow­ers condo com­plex at Bayview and Shep­pard, this 20-storey condo tower was com­pleted by Daniels in 2006. Directly across from Bayview Vil­lage Shop­ping Cen­tre and lit­er­ally steps to the Bayview sub­way sta­tion, this condo is close to every­thing. Min­utes to high­ways 401, 404 and the DVP – and sur­rounded by gor­geous parks and great schools. Condo ameni­ties include 24-hour concierge, party room, fit­ness cen­tre, indoor swim­ming pool, games room and media room.
Con­tact us today if this condo inter­ests you.
———-
The Bayview - 23 Rean Drive The Bayview – 23 Rean Drive
The Bayview is a ter­raced con­do­minium res­i­dences at Bayview and Shep­pard, one of the lux­u­ri­ous con­do­mini­ums devel­oped by Daniels Cor­po­ra­tion and Amica. With 9 storeys and 101 suites, The Bayview Ter­raced Con­do­minium is per­fect for res­i­dents of all ages. Ameni­ties include concierge, library, indoor swim­ming pool, bil­liard room, whirlpool, the­atre, steam room, meet­ing room, gym, guest room, exer­cise room, party room, pri­vate din­ing room and piano lounge. Min­utes to Bayview sub­way sta­tion, Bayview Vil­lage Shop­ping Cen­tre and High­ways 401 & 404.
Con­tact us today if this condo inter­ests you.
———-
Merci Le Condominiums - 27 Rean Drive Merci Le Con­do­mini­ums – 27 Rean Drive
Merci is the newest condo to be added to the New York Tow­ers com­mu­nity at Bayview and Shep­pard by the award-winning Daniels Cor­po­ra­tion. Merci com­bines Parisian-inspired archi­tec­ture with mod­ern ameni­ties to offer a sophis­ti­cated lifestyle oppor­tu­nity in the heart of uptown Toronto. This boutique-style res­i­dence is resplen­dent in the clas­si­cal touches of an ornate Parisian design marked by the ele­gance of a tra­di­tional mansard roof and charm­ing dormer winders. The build­ing adds another Euro­pean ele­ment to the archi­tec­tural mix in the com­mu­nity.
Con­tact us today if this condo inter­ests you.
———-
The Alexandria - Bayview Avenue & Post Road The Alexan­dria – Bayview Avenue & Post Road
The Alexan­dria is a new town­house project by Hush Homes cur­rently under con­struc­tion at Bayview Ave & Post Rd in Toronto. The project is sched­uled for com­ple­tion in 2014. Avail­able town­houses range in price from $2,300,000 to $3,050,000. The project has a total of 20 units. Alexan­dria is a col­lec­tion of fine town­homes per­fectly posi­tioned between two sought-after and pres­ti­gious loca­tions. The Bri­dle Path and Post Road. This afflu­ent neigh­bour­hood is home to some of the largest and most expen­sive homes in Toronto. The Alexan­dria is the first true town­homes to be added to this area.
Con­tact us today if this condo inter­ests you.
———-
Aristo at Avonshire - 120 Harrison Garden Boulevard Aristo at Avon­shire – 120 Har­ri­son Gar­den Boule­vard
Aristo at Avon­shire is a new condo and town­house project by Tridel cur­rently under con­struc­tion at 120 Har­ri­son Gar­den Blvd in Toronto. The project is sched­uled for com­ple­tion in 2014. Avail­able condos/townhouses range in price from $342,000 to $525,000. Aristo is a fusion of sleek design and mod­ern day must-haves con­tin­ues to take North York by storm. Noth­ing will be deemed too glam for Aristo 2, the newest 16 storey tower at Tridel’s Avon­shire con­do­minium com­mu­nity.
Con­tact us today if this condo inter­ests you.
———-
8 on Bayview - 2500 Bayview Avenue 8 on Bayview – 2500 Bayview Avenue
8 on Bayview is a new hous­ing, condo and town­house project by Wycliffe Homes cur­rently in pre­con­struc­tion at 2500 Bayview Ave in Toronto. Avail­able houses/condos/townhouses start at $1,500,000. The project has a total of 8 units. This exclu­sive col­lec­tion of town­homes is located in the pres­ti­gious neigh­bour­hood of Bayview and York Mills, only a 2 minute walk to the out­door restau­rants and shops of York Mills Plaza. At 3,000 square feet with 2 car park­ing, each unique home fea­tures full floor mas­ter bed­room retreats, over­sized out­door enter­tain­ing patios, pro­fes­sional kitchen appli­ances and home ele­va­tors all fin­ished with the sig­na­ture Wycliffe appoint­ments which has been a sta­ple to Toronto lux­ury liv­ing for over 60 years.
Con­tact us today if this condo inter­ests you.
———-

—————————————————————————————————————————————

Lea­side fea­tures the com­mer­cial cen­tre of the region along Bayview, fea­tur­ing a mix of restau­rants, antique shops, and spe­cialty stores, while also con­tain­ing plenty of green space for recre­ation. Mid-rise con­dos in the area offer access to this desir­able com­mu­nity at a range of prices.

