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Left to right, Frank Spaziani, Klaus Meyer (Hampers of Hope), Cailey Stollery and Russell Foy (Hampers of Hope).

Kylemore Communities embraces holiday spirit

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Kylemore Communities embraces holiday spirit

 

Left to right, Frank Spaziani, Klaus Meyer (Hampers of Hope), Cailey Stollery and Russell Foy (Hampers of Hope).
Left to right, Frank Spaziani, Klaus Meyer (Hampers of Hope), Cailey Stollery and Russell Foy (Hampers of Hope).

Luxury home builder and land developer, Kylemore Communities/Angus Glen Development, embraced the spirit of giving this season with a donation to benefit Markham Stouffville Hospital Foundation and by hosting an annual holiday Ccelebration for consultants, suppliers and staff.

An important part of the company’s annual holiday celebration is a toy drive, and the total donations made an impressive display once again. The donated toys and games were divided between local organization Hampers of Hope, as well as SickKids Hospital.

The celebration was hosted by Cailey Stollery, CEO, Lindsay Stollery Jephcott CIO of Angus Glen and Kylemore Group of Companies, and Kylemore vice-president Frank Spaziani.

“We truly appreciate the loyalty, support and contribution of our tradespeople, suppliers and consultants that together make a Kylemore home among the best and most desirable in the GTA,” says Spaziani. “We have some exciting major new communities coming in 2019 and 2020, and with the continued dedication of our staff and suppliers we’ll bring these to fruition.”

Bear Necessities

Kylemore’s donation to the Bear Necessities program will benefit Markham Stouffville Hospital Foundation. The program helps the hospital to purchase life-saving equipment that government funding doesn’t cover.

“We have a decades-long commitment to Markham where many of our team live, work and play,” says Stollery. “Through our Kylemore Kares charitable initiative, we are pleased to be supporting the local hospital, which provides a vital service to area residents.”

There’s still time to join Kylemore in lifting someone’s spirits this holiday season, with the purchase of a plush Teddy Bear, soft sleep sack for a newborn, or a warm blanket for a patient. Learn more at lifesavinggifts.ca or call 905.472.7059.

Kylemore Communities is the recipient of a Heritage Markham 2017 Award of Excellence for the restoration and integration of the historic Colty’s Corner Schoolhouse into The Shoppes of Angus Glen; a 2014 Markham Design Excellence Award for Angus Glen Community, which also received BILD Association’s 2013 Places to Grow Community of the Year Award. Kylemore’s The 6th at Angus Glen has captured numerous prestigious design awards from BILD, OHBA and an Award of Merit from the Association of Registered Interior Designers of Ontario (ARIDO).

For more information, visit kylemorecommunities.com

 

 

 

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Forecast 2019 – where are Canada’s hottest housing markets?

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Forecast 2019 – where are Canada’s hottest housing markets?

2019 web

Wondering where Canada’s hottest housing markets are, as 2018 comes to a close and 2019 is just around the corner? Well, that all depends on who you ask.

Two of Canada’s large realty firms – Royal LePage and ReMax – both issued their 2019 housing market outlooks on Dec. 11.

Yes, the very same day.

Rather than produce two stories on the exact same topic, just from different sources, we thought it would be interesting to compare them. And while there are some commonalities in their forecasts, there are also some interesting discrepancies.

There is no ‘Canadian’ market

Let’s begin with the headline of ReMax’s 2019 Housing Market Outlook: “Canadian home prices expected to increase by 1.7 per cent in 2019.”

Yeah, about that. Forget that headline. As we recently wrote, those national numbers are pretty meaningless. It’s like trying to summarize the weather, temperature or traffic as “Canadian.”

But, just for comparison purposes, ReMax estimates Canadian home prices will grow 1.7 per cent in 2019; Royal LePage, 1.2 per cent.

National numbers that do matter are interest rates, GDP growth and employment. Then there’s immigration, which affects some markets more than others, mortgage regulations and housing supply. All of these factors are the key drivers of real estate. But more on that later.

Now let’s take a look at some of the regional highlights.

