Tag Archives: condo living

GTA’s hottest market outside of downtown Toronto

Source: Canadian Real Estate Wealth –  Neil Sharma

Mississauga has become the GTA’s largest condo hub after Toronto, and its torrid pace of residential, infrastructure and amenity development are conspiring to make it ripe for investment.

In tandem with the Places to Grow Act, Mayor Bonnie Crombie has recalibrated the city’s growth plan to quickly turn it into an urban hub. Mississauga’s city centre already has a dazzling skyline, and it’s expecting 23 new mixed-use condominium towers.

Major builders like Daniels, Amacon, Camrost and Solmar all have major projects going up there that promise to bring life to what’s been a sleepy downtown. However, without a crucial piece of infrastructure, some of these developments might never have been conceived.

“The timing is largely a result of the LRT breaking ground next year,” Crombie told CREW. “It is 20-kilometres long with 22 stops, beginning in Port Credit, and then looping around downtown where there will be four stops. It will pull into the transit terminal – the second-biggest in the GTA – then go into Brampton.”

The city centre in Canada’s six-largest city has long been built around Square One Shopping Centre, which just received a major facelift and extension, but there are newer arrivals. Sheridan College has two campuses in or near the city centre, with a third in planning stages, and University of Toronto Mississauga isn’t very far away, either. Apartment buildings in the area are being outnumbered by condos, and students will naturally rent them.
Over the next two decades, Peel Region is expecting 300,000 new residents and 150,000 jobs, of which 60% are projected to be in Mississauga.

Zia Abbas, owner and president of Realty Point, a brokerage that’s grown to 26 franchises in only two years, says the cost per square foot in Mississauga’s condos make investing there a no-brainer.

“The average of any new launch in downtown Toronto is around $1,000 (per square foot),” he said, “with the cheapest I’ve seen in Liberty Village starting around $850 to $900 per square foot before parking. In Mississauga it’s between $640 and $670, parking included.”

Abbas says the LRT will add substantial value to the city centre’s condo cluster, and added that Mississauga has other hot spots too, like Erin Mills and the Hurontario and Eglinton neighbourhood.

“Compared to downtown Toronto where eight out of 10 people rely on transit infrastructure, in Mississauga it’s five out of 10, I’d say.”

But as Crombie’s vision for an urban Mississauga materializes, that number could start rivalling Toronto’s.

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What if an Irma-like hurricane hit New York?

It sounds like a Hollywood disaster movie.

A Category 5 hurricane churning in the mid-Atlantic suddenly veers northwest — and heads straight for New York City.

The good news is that, for now, experts agree a Cat 5-sized deluge appears to be a meteorological impossibility in the U.S. Northeast, given today’s sea temperatures and weather patterns.

The bad news: A storm doesn’t need to pack the wallop of a Harvey or an Irma to knock out the region. Superstorm Sandy, whose wind speed was a relatively tame 80 miles per hour when it reached New Jersey, did $70 billion of damage in October 2012. Irma made landfall in Puerto Rico at 185 mph.

But if there’s anything we know about climate change, it’s that the boundaries of what’s possible keep shifting. As yet another hurricane, Jose, grinds up the Eastern Seaboard, the black-swan scenarios offer alarming perspective. Imagine what the Great Hurricane of New York might look like:

Winds of 100 mph and 12 inches of rain at high tide push a 16-foot storm surge through the funnel-like entrance of New York Harbor. It wouldn’t take Irma’s killer gusts or Houston’s torrential 50 inches of rain to create a wall of water swamping 500 miles of New York City coastline. The Hudson and East rivers would cascade into Manhattan, overwhelming subways, sewers and roads. Corrosive seawater would fill the aging Lincoln and Holland tunnels to New Jersey, as well as the vulnerable railway tubes beneath the Hudson.

Crazy? Climate change means meteorologists and emergency managers must now consider scenarios they never confronted before. That’s especially true given the rising sea. The water level around New York is 1.1 feet higher today than in 1900 and could increase as much as 2 feet more by 2050.

