Tag Archives: Greater Toronto Area (GTA)

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Building condos in urban areas requires the use of traffic lanes

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Building condos in urban areas requires the use of traffic lanes

We often joke in the Greater Toronto Area (GTA) that we have two seasons, winter and construction. Most people can do without winter, but construction is essential to city building. We put up with it because we know that infrastructure like roads, sewers and watermains, must be continually maintained to ensure the viability of our growing cities. The same can be said when it comes to new condo construction.

On occasion large construction projects like condos in the downtown core can take up traffic lanes and create traffic slowdowns. Unfortunately, to keep up with the influx of the 9.7 million people that will call the GTA home by 2041 and to build to Growth Plan policy, our industry will be building highrise buildings in urban areas that may slow down your daily commute.

A recent City of Toronto motion was put forth to consult with the development industry to eliminate the practice of occupying sidewalks and traffic lanes for construction purposes. While this might help ease traffic congestion, it does very little to help keep the cost of new homes down. If the development industry is forced to build off-site staging areas, instead of using the already in place and legal City right-of-way, the extra cost incurred by the industry will ultimately make new homes more expensive.

A construction staging area is a physical location used for the storage of construction related equipment and materials such as vehicles and stockpiles. The City has policies to deal with this issue and the construction industry pays hundreds of thousands of dollars per project to be able to use City property for this legally allowed and long standing purpose.

The provincial Growth Plan calls for more intensification in urban areas where transit is available and where people work. Therefore, the City of Toronto has urban design guidelines that allow for the construction of tall buildings very close to the property line. These are the challenges of building in an urban environment. There is little or no room to do anything on the site and the only way to build safely is to take a lane of public traffic.

The industry is constantly looking for ways to alleviate traffic construction by avoiding closing down lanes and keeping costs down by side-stepping building off-site staging sites that would ultimately increase the cost of a new home or condo.

Developers often reach out to residents for solutions. A developer of a midtown 70,000-square-foot condo was considering an underutilized park adjacent to the highrise as an alternative to using the street. Having to build a separate staging site at a cost of $1,000,000 would have increased the price of a condo by $20,000 or $30,000. Using the street is the best way to keep the development affordable.

Dave Wilkes is President and CEO of the Building Industry and Land Development Association (BILD). Bild.ca

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Industry Expert: A New Voice for the Industry

Industry Expert: A New Voice for the Industry

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Industry Expert: A New Voice for the Industry

by David Wilkes

BILD welcomes new President and CEO David Wilkes

I am writing this column – my first as President and CEO of BILD – sitting in a café in downtown Toronto, looking at the development and growth that makes the Greater Toronto Area one of the most vibrant and dynamic regions in North America. I am struck not only by the economic activity that is taking place, but the realization that our members are providing a place for people to call home.

Photography: bigstock.com
Photography: bigstock.com

BOOMING INDUSTRY

There is no doubt that our industry is an important economic engine of growth. Over 197,000 people are employed in the new home construction, renovation and repair industry in the GTA. The industry generates $11.4 billion in wages and brings $30 billion in investment value to the area.

However, the economic importance of our industry is only part of the story and part of the reason that I am excited to join BILD. The societal contributions of the industry are also striking; ensuring that neighbourhoods and communities are places that people can live in and call home is a tremendous responsibility. The purchase of a new dwelling or engaging in a home renovation is a special time in one’s life. It is both a financial and an emotional investment.

I’m very proud to be leading the building, development and professional renovation industry. It is made up of hard-working professionals. There is a culture and a passion that runs deep throughout our industry and I look forward to contributing to the industry.

LOOKING AHEAD

2018 will be a busy year. We are a few months away from a provincial election and then municipal elections in the fall. During this time, BILD will share its ideas and thoughts with you and those seeking public office. We will discuss how we can work with our elected representatives to ensure that consumers have a wide range of choices when they invest in a new home, and that decisions are made to ensure housing remains affordable across the GTA.

Over the course of the year, we will continue to work closely with stakeholders and partner associations to demonstrate to provincial, regional and municipal governments the impact that new pieces of legislation and regulation have on customers. We will also share ideas and recommendations on solutions that help achieve both government and industry goals on behalf of the people of the Greater Toronto Region.

BILD will launch a new RenoMark website that will be your source for renovation advice and professional renovation contractors. We will continue with our five steps to a successful renovation seminar to help you make informed decisions about your home’s renovation project so you can renovate with confidence.

HOME SHOW IMPROVEMENTS

I am excited about the evolution of our Home Shows. One of the biggest changes you will see is more interactive experiences, like virtual reality software that not only allows you to design your home in a virtual space, but also teaches you how to do your own home renovation.

Make sure you mark your calendar and visit our GTA Home & Reno show on the Family Day weekend February 16 – 19, or the National Home Show over the March Break, March 9 – 18, 2018.

On the weekend of November 2 – 4, 2018 we’re launching a new home show called HomeFest. This show addresses the change in your home as you advance through different stages of your life. It’s like you’re viewing the show through your home’s perspective rather than your own.

I look forward to continuing to share BILD’s view on the current and future state of our industry through this column. I am very proud to be representing this great industry, and I plan to work with our members to deliver on our societal and economic responsibilities.

David Wilkes is president and CEO of the Building Industry and Land Development Associatio (BILD).

He can be found on Twitter, Facebook, BILD’s official blog, and bildgta.ca.


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Pemberton Group

Pemberton Group

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Pemberton Group

Exciting condominium suites and townhomes in connected, amenity rich locations

Pemberton Group offers a distinctive selection of condominium communities in established neighbourhoods across the Greater Toronto Area.