GTA

ReMax says:

  • Toronto average prices down 4% in 2018 to $789,181
  • Toronto average prices forecast to rise 2% in 2019 to $804,964

In Toronto, rising interest rates and the mortgage stress test were the two major factors affecting market activity in 2018, with average sale prices dropping by four per cent from $822,572 in 2017 to $789,181 in 2018, and unit sales down by 16 per cent. Lack of affordability in the single-detached segment will make it difficult for buyers wanting to enter this market. Resale condos, on the other hand, now represent almost 37 per cent of total sales, fueled by affordability.

ReMax Housing Market Outlook, select major markets

Region 2018

 Average Home Price

 

2019

Average Home Price

(Forecast)

Year-over-Year

(%)

Vancouver $1.05M $1.01M -3.0%
Edmonton $379,539 $360,562 -5.0%
Calgary $487,399 $487,399 0.0%
Saskatoon $333,187 $343,182 0.6%
Regina $322,500 $322,500 0.0%
Winnipeg $323,001 $335,921 4.0%
Windsor $299,750 $329,725 10.0%
London $379,654 $398,636 5.0%
Kitchener-Waterloo $473,275 $487,473 3.0%
Hamilton-Burlington $707,949 $849,538 2.0%
Barrie $477,839 $492,174 3.0%
Oakville $1.08M $1.13M 5.0%
Mississauga $705,406 $733,622 4.0%
Brampton $577,846 $600,959 4.0%
Durham $594,585 $612,422 3.0%
Toronto $789,181 $804,964 2.0%
Ottawa $678,670 $705,816 4.0%
Halifax $299,982 $308,981 3.0%
St. John’s $265,523 $265,523 0.0%

 

Elsewhere in Ontario

Rising interest rates and the stress test continue to make it difficult for prospective buyers in Barrie, Oakville and Durham regions.

“This is particularly true for first-time buyers and single Millennials, as evident in cities like Brampton, Kingston and Durham,” says Christopher Alexander, executive vice-president and regional director, ReMax of Ontario-Atlantic Canada.

Hottest in the province

The hottest market in Ontario? Windsor, which showed price growth of 13 per cent in 2018, to $299,750, with another 10 per cent increase forecast for 2019. London is also expected to be strong, with prices to increase another five per cent next year, after rising 17 per cent this year to reach $379,654.

 

Royal LePage says:

  • GTA average price in 2018 $844,000
  • GTA average price forecast to rise 1.3% to $854,552

“Compared to the record pace of home appreciation seen in 2016 and 2017, the GTA housing market is now positioned for much healthier and sustainable growth in future years,” says Chris Slightham, broker and owner, Royal LePage Signature Realty.

Many regions outside of Toronto’s core saw price declines in 2018, a result of overshooting in previous years. The continued population growth should cause the suburbs to stabilize and reignite price growth. In addition, the potential subway expansion into the suburbs should stabilize and increase home prices in close proximity to new transit infrastructure.

Elsewhere in Ontario

The median price in Ottawa is expected to increase 2.5 per cent in 2019 to $487,910, benefitting from the city’s healthy economy and high income per household, driven by the public and technology sectors.

Interestingly, Royal LePage also notes that neither the new mortgage rules nor recent interest rate hikes have notably affected Ottawa’s housing market.

 

Highlights from other Canadian markets

The star performer of all major Canadian markets in 2019? Montreal, according to Royal LePage.

“Quebec will out-perform the nation in 2019,” says President and CEO Phil Soper. “Like other regions of the country, the economy is strong and people are working. What is different is affordability. We have to remember that Montreal sat out the rapid home price inflation we saw in Vancouver and Toronto this decade, and in Calgary the decade before.”

As for the ReMax outlook for Montreal, Quebec did not participate in this year’s forecast.

 

 

Royal LePage Market Survey Forecast

Region  

2018 Aggregate Home Price
(Year End Estimate)


2019 
Aggregate
Home Price 
(Forecast)
Year-over-Year (%)
Canada $631,000 $638,257 1.2%
Greater Toronto Area $844,000 $854,552 1.3%
Greater Montreal Area $409,000 $421,306 3.0%
Greater Vancouver $1.28M $1.29M 0.6%
Ottawa $476,000 $487,910 2.5%
Calgary $484,000 $473,104 -2.3%
Edmonton $386,000 $378,691 -1.9%
Winnipeg $306,000 $309,829 1.3%
Halifax $321,000 $326,096 1.6%
Regina $327,000 $311,505 -4.7%

 

Influential factors

Now for more on those national factors that do influence real estate.

