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 »

 

Tag Archives: toronto condo buyers

Data on condo speculators prove elusive

Tara Perkins – The Globe and Mail

An effort to get more infor­ma­tion about the influ­ence of some spec­u­la­tors in Toronto’s condo mar­ket has col­lapsed after devel­op­ers refused to take part, leav­ing pol­icy mak­ers in the dark.

Com­ment: Awe­some, thank you builders! Time for peo­ple to stop guess­ing about spec­u­la­tors in the mar­ket. There are not that many, and they don’t mat­ter that much. Stop try­ing to make some­thing – and some­thing neg­a­tive at that – out of nothing.

Urba­na­tion Inc., a data-research firm, has pulled the plug on a sur­vey that it had tried to con­duct, with the sup­port of Canada Mort­gage and Hous­ing Corp., to quan­tify how many “assign­ments” are tak­ing place in the market.

An assign­ment is when a buyer who has bought a condo in a build­ing that’s not yet fin­ished, or reg­is­tered, assigns their right to buy the unit to some­one else.

Com­ment: And assign­ments do not mean spec­u­la­tors or flip­pers. Remem­ber, some of these peo­ple bought their con­dos on open­ing week, 3 years ago, maybe even more. Their life has changed. Maybe they got mar­ried, had a child, changed jobs, moved, etc. Just because some­one sells their condo does not mean they are a flip­per look­ing for profit.

Urba­na­tion offi­cially called off the study Tues­day, after the vast major­ity of devel­op­ers who were asked for infor­ma­tion did not give it. The study could have shed light on an aspect of the condo mar­ket that econ­o­mists and pol­icy mak­ers have been wor­ried about, as they have sought to get a han­dle on just how over­heated the mar­ket might be and what risks it might pose to home buy­ers and the greater economy.

There aren’t any good num­bers on the amount of prop­er­ties being used for invest­ment pur­poses,” said Toronto-Dominion Bank chief econ­o­mist Craig Alexan­der. “It’s very hard to assess risk in the mar­ket when you don’t have insight on that.”

Com­ment: Yet every wonk out there is happy to give their opin­ion on the risk level. They all claim we are at Def-Con 4 these days. And they are say­ing all of this with NO data.

Urba­na­tion had sent a let­ter to devel­op­ers in August, noti­fy­ing them that it would be con­duct­ing this “very impor­tant data col­lec­tion exer­cise” with the sup­port of CMHC.

Ben Myers, exec­u­tive vice-president at Urba­na­tion, said he sent the sur­vey to more than 100 devel­op­ers that had launched condo projects in the past five years, ask­ing them for either the per­cent­age of units or an exact num­ber of units that had been assigned before the condo build­ings were reg­is­tered. “We wanted to know what’s hap­pen­ing with this shadow mar­ket; there’s no real way to track it,” he said.

He said that one per­son he spoke to, out­side of the devel­oper com­mu­nity, spec­u­lated that “because some of the peo­ple assign­ing units are not pay­ing cap­i­tal gains taxes on that, devel­op­ers may not want the gov­ern­ment look­ing into that any further.”

Com­ment: Right… this is new. Now the tin-foil-hat folks are claim­ing that Toronto condo devel­op­ers are in cahoots with investors to help them cheat the gov­ern­ment out of tax rev­enues? Nice.

—————————————————————————————————–
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
  • old lofts
  • toronto real estate board condo square footage estimates
  • per­cent­age of con­dos in toronto bought by speculators
  • how to catch condo flip­pers toronto
  • Onwards and upwards on Toronto’s waterfront

    Lisa Van de Ven – National Post

    Toronto has a love affair with the condo, with 28,466 new-build units pur­chased in 2011. Thou­sands more are planned. Suite size, price, ameni­ties and archi­tec­ture are impor­tant, but more and more, a building’s neigh­bour­hood is being con­sid­ered the ulti­mate draw.

    I haven’t got­ten used to it at all.”

    Speak­ing from his 31st storey condo suite at Queens Quay and Yonge, Pasha Nasirzadeh is refer­ring to the com­mand­ing view. It’s the rea­son you’ll often find him out on his bal­cony, some­times with his fiancée Andrea Kendaris, who’s mov­ing in next month.

    With a south­west vista and no obstruc­tions from his sky-high van­tage point, Dr. Nasirzadeh loves look­ing out over Lake Ontario. “When the weather’s good in the sum­mer, Andrea and I pretty much have our din­ners on the bal­cony,” he says.

    Ini­tially, it wasn’t the view that enticed Dr. Nasirzadeh to Toronto’s south­ern edge. When he started look­ing to buy a condo in 2009, all that the avid cook knew was he wanted some­thing within walk­ing dis­tance of St. Lawrence Mar­ket. When he couldn’t find any­thing, he ended up on the water­front. It turned out to be just right: A walk to the mar­ket and easy access to both pub­lic tran­sit and the Gar­diner Express­way (a con­ve­nience for the den­tist, who com­mutes daily to his prac­tice in Aurora).