Global Warming
“With global warming and sea-level rise, what we’re seeing is the effects of these storms amplified,” Ernest Moniz, energy secretary for President Barack Obama, told Bloomberg TV.

The potential risks, however remote for now, are enormous for the New York metro area. Sandy, which hit New Jersey as a “post-tropical” storm, flooded almost 90,000 buildings, with 443,000 New Yorkers living in inundated areas. In one part of Staten Island, floodwaters reached 14 feet. Bridges reopened quickly, but close to 2 million people lost power, and cell service for more than 1 million people was reduced or lost. Rebuilding is still going on five years later.

One of the legacies of Sandy was a change in the number of evacuation zones, which the city doubled to six. Roughly 3 million New Yorkers now live in one of those zones.

Megan Pribram, assistant commissioner for planning and preparedness at the city’s Office of Emergency Management, said for a storm on the scale of Harvey, the city would evacuate some low-lying coastal areas.

Unprecedented Rain
Harvey-sized rains would be unprecedented in the U.S. Northeast, according to Allan Frei, chairman of the geography department at Hunter College in Manhattan. The most serious flooding in the region was Hurricane Irene in 2011, when 15 or so inches of rain left parts of Vermont underwater.

A Category 3 hurricane — with winds up to 129 mph — hit the New York area in 1938, when “The Long Island Express” caused 18-foot surges. Another Cat 3, Hurricane Hazel, produced wind gusts of 113 mph in Battery Park in 1954, according to Nassau County’s Office of Emergency Management.

Still, Frei said climate change increases the odds that severe rainstorms like the one in Houston could strike New York City. And if New York ever got that much rain, “it would be absolutely devastating.”

“If a storm causes a big storm surge at the same time as it’s raining, and if it hits during high tide, that would be — I can’t even imagine,” Frei said. The sewer system would probably be blocked with debris, diminishing its capacity to drain the city, he said.

New York City is updating preparedness plans to incorporate the lessons of Harvey, said Daniel Zarrilli, senior director of climate policy and chief resilience officer for Mayor Bill de Blasio.
Part of that includes the tens of billions of dollars spent since Sandy.

Billions Spent
Hospitals and public-housing complexes have been refitted to offer more flood protection at a U.S. Federal Emergency Management Agency expense of more than $10 billion. Utility Consolidated Edison Inc. has spent $1 billion for upgrades to its underground steam, electric and gas infrastructure. A $340 million boardwalk in the Rockaways has been redesigned as a sea wall protecting beaches and homes. The city has planted trees and other vegetation in flood-prone neighborhoods to soak up runoff and ease the burden on the city’s sewer system.

The NY-NJ Metropolitan Storm Surge Working Group is pushing the U.S. Army Corps of Engineers to approve a $30 billion system of retractable sea barriers at the mouth of New York Harbor and in the Throgs Neck narrows north of the East River. Similar engineering projects now protect cities including New Orleans; Rotterdam, Holland, and St. Petersburg, Russia.

The system could protect about 800 miles of coast from Elizabeth, New Jersey, to the Bronx, and as much as $1 trillion in assets, said Robert Yaro, former executive director of the Regional Plan Association, a policy-research group.

“We in New York are far behind, and among the cities on Earth we have the most to lose,” Yaro said.

Source: Bloomberg 20 Sep 2017
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Map Charts Toronto Condo Prices By Subway Stop

condo prices ttc stop toronto

When it comes to Toronto condo prices, location really is everything. Sure, buying any unit in the city is going to be expensive, but when you see how prices vary based on the TTC subway map, it’s obvious that Line 1 reigns supreme.

Toronto realtor Davelle Morrison recently put together this map of condo prices by TTC stop, which reveals the area around Summerhill Station as the most expensive place in the city. It’s followed closely by Museum, Bay, Bloor-Yonge, and Rosedale as other high cost areas.

condo prices ttc stop toronto

On the flip side, the most reasonable condo prices in Toronto can be found in less dense areas of the city like Scarborough and the eastern portion of North York, which includes stations like Wilson, Sheppard West, and Lawrence West.