“I would call attention to two factors influencing our forecast that deserve special consideration,” says Soper. “Firstly, home prices are appreciating, albeit at a snail’s pace. Secondly, the Canadian market is supported by strong economic fundamentals, including a robust rate of new household formation and excellent employment growth.

“The future for Canadian housing remains bright, perhaps too bright. With an increasing number of gainfully employed people looking to put a roof over their heads, and the scarce availability of rental accommodation, policy makers in our major markets will once again be struggling with housing shortages. More than an affordable housing problem, we will once again be facing an overall housing supply crisis.”

As for interest rates, the Bank of Canada held its benchmark interest rate of 1.75 per cent on Dec. 5, citing a weaker than expected energy sector. Further rate increases are expected in 2019, making it more difficult for Canadians to buy a home in 2019.

The Bank forecasts GDP will increase 2.1 per cent in 2019, a modest increase over 2018, while Canada’s unemployment rate fell to 5.6 per cent in November, the lowest on record since 1976.

RELATED READING

5 things we can learn from real estate in 2018

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

GTA moving into balanced market for 2019

GTA new home market gains further momentum in October

Delays in approval process contributing to housing affordability issue in GTA

What the GM plant closure means for Oshawa economy and housing market

 

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5 things we can learn from real estate in 2018

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5 things we can learn from real estate in 2018

2018 web

With much of 2018 in the rear-view mirror, It’s been quite the year for the housing market in the GTA and elsewhere in Ontario. From sales and price fluctuations to supply concerns to rising housing costs. As 2019 approaches, here are five things we can learn from real estate in 2018.

 

1 Get used to the affordability issue

Get used to affordability challenges, especially in the GTA. This oft-cited issue is not going away any time soon, despite lobbying from the likes of the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB).

Key economic fundamentals such as population and employment growth will continue to drive housing market demand. Over the next decade, almost 700,000 first-time buyers will target the GTA or Hamilton markets, according to a report from the Ontario Real Estate Association. Meanwhile, the supply of new homes is not yet being addressed, which contributes to rising prices.

With recent interest rate hikes and other changes, sales and prices in the GTA saw some moderation in 2018. But this will be short-lived, and a return to price growth is expected.

 

2 Increased government involvement – finally

Government lobbying by BILD and TREB seems to be paying off, in the sense that the Province is increasingly aware of the issues facing the industry – and buyers.

Buyers, you may not realize it, but you should thank BILD, TREB and other associations for that.

In late November, Ontario announced it was committing to a housing action plan “to help create more housing faster, give people more choice and bring down housing costs.”

Like anything involving government, though, this process will likely be slow moving – meaning, some of the challenges, namely increasing housing supply – will take time to be resolved.

But at least the issues are on the agenda.

One real example of this improved awareness is Ontario’s recent plan to change the 40-year-old apprenticeship system in the province – a move the home building industry says is a “game changer.”

It’s a game changer because the new one-to-one ratio, a significant change from the existing 3-to-1 ratio, will enable home builders and renovators to more easily hire and train new apprentices. Besides creating more job opportunities for trades workers, the move also helps builders and renovators operate their businesses

 

3 Fixing on interest rates

The Bank of Canada raised its overnight rate three times in 2018 – January, July and October – to where it sits now, 1.75 per cent.

Canada’s major banks, as is usually the case, responded by immediately raising their own rates.

Naturally, all of this has Canadians feeling a little uneasy.

The Conference Board of Canada’s latest Index of Consumer Confidence confirms that rising interest rates and weaker wage growth have started to take their toll on confidence. With interest charges squeezing Canadian wallets and weakening wage growth offering little reprieve, consumers have become hesitant to make major purchases and are less positive about the state of their finances.

In its latest rate announcement on Dec. 5, the Bank of Canada noted that global economic expansion is slowing, and the effects of the “oil price shock” are being monitored.

“We expect that the Bank will not move the overnight rate until the effects of the declining energy sector are known,”according to interest rate comparison website ratehub.ca. “However, the Bank makes it clear that they still plan on raising the key interest rate in 2019, likely more than once.”

This moderated stance might put downward pressure on fixed rate mortgages, however, so Canadians may see better fixed rates in the coming weeks, ratehub.ca says.