Bayview and Shep­pard, Bayview and Eglin­ton, Bayview and Lawrence – every area has it’s own con­dos. From the ultra lux­ury projects near Post Road and Sun­ny­brook, to the older units closer to Eglin­ton and Lea­side, to the newer and smaller con­dos being built around Shep­pard and the new sub­way line.

—————————————————————————————————–
Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.

—————————————————————————————————–

 


Incom­ing search terms
  • rean drive penthouse
  • 2130 bayview avenue toronto too small?
  • dont buy a condo at 20 burke­brook pl
  • trib­ute town­house bayview
  • toronto bayv iew 3 storey condo wi roofgarden
  • ched­ing­ton place condominiums
  • bayview walk condo toronto
  • neil pat­ti­son daniels corporation
  • 19 bar­berry place condo review
  • bri­dle path townhomes
  • Canada’s housing market frothy, but not a bubble

    Tighter reg­u­la­tion, health­ier bank­ing sec­tor insu­late hous­ing market

    Ronald D. Orol – Wall Street Journal

    Canada’s pricey hous­ing mar­ket is froth­ing – dri­ven by debt-ridden bor­row­ers – but a dan­ger­ous U.S.-style hous­ing cri­sis isn’t in the cards, experts say.

    We don’t expect the base Cana­dian hous­ing mar­ket to expe­ri­ence the trauma of the U.S. mar­ket,” said Robert Hogue, senior econ­o­mist at Royal Bank of Canada in Toronto.

    Reg­u­la­tory observers said they agree that a series of actions taken by the Cana­dian gov­ern­ment start­ing in 2008 and cul­mi­nat­ing in a June 2012 pack­age of reforms to limit access to credit for bor­row­ers is hav­ing its intended effect of cool­ing the frothy Cana­dian hous­ing market.

    Respond­ing to the finan­cial cri­sis of 2008, the Cana­dian gov­ern­ment set a min­i­mum down pay­ment of 5% for government-backed mort­gages. It also began a grad­ual reduc­tion in the max­i­mum amount of time bor­row­ers could take to pay down their mort­gages. The limit was set at 35 years in 2008 and was last cut in June to 25 years. The moves were imposed to tighten up under­writ­ing stan­dards that had been loos­ened between 2004 and 2008.

    The steps were nec­es­sary, observers say, in the face of ris­ing home prices – Cana­dian house prices have roughly dou­bled in the past decade, accord­ing to credit rater Stan­dard & Poor’s – that forced bor­row­ers to take on high debt to buy a house.

    There are signs that the mar­ket has been slow­ing. The mea­sures [to tighten mort­gage under­writ­ing stan­dards] by pub­lic author­i­ties are pre­ven­ta­tive as well as reac­tive and cau­tion­ary, and they are hav­ing an effect,” said Sheryl Kennedy, CEO of Promon­tory Canada and deputy gov­er­nor at the Bank of Canada from 1994 to 2008.

    Kennedy argued that the reg­u­la­tory actions taken over the past four years to tighten mort­gage insur­ance and under­writ­ing stan­dards along with pub­lic pro­nounce­ments by the Bank of Canada and Min­istry of Finance to ensure that Cana­di­ans under­stand they should be work­ing to cut debt lev­els, have con­tributed to the cool­ing of the hous­ing market.

    Tom Lewandowski, a Cana­dian bank ana­lyst with Edward Jones in St. Louis, said the Cana­dian hous­ing mar­ket could expe­ri­ence some form of slow­down, with more delin­quent bor­row­ers and a small hike in fore­clo­sures, but noth­ing akin to the mil­lions of fore­clo­sures expe­ri­enced in the U.S.

    There isn’t a US-style bub­ble to be burst,” said Lewandowski. “Given the struc­ture of the Cana­dian mort­gage mar­ket, I don’t think you are going to see a sim­i­lar amount of fore­clo­sures [as in the U.S.].”

    Com­ment: Cana­dian mort­gages default at around 0.4% – while some areas of the US have hit 30% or more. That is 75 times higher! And in absolute terms, with 10 times the pop­u­la­tion, that means their mort­gage default rate is really 750 greater than here in Canada.

