Tag Archives: toronto skyline
Casa Loma
The striking silhouette of Casa Loma provides a romantic backdrop to this posh Toronto neighbourhood. Nestled on the brow of the Avenue Road Hill, and surrounded by ravines and parkland, this residential enclave looks and feels more like an enchanted forest filled with storybook homes, than the big city neighbourhood it really is.
A neighbourhood pocket bordered by the Annex to the south and Forest Hill to the north, Casa Loma has a high population of baby boomers and seniors. A majority of the neighbourhood’s immigrants moved to the area prior to 1980, and most of these are English speaking, of European descent.
Casa Loma’s large Tudor, Georgian, Edwardian, and English Cottage style homes were built mostly between 1905 and 1940. The houses on the south side of Lyndhurst Court enjoy a spectacular view of Toronto’s skyline and Lake Ontario. Many homes in this neighbourhood back onto the Nordheimer ravine, a forest of mature oak and maple trees.

Casa Loma
In addition to single family houses, the Casa Loma neighbourhood contains a mix of duplex and triplex houses, luxury townhouses, condos and co-op apartment buildings. The image of a castle atop the Avenue Road Hill, surrounded by ravines, large old trees, joggers and BMWs is an eclectic mix, considering the neighbourhood is located close to downtown Toronto.
The prominence of the castle led to a huge boom in the area, with many wealthy residents setting up shop and defining the present neighbourhood. The sightlines and majestic beauty of the Avenue Road Hill have, over the years, inspired many of Toronto’s wealthiest citizens to build their homes here.
The natural beauty afforded by the escarpment, which was forested until development began in the early 1900s, made it a popular location for a diverse range of mansions along Spadina which date from approximately 1890 to 1920. Most of Casa Loma’s homes were built between 1905 and 1940, and the housing stock includes a mix of large Tudor, Georgian, Edwardian, and English Cottage style homes, as well as some recent luxury condo high rises along Avenue Road and townhomes on Spadina.
Austin Terrace, Warren Road, Popular Plains and Russell Hill – all streets to emerge when the lands attached to the castle were subdivided – display some of the most impressive homes in the city. Long, winding drives shield some homes from prying eyes; pristine landscaping is common. The views from the southern end of the neighbourhood make it a perfect place for strolling.

Casa Loma
The one home that stands out above all the others is Casa Loma, a real life medieval castle. Casa Loma was built in 1911, by Sir William Henry Mill Pellatt, a prominent financier, industrialist, and military man.
It took three hundred men nearly three years to build Casa Loma, at a cost of $3,500,000, which at that time was an unprecedented amount of money to pay for a home. Sir Henry enjoyed his dream home for less than ten years before mounting debts forced him to turn Casa Loma over to the City of Toronto.
In the 1920′s, shortly after Sir Henry’s departure from Casa Loma, the extensive grounds and greenhouses to the north of the castle were subdivided, and the current neighbourhood began.
Despite the relatively insulated feel of the neighbourhood, motorists have easy access into downtown via Bathurst, Spadina, Avenue Road, and Yonge Street; the latter two streets are fast routes to the 401. The community is served by six elementary schools, three public high schools, three private schools, and a public library. De La Salle College is nearby on Avenue Road, one of the George Brown College campuses is located right at Davenport, and St Michael’s College is around the corner at Bathurst & St. Clair.

