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Category Archives: Toronto Townhouses & Townhomes

Expect demand to be strong in 2012

Richard Sil­ver – Toronto Sun

Each Jan­u­ary many of us set goals for the year ahead, tak­ing into account house­hold finances and broader eco­nomic cir­cum­stances. One key yard­stick of our nation’s econ­omy is the real estate mar­ket, which in Toronto came to a strong fin­ish in 2011, mak­ing it the sec­ond best year on record with 89,347 trans­ac­tions, up four% in com­par­i­son to 2010′s 86,170 sales.

Last month alone, a total of 4,718 homes changed hands, rep­re­sent­ing a seven% increase over the 4,395 sales reported in Decem­ber 2010.

Con­sis­tent with the month’s strong sales, sell­ers’ mar­ket con­di­tions con­tin­ued, with the amount of time that homes were avail­able for sale aver­ag­ing 32 days last month com­pared to 37 days a year ago.

Year-over-year sales growth in the 905 Region out­paced that of the City of Toronto in Decem­ber, with increases of more than 12% and seven% respec­tively. In total 2,770 sales took place in the 905 Region while 1,948 trans­ac­tions occurred in the City of Toronto.

The num­ber of homes newly avail­able for sale in Decem­ber also increased, by nearly 14% com­pared to a year ago, with 4,811 new list­ings last month. Despite the increase in avail­abil­ity, sales gen­er­ally kept pace with new sup­ply, result­ing in con­tin­ued price growth.

The aver­age cost of a GTA resale home increased 4% year-over-year to $451,436. Gains were stronger in the 905 Region, with the Decem­ber aver­age price climb­ing nearly 6% to $435,378 and the City of Toronto show­ing a 2% increase in its aver­age price, to $474,270.

For all of 2011, the aver­age sell­ing price was up by 8% to over $465,000 in com­par­i­son to the aver­age of $431,276 in 2010.  We expe­ri­enced mod­er­ate to strong price growth through­out 2011 because mar­ket con­di­tions remained very tight because of strong sales growth cou­pled with a decline in list­ings.  Enhanced com­pe­ti­tion between buy­ers led to strong upward pres­sure on sell­ing prices.

We can see just how tight the hous­ing mar­ket has been in the GTA over the past two years when we con­sider a new indi­ca­tor pub­lished by TREB: Months of Inven­tory (MOI).  MOI tells us how long (in months) it would take to com­pletely sell the aver­age num­ber of active list­ings over the past 12 months given the aver­age num­ber of sales over the same period.  A lower num­ber of months indi­cate tighter mar­ket con­di­tions and vice-versa.  Over the past two years, MOI has been in the 2.0 to 2.5 months range.  This is sub­stan­tially lower than the pre-recession norm of between 3.0 and 3.5 months.

Despite price growth, the cost of home own­er­ship remains afford­able, due to low inter­est rates and a sta­ble employ­ment pic­ture.  Five-year fixed rate mort­gages con­tinue to be avail­able at approx­i­mately 3% while Toronto’s unem­ploy­ment rate came in at 7.8% in Decem­ber, an improve­ment of more than half a per­cent­age point from the pre­vi­ous month.

More­over, favourable news regard­ing our coun­try con­tin­ues to be gen­er­ated.  A recent study release by the Lega­tum Insti­tute, which mea­sured the world’s most pros­per­ous nations ranked Canada as the sixth best coun­try in the world based on cri­te­ria that have an effect on eco­nomic growth and per­sonal well being. The flood of favourable reports on our coun­try in recent months has been tem­pered though by warn­ings from the Bank of Canada and the Inter­na­tional Mon­e­tary Fund regard­ing Cana­di­ans’ high house­hold debt.  This cou­pled with the poten­tial impact of other nations’ volatile economies should give all Cana­di­ans pause for thought.

It is a fis­cally con­ser­v­a­tive approach, with respect to lend­ing prac­tices for exam­ple, that has landed our Canada at the top of so many world rank­ings, and we should con­tinue to exer­cise the same pru­dence with respect to house­hold finances.  There’s never been a bet­ter time to begin a new mort­gage in order to con­sol­i­date debt or per­haps even to move to a home bet­ter suited to your lifestyle.

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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.

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New Corktown introduces new appeal to historic Toronto

Well-respected Longo Communities offers the rare opportunity to own a brand new rooftop terrace townhome in Toronto’s historic Corktown area. New Corktown is an intimate gated community situated on the southwest corner of River and Shuter Streets, just minutes from major highways, the St. Lawrence Market, the rejuvenated Distillery District, plus the shops, bakeries and bistros of charming Cabbagetown.

This limited collection of just 16 townhomes is also handy to Toronto’s entertainment and cultural venues including the new Four Seasons Centre for the Performing Arts. Situated just south of Regent Park South, New Corktown residents will benefit from the revitalization of that area, which will form a connection with the surrounding neighbourhoods. In addition, Riverdale Park is just a few blocks north, and Lake Ontario a short drive south.

Each of the two- and three-storey townhomes in New Corktown is crowned by a spacious rooftop terrace, perfect for entertaining. The richly detailed, heritage-inspired architecture by renowned Kirkor Architects features heritage brick with stone components, turrets and other focal points to compliment the existing mid-19th century buildings in the area.

Corktown was originally home to thousands of working class Irish who came to Canada from the County of Cork. Many of the original homes of these workers were unadorned, and their simple, straightforward design has become more captivating with time.