    In fact, sta­tis­tics show that Canada’s hous­ing mar­ket con­tin­ues to cool. The num­ber of homes newly listed for sale dropped 3.3% in July, from June, accord­ing to an RBC report ear­lier this month.

    Accord­ing to sta­tis­tics from the Cana­dian Real Estate Asso­ci­a­tion, 461,000 homes sold in July on a sea­son­ally adjusted basis – vir­tu­ally the same as in June. The aver­age price of homes sold in Canada through the Mul­ti­ple List­ing Ser­vice fell for the fourth time in the past five months in July, drop­ping 0.8% from June on a sea­son­ally adjusted basis.

    Resales in Van­cou­ver, a par­tic­u­larly hot mar­ket for con­dos and single-family homes, fell for the eighth straight month in July, accord­ing to RBC. Toronto, another city in a condo–build­ing boom, saw a small decline in activ­ity for the third con­sec­u­tive month in July, with resales falling by 1.4% for a cumu­la­tive drop of 11.7% since April.

    Com­ment: Van­cou­ver may be in free-fall, but Toronto is not. Small dips in sales vol­umes are one thing, but prices are still climb­ing. With 7,570 sales in July and 7,922 last year, it is only a drop of 4% – in total sales. Prices rose 4% in the same time frame. Not sure I would say it is drop­ping… some mod­er­a­tion would sure be nice, though.

    Canada – land of bor­rower interest-rate risk

    How­ever, even with a cool­ing mar­ket, Cana­dian bor­row­ers typ­i­cally take on far more mort­gage interest-rate risk than their U.S. coun­ter­parts, with roughly a third of home­own­ers tak­ing floating-rate mort­gages, accord­ing to data from a May 2011 Cana­dian Asso­ci­a­tion of Accred­ited Mort­gage Pro­fes­sion­als report.

    Com­ment: Our variable-rate mort­gages are not the same as US float­ing rate mortgages.

    Hogue noted that the largest chunk of fixed-rate mort­gages are 5-year fixed-rate loans and that in recent months he has seen a shift in Cana­dian bor­row­ers mov­ing from float­ing to 5-year fixed-rate mort­gages in response to bank pro­mo­tions and in antic­i­pa­tion of higher inter­est rates down the road.

    Nev­er­the­less, bor­rower interest-rate risk is there. Craig Alexan­der, chief econ­o­mist at Toronto-Dominion Bank in Toronto, noted that the per­cent­age of mort­gages in arrears is well below 1%, with sig­nif­i­cantly fewer fore­clo­sures. How­ever, he argued that if the Bank of Canada were to hike inter­est rates by two per­cent­age points about 8% of Cana­dian house­holds would have more than 40% of their income ser­vic­ing debt.

    Sta­tis­ti­cally when more than 40% of income is going to per­sonal debt that is when you have real prob­lems, so about 8% of Cana­di­ans would find man­ag­ing their debt level is extremely dif­fi­cult, not insignif­i­cant, but not a U.S.-level prob­lem,” Alexan­der said.

    Many econ­o­mists fol­low­ing the Cana­dian hous­ing mar­ket agree that, bar­ring exter­nal shocks such as a major U.S. reces­sion or an uncon­tained Euro­pean cri­sis, the Bank of Canada will raise inter­est rates grad­u­ally start­ing in 2013. Back­ing those asser­tions, Bank of Canada Gov. Mark Car­ney appeared upbeat ear­lier this month about the econ­omy. He said, “We had been grow­ing above trend, and to the extent to which we con­tinue to grow above trend, we may with­draw some of that monetary-policy stimulus.”

    How­ever, some ana­lysts note that Car­ney may delay rate hikes after unem­ploy­ment rose to 7.3% from 7.2% in June.

    Nev­er­the­less, Hogue said he doesn’t see the jobs mar­ket as hin­der­ing the hous­ing mar­ket. He added that the dete­ri­o­ra­tion in afford­abil­ity so far has been less dur­ing this hous­ing boom than the period around the late 1980s and early 1990s in Canada (Canada had a reces­sion in 1990–91) and that he believes it is unlikely that afford­abil­ity will dete­ri­o­rate so much more that it reaches a com­pa­ra­ble position.

    Com­ment: We for­get that 1989–1991 was a unique period due to the real estate bub­ble and crash, cou­pled with the recession.

    He said that RBC’s base eco­nomic fore­cast for Canada in the period ahead calls for sus­tained growth in econ­omy, ris­ing employ­ment and a much more sup­port­ive envi­ron­ment for the hous­ing mar­ket than in the early 1990s.

