Condominiums across Toronto and the Greater Toronto Area have proven to be excellent additions to people’s lifestyle and financial portfolios. According to Urbanation, new condo prices hit an all-time high in the third quarter of 2018, while sales volume hit the third-highest Q3 total in the past 10 years. Think of the return on investment condominium owners who bought years ago have enjoyed. Get into the condo market now, while prices are still on the rise.
You will find superb condominiums in remarkable locations close to amenities, public transit and parks. Some offer direct access to transit, which eliminates the need to own a vehicle. First-time buyers, in particular, find this tremendously helpful in affording an urban condo. Buyers of all ages appreciate the convenience of owning within walking and biking distance to run errands, and for some people, to their workplace.
Today’s condominium architecture is stunning, whether the building is a sleek, modern point tower, an intimate boutique midrise, or anything in between. Traditional, transitional, contemporary… when you shop for a condo, you will find a variety of exteriors available to please a variety of sensibilities. Your condo should feel like “home” from first glance.
Lifestyle in a condo is one of luxury, whether you move into a studio or compact one-bedroom suite or a sprawling penthouse. Beautiful building amenities span the gamut from party rooms to boardrooms, fitness centres to yoga studios, ground-level courtyards to rooftop oases with pools, barbecues, dining areas and/or lounges.
The lifestyle is also one of ease as well, as residents’ maintenance fees cover the exterior upkeep such as landscaping and snow removal, as well as the cleaning and repair of all common areas in the building. Imagine the time that frees up to spend more time with family, traveling or enjoying hobbies.
Suite interiors are masterpieces of design, with functional layouts that are flexible as well. With open-concept main living spaces, residents can delineate “rooms” to their preference using furniture groupings and area rugs. Gorgeous linear kitchens become part of the main living area and free up space. Dens can double as guest rooms, nurseries, home offices and anything else your imagination can conjure up.
Today’s features and finishes rival those of condominiums around the world. In fact, our condominium purchasers here have much more choice than they do in the U.S. Even buyers who choose to appoint their suites with standards appreciate their beauty and quality.
In Toronto and the GTA, we are fortunate to have some of the finest builders and developers in Ontario offering condominium communities. They enlist award-winning design firms to help bring their vision to reality.
New condominiums in Ontario are still protected by Tarion Warranty Corp. Last year, the Minister of Government and Consumer Services announced proposed changes to enhance consumer protection, and Tarion is committed to supporting the province in this transition.
Those are just some of the reasons to start 2019 with a brand new condominium. Happy New Year!
BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated, winner of the pinnacle 2017 Riley Brethour Award from BILD, and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com
Last year saw the lowest total sales in almost 20 years in the GTA new home market, the Building Industry and Land Development Association (BILD) reports.
Overall in 2018, there were 25,161 new homes sold in the GTA, according to Altus Group, BILD’s official source for new home market intelligence, making 2018 the year with the lowest number of new home sales in the GTA since Altus Group started tracking new home data in 2000.
New record low
There were 21,330 condominium units sold in 2018, including those in low-, mid and highrise buildings, stacked townhouses and loft units – down 38 per cent from 2017 but only four per cent less than the 10-year average. Setting a record low since Altus began tracking new home data in 2000, there were only 3,831 single-family homes sold in 2018, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses). This is down 50 per cent from 2017 and down 74 per cent from the 10-year average.
“A number of factors combined to produce the drop in GTA new home sales in 2018,” says Patricia Arsenault, Altus Group’s executive vice-president, Data Solutions. “More stringent mortgage stress testing, rising interest rates and lack of single-family product affordable to a broader range of buyers all played a role. As well, the record new condo apartment sales in 2017 brought forward some demand that would otherwise have occurred in 2018.”
In December, the benchmark price for new condos was $796,815, up 11.2 per cent over the last 12 months. The benchmark price for single-family homes was $1.14 million, down 6.7 per cent over the last 12 months.
Out of balance
“From our point of view, the market is out of balance,” says David Wilkes, BILD president and CEO. “We must continue to work with all levels of government to ensure that policies don’t artificially price consumers out of the market.
“We commend the provincial government for taking action toward increasing housing supply in Ontario,” Wilkes adds. “We join other industry groups in calling on the federal government to revisit the stress test and allow a longer amortization period for first-time buyers. And we look forward to working with our municipal partners on removing barriers to development such as excessive red tape and outdated bylaws.”
At the end of December, there were 15,768 new homes available for purchase, comprised of 10,687 condominium units and 5,081 single-family homes. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
Long a Toronto hot spot filled with some of the city's best theatres and restaurants, the Entertainment District is in full-on transition mode – now also becoming one of the most prestigious condo destinations.
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