Downtown Toronto Condos

A new concept for building condos for the price-conscious is developing in the US. It is called The white box, basically an unfinished Condo that is left for the owner to finish off as they see fit, with paint,floors and appliances more suitable for their own needs and most important their budgets.

Each Condo would be finished very differently and this just might appeal to do-it-your-self buyers.

The concept in selling Condos this way is already working in Grand Rapids, Michigan with the builder saying it s 50/50 split with purchasers buying the bare Condo or one fully completed by the builder.

New Condo buyers say in Toronto could benefit from various rebates and home renovation tax credits.

This new concept might allow buyers to find more reasonable Condos in areas they might not be able to afford. 

Luxury Toronto Condos allow for the buyer to custom design their own suites and personalise floor plans so it just might trickle down to a new more economical Condo concept, The White Box.”

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Waterfront Living

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Waterfront Condos

A view of  Toronto Waterfront Condos overlooking Toronto Islands and Lake Ontario.

Perhaps it would be better and cheaper to buy a Waterfront Condo in Toronto rather than a Condo Cottage in Muskoka.

Not only that, the weekend commute would be much, much shorter!

A great dinner along the Toronto Harbourfront or an evening Cruise on Lake Ontario looking back on the sparkling city skyline would complete many evening summer activities.

Even a ferry ride to Toronto Islands and having a picnic there would be a full days outing including a visit  to all of the three adjoining islands.

On the east side of  Toronto we have The Beaches and a great boardwalk and good shopping and restaurants on Queen St East.

On the west side we have several parks, Ontario Place and the CNE grounds used for various presentations.

All in all, a great urban subsitute for the Muskoka Cottage.

Don’t forget to check out more Toronto Real Estate that includes Condos, Lofts and Townhouses in both downtown Toronto and North York.

 

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MISSISSAUGA, ON, June 12 /CNW/ – Sales of luxury properties in the Greater Toronto Area posted their strongest performance on record in May 2009, according to RE/MAX Ontario-Atlantic Canada.

Two hundred and seventy-three high-end homes changed hands in May 2009, up six per cent from 258 reported during the same period one year earlier, and the highest number of sales over $1 million in a one-month period in the history of the Toronto Real Estate Board.The previous record was set in May of 2007 at 266 sales.

“Confidence is slowly returning to the marketplace,” says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. “Traditional market indicators are in place – the stock market has made tremendous gains in recent months, crude values have risen significantly, and the Canadian dollar has gained almost 10 points in the past month. Combine these influences with pent-up demand and growing economic stability and you have the ingredients for solid sales in the top-end of the market.”

 Further evidence of a rebound is the recent sale of a Bridle Path home priced at over $13 million, the first sale over the $10 million price point in more than a year. The 18,000 sq. ft. gated estate, situated on more than two acres, was listed by Barry Cohen, Broker, RE/MAX Realtron, and featured a spectacular backyard with a negative edge waterfall pool, fountains, hot tub, and tennis court.

Demand for homes priced in excess of $1 million has increased steadily since the beginning of the year, says Polzler, mimicking the overall real estate market. Seven hundred homes have changed hands year-to-date, compared to 944 in January to May of 2008. Given current momentum, however, it’s likely that activity will continue at a healthy pace for the remainder of the year – with sales at year-end at least on par or ahead of 2008 levels.

RE/MAX is Canada’s leading real estate organization with over 17,600 sales associates situated throughout its more than 677 independently-owned and operated offices across the country.

 The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca —————————————————

Top 10 Months for Luxury Sales over $1 million ————————————————— —————————————————

Rank No. of Sales Month/Year —————————————————
1 273 May-09 —————————————————
2 266 May-07 —————————————————
3 262 Apr-08 —————————————————
4 258 May-08 —————————————————
5 256 Jun-07 —————————————————
6 252 Oct-07 —————————————————
7 238 Nov-07 —————————————————
8 237 Apr-07 —————————————————
9 227 Jun-08 —————————————————
10 221 May-06 ————————————————— —————————————————
Source: RE/MAX, Toronto Real Estate Board —————————————————

End of article.

Toronto Luxury homes continue to attract buyers in our current Real Estate Market with bidding wars again appearing on demand locations like downtown Condos, Annex homes, and North York Condos.