Currently, Corktown is undergoing a renaissance, and has attracted a vibrant community of right-brained artists and left-brained entrepreneurs.

Inside Longo’s townhomes, the open-concept layouts satisfy 21st century families with convenient dens, inviting family rooms, formal living and dining rooms, sumptuous master bedrooms and more (all as per plan). One design, the Queen, offers a lovely 312-sq.-ft. rooftop terrace plus a balcony off the living/dining room for maximum outdoor living space.

Each suite comes complete with parking, as well as a long list of luxury appointments. Among these are solid oak handrails and the choice of metal or oak pickets finished in a natural colour; kitchen cabinets with 42-inch uppers; rich ceramic floor tiles; quality 40-oz./Berber carpeting; and engineered pre-finished laminate flooring.

Longo Communities is a third-generation family-owned business with more than 80 years of industry experience. The company has earned a reputation for meticulous attention to detail and unparalleled construction quality. In addition to 1,000 multi-residential rental properties, Longo Communities has developed and built over 1,500 homes and numerous commercial projects in Ontario. International projects include commercial and residential developments in Texas, Ohio and Florida.

Townhomes at New Corktown range in size from 1,037 to 1,279 sq. ft. and are priced from just $349,900 – remarkable for downtown Toronto. Plus, for a limited time, Longo Communities is offering a grand opening bonus of granite kitchen countertops, stainless steel kitchen appliances and a gas barbecue outlet on the rooftop terrace. Closings are slated for the fall of 2007.

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Contact the Jeffrey Team for more information


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  • Developer, Nestlé at odds over west end industrial land

    Asher Greenberg – Globe and Mail

    A major developer, the city, residents and Nestlé are squabbling over what to do with a patch of industrial land in the city’s west end.

    Castlepoint Realty is proposing to build a mixed-use residential development next to the chocolate factory on Sterling Road – 45 new townhomes with live-work spaces, new office towers complete with urban agriculture rooftops, a public square, and revitalization of the heritage Tower Automotive building.

    But Nestlé is not on board. In a letter to Toronto’s planning office, it expressed concerns over the introduction of residential units so close to its plant. Residents, however, generally support the bid by the developer to revitalize the desolate stretch of land.

    You wouldn’t know there was anything worth arguing about by just passing through on Bloor Street. Rubble-strewn brownfields, dark alleys and former industrial buildings stretch a few square kilometres in Toronto’s South Junction Triangle neighbourhood, sandwiched between Bloor and Dundas, and sealed by GO train tracks on either side.

    But there is life as well. A walk down one of those dark pot-holed alleys reveals parents picking up children from an aerial dance class, artists painting ceiling-high canvasses, and a man spray-painting a table for use in a cabaret number. Live-work lofts intermingle with family townhomes, auto-body shops lie a few blocks from the chic Zocalo bistro, and the smell of chocolate wafts from the giant Nestlé plant.

    The site in dispute was home to Alcan – originally Northern Aluminum Co. – for more than 80 years. When it was constructed in 1919, the 10-storey building was among the tallest in Canada, and one of the first with an elevator. The city declared it a heritage site in 2005 shortly before then owner, Tower Automotive, went into bankruptcy.

    Castlepoint purchased the plot in 2007 and partnered with Rio Tinto Alcan to clean up the property. The environmental remediation was “a great favour to the community,” said local business owner Heather Braaten. When plans for the construction of movie studios on the land fell through, the developers instead proposed a mixed-use site.

    The trouble is Nestlé is concerned the factory that operates 24/7, with its noises, trucking, and smells, could become a source of friction with the new residents, said Sarah Phipps, the city planner handling this project. The “thoughtless juxtaposition of industrial and residential uses inevitably leads to complaints by the residential occupants,” Nestlé told the city, “in such a scenario, it is always the industrial user who suffers to a greater or lesser degree.”

    At the last community meeting, in October, some residents countered that Ward 18’s other chocolate factory, Cadbury, has peaceably co-existed with its residential neighbours just across the street for many years.

    The other problem is that Castlepoint’s development would mean the city loses more industrial employment land. Because of an overlapping study on this problem, the various stakeholders may have to wait up to a year for the planning department to conclude its report. “The city has a tendency to plan things to death,” said John C. O’Keefe Jr., a senior partner at Castlepoint.

    Mr. O’Keefe said that Castlepoint has made an effort to hear the community’s concerns, hosting five or six meetings before submitting the application. At the recent meeting, Castlepoint chief executive officer Alfred Romano unexpectedly committed 10 per cent of the new residential units to social housing.

    Castlepoint is negotiating this month with Artscape, a non-profit developer that subsidizes residential and work spaces for artists. The company has contributed below-market lofts to the re-development of the Distillery District, Liberty Village, and West Queen West, among other sites. Typically, Artscape mediates between private developers, artists and the wider community “to find a win-win-win scenario,” said CEO Tim Jones. Mr. Jones would not comment specifically on 158 Sterling, citing concerns over creating expectations too early in the negotiation process.

    Whether the planning department ultimately recommends the project, in the end it will come down to a vote at City Hall late next year. The Ward’s Councillor, Ana Bailao, has not made a firm commitment regarding which way she’ll vote. This project “is going to be very interesting,” said Ms. Bailao’s constituency assistant, Anna Kral. “Because from what I’ve experienced, they are very hesitant about the residential. So you have to make a choice. Do we keep Nestlé or do we build up the community?”

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    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.

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