A Message From Jim Caruk
Our October/November issue is at the printers and should start landing in mailboxes in the next week or so. As always, it includes a great mix of informative and entertaining articles. The cover story is on how rather than something to be feared, heritage home restoration projects should be considered a lucrative niche. The Canadian Home Builders’ Associations Gary Sharp and Jeff Culp also weigh in on the subject in their CHBA Connects column.
Next up, we review of all the major new pickup trucks for 2018. (We’ll review work vans in the December 2017/January 2018 issue.)
We also profile Belyea Brothers Heating and Cooling, a company founded in Toronto back 1908 by, appropriately enough, brothers Roy and Ross Belyea, and now owned and operated by father–son team, David and Philip Graeme.
And, as always, we have our Work Smart, Not Hard contest with another amazing illustration by Brett Lamb. This time around, the tip involves pool noodles…
one of the largest North American trade show for the mechanicals industry, starts today
German steelworkers are threatening to strike over the right to take up to two years’ on a 28-hour “work-life balance” schedule.
The Canadian Home Builders’ Association’s begins “pre-conference” meetings today in Victoria, B.C.
Ontario is charged with the task of incentivizing electric vehicle infrastructure for condo owners and developers.
We need more collaboration to create thriving complete communities where people can live, work and enjoy their leisure time.
If Apple were to launch a condo tomorrow, you can rest assured that their corporate branding will be merged into building – let's call it iCondo.
There is no reason why Canada should be ranked 54th out of 190 countries measured by the World Bank for a routine building approval.
The real estate industry is full of various scenarios and situations that can impact an investor’s return. READ MORE
There could soon be more than 80,000 units under construction, representing a significant source of economic growth and a call for more trades and innovation. READ MORE
All-electric fireplace showroom and design centre with the largest selection in Toronto and York Region. Combining specialized expertise with over 20 years' interior design experience. On-wall, in-wall, fireboxes, retrofit inserts, mantels, custom cabinetry, stone and brick veneers. Residential and commercial. Trade and volume inquiries always welcome.
More than a kitchen and bath luxury showroom, The Water Closet offers unparalleled service, selection and solutions for all your plumbing and heating needs. Our goal is to be your full-service showroom while “Enhancing the Flow of Life”.
We've been proudly serving the community for more than 160 years. We deliver natural gas safely and reliably to two million homes and businesses across Ontario. With safety as our ongoing priority, we're committed to making communities better places to live.
Condo construction starts hitting new highs
By Shaun Hildebrand
Thanks to a resilient local economy and stable Canadian banking sector, in the years that followed the 2009 financial crisis Toronto began leading annual lists of most highrise projects under construction in North America. While New York has caught up in recent years, Toronto is poised to soon regain its top position. The number of condo developments under construction in the GTA increased to 215 projects and 58,900 units at year-end 2017. There was also a multi-decade high for purpose-built rental construction, which reached 22 projects and 7,184 units. Total combined apartments under construction of 66,084 units was a record for the GTA — and it’s about to grow even higher.
According to Urbanation’s database, 144 condo apartment projects were in pre-construction at the beginning of 2018, totalling 40,148 units. This was the product of a record-breaking year for pre-sale launches in the GTA that saw 32,194 new units come to market in 2017, a level that was 63 per cent higher than the 10-year annual average of roughly 20,000 launches. And these new projects were big — 42 per cent of launches had more than 300 units and 18 per cent had more than 500 units — so not only will there be more units starting construction in the near future, but they will also stay under construction for longer than in the past. Construction will also become more spread out across the 416 and 905 regions.
Looking ahead to this year, Urbanation is expecting a moderation in new launch activity from 2017, but remaining historically high as developers will continue to be encouraged to bring new product into a market that is experiencing record levels of absorption (96 per cent of units under construction and 87 per cent of units in pre-construction are pre-sold), 15-year lows for unsold inventory, and new launch selling prices that grew 30 per cent last year. This tells us that condo apartment construction starts could be hitting new highs for at least the next two to three years.
At the same time, the industry has been under-delivering completed units, a phenomenon that could add to construction bottlenecks in light of the number of condos entering the pipeline, leading to adverse economic consequences for new projects such as higher than anticipated construction costs and longer than expected development timelines.
Indeed, condo apartment completions dropped to a five-year low of 13,513 units in 2017, which was 8,121 units less than the 21,634 units scheduled for delivery at the beginning of the year. This has been a consistent occurrence — since 2010, actual completions have averaged 7,780 units less than the amount scheduled in each year. Recognizing this fact and looking backwards at construction starts trends, Urbanation is expecting actual completions to average approximately 19,000 units per year out to 2020, quite a bit higher than last year but in line with levels from 2014 to 2016.
Given these factors, the number of condos under construction in the GTA could easily surpass 70,000 units within a couple years. And this doesn’t account for the swelling number of purpose-built rental projects that will be breaking ground.
Urbanation is tracking 108 dedicated rental apartment project applications in the GTA totalling 33,787 units. All told, there could soon be more than 80,000 total apartments under construction, representing a significant source of economic growth for the region, but also a call for more construction trades and greater innovation for the industry to maintain and improve efficiencies.
Shaun Hildebrand, senior vice president of Urbanation Inc.
Fusion Stone is an easy and budget-friendly way to beautifully upgrade your home, inside and out. A patented Shouldice innovation, Fusion Stone is a thin stone veneer that is easily installed with the included stainless steel clips & screws. You just screw it to the wall and it’s “Hooked for Life”.
SOPRA-CELLULOSE is a thermal and acoustic insulation used in interior and exterior walls, attics, floors and ceilings.