    He’d soon find out it was also an action-packed, diverse neigh­bour­hood. Today, you’ll see him and Ms. Kendaris tak­ing the ferry to the Toronto Islands for an after­noon, or vis­it­ing local hotspots such as the Har­bour Sports Grille to watch a game, or the lobby bar at The Westin Har­bour Cas­tle for drinks.

    In the sum­mer, there’s a lot of peo­ple on bikes and Rollerblades or jog­ging,” he says, and the cou­ple often joins them on their bikes, enjoy­ing sum­mer on the shore. “It’s very lively.”

    On a recent evening, locals walk their dogs, jog­gers go by and a young cou­ple shares a kiss on the grass at Har­bour Square Park. There’s the odd tourist (evi­dent from their cam­eras) but it’s obvi­ous this neigh­bour­hood isn’t just for vis­i­tors. For Dr. Nasirzadeh and fel­low res­i­dents, the water­front is more than just a place to live; it’s a lifestyle choice. And thanks to the revi­tal­iza­tion under­way, res­i­dents are see­ing their com­mu­nity chang­ing, with a lot more neigh­bours get­ting ready to move in to enjoy the view.

    Walk­ing against the wind on an April evening, James Rus­sell remem­bers drop­ping by the water­front to write at the Sec­ond Cup at Queens Quay and York, even before he moved into the neigh­bour­hood. Per­haps it was des­tiny that he’d fall in love with a woman who lived close by. He moved in with her in 2005 and has been there ever since; he’s now a mem­ber of the York Quay Neigh­bour­hood Asso­ci­a­tion. As a res­i­dent, he says, he sees a side of the water­front not a lot of tourists (or even other Toron­to­ni­ans) are privy to. “In the win­ter it’s pretty quiet down here,” says the author of the young adult book Mer­maids and Zom­bies. “And year round there’s a com­mu­nity of peo­ple — we like to think of our­selves as ver­ti­cal com­mu­ni­ties. We really are a lit­tle city here.”

    While there are ameni­ties Mr. Rus­sell wishes would make their way into the neigh­bour­hood, such as a good break­fast spot, more play­grounds, libraries and day­care facil­i­ties, a lot of what the res­i­dents need is there, includ­ing a new Sobeys in the Queens Quay Ter­mi­nal, the long-established Loblaws at Queens Quay and Jarvis, and even more facil­i­ties for the neigh­bour­hoods east and west of that.

    Peo­ple who live here have every­thing they need within a five-minute walk,” says Carol Jolly, exec­u­tive direc­tor of the Water­front Busi­ness Improve­ment Area. “They’ve got all their ser­vices, like doc­tors and den­tists, gro­ceries, liquor store.”

    Right now, what they also have is con­struc­tion in the form of the water­front revi­tal­iza­tion. A joint project by all three lev­els of gov­ern­ment, the ven­ture will lure more tourists to the lakeshore, and will ben­e­fit area residents.

    While the water­front of the past was designed for indus­try, today the mas­ter plan involves a mix of uses. An esti­mate of 40,000 res­i­den­tial units (the future homes of approx­i­mately 115,000 peo­ple) is planned along the water­front from Duf­ferin to the East­ern Beaches over the next 30 to 35 years, give or take a few, says John Camp­bell, pres­i­dent and CEO of Water­front Toronto. There will also be new employ­ment, promis­ing to bring more activ­ity to the neigh­bour­hood even in the tourist-light win­ter months: Oxford Prop­er­ties has an office tower under­way and George Brown Col­lege is build­ing a new campus.

    New recre­ational areas, mean­while, will give the influx of peo­ple places to gather: Sugar Beach has been a favourite since it opened in 2010 and there are new parks planned through­out the area as well.

    Queens Quay will also undergo a com­plete redesign, with con­struc­tion slated to start this sum­mer, and expected to last 18 to 20 months. Car traf­fic will be reduced from four lanes to two, with a ded­i­cated Light Rail Tran­sit line installed, as well as a pedes­trian prom­e­nade. The Mar­tin Good­man Trail will be extended along­side, and other beau­ti­fi­ca­tion efforts, includ­ing new benches and trees, will be added. It will be a com­plete trans­for­ma­tion for a street once listed as part of the “Hall of Shame” by the Project for Pub­lic Spaces, a New York-based non-profit focused on cre­at­ing stronger pub­lic spaces.

    We will turn it into one of the 10 most beau­ti­ful streets in the world,” Mr. Camp­bell says. “I’m fore­cast­ing it will become Toronto’s sig­na­ture street.”

    The changes will be more than wel­come to Queens Quay res­i­dent Kelly Gor­man, who’s on the Water­front Toronto stake­holder advi­sory com­mit­tee. “That’s some­thing I’ve been look­ing for­ward to for a num­ber of years now,” she says. “It will help a street that needs beautification.”

    Ms. Gor­man, a retired teacher, moved to Queens Quay from Scar­bor­ough in 2001. Now she vol­un­teers at the Har­bourfront Cen­tre and walks every­where: to Ontario Place or down­town to Roy Thom­son Hall and some of her other favourite venues. “To me one of the great plea­sures of liv­ing down here is not only the beauty of it but also that you don’t have to go very far to do lots of things,” she says.