Four Ultra Luxury Toronto Condos are now under construction:

• Ritz Carlton: Opening Date -2010
• Four Seasons:Opening Date -2012
• Shangri-La: Opening Date -2012
• Trump International:Opening Date Early- 2011

There are many Condos in each of  these projects well over $1 million dollars that will contibute toward even more Toronto luxury home sales in the future.

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Both single and multiple-unit homes contributed to a rise in housing starts for May according to the Canada Mortgage and Housing Corp.

The annualized total of 128,400 units was more than a recent Bloomberg survey that predicted 126,000 units.

May’s figures were an improvement from a weaker April however an economist at CIBC in Toronto does not see any material improvement in 2009.

The annual pace of work on projects such as apartment and condos in cities increased 11 per cent from April to 60,900 units and single family homes in urban areas rose 11 per cent to a rate of 46,900, according to CHMC.

The average “demographic demand” for new homes in Canada, is about 175,000 units, CMHC said in their news release.

The Toronto Condo resale Market continues to see new projects completed and both Toronto and North York Condos that were sold 2 to 3 years earlier now coming on to the resale market.

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Toronto Real Estate Technical Forecast

The Toronto Real Estate Board reported 9,589 home sales for May, 2009, up almost 2 per cent, compared to resales in the same month in 2008.

Prices for Toronto Condos in the Central districts of Toronto we follow, were again lower than expected, with only a  few popular areas showing slowing negative  figures and a few others,  positive results from the same period a year ago.

Condos in the Central Toronto Real Estate Districts ( C09, C11 ) increased 7 per cent in average price, from one year ago. The Central Condo districts below , were mixed, some with a slowing of price declines but again, not as much as expected, for this Spring Condo Market.

The average price for all Toronto Real Estate April transactions, including the GTA ,was $395,609 down less than 1 per cent, from $398,148 a year ago. 

The average price statistics of  Toronto Condos in several Toronto downtown and Central Real Estate districts for May 2009 were as follows:

District	May2008	May2009	Change %
C01	372,648	326,860	-.12
C07	288,750	282,270	-.02
C08	314,749	298,041	-.05
C14	299,555	281,869	-.059
C15	302,150	277,078	-.083

 

 

 

 

 

 

Other Toronto Real Estate prices and sales for the different Toronto districts can be found on the updated Torontohomeandcondo.com Marketwatch section of our Toronto Real Estate website that includes new and resale Condos, Lofts, Town-homes and Homes for sale.

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Toronto’s new Condo Market reported the lowest number of sales recorded since 1996. Only 917 new units were sold in the first quarter of 2009, a 73 per cent decline from the same time last year.

According to Urbanation, an industry analyst, some 36,255 Condo units are now under construction in the Toronto area however these Condos were pre-sold in 2006 and 2007 so the outlook is looking rather dim for future projects.

Toronto Condos that are brand new and now registered, continue to be in demand, with some purchasers bidding more than the asking price.

Toronto Condos for rent are also in demand with almost all the new inventory taken up by prospective renters.

Only two new Toronto Condo projects are going to be launched and offered for sale in 2009, compared to thirty six new projects in 2007.

The Toronto Real Estate Market has been hit with government taxes like the Toronto Land Transfer tax and now the new HST, harmonization tax that will add thousands to the purchase of both new and resale Condos in Toronto.

In 2007 all the big Toronto Condo developers were very quiet over the controversial vote on the Toronto Land Transfer Tax. I mentioned in my Blog of November 1st, 2007 “New Toronto Condo Tax/Land Transfer Tax” that is was short term benefits but medium and long term costs.

How did your Toronto City councillor and mayor, David Miller, vote on the this controversial tax..just click the above link…”New Toronto Condo Tax/Land Transfer Tax”..

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Good news, there are two technical indicators from Bill Carrigan, a technical analyst with the Toronto Star’s business section, predicting Toronto Real Estate prices are moving in a reasonable price range.

No new highs and no collapse in Toronto area average house prices, according to his indicators.

His overall price trend calculates a 24-month moving price average and graphs this with the monthly house price line.

The first signal of a market change occurs when a monthly house-price figure breaks below or above the 24 month moving average. So far the 24 month moving average is finding some support and the increase in average Toronto home prices over the last four months is helping too.

The second dynamic indicator is the Sales-on-balance graph that Carrigan says is holding firm and that is a positive sign.

