Tag Archives: high-rise 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.

Advertisements
Tagged , , , , , ,

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

Tagged , , , ,

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 – 

Tagged , , , ,

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

Tagged , , , , ,

Condos are king in the GTA

.

Condo sales were up 79% year-over-year in February and far outstripped home sales for low-rise units.

“In the GTA in February, there were more than twice as many new condo apartments sold (as) low-rise units,” the Building Industry and Land Development Association (BILD) said in its latest report. “Altus Group recorded 3,542 sales of condo apartments in stacked townhouses and mid and high-rise buildings, and 1,541 sales of new detached and semi houses and low-rise townhomes.”

Condo sales more than doubled the ten year average.

Toronto led the way in terms of sales (1,661 units), followed by York (1,299), Peel (370), Halton (107), and Durham (105).

A lack of low-rise supply and, indeed, skyrocketing prices, are the market forces driving many buyers to the condo sector.

“Today in the GTA we have a scarcity of single-family ground-related housing that is not just unprecedented – it is almost inconceivable,” BILD President and CEO Bryan Tuckey said. “As a result we are seeing record breaking condo sales and continued price growth.”

That’s also leading to inventory issues in the condo market.

Units hit a new low in February, dropping to 10,342.

Still, that’s much better than the current availability of single-family homes.

Across the GTA, a mere 1,001 new low-rise homes were available in February. And there were only 324 new detached homes available.

10 years ago there were 17,304 low-rise homes and 12,064 detached homes available.

Source: Canadian Real Estate Wealth – by Justin da Rosa27 Mar 2017

Tagged , , , , ,

Do You Know the Rules of Condo Living in Mississauga?

The might of the heavy hand of the condo corporation has been in the news lately. Recently, a judge ruled in favor of an Ottawa condo corporation that took legal action against residents who rented out their suite on short-term rental service Airbnb.

The judge ruled that condo corps can indeed forbid owners and tenants from listing their units on short-term rental websites and the ruling has far-reaching implications because it confirms that such organizations can put limits on what owners can and can’t do with their spaces.

But while that’s an interesting case, it makes one question what rules condos have (and are permitted to have) and how residents follow them.

While the Airbnb case is complex, it’s often interesting how people misunderstand rules and, in some cases, plain common sense.

I live in a typical 20+storey condo. It’s challenging living in a place filled with such a diversity of people. But even so, you would expect people to be able to do simple things like dispose of their garbage and enter the underground garage properly.

Recently, our condo management began posting notices about procedures for residents to follow, and when I read them I couldn’t help wonder if they were actually serious. The instructions were rather simplistic and I was surprised that people needed to be reminded to follow them. Here’s a brief sampling, and my own comments pertaining to those instructions:

Garbage must be properly tied in plastic garbage bags (so they don’t break open while being tossed down a chute)

Unless you’re just taking your garbage container and dumping its contents down the garbage chute, I don’t know anyone who isn’t supposed to be already doing this. Maybe some residents are unfamiliar with garbage bags, or are just too lazy to use them?

Please remember that glass items are recyclable and must be taken to the depository on the ground floor

It sounds ridiculous that in 2016, people are still throwing out glass like it’s garbage. Even if glass wasn’t recyclable, don’t people realize throwing glass down a garbage chute, especially if you live on a higher floor, could smash into pieces and injure someone? At the very least, broken glass is a nightmare to clean up.

Please do not allow anyone without a key to enter the building, nor grant access through the entry phone to unidentified individuals

This may sound crazy, but there are people out there who will unlock the front door to the building for just about anybody. All you need to do is make up some story about how you’re seeing a family member, friend or dropping someone off. I’ve seen the police show up at my condo numerous times; people really shouldn’t just let random people in. You never know what might happen.

Please be sure to close and lock all suite and patio doors and windows

As a follow up to the previous point, just because you live in a condo with security in the lobby doesn’t mean some random weirdo can’t access the building. You may feel no obligation to lock your door if you live in the countryside by yourself with your nearest neighbour 10 miles away, but in a condo (as well as standard detached homes in neighbourhoods these days) you can’t assume you’re not at risk.

When parking your car in the underground garage, please ensure that no visible items are in your car, especially your garage door opener

I actually leave my garage door opener in my car, because I can’t tell you how many times I would forget to bring it with me if I didn’t. That said, something like that should be stored in a safe, discreet place in your vehicle if you do leave it in there, so as to avoid the prying eyes of potential car thieves.

When entering the underground garage, please allow the garage door to close behind you before proceeding to your parking space

This one had me baffled, because I literally was not sure what it meant. My underground garage entrance is a ramp like structure, and if I were to wait until the garage door closed behind me, it would be quite inconvenient, especially for any vehicles behind me. That would definitely slow things down for people going in and out of the underground garage.

This isn’t the first time my condo management attempted to convey instructions to their residents. But if they have to issue notices on rather obvious rules to follow, then maybe posting notices isn’t working. One of my neighbours suggested that management host meetings for the residents to go over these instructions and then give all residents a written test that they must pass before returning to their unit.

Okay, I was being facetious on that last point.

But while some rules are a little more complex (no pet policies, Airbnb bans), I understand it must be frustrating for condo corporations and management companies to deal with people being inconsiderate and, in some cases, negligent.

Source: insauga by Alan Kan on December 27, 2016

Tagged , , , ,