Each location has been specifically selected because it is close to public transportation and surrounded by established amenities.

Each Pemberton community offers a unique lifestyle with exceptional features and finishes, as well as onsite health and wellness and entertainment facilities that enrich the body and soul. Owning a Pemberton condo suite or townhome also offers the peace-of-mind that comes from buying from a builder with a proven track record of delivering everything a home should be.

Select from these desirable neighbourhoods

GO.2 Condominiums is situated in the historic Village of Maple and offers mid-rise living with an urban flair and spacious townhomes in the growing Major Mackenzie Drive and Dufferin Street area. The area boasts excellent schools, parks and many shops, dining and services. From the Maple GO Station to Union Station it’s just a half-hour ride. GO.2 will also be well served by the GO Transit Barrie rail line, GO Transit buses, York Region Transit and the Toronto Transit Commission. Highways 400 and 407 are minutes away. Available suites range from one-bedroom plus den, to two-bedroom and two-bedroom plus den layouts priced from mid $300,000s. The two-bedroom plus den, three-bedroom and three-bedroom plus den two-storey townhomes are priced from $753,900. Ask about the limited-time-only incentives and extended deposit program. 905.553.1430

Time and Space South Towers is a four-tower community that will transform an entire city block at Front and Sherbourne. Residents can walk to eateries, entertainment and cultural venues. Close by are St. Lawrence Market, The Distillery District, Sony Centre, Hockey Hall of Fame, Sugar Beach and the Waterfront trail, and King Subway and Union Station. The Don Valley Parkway and Gardiner Expressway are minutes away. Suite choices range from two-bedroom layouts, to three-bedroom and three-bedroom plus dens with spacious terraces, priced from $798,990. 416.419.9553

Pemberton condos and towns offer exceptional features and finishes, as well as onsite health and wellness and entertainment facilities.

Final opportunity to own

YongeParc2 in the vibrant Yonge Street and Hwy. 7 area in Richmond Hill City Centre. Residents will live steps from GO Transit, VIVA, YRT, and a short drive to highways 407 and the 404. The area has existing schools, parks, recreation centres, plus entertainment and shopping venues. Two-bedroom plus den suites are priced from the mid $600,000s. Prices include a parking space and locker. 905.709.5700

Mills Square will rise at Erin Mills Parkway and Erin Centre Boulevard, across from Erin Mills Town Centre. Residents will enjoy a two-storey onsite Rec Centre, totalling over 17,000 square feet. The large two-bedroom plus den suites are priced from the mid $500,000s. By appointment only. 905.326.4100

The Urban Townhome Collection at U Condominiums is an exclusive enclave of executive homes along Bay Street, minutes from Bloor-Yorkville. The final ultra luxury townhome is priced from $2.5 million, and offers 15-day closings. By appointment only. 416.419.9553

New communities coming soon

New Pemberton communities are in development. Be sure to subscribe online in order to receive up-to-date information, as soon as it becomes available. Prices and specifications are correct at press time. See a sales representative for full details.

To register and subscribe to learn more about all of Pemberton’s many fine condominium communities, visit pembertongroup.com. You can also follow the company on Facebook, Twitter, Instagram and YouTube.



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CMHC

Rising GTA house prices spreads to surrounding centres

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Rising GTA house prices spreads to surrounding centres

by Canada Mortgage and Housing Corporation

Highlights

  • Recent GTA house prices have increased disproportionately compared to other CMAs.
  • Increasing single-family home prices in the GTA are motivating buyers to purchase more affordable homes in nearby CMAs, driving up prices in those centres. In particular, historical house price spill overs from the GTA were prevalent in Hamilton, Barrie and Guelph.
  • Recent house price spill overs appear to have been occurring a bit farther out, especially in St. Catharines-Niagara, driven by GTA lowrise home prices.

The Greater Toronto Area (GTA) MLS average price in the third quarter of 2016 increased by 18 per cent compared to the same quarter in 2015. Market participants suggest that recent price increases are causing buyers to purchase more affordable properties in nearby Census Metropolitan Areas (CMAs), and that prices in these nearby CMAs would be pressured up as a result.

This report examines whether increases in GTA house prices have historically spilled over into Ontario’s other CMAs, especially those surrounding the GTA. We also provide the impact that a shock to GTA house prices might have on surrounding CMA house prices, in light of house price overvaluation in the GTA and house price spill overs from the GTA to surrounding CMAs.

Recent GTA house prices have increased disproportionately compared to other CMAs.

Except for the clear but short decline in many centres in 2008, house prices have steadily increased in most Ontario CMAs over the past 20 years, with even higher growth rates in the last five years. Overall, this substantial increase was due mainly to favourable economic conditions, population growth and relatively low mortgage rates, which increased demand for housing and drove up prices. However, more recently, moderate or elevated evidence of overvaluation was detected in Hamilton and the GTA by CMHC’s Housing Market Assessment framework, indicating that some of the price appreciation was not driven by fundamental factors.

Indeed, since the 2008-09 recession, the average GTA house price has been increasing at a faster rate and has also been increasing disproportionately compared to other Ontario CMAs. This trend is reflected in Figure 2, which shows the ratio of the GTA average price to the GTA expected price based on the average price across Ontario CMAs. Since the first quarter of 2016, the GTA average price increase has exceeded by about 30 per cent the GTA expected price increase. The previous historical peak was 26 per cent in the first quarter of 1989. Recent house price growth in the GTA has therefore been at its highest level relative to Ontario CMAs.

Read the full report.


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