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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

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

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

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.

—————————————————————————————————–
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.

    —————————————————————————————————–
    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.

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

    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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