    It’s not that home prices are not high in Canada, but bor­row­ing costs are still man­age­able,” he said.

    Ana­lysts also dis­puted notions that Canada’s condo mar­ket, par­tic­u­larly in Toronto, is in a dan­ger­ous bub­ble. Kennedy said Canada’s condo mar­ket has tra­di­tion­ally fluc­tu­ated more than the single-family mar­ket, but that restric­tions lim­it­ing how many con­dos an investor can buy and require­ments that a sub­stan­tial seg­ment of a condo com­plex be sold before financ­ing can be pro­vided for con­struc­tion have con­tributed to reduc­ing the like­li­hood of a dan­ger­ous condo bust.

    This helps pre­vent the kind of sit­u­a­tion we have seen in Florida and Cal­i­for­nia where whole devel­op­ments that the banks financed are empty, with­out buy­ers,” Kennedy said

    Nev­er­the­less, credit rat­ing agency Stan­dard & Poor’s warned in July that five Cana­dian banks are vul­ner­a­ble, drop­ping its out­look for them to “neg­a­tive” from “stable.”

    The warn­ing hit three of the largest banks in Canada, Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Sco­tia, as well as two smaller com­peti­tors – Lau­rent­ian Bank of Canada and National Bank of Canada. S&P noted hikes in con­sumer debt, ele­vated hous­ing prices and a wors­en­ing out­look for the global econ­omy as key risks and rea­sons for the out­look revision.

    Exter­nal shocks

    Exter­nal shocks could still change the analy­sis. Kennedy acknowl­edged that there are some low-probability events that could hurt Canada’s hous­ing mar­ket and econ­omy. Domes­ti­cally, a reces­sion or a dra­matic rise in infla­tion that would require a hike in inter­est rates could trig­ger an increase in bor­rower defaults. How­ever, she added that nei­ther of these sce­nar­ios is in the base case sce­nario for econ­o­mists fol­low­ing Canada’s economy.

    Com­ment: And nei­ther of these sce­nar­ios is in any way likely.

    Paul Fer­ley, assis­tant chief econ­o­mist at RBC, said a severe U.S. reces­sion would cause Cana­dian unem­ploy­ment to rise at the same time that it hits incomes.

    A major U.S. reces­sion at a time when con­sumer debt lev­els are fairly high just becomes unbear­able and you would get a cor­rec­tion in the hous­ing mar­ket,” Fer­ley said. “Then inter­est rates would get cut.”

    Exter­nally, Kennedy said that a con­tained euro zone prob­lem would not be a risk because Canada doesn’t depend directly on exports to Europe while Cana­dian finan­cial insti­tu­tions have said they don’t have a lot of expo­sure to Europe.

    But if there was con­ta­gion through the global econ­omy and finan­cial sys­tem, par­tic­u­larly affect­ing the U.S., that would be a con­cern,” she said.

    Kennedy added that if there is a U.S. and Europe prob­lem at the same time that also depresses demand from emerg­ing economies, includ­ing China, for com­modi­ties, then there is a threat to Canada.

    Com­ment: Again, that is a lot of “what-ifs”.

    If the U.S. is strug­gling because of fis­cal prob­lems but the emerg­ing world is grow­ing fast and doing fine because they are man­ag­ing to tap into inter­nal demand, Canada is fine,” she said.

    —————————————————————————————————–
    Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

    Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
    They did not write these arti­cles, they just repro­duce them here for peo­ple
    who are inter­ested in Toronto real estate. They do not work for any builders.

    —————————————————————————————————–


    Incom­ing search terms
  • future cot­tage real estate mar­ket predictions
  • Vertical development: A dense idea

    It turns out cram­ming more peo­ple into cities won’t help the envi­ron­ment or our health, and may even hurt the economy

    Tam­sin McMa­hon – Macleans

    Last month Toronto’s deputy mayor, Doug Holy­day, uttered what has become a cul­tural taboo in Canada’s largest city. Down­town Toronto, he said, is no place to raise a family.

    Holy­day, who lives down the street from his grand­chil­dren in the sub­ur­ban Toronto neigh­bour­hood of Eto­bi­coke, was against a city plan to force condo devel­op­ers to reserve 10% of their build­ings for three-bedroom “fam­ily friendly” units.

    I could just see now: ‘Where’s lit­tle Ginny?’ ” he said. “She’s down­stairs play­ing in the traf­fic on her way to the park.”

    His com­ments were swiftly denounced by Adam Vaughan, the down­town coun­cil­lor who had been push­ing for the family-friendly condo units and once proudly told a reporter he had never vis­ited the sub­urbs around Toronto. (“There’s Toronto and there’s the rest of Canada,” he said.)