Also interesting are the TTC stops that yield no data. The map charts condo prices within 0.3 kilometres of each station, which means that there are plenty of blank entries because there just aren’t condos within the radius under examination.

When you think about it, that’s kind of troubling in terms of Line 2. There are too many stations that lack the kind of density that urban planners laud as key to successful city building.

Source: BlogTo.com  Derek Flack

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What share of GTA condos are flipped? New report offers insight

gta-condos

Soaring price appreciation in the Greater Toronto Area’s high-rise segment is encouraging condo investors to flip their units more rapidly.

So suggests the latest quarterly report from Urbanation, a Toronto-based real estate consulting firm.

This burgeoning trend is reflected in the 9,932 condo units that changed hands in the first quarter, a 73 per cent increase over activity in the first three months last year as well as a quarterly high.

Looking only at units in condo developments that were completed by builders and registered in the last two years, a total of 1,059 transactions were recorded in the first quarter.

In the first quarter of 2016, condo owners sold a total of 625 units in buildings completed throughout the preceding two-year window.

“The shortening of holding periods for some condo buyers is an outcome of the rapidly accelerating market,” says Shaun Hildebrand, senior VP of Urbanation, in a statement.

The average sale price of a resale condo unit in Q1 this year was $510,000, representing a 24 per cent increase over that period last year, according to Urbanation.

“Following the recent strength in condo price appreciation, Urbanation noted an increase in resale activity within newly completed buildings as well as more units transacting twice within shorter timeframes,” the consultancy’s report reads.

In fact, according to past Toronto Real Estate Board numbers, resale condo prices were increasing annually by a far more restrained 9.3 per cent as recently as September 2016.

With year-over-year appreciation well above 20 per cent now, a relatively recent development, it’s easy to see why some recent homebuyers would be compelled to sell sooner.

However, Urbanation’s Hildebrand notes flipping is not widespread — for now.

“Although the share of short-term condo market participants still appears relatively low, it will be important to monitor the situation closely going forward as market conditions evolve,” he adds.

Source: BuzzBuzzHome.com – 

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Is your condo board above board? Tips for evaluating condo governance

Condominums have proliferated in the downtown cores of Canada's biggest cities.

Condo corporations are effectively a 4th level of government, says one expert

Condominium governance is in the spotlight after an investigation by CBC Toronto reporters unveiled questionable practices at a series of downtown Toronto buildings.

Owners and property managers in those buildings say a group of people have aggressively sought control of the boards and budgets of multiple condos. The allegations include voting irregularities and contentious contracts.

If you’re wondering whether your condo board is operating in a trustworthy manner — or if you simply want to get a better grip on how your condo works — here are a few tips from experts in the field of condo governance.

Learn who runs the place

Not just anyone should sit on the board of directors of a condo corporation, experts say.

“You want people who are financially literate, who have some business experience, preferably,” said Audrey Loeb, a lawyer with Miller Thomson who specializes in condo law.

“You don’t want the board of directors managing the building, you want the board of directors overseeing the manager.”

That property manager should be independent of the board, with a good reputation, Loeb added.

Condo board directors should own a unit in the building, and ideally live in that unit, said Loeb. If not, that’s a potential red flag for owners.

Conflicts of interest on condo boards are another red flag, according to Brian Antman, who audits condo boards as a partner with accounting firm Adams and Miles and serves as a director of the Canadian Condominium Institute’s Toronto chapter.

Board directors shouldn’t have any financial interest in transactions with the property manager or their vendors, Antman said. Directors, he added, should also sign and follow a code of ethics.

Put on your reading glasses

Condo owners ought to take the time to read their building’s declaration, said Antman. (A declaration is essentially a condo’s charter or constitution.) They should also read any bylaws and rules instituted by the board, according to Antman.