 

4 Real estate is more local than ever

It’s a simple point that escapes some consumers: Real estate is local, and in 2018, it became more local than ever.

What do we mean?

Well, the Canadian Real Estate Association (CREA), Canada Mortgage and Housing Corp. (CMHC) and other major real estate bodies are mandated to oversee the national market.

So, when CREA issues a release that says Canadian home sales are down by X per cent, or when CMHC reports the national vacancy rate is down for the second consecutive year – and major media report such headlines – people tend to worry.

It’s essential to remember, however, that when you buy a home, you don’t buy the national market. You buy one house, on one street, in one neighbourhood, in one city and region.

If you live in Ontario, why do you care that Alberta’s ongoing oil industry struggles are pulling sales and prices down in markets in that province? Or that prices in Vancouver are even less affordable than in Toronto?

Forget the national headlines. Drill down into what’s happening in your market.

And why is real estate more local then ever? Because…

 

5 Lessons from Oshawa

General Motors Canada’s November announcement that it was closing its Oshawa assembly plant sent shockwaves not just through the province but all of Canada. To be sure, the loss of at least 2,500 jobs – not to mention untold positions in related suppliers – in a community of 170,000, is going to hurt. Hurt whom, and how badly, are the only questions.

This development should serve as a stark reminder to us all – of how important it is for cities to develop diversified, modern economies. Overdependence on any one ge, singular industries leads to overexposure in the case of downturns or, in GM’s case, outright shutdowns. It hurts the local economy, which impacts employment and wage growth, which impacts the housing market.

Oshawa, thankfully in recent years, has been diversifying its economy and expanding in technology, education and other industries. It will help, but the impact of the GM closure will likely play out over many months, if not years.

These developments could push housing in Oshawa into a buyers’ market, and prospective buyers could benefit from more options and softening prices.

In new homes, builders remain undeterred, encouraged by the longer-term growth and development throughout the Durham Region. Still, some may offer incentives such as discounts or inclusions to entice qualified buyers.

 

RELATED READING

GTA moving into balanced market for 2019

GTA new home market gains further momentum in October

What the GM plant closure means for Oshawa’s economy and housing market

New home buying opportunities abound in Oshawa and Durham Region

Where are interest rates headed in 2019?

 

 

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Arie-Buzilo_fi

GTA moving into balanced market for 2019

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GTA moving into balanced market for 2019

Although the Greater Toronto Area housing market is somewhat in balanced territory, buyers and sellers are both up against the ropes.

This year has changed so much from the last five to 10 years. Both buyers and sellers have been affected in both positive and negative ways. For me, when working with a buyer and investor client, it was always a tailored approach. However, now more than ever, we have to be extremely diligent when analyzing residential types, location and price range.

In past years, it was much more common to think about flipping real estate or short-term investments. Now? Not so much. There is a total shift to a minimum five- to 10-year hold. Since the introduction of the stress test, some real estate markets took a hit. Buyers are also now faced with additional challenges such as qualification rules and rising interest rates.

Glass half full

Although there are pros and cons in today’s market, take a glass half full approach. Just think, in the past, is was very challenging for a seller to move up to a bigger property. There were bidding wars, price increases that exceeded pay raises, and to top it all off, extremely low inventory – which meant buyers might have to settle for something they might not fully love. The trade-off was a low interest rate environment. If you were a seller, it was nice to think you could sell your property for top dollar, but the million-dollar question was where will you buy next?

Also read: GTA home prices continue to rise

Also read: GTA new home market gains further momentum in October

Also read: GTA condo sales and prices hit record levels

Today, if a seller wants to move up, they can usually find a good deal and sell their property for a fair market value. Maybe your property went down 10 to 15 per cent, however, you are also buying your next home for the same 10 to 15 per cent less. Another benefit to such market conditions is that there are more deals to be had.

Notably, there have been fewer first-time buyers out there recently. Even a larger down payment might not cut it anymore, due to higher interest rates. This is why the condo market is doing well, especially the smaller and less expensive properties, due to affordability. The new reality could well be more people renting for a longer period.