    Holyday’s view was hardly orig­i­nal, but was so shock­ing because of how it flew in the face of what has become accepted wis­dom in cities across the coun­try: we need to rad­i­cally increase the num­ber of peo­ple liv­ing in the down­town core if we’re going to accom­mo­date pop­u­la­tion growth while end­ing urban sprawl.

    The doc­trine of urban inten­si­fi­ca­tion is already hav­ing a dra­matic effect on the condo-lined sky­lines of cities like Toronto and Van­cou­ver, but the debate has been play­ing out across the coun­try with com­mu­ni­ties as dis­parate as Miramichi, N.B., Saska­toon and Cal­gary all wring­ing their hands about how to stop the relent­less march to the suburbs.

    In July, Rev­el­stoke, B.C., passed a law requir­ing the city to cut green­house gas emis­sions by 15% by 2030, in part by encour­ag­ing high-density development.

    Saska­toon is plan­ning to turn a for­mer dog park in a low-density neigh­bour­hood of Sec­ond World War hous­ing into nine apart­ment build­ings. The city also has plans to rede­velop 97 hectares of indus­trial land in the north down­town into a mixed-use devel­op­ment that could house 6,000 peo­ple and five mil­lion square feet of retail and com­mer­cial space. Some argued the city didn’t go far enough, with coun­cil­lor Myles Heidt telling the Saska­toon Star-Phoenix the devel­op­ment should strive for “extra-high den­sity” capa­ble of hous­ing up to 30,000 peo­ple, or nearly 13% of the city’s cur­rent population.

    Miramichi’s new devel­op­ment plan calls for more multi-unit hous­ing. Cal­gary, con­sid­ered the epit­ome of the Cana­dian car-centric city, recently hired an urban plan­ner whose per­sonal motto is: “No place is worth vis­it­ing that doesn’t have a park­ing problem.”

    After decades of watch­ing North Amer­i­can cities gut­ted by res­i­dents flee­ing to the leafy sub­urbs, urban enthu­si­asts are now declar­ing an end to low-density development.

    In the eyes of many city plan­ners and polit­i­cal lead­ers, the sub­ur­ban ideal of the single-detached house on a quiet cul-de-sac, com­plete with a large yard and the req­ui­site lengthy com­mute, is a relic of a bygone and largely unsus­tain­able era. In its place, they are push­ing for “smart growth” com­mu­ni­ties fea­tur­ing high-density housing-usually in the form of apart­ment and condo complexes-in mixed-use neigh­bour­hoods where every­one walks, bikes or takes the bus. It’s the only way, we’re told, to han­dle our rapid pop­u­la­tion growth with­out destroy­ing the envi­ron­ment and clog­ging streets with traffic.

    Urban plan­ners have been hotly debat­ing how to cope with sprawl-or whether we even need to cope with it at all-for decades. But the smart-growth move­ment has picked up steam over the past decade as envi­ron­men­tal­ists con­cerned about global warm­ing pointed the fin­ger squarely at the sub­ur­ban com­muter for con­tribut­ing to cli­mate change.

    But a grow­ing body of crit­ics is argu­ing that far from rais­ing our qual­ity of liv­ing, green­ing our envi­ron­ment and mak­ing us all walk more and drive less, the kind of rad­i­cal inten­si­fi­ca­tion plans now in vogue with urban plan­ners are dam­ag­ing our economies, rais­ing our cost of liv­ing and fail­ing to get peo­ple out of their cars and onto pub­lic tran­sit. What we need, they say, is a much more thought­ful debate over how to live beyond the push to cram more peo­ple into ever-smaller spaces.

    The whole dia­logue on den­sity is too focused on num­bers rather than being focused on what den­sity can actu­ally offer,” says Pierre Fil­ion, an urban plan­ner at the Uni­ver­sity of Water­loo. “What is impor­tant is, what kind of envi­ron­ment are you going to cre­ate? This is as much, if not even more impor­tant than grow­ing density.”

    The con­cept of smart growth, with its belief in densely pop­u­lated mixed-use neigh­bour­hoods, has long been linked to the ideas of Jane Jacobs, the Amer­i­can urban plan­ner whose The Death and Life of Great Amer­i­can Cities called for a return to a live­able urban com­mu­nity. But Jacobs decried neigh­bour­hoods full of high-rise build­ings and wor­ried that den­sity, if left unchecked, could “begin to repress diver­sity instead of stim­u­late it.” Instead, urban plan­ning his­to­ri­ans point out that the modern-day smart-growth move­ment looks much more like the ideas of George Dantzig and Thomas Saaty, two Amer­i­can math­e­mati­cians who in 1973 devel­oped a series of com­puter mod­els for the ideal urban set­ting, which they termed the “com­pact city.”