Potential owners of new condo buildings need to read the disclosure statement provided by the developer, and should have it reviewed by a lawyer with experience in condo law, Antman said. (For resale condos, a “status certificate” replaces a disclosure statement.)

“It’s probably the most significant purchase they’ll ever make, and they shouldn’t be surprised by anything going into it,” he said. “I see a lot of people who don’t do their due diligence up front, and are surprised.”

Toronto condos

Potential condo owners should be sure to read disclosure documents or status certificates provided by the seller, one expert says. (Cole Burston/Canadian Press)

Communicate with the board, and participate

“The best way to tell how well-run your condo is… is to ask for documents, and see if you get them,” said Loeb, the condo lawyer.

Minutes of board meetings are a common record that a board should share.

“If you get them in a timely fashion, ask for the monthly financial statements,” said Loeb. “Any owner is entitled to see that stuff.”

Most condo board meetings are closed, but Loeb said owners should absolutely take the time to attend annual meetings.

If owners can’t attend an annual meeting but still want to vote on condo issues by proxy, Loeb recommends electronic proxy voting, by which proxy documents are emailed directly to owners.

Vancouver condos

Condominium buildings are administered by a condo corporation, which is controlled by a board of directors. (Darryl Dyck/Canadian Press)

If a condo owner is concerned about their condo corporation’s board, they can try to shake things up.

​”If they’re unhappy with the board, or a board member even, they can requisition a meeting to replace the board or the board member,” said Antman.

The owner can even try and join the board themselves, if they feel up to the task.

“This is their biggest investment, and if they want it to be run properly maybe they need to get involved,” Antman said.

Be warned, though: sitting on a condo board can be “a hugely time-consuming job, if it’s done well,” said Loeb.

“People have no clue what hard work it is, especially in the first two years of a condo’s life when you’re just trying to figure out what’s going on,” she said.

Make sure professionals are involved

Good condo administration often requires professional expertise, said Antman, an auditor.

“The [condo] corporation should hire a solicitor, an auditor, an engineer who’s doing the reserve fund study,” he said. “And all of these people that you’re hiring should be people that are experienced in the industry.”

A solicitor is especially important when things go wrong, said condo lawyer Audrey Loeb, who described how condominiums have become “very complex entities” over the years.

“My philosophy has always been that the condo is the fourth level of government,” said Loeb. “After the feds, the province and the city, you’ve got your condo [corporation].”

Source: By Solomon Israel, CBC News Posted: May 23, 2017 5:00 AM ET

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Buying an unbuilt condo? Think twice, agent says

Being exceedingly careful in one’s condo purchase is never a bad thing, especially in light of the $3-million class action by over a hundred condo owners in Ottawa.

Toronto-based real estate agent David Fleming, who says that he has never been involved in a pre-construction condo transaction in his 13 years as a professional, advocates one simple bit of advice: “Never buy new.”

“I liken it to buying a pair of jeans. If you walked in [to a store] and you couldn’t try them on and didn’t know how long they would be, and what the waist was … that’s a hundred-dollar pair of jeans. So why would someone buy a million-dollar condo the same way?”

The most important aspect that buyers should remember is the fact that they can back out with no penalty, as Ontario provides a 10-day “cooling off” period that can serve as an out for hesitant consumers. The countdown for the 10-day duration starts once the would-be buyer receives a copy of either the disclosure statement or the fully signed purchase and sale agreement, whichever comes later.

Another wise step would be to always hire a lawyer, who should be tasked to review all of the documentation involved in the transaction. If the lawyer suggests amendments to areas of concern, these proposals should be forwarded to the developer.

“If the developer says no, then don’t go ahead with the transaction.”

Fleming also noted that it would be helpful to remember that the people in the showroom are still salespeople who work for the developer, no matter how warm and accommodating they might seem. Working with one’s own real estate agent should help a consumer avoid an ill-advised purchase.

Source; Canadian Real Estate Wealth – by Ephraim Vecina 03 Apr 2017

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