Casa Loma Real Estate
Locals do much of their daily shopping at the stores near that busy intersection, with gourmet dining and boutique shopping available in Forest Hill Village (Spadina Road, north of St. Clair), at Davenport & Avenue Road, or in the Bloor–Yorkville shopping district. Dupont Street, forming Casa Loma’s southern boundary, has great shopping and dining from Christie Street (Loblaws, Blockbuster Video) to Avenue Road, with everything from Shoppers Drug Mart, the Beer Store and the LCBO to holistic health clinics, a raw food restaurant, a world class patisserie (Frangipani), People’s for burgers, and specialty shops and services catering to pets, families, and busy professionals.
The community is bisected by the Beltline Trail in the Nordheimer Ravine, a virtual forest of mature oak and maple trees which links from Casa Loma to the foot of the Allen Expressway and then back again to the Mount Pleasant Cemetery. Some of the houses on the south side of Lyndhurst Court enjoy a spectacular view of Toronto’s skyline and Lake Ontario. The community’s largest park is the attractive Sir Winston Churchill Park at Spadina and St. Clair, which boasts with ten tennis courts, a playground, long running track and wooded scrublands, and a connection to the Beltline Trail. Culturally, the neighbourhood is enriched by such bastions as the Tarragon Theatre, which has premiered live theatre for nearly 40 years.
Residents enjoy such neighbourhood hot spots as the Corner House Restaurant, a continental spot on Davenport just east of Spadina that makes “most romantic” lists every year. Scaramouche is set on the side of the hill with a great view to the south, and has been a popular fine dining spot for Forest Hill and Rosedale residents for over 20 years.
Those with a penchant for architecture and history will appreciate the close proximity to Spadina House, Casa Loma’s older, more humble cousin; the first house to grace this area, it was built in 1866 for financier James Austen and improved throughout the Edwardian era. Today it is a city-owned museum and a treasure trove of Victorian, Arts and Crafts and even deco styles. Outside, the Spadina Museum is a beautifully constructed house sitting on a six-acre south lawn, which borders an elaborate vegetable garden, apple orchard and grape arbor, and runs right up to the edge of the Davenport escarpment (it is accessed from the street by an extremely long outdoor staircase). These calming, pretty grounds are often rented for wedding photos. Inside, there is a gift shop selling handmade products in quaint old fashioned packaging, with guided tours of the house being conducted regularly as well as special seasonal festivities. The museum itself is off-limits for parties due to the many precious artifacts, but the un-restored rooms are available to rent and can be catered for gatherings.
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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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Busy builders unfazed by talk of Toronto condo bubble
Tara Perkins – Globe and Mail
From his office, the chief executive officer of real estate developer Diamondcorp looks south toward the towers of the Toronto skyline. But what Stephen Diamond sees is the extended expanse of tree tops between his office and the downtown core.
The houses beneath those trees are the reason the developer is comfortable making big bets on the city’s condo market. Unlike downtown Tokyo or London or New York, Toronto has a plethora of single-family homes in its core, he points out.
So although it is true that there are more condos under construction in Toronto than anywhere else in North America, he doesn’t see it as worrisome: It’s just the next phase of the city’s development.
His view sets him apart as fears grow about the health of the condo market in Canada’s most populous city, where developers are building at a record pace. But Mr. Diamond is confident enough that he has raised a new $130-million fund that will be used to build more condos.
“From an urban fabric point of view, Toronto is unique in the world,” Mr. Diamond said in an interview. “It’s one of the few cities that has both a very healthy core and low-rise single-family homes almost within walking distance of the core.”
Comment: It is SO nice to hear people who actually work in the real estate industry, building condos in Toronto, speak of the market. They tell a very different tale than the “experts” and pundits. Who do you believe more? Those who do this for a living, or those in the peanut gallery?
He believes that what is occurring is a necessary switch from building outward to building upward. “We’re not supplying too many units, we’re supplying them in a different form,” he said in an interview.
More than 6,000 newly built condos sold in Toronto in the first quarter, the highest number ever for the January-to-March period, research firm Urbanation said Monday. But the average number of sales per project was down, as builders unveil more new projects every week. There were 338 active condo projects in Toronto in the first quarter, a record high.
Comment: People forget to mention that over the past decade, house sales have dropped by half while condo sales have doubled. One went down while the other rose, almost matching each other. And that is just resales. With all the new people coming to Toronto every year, you would expect an increase – but there is, all the new condos. Looking at the stats we can see everything balancing out, it all makes sense. It is not like we just added 50,000 condo sales to the market.
Urbanation has identified the rising amount of unsold condo units as a factor that could derail the market. There were 15,554 unsold units at the end of 2011 – 27% more than a year earlier.
Comment: Weird, that is very different from Tridel’s number. But either way, the amount is actually 5% of total inventory, which is quite low.
Finance Minister Jim Flaherty recently suggested that developers in Toronto are prepared to build until sales evaporate, a scenario that he said could lead to a condo market crash.
Comment: No… When sales dry up, construction stops. The crane does not go up until 70–80% of units are sold, with 20–25% down on each. Then the bank funds it. Then the building starts. So if sales dry up, construction dries up. And that will be a gradual process, it will not stop overnight. It has been rising slowly (there were 129 projects under construction at the end of 2006 – now 5−1÷2 years later there are only about 20–25 more. This did not explode overnight and it will not end that suddenly.
Twelve years ago, most of the new housing in Toronto was low-rise homes. Now most of it is high-rise towers. Construction of single homes is at all-time lows.
Comment: Because sprawl has stopped. Greenbelt policies prevent massive housing tracts. There is increased interest in urban living. Prices force first time buyers into condos. Immigrants like tower living. Investment condos provide rental housing. There are 10 different reasons why houses morphed into condos.
Immigration trends suggest that the Toronto census metropolitan area will need between 42,500 and 52,000 new dwellings a year. Only 28,500 were delivered last year, Mr. Diamond noted. Vacancy rates remain low.
Comment: And people are worried about over supply? We have house sales up 17% with listings up only 4%. And new condos are being built at half the rate of potential absorption. How are there too many?
“Every market is cyclical,” he said. “But Toronto has a great, great future. Unless something that emerges that’s going to throw this city completely off base, we have a lot of confidence.”
Comment: And what would that be? Oh right, no one knows…
Mr. Diamond (whose father was A.E. Diamond, a founder and the first chairman and CEO of Cadillac Fairview) was a municipal and planning lawyer for most of his career.
He has spent the past three years investing Diamondcorp’s first real estate investment fund, which raised $70-million from RioCan Real Estate Investment Trust, Sterling Silver Development Corp. and the Diamond family’s venture capital firm. It produced about 2,500 condo units in seven projects.
Mr. Diamond said all levels of government should change tax incentives and development fees to encourage the construction of larger condo units, such as three-bedrooms, rather than the smaller units that are dominating the current developments.
Comment: Yes, but only if they can be produced at a price competitive with houses. The average 3-bedroom condo is well north of 1,000sf and tends to cost $700-800k. Families can get a nice house in the east end for $500k or less. With a yard. How is a condo going to compete with that?
“If we did that, then I don’t think there’s any bubble in the city of Toronto at all, because we need to accommodate the population,” he said.
Comment: There you go. The condo boom is not a bubble, but is simply population driven. So simple and so true.
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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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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.
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