    Effec­tive use of the ver­ti­cal dimen­sion,” they argued, could solve a host of prob­lems fac­ing the growth city, among them: “smog, traf­fic, time lost in com­mut­ing, acci­dents, slums, noise, pol­lu­tion, inac­ces­si­ble nature, unsafe walks and play areas, end­less chauf­feur­ing of chil­dren and ris­ing cost.”

    Our claim,” they wrote, “is that it is now cheaper to build land than to go out and rob nature.”

    Dantzig and Saaty’s belief that dras­ti­cally increas­ing the pop­u­la­tion den­sity of our cities was the only way to solve a host of envi­ron­men­tal prob­lems has become a cen­tral tenet of the modern-day smart-growth move­ment. Sup­port­ers argue that build­ing up our cities and sub­urbs will cut down on green­house gas emis­sions by short­en­ing our com­mutes and encour­ag­ing more of us to take pub­lic tran­sit to work or walk.

    It would be nice to think that sim­ply hav­ing more peo­ple live close together down­town would make peo­ple, par­tic­u­larly chil­dren, health­ier. Less time spent in cars, the think­ing goes, means more time walk­ing to nearby gro­cery stores, play­grounds and schools. But when researchers from the Uni­ver­sity of South­ern Cal­i­for­nia, North­east­ern Uni­ver­sity, and Berke­ley tracked the phys­i­cal activ­ity of chil­dren aged nine to 11 who had moved to smart-growth com­mu­ni­ties and com­pared them with chil­dren in tra­di­tional sub­urbs, they found lit­tle evi­dence of a great shift. Chil­dren in smart-growth com­mu­ni­ties tended to play more out­doors, usu­ally in their neigh­bour­hood, while chil­dren in the sub­urbs played more indoors, the study found. But it con­cluded that “increases in daily moderate-to-vigorous phys­i­cal activ­ity did not sig­nif­i­cantly dif­fer by group.” In other words, chil­dren who moved to smart-growth com­mu­ni­ties changed where they played, but not how much.

    Another study out of the Uni­ver­sity of South­ern Cal­i­for­nia exam­ined the core prin­ci­ples of smart growth to see whether any of them actu­ally had any influ­ence on rates of phys­i­cal activ­ity. The only ones that did, they found, were poli­cies pro­mot­ing more open space and those that advo­cated for “dis­tinc­tive com­mu­ni­ties with a strong sense of place,” nei­ther of which are par­tic­u­larly linked to density.

    Aside from fail­ing to make us any health­ier, there’s mount­ing evi­dence that smart growth doesn’t live up to the hype when it comes to improv­ing the phys­i­cal state of the envi­ron­ment, either.

    A 2009 study from the Geor­gia Insti­tute of Tech­nol­ogy and the Uni­ver­sity of Wisconsin-Madison mod­elled what smart-growth devel­op­ment would do to green­house gas emis­sions by 2050 and found that “aggres­sive” smart growth that included rad­i­cal inten­si­fi­ca­tion could reduce car­bon emis­sions by eight%. On the other hand, forc­ing every­one to drive hybrid vehi­cles, even if on lengthy com­mutes to the burbs, could cut emis­sions by 18%.

    Researchers found increas­ing pop­u­la­tion den­sity has not been suc­cess­ful at get­ting peo­ple out of their cars and onto pub­lic tran­sit. That’s because pop­u­la­tion den­sity has lit­tle to do with how peo­ple choose to get to work and almost no asso­ci­a­tion with lev­els of pub­lic tran­sit ridership.

    By the sim­ple mea­sure of res­i­dents per hectare, Los Ange­les is North America’s most densely pop­u­lated met­ro­pol­i­tan region, with 27.3 peo­ple per hectare, thanks to its com­pact sub­urbs all con­nected by a net­work of free­ways. Yet more than 90% of its pop­u­la­tion mainly trav­els by car and less than five% by pub­lic tran­sit. That com­pares to Edmon­ton, which houses just 10.1 peo­ple per hectare, but has nearly dou­ble the pro­por­tion of res­i­dents who take tran­sit. Even in Port­land, Ore., a city fre­quently touted by Cana­dian urban plan­ners as the gold stan­dard for smart growth because of its mas­sive invest­ments in light-rail tran­sit and down­town rede­vel­op­ment, 89.4% of res­i­dents still pre­fer to drive to work. In Cal­gary, it’s 76.6%.