    Ask Ms. Gor­man what else she likes about the neigh­bour­hood, and, like Mr. Rus­sell, she’ll name the strong sense of com­mu­nity. It’s a qual­ity vis­i­tors to the area wouldn’t notice. “I was really sick for about a week last month. Do you know how many peo­ple knocked on my door to bring me sup­per?” she says. “To me, if you get involved and make friends, it’s amazing.”

    Then, of course, there’s the view. Like Dr. Nasirzadeh, Ms. Gor­man can’t get enough of it; for her, it’s a nat­ural pick-me-up. “It’s so relax­ing. It doesn’t mat­ter how stress­ful your day is,” she says.

    And what says home more than that?

    —————————————————————————————————–
    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
  • chris­t­ian tardiff toronto
  • chris­t­ian tardif loblaw
  • Feeling at Home in the Heart of Toronto

    Elaine Smith – The New York Times

    Travelers flying into Billy Bishop Airport after dark see the Toronto skyline shimmering like a diamond necklace.

    Sparkling along the Lake Ontario shoreline are dozens of high-rise condominiums, lights gleaming through their glass facades. Many of these condos are in the downtown core and were built over the past decade, as city living came back into fashion. Today, real estate agents say, such units are being snapped up as fast as they go on the market.

    In the fourth quarter of 2011 alone, almost 900 condominium units were sold downtown, 25% of the approximately 3,600 condo sales citywide.

    A city survey released in March, “Living in Downtown and the Centres,” attributes the popularity of housing in Toronto’s core to its proximity to work and transit options, cultural and entertainment sites, and the venues for the city’s major league basketball, baseball, hockey and soccer franchises.

    The city, home to 2.5 million people, is planning for another half-million residents by 2031, and its official development plan identifies the downtown as one area where residential growth should take place. In the past five years alone, the downtown population has grown to approximately 200,000, an 18% increase; while the number of condos downtown has risen to about 112,000 – an increase of 23%.

    “Many people like the convenience of not driving to work. They enjoy being in the center of everything and the downtown has lots of restaurants and shops,” said Oksana Jancevic, a sales representative at Royal LePage Real Estate Services who specializes in downtown properties. She settled here herself after relocating from Lithuania 10 years ago.

    The description makes sense considering that more than half of all downtown residents are single and between the ages 20 and 44, according to the new survey. More than 50% have at least a university degree and one third have annual household incomes of more than $100,000. When it comes to couples, 30% are childless.

    Bryan Wang, 30, fits the profile. The Singapore native came to Toronto to attend college and now works as the marketing director of a high-tech company.

    Three years ago, “I was renting a 390-square-foot bachelor unit and paying $900 each month,” he recalled. “They were planning to raise my rent to $1,000. Around that time, banks were offering really low mortgage rates and I thought that $1,000 was ridiculous for what I was getting. I might as well buy.”

    He spent $250,000 to $300,000 for a 630-square-foot, or 58-square-meter, one-bedroom unit in a 30-story high-rise on the Esplanade, near the lakeshore and close to the bustling St. Lawrence Market, a popular weekend farmer’s market. He walks to work, shopping and entertainment and the convenient location allows him to forgo a $126-a-month transit pass.

    “I’ve always been a downtown person more than a suburban person,” Mr. Wang said. “I can walk out of my building and there’s life outside. I like having everything within reach, too.”

    Thanks to its conservative banking system, Canada escaped the sub-prime mortgage crisis that ravaged the U.S. housing market. In recent years steady economic gains — and low interest rates — have fed market growth, with condominium construction leading the way in Toronto.

    The Toronto Real Estate Board estimates that 17,000 condominium units were completed across the city in January 2011, 10,000 more than in January 2001. And they sold for an average of $336,748, an increase of 7% from a year earlier.

    Ms. Jancevic said the downtown core market did slow at the beginning of the global economic crisis but “price-wise, the only place downtown went was up.”

    Gilles Duranton, a real estate economist who teaches at the University of Toronto, noted that the city’s official development plan encourages density. So does the tax structure: commercial and industrial buildings are taxed at four times the rate of condominiums and single-family homes.

    “The city is prosperous, new people are coming in and the supply of housing is limited,” he said, noting that one reason for the condominium boom “is that developers cannot build much else, unless they tear down bungalows.”

    Most of the downtown high-rise units are sold long before construction begins; developers won’t break ground until a substantial proportion of the units are sold, Ms. Jancevic said. Some of those buyers are residents from elsewhere in Ontario, as well as foreign investors, including some from Asia.

    Mr. Duranton noted that recently some of the downtown condominium development was moving into what once was considered “no-man’s land” — near the elevated Gardiner Expressway that runs parallel to the lakeshore. Once the projects are completed, views of Lake Ontario and proximity to transit and amenities will be joined by the buzz of traffic.

    —————————————————————————————————–
    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
  • oksana jancevic google
  • show
     
    close