The Toronto Real Estate Boards 2009 figures:

• January 2,670 sales $343,632 average price
• February 4,120 sales $361,305 average price
• March 6,171 sales $362,050 average price
• April 8,107 sales $385,641 average price

From the above 2009 totals, we can see volume and price are increasing month over month and this coincides with Bill Carrigan’s technical indicators. This will be a relief to homeowners worried about the direction our Toronto Real Estate Market might take, no new highs and no market collapse.

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The Toronto Real Estate Board reported 8,107 total resales in April 2009, down 7 per cent, compared to resales in the same month in 2008.

Prices for Toronto Condos in these  Central districts of Toronto were again lower, with a few popular areas again showing slowing negative figures and a few positive results from the same period a year ago.

Condos  in the Central Toronto Real Estate District ( C04 ) increased 7.8 per cent in average price from one year ago. These other central districts we follow all show a slowing of price declines but not as much as we expected for this Spring Market.

The average price for Toronto Real Estate April transactions, including the GTA ,was $385,641, down three per cent from 2008.

The average price statistics  of  Toronto Condos in several Toronto downtown and Central Real Estate districts for April 2009 were as follows:

District	April 2008	April 2009	Change %
C01	346,991	329,278	-5.01
C07	282,427	288,862	+2.3
C08	355,142	319,598	-10.0
C14	305,598	308,432	+0.93
C15	286,145	265,890	-7.1

 

 

 

 

 

 

 

Other Toronto Real Estate prices and sales for the different Toronto districts can be found on the updated Torontohomeandcondo.com Marketwatch section of our Toronto Real Estate website that includes new and resale Condos, Lofts, Town-homes and Homes for sale.

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Downtown Toronto Real Estate

 

Fort York pictured above is the very spot the British founded Toronto in 1793 and protected the city in the War of 1812. It is not for sale..but this valuable Real Estate can be rented out for commercial photography, receptions, gala dinners and the odd Beer Fest.

 

POTENTIAL DEVELOPMENT

Properties considered ripe for development under Build Toronto’s auspices.

 • 4050 Yonge St. (York Mills), 3.2 acres
• 705 Warden Ave. (part), 9.6 acres
• 30 Tippett Rd., 5.5 acres
• 75 Billy Bishop Way, 4.5 acres
• 50 Wilson Heights Blvd., 8 acres
• 64 and 70 Cordova Ave., 3.3 acres

TTC station, bus terminal and commuter parking lots:

• 777 Victoria Park Ave. (part), 2.1 acres
• 3326 Bloor St. W. and part of 1226 Islington Ave., 1.8 acres
• 1226 Islington Ave., 3.1 acres
• Parts of 2200 Yonge St., 2.2 acres

Vacant sites:

• Part of 120 Grangeway Ave., 5 acres
• 51 Power St., 0.9 acres

Library sites:

• Deer Park, 40 St. Clair Ave. E., 0.4 acres
• Parkdale, 1303 Queen St. W. 0.5 acres

Other:

• Greyhound bus facility, 154 Front St. E., 0.8 acres
• Carpark 177 and police impound lot, 120 and 130 Harbour St., 1.1 acres
• Former police station, 2126 Kipling Ave., 1.5 acres
• C.O. Bick College for police services, 4620 Finch Ave. E., 2.3 acres
• Building leased to third party, 150 Symes Rd., 5.5 acres
• Former Toronto Water yard, 383 and 425 Old Weston Rd., 2.1 acres
• Float storage site for Lake Shore Christmas Parade (leased out), 297 Sixth St., 0.5 acres
• North York Hydro building and lot, 5151 Yonge St., 10 Empress Ave. and south side of Kingsdale Ave., 0.6 acres

Now there is a lot of Real Estate to be sold or leased for the taxpayers of Toronto so only time will tell on how this new City Board approach their new mandate.

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Tridel's Meridian Condos

Just steps from the Finch TTC Subway is the Phase 1 and 2 of the Meridian Condos in North York.

This area of North York is central to The Toronto Centre For The Arts, Centre Point Mall, The Sheppard Centre further south and convenient to the 401 and 404 Highways.

For Golfers, the Don Valley Golf Course is just south of the 401 on Yonge Street, a great course that is most popular.

West of The Meridian North York Condos on the 401 is Yorkdale Shopping Centre and Fairview Mall is about the same distance to the East on Sheppard.

Current resale prices for 15 Greenview and 25 Greenview include the Luxury lifestyle in a Brand New Tridel Condo. This includes excellent facilities with indoor pool, guest suites, fitness centre and more.

Other North York Condos can be found on our Toronto Real Estate website.

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