    I don’t think den­sity has very much to do with the suc­cess of pub­lic tran­sit,” says Paul Mees, a trans­porta­tion plan­ning pro­fes­sor at Royal Mel­bourne Insti­tute of Tech­nol­ogy in Aus­tralia. “I think that’s the urban myth that is really hold­ing back progress.”

    That idea, that cities need to be jam-packed with peo­ple in order for tran­sit to be viable, first emerged in the 1950s as a way to advo­cate for more spend­ing on roads and high­ways, says Mees. A Chicago trans­porta­tion study at that time deter­mined the region would need 96.5 res­i­dents per hectare (more than three times the pop­u­la­tion den­sity of present-day Toronto) to sup­port pub­lic tran­sit to its sub­urbs, a cal­cu­la­tion that con­tin­ues to hold sway over city plan­ners today. Instead, Mees argues the actual den­sity needed to pro­vide sus­tain­able pub­lic tran­sit is prob­a­bly closer to one where most peo­ple live on lots of 647 sq. m with a well-defined urban bound­ary to keep houses from sprawl­ing ran­domly into the coun­try­side. In other words, tra­di­tional sub­ur­bia. “That seems to be almost all of Canada,” he says.

    While Toronto’s city coun­cil was engulfed in a debate over the need for more family-friendly, three-bedroom con­dos in the city’s down­town, the Toronto Real Estate Board released a report that said just 19 three-bedroom con­dos were sold in the down­town core in the sec­ond quar­ter of the year. The con­dos aver­aged around $800,000, hardly a family-friendly price tag.

    Real estate prices inevitably rise in tan­dem with pop­u­la­tion density-one of the main rea­sons, smart-growth crit­ics say, that poli­cies to stop sprawl by increas­ing den­sity in our cities and sub­urbs are des­tined to fail. The more peo­ple you try to cram into a city, the more expen­sive real estate gets, and the more peo­ple are inclined to flee to the sub­urbs for more afford­able hous­ing. In fact, a study released in May from Cam­bridge Uni­ver­sity in the U.K. found that dra­mat­i­cally increas­ing urban den­sity might reduce car use by a mere five%, but the envi­ron­men­tal gains from that reduc­tion would be dwarfed by the eco­nomic con­se­quences of mak­ing cities more expen­sive places to live and do busi­ness. “Any econ­o­mist will know when you restrict the sup­ply of a good that is in demand, you drive up the cost,” says Wen­dell Cox of the U.S. urban pol­icy con­sul­tancy Demographia and a vocal critic of the push for urban inten­si­fi­ca­tion. “If we can fig­ure out a way to do smart growth with­out rationing land, it might be a good idea.”

    It’s not only fam­i­lies who have been flee­ing to the sub­urbs as land prices in the city sky­rocket, jobs have also migrated, lead­ing to what’s been dubbed “job sprawl.”

    For instance, down­town Toronto is no longer the region’s largest employer, says Cox. More than 350,000 peo­ple work in the sprawl­ing area around Pear­son air­port, com­pared to 325,000 in down­town Toronto. Between 2001 and 2006, 94% of new jobs in the Toronto area were out­side of the cen­tral munic­i­pal­ity, he says, with rates of 70% in Mon­treal and 75% in Van­cou­ver. And as jobs have moved out of cities, down­town res­i­dents have fol­lowed them, lead­ing to the increas­ingly com­mon phe­nom­e­non of the “reverse com­mute,” where res­i­dents leave their homes in the city to drive to work in the sub­urbs. Nearly a third of the com­muter traf­fic in and out of Toronto as of 2006 involved city res­i­dents head­ing to jobs in the sub­urbs. Almost as many Toron­to­ni­ans com­muted to Vaughan, a sub­urb north of the city, as com­muted from Vaughan into the city. In Van­cou­ver in 2006, more than 40% of com­muter traf­fic was doing a reverse com­mute; in Mon­treal it was 23%.

    Lisa Anttila is one of those reverse com­muters. She lives in down­town Toronto, where she bikes to the gro­cery store and the doctor’s office. But she gets in the car to go to work at her family’s busi­ness man­u­fac­tur­ing stain­less steel prod­ucts in Markham, a sub­urb north of the city. Most days her work sched­ule is flex­i­ble enough that she can time the com­mute to avoid traf­fic, but that has become more dif­fi­cult in the six years she’s been doing the drive. “It used to be, ‘Don’t get on the road between 7:30 a.m. and 9:30 a.m.’ Now it’s like if you haven’t left by 7:30 then you’re pretty much wait­ing until after 10,” she says. “Iron­i­cally it seems like half the peo­ple who live [in Markham] come to Toronto to work and so they fill the jobs with peo­ple from Toronto.”