Rising rates

The qualifying rate today is slightly more than six per cent. “The recent rule change with regards to the stress test basically decreased people’s max mortgage amount by about 15 to 20 per cent,” says Michael Yosher, director of lending at Integrity Tree Solutions Inc. “The 2019 horizon looks like this trend will continue, as Bank of Canada and economists are predicting several interest rate hikes, which will further reduce the amount of mortgage a buyer will qualify for. This has really taken the wind out of first-time buyers. Family members helping out with gifted down payments and cosigning mortgage loans are the trend these days.”

According to the Toronto Real Estate Board, in October 2018 compared to last year October, average sales prices were up 3.5 per cent. Although this is good news for some sellers, most of this price growth is driven by the condominium market, which at one point lagged behind detached, semi-detached and townhouse product.

Arie Buzilo is a real estate broker with Century 21 Leading Edge Realty Inc. Brokerage, and an investor specializing in buying and selling properties in the GTA.

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GTA home prices continue to rise

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GTA home prices continue to rise

Toronto homes web

Greater Toronto Area average home prices continued their upward trajectory in November, rising 3.5 per cent year-over-year to $788,345, according to the Toronto Real Estate Board (TREB).

GTA realtors report 6,251 residential transactions through TREB’s MLS system in November 2018, down by 14.7 per cent compared to November 2017, when there was a temporary upward shift in demand caused by the looming OSFI-mandated stress test at the end of last year.

“New listings were actually down more than sales on a year-over-year basis in November,” President Garry Bhaura says. “This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth.”

On a preliminary seasonally adjusted basis, sales were down by 3.4 per cent compared to October 2018.  The average selling price after preliminary seasonal adjustment was down by 0.8 per cent, compared to October 2018.

Average home prices, November

Toronto (416)
2018: $842,483
2017: $803,540

Rest of GTA (905)
2018: $750,721
2017: $732,848

GTA
2018: $788, 345
2017: $761,410

“Home types with lower average price points have been associated with stronger rates of price growth over the past few months,” says Jason Mercer, TREB’s director of market analysis. “Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November, as market conditions in these segments remained tight or tightened respectively over the past year.”

Looking at the housing market from a policy perspective, TREB says it is encouraged with the provincial government’s recent announcement and on-going public consultation regarding a housing supply action plan.

“Housing supply remains a key issue in the GTA market,” says TREB CEO John Di Michele. “More specifically, an adequate supply and appropriate mix of housing types must be part of the conversation, as has been recognized by the provincial government in their consultation documents. Transit supportive and gentle density ‘missing middle’ housing should be a priority.”

 

GTA average prices and percentage gain by home type, November 2018

Detached: $1.01M, 1.3%
Semi-detached: $791,760, 8.3%
Townhome: $647,418, 3.1%
Condo: $556,723, 7.5%

TREB has commissioned research on these subjects and is holding a Market Outlook Economic Summit on Feb. 6, 2019.

“TREB is also encouraged that the provincial government remains committed to public transit expansion,” adds Di Michele. “TREB has long advocated for improvements to the Greater Golden Horseshoe transit and transportation network, and feels the time is right to have a conversation about the level of provincial and municipal responsibility that would be the most efficient arrangement to realize subway expansion sooner in Toronto, and the GTA, as this will impact the housing market.”

 

RELATED READING

GTA new home market gains further momentum in October

Delays in approval process contributing to housing affordability issue in GTA

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

 

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Drive

Drive till you qualify? Sure, but it WILL cost you

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Drive till you qualify? Sure, but it WILL cost you

Drive

You may have heard the old real estate adage, “Drive till you qualify.” The idea being that buyers who can’t afford to buy a home in the city, should drive to surrounding areas to find more affordable and larger homes, with potentially more appealing lifestyle and environmental benefits.

At least that’s the idea.

In practice, however, such a plan may not be quite so simple. A new study from Canada Mortgage and Housing Corp. (CMHC) shows that increased commuting costs and time could offset any financial savings of buying a cheaper home in an outlying area.

“By assessing the combination of commuting costs and housing costs, one can gain a more comprehensive gauge of the total cost of location choices,” says Andrew Scott, senior analyst, economics, for CMHC.

Drive3
Source: CMHC

 

In 2016, there were approximately 2.6 million commuters in the GTA, with 1.3 million of them commuting to a place of work in the city of Toronto. This made it the most common destination for GTA commuters. Roughly two-thirds of these commuters lived within the cityitself, while the remaining commuted from the 905 areasof the GTA. Pickering had the highest share of people commuting into Toronto, at 52.6 per cent, followed by Ajax (48.4 per cent), Markham (46.9 per cent), Vaughan (40.8 per cent), Richmond Hill (39.1 per cent), Whitby (32.2 per cent) and Mississauga (26.7 per cent).