DRIcore is the first and most important step towards creating a new living space as warm and comfortable as any other space in your home. DRIcore is the one-step engineered subfloor solution that is specifically designed for basements. The raised moisture barrier covers cold, damp concrete to protect, insulate and cushion your finished floors.
Masco Canada Ltd. is the Canadian plumbing division of MASCO Corporation and represents brands including Delta, Brizo, Hansgrohe, Axor, BrassCraft, Master Plumber, and Waltec. MASCO Canada Limited is dedicated to complete customer satisfaction and responsiveness to the unique Canadian marketplace.
You chose your new Chrysler because you wanted something far beyond the ordinary. It just makes sense that your ownership experience should be just as special. That's why we're committed to exceeding your expectations for as long as you have your Chrysler.
Royal Building Products is a leading manufacturer and distributor of a broad range of state-of-the-art exterior building materials for the home remodeling, building and municipal construction markets.
SFA SANIFLO INC. (“SANIFLO”) is the only manufacturer of its kind in North America offering a complete line of macerating toilet systems for residential and light-commercial applications where installation of plumbing fixtures with below-floor drainage is impossible or cost-prohibitive.
For more than 140 years, American Standard has led the way in developing innovative bathroom and kitchen products that improve daily living.
Sharing Passion & Performance. With our unique expertise and sensibilities, gained from our devotion to sound and music, we are committed to creating excitement and cultural inspiration together with people around the world.
Established in 1987, Caesarstone pioneered the original quartz surface and continues to be a leading developer and manufacturer of premium surfaces. Highly functional and design forward, Caesarstone surfaces have endless application possibilities including kitchen countertops, bathroom vanities, wall paneling, furniture and more.
Euro-Line Appliances has brought elite European engineered appliances to Canadian homes for over 25 years. Our brands exceed expectations and have earned awards in design, engineering, performance, and energy efficiency. All of our cooking, refrigeration, dishwashers, and laundry appliances are created to conserve our non-renewable resources.
Created by fusion of exceptional design, superior quartz quality and cutting-edge technology, HansStone Quartz weaves together intriguing patterns and colours inspired by the diverse Canadian landscape.
Fisher & Paykel incorporates the world’s most innovative technologies and produce the most technically advanced, efficient and contemporary styled appliances. DCS created the first line of high end, commercial quality appliances and expanded to pioneer indoor and outdoor kitchen solutions for the at home chef. TRADE ONLY.
At Riobel we design, create and assemble faucets, shower systems and accessories in our Canadian facility located in St-Jérôme, a suburb of Montréal. Our modern and fashionable products are designed to fit all kitchens or bathrooms. They are easy to install, while mechanical parts are accessible from above the counter to facilitate cleaning and maintenance. Riobel: a benchmark of excellence since 1995!
Over the past 14 years Factory Tile Depot has become #1 for everything tile and stone. With 5 locations showcasing the latest and greatest trends in the tile industry, we have built the confidence of trade and retail clients alike. We are proud to offer well thought out showrooms, extensive selections of hard to find tile-stone, on site designers, and some of the best after care support in the industry. Experience the FTD difference on your next project.
Since 1989 Men At Work has specialized in renewing and enlarging older houses in core Toronto neighbourhoods. We are experts in managing the challenges of renovating sensitive old buildings into beautiful, functional, comfortable living spaces.
Space Age Closets and Custom Cabinetry has been serving Toronto and the Greater Toronto Area for over 30 years. Our services include a wide array of custom storage solutions for every room in your home. With decades of experience designing and installing custom closets and cabinets we pledge to provide excellence in service and get the job done right the first time.
Cosentino is a global, family-owned company that produces and distributes high value innovative surfaces for the world of architecture and design, leaders in their respective segments such as Silestone® Quartz surfaces and Dekton® Ultracompact surfaces. Technologically advanced surfaces that create unique designs for the home and public spaces.
For four decades, we’ve built a reputation as a leader in premium and luxury space-management, delivering truly custom products and unparalleled service.
Vangarde Cabinet Design & Factory Inc. specializes in aftermarket cabinet fronts and accessories that fit IKEA kitchens. We transform ordinary looking IKEA kitchens into extraordinary ones. Finally, there is a choice for more desirable cabinet doors and accessories for your IKEA kitchen.
BONE Structure has designed and patented a structural steel frame and insulation system that is the best integrator to build Net-Zero Energy custom homes. Using an integrated process inspired by the aerospace industry, we design and build high-performance, sustainable homes.
Canadian Appliance Source has become the fastest growing provider of Major Home Appliances in Canada for over 10 years, we have grown to include over 13 locations across Ontario & Quebec.
DelSuites offers fully furnished and serviced condominiums in 20 locations throughout the Greater Toronto Area, including Downtown, Midtown, North York, Markham, Scarborough, Mississauga, Etobicoke and Brampton.
X-Tile is sure to have whatever you need to express your unique individual style. We offer you an exceptional variety of wall and flooring options in ceramic, porcelain, natural stone, glass, mosaic and much more from leading suppliers around the world. Let our knowledgeable and friendly staff help you in your dream renovation or building project.
With over 90 years of experience, BLANCO is the leading kitchen sinks and faucets manufacturer. From handcrafted in Germany Steelart® sinks and the beauty of Silgranit®, to the European design faucets, BLANCO products are celebrated worldwide for their unmatched quality and design. Blanco Silgranit® sinks are proudly manufactured in Canada TRADE ONLY.
Napoleon proudly manufactures award winning, high efficiency hearth products, gourmet grills & HVAC products ... all offering a multitude of designer choices to suit any lifestyle!