    At its worst, Anttila’s 18-km reverse com­mute can now take nearly 90 min­utes by car. Pub­lic tran­sit, she says, is not an option. “It takes me longer on pub­lic tran­sit than it does by bicy­cle,” she says.

    Smart-growth devel­op­ment is unlikely to reverse that trend. Researchers from East Car­olina Uni­ver­sity stud­ied what hap­pened to jobs in 350 U.S. met­ro­pol­i­tan regions between 2001 and 2006, com­par­ing those that had restric­tions on sprawl with those that didn’t.

    Eight of the 11 cities with anti-sprawl laws had “job sprawl” rates that were worse than the aver­age. Bend, Ore., a city that under­went mas­sive mixed-use rede­vel­op­ment before being slammed by the finan­cial melt­down, fared four times worse than the national aver­age. Mean­while, some low-density cities in Texas, Ten­nessee and South Car­olina had actu­ally man­aged to attract more jobs than they lost to the suburbs.

    The fact that more den­sity can’t deliver a bet­ter com­mute to work and can even make con­ges­tion worse, is one of the biggest eco­nomic argu­ments against urban inten­si­fi­ca­tion, Cox says. “The only rea­son peo­ple move to cities is to do bet­ter because the oppor­tu­ni­ties in cities are bet­ter,” he says. “If peo­ple don’t begin to real­ize what they’re doing to really nice cities, you could very well in the long run see growth pushed out of them.”

    Those munic­i­pal­i­ties that do embrace smart growth have been doing it at the expense of indus­trial devel­op­ment, pre­fer­ring to con­vert fac­tory zones into areas for hous­ing. And that is doing last­ing dam­age to the abil­ity of cities to cre­ate enough jobs for their fast-growing pop­u­la­tions, says Nancey Green Leigh, a brown­field rede­vel­op­ment expert with Geor­gia Tech Uni­ver­sity. She stud­ied the indus­trial devel­op­ment poli­cies of 14 major U.S. cities and 10 smart-growth regions and found smart-growth plan­ning either ignored the needs of indus­try or saw it as a blight on the urban land­scape. Man­u­fac­tur­ing jobs were van­ish­ing from North Amer­i­can cities long before the advent of smart growth. But Green Leigh says the push for urban inten­si­fi­ca­tion has aggra­vated that trend. Once old indus­trial land gets con­verted to con­do­mini­ums, it’s never long before new condo dwellers begin to demand that any remain­ing man­u­fac­tur­ers and fac­to­ries be given the boot.

    The loss of indus­trial land to con­dos, offices and retail com­plexes has become a prob­lem in B.C.’s Lower Main­land, where the port author­ity has run up against stiff oppo­si­tion to its plans to buy prop­er­ties for future indus­trial uses. Port Metro Van­cou­ver has recently pur­chased 142 hectares of land in the Lower Main­land to safe­guard for indus­trial use. But, CEO Robin Sil­vester says, provin­cial esti­mates point to the need for as many as 809 hectares of indus­trial land if the region is to stay eco­nom­i­cally com­pet­i­tive and avoid becom­ing a res­i­den­tial oasis for the wealthy and retired. And that has put the port on a col­li­sion course with those who believe the areas should be reserved for more urban liv­ing. “We need to have a bet­ter qual­ity of dis­cus­sion around the prob­lem that’s emerg­ing,” Sil­vester says. “Oth­er­wise we run the risk of becom­ing like com­mu­ni­ties in parts of Florida where a lot of peo­ple go to live, but where there’s no eco­nomic activ­ity tak­ing place.”

    Van­cou­ver is per­haps Canada’s stark­est exam­ple of what hap­pens to real estate when a city becomes a place where every­one wants to live. But urban plan­ners across the coun­try are sin­gu­larly focused on end­ing sprawl. The irony is that the cur­rent obses­sion with smart growth may just become one more thing that pushes us, our fam­i­lies and our jobs, even far­ther into the burbs.

    —————————————————————————————————–
    Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

    Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
    They did not write these arti­cles, they just repro­duce them here for peo­ple
    who are inter­ested in Toronto real estate. They do not work for any builders.

    —————————————————————————————————–


    Incom­ing search terms
  • trump con­dos in toronto urban sprawl
  • ver­ti­cal devel­op­ment toronto
  • doug burn toronto
  • dr lisa anttila winnipeg
  • devel­op­ment indus­try ontario econ­o­mist provin­cial plans
  • toronto real estate retail indus­trial devel­op­ment company