Most commuters to Toronto drove, at 49 per cent, while 40 per cent took public transit. Of 905 residents who commute into the city, 67 per cent drove a car, and 21 took public transport.

Areas with longest commutes

Average duration of commutes is clearly on the rise, CMHC says, particularly among those who commute 60 minutes or more, one way. Between 2011 and 2016, this was the fastest growing segment of the commuter population, growing by 16 per cent, followed by those who commuted 45 to 59 minutes (14 per cent). Areas with one-way commutes longer than 60 minutes include Aurora, Burlington, Milton, Newmarket, Oakville and Oshawa.

Lower home prices, increase commuting cost

The most likely home type to lure buyers to the suburbs is single-detached homes, CMHC says. However, when the estimated monthly mortgage carrying cost and monthly commuting cost are combined, relatively lower priced municipalities such as East Gwillimbury, Newmarket, Mississauga, Whitchurch-Stouffville and Caledon end up costing more than or nearly as much as the city of Toronto.

Drive1

Notably, some GTA municipalities did retain their cost advantage. Even with significant commuting costs in areas such as Georgina, Oshawa and Clarington, a large cost advantage remains due to the considerably lower cost of housing.

Drive2

Based on estimates of the cost of commuting to Toronto from municipalities in the GTA, areas with lower mortgage carrying costs for single-detached housing often had significantly higher commuting costs, CMHC says. In many cases, these increased commuting costs completely offset lower home ownership costs.

Bottom line

The bottom line? Do all the math, and make sure that if you’re considering buying outside the city, your decision is based on more than money. The savings might not be there.

RELATED READING

Pent-up demand for townhomes building in the GTA

GTA new home market shows some improvement in September

5 affordable neighbourhoods for detached homes in 416 and 905

 

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293 The Kingsway

293 The Kingsway: bringing modern luxury living to the Kingsway

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293 The Kingsway: bringing modern luxury living to the Kingsway

This fall, The Benvenuto Group will be launching one of the GTA’s most-anticipated condominium communities, bringing modern luxury living to the Kingsway

293 The Kingsway offers midrise condominium living where both privacy and prestige are beautifully addressed.

An exciting addition to this mature West End Toronto community, it provides residents the exclusivity of a gated community while being close to fine shops, restaurants and more. The building is accented with lush landscaping, central courtyards and inviting walkways.

Priced from $399,000, suites at 293 The Kingsway range in size from 494 to 1,505 square feet. Features include 9-foot ceilings on every floor, wide plank wood flooring, spa-inspired master ensuites, and kitchen finish selections by the award-winning Patton Design Studio.

293 Kingsway is also eco-friendly with green features including electric car charging stations, programmable thermostats, Energy Star appliances, energy efficient lighting, bike storage, motion sensor-activated lighting in common area corridors, and a tri-sorter for recycling.

Residents and their guests are welcomed into a stunning two-storey lobby, complete with concierge service, and a professionally appointed Business Centre. Building amenities include a state-of-the-art fitness studio, a private dining room with catering kitchen, a fireplace lounge, a pet spa, a games room and a guest suite.

Owners will also enjoy a beautifully landscaped rooftop terrace with sundeck and barbecue areas, connected to a spacious indoor lounge area for year-round relaxation.

With winding, tree-lined streets, quiet parks and grand residences, The Kingsway is one of the greenest neighbourhoods in Toronto. Walk or bike from home to nearby parks including the Lambton Wood Park and James Garden. The Humber River Recreational Trail is only minutes away and connects to Lake Ontario’s waterfront bike trails. Also nearby are quality public and private schools and golf courses.

Residents will enjoy quick and easy access to Highways 427, 401, and the 400. Additionally, the neighbourhood is served by both the Royal York and Old Mill subway stations, for quick access to downtown Toronto. A new integrated MiWay and GO Bus Terminal are also coming to the nearby Kipling Station, with convenient connections between the different GTA transit systems.

To register and learn more about this incredible new master-planned Kingsway community, visit the website.

293Kingsway.com


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Condo TO web

GTA condo sales and prices hit record levels

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GTA condo sales and prices hit record levels

Condo TO web

With home prices seemingly forever on the rise, there is only one way for many GTA homebuyers to go – up, as in into highrise condos and other multi-family housing options.

Fueled largely by affordability – and the lack thereof in lowrise homes – resale condominium apartments and townhomes in the GTA now represents almost 37 per cent of total residential sales by the Toronto Real Estate Board (TREB), up from 30 per cent in 2013, according to a new report by ReMax of Ontario-Atlantic Canada Region.

ReMax report

Momentum has also been reflected in resale condominium values, which is the only property segment that held up against the 2017 market correction, ReMax says.

The average price of a condominium unit increased almost eight per cent to $551,761 between January and October 2018, up from $512,552 during the same period in 2017.

Townhomes were slightly ahead of last year’s pace, with values hovering at $571,058, compared to $568,165 in 2017. Prices of freehold properties, including single-detached, semi-detached, attached/row/townhouse and linked townhomes are all down year-over-year.

AFFORDABILITY KEY ATTRACTION

“The condominium lifestyle continues to resonate with buyers in the Greater Toronto Area for a number of reasons,” says Christopher Alexander, executive vice-president and regional director, ReMax of Ontario-Atlantic Canada Region. “While the affordability aspect is first and foremost, we’ve also a seen strong investor presence in recent years.”

Alexander cites a recent report by Urbanation and CIBC, which found that investors who bought condominiums for the purpose of renting accounted for 48 per cent of all newly completed units in the GTA in 2017. “The income potential, given today’s tight rental market, in addition to the overall return on investment, has been a serious draw for real estate investors.”

Immigration, population growth and lifestyle choices have also contributed to the uptick in demand for condo apartments and townhomes. Aging infrastructure, combined with a lack of transportation alternatives, longer commute times and the environmental component – with efforts to reduce carbon footprint – have all played a role in buyers choosing condominiums in Toronto proper that are close to both work and play, Alexander says.

DOWNTOWN THE CHOICE LOCATION

The most popular area for condominium sales remains the downtown core, with one in every five condominiums (21.9 per cent) sold in the area bordered by Bloor Street to the north, the lakeshore to the south, the Don Valley Parkway to the east and just past Dovercourt Road in the west.

“In spite of a proliferation of condominium developments over the past decade, supply and demand issues continue to persist in the core,” says Alexander. “Limited inventory continues to place substantial upward pressure on prices, with fewer affordable housing options available– and that includes condominium rentals.”

Average resale prices hover at $700,000 for condo units, with new construction closing in on $1,000 per sq. ft.

PROXIMITY TO TRANSIT

“Higher prices in the core are prompting buyers to consider condominium communities farther afield,” says Alexander. “New construction along subway lines to the north, east and west are exceptionally popular, especially with first-time buyers. Yonge Street north of Hwy. 401 comes to mind, as well as the Sheppard line between Bayview Avenue and Leslie Street. Combined, these two areas represent approximately 10 per cent of total resale condominium sales to date and continue to experience growth.”

Mississauga is the GTA’s second most popular destination for condominium living, accounting for 14 per cent of condominium sales so far this year.

Almost 51 per cent of condominium sales in the GTA occur under the $500,000 price point, but affordability is being threatened as builders and developers face skyrocketing construction costs and a land crunch within the GTA, and struggle to maintain the status quo, ReMax says.

“The necessity to ‘build up’ has never been more prevalent in a city that has seen its population climb from one census to the next,” says Alexander. “To prevent the run-up we’ve seen in housing values in the past, all levels of government must work together with developers to streamline the building process. We need to create more affordable GTA housing options that can accommodate buyers and renters at every price point.”

THE TOWNHOME OPTION

These trends generally align with the findings of another report, from Altus Group. Lack of affordability and availability of single-family new homes has buyers increasingly looking to townhomes as a lowrise home option. But supply issues in this category have seen new townhouse sales plummet in the past two years, in both absolute terms and as a percentage of total new home sales – just seven per cent of the total in the first half of 2018.

RELATED READING

New condos in Toronto hit record high in prices

Vast majority of GTA Millennials fear buying a home is out of reach, poll says

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

5 steps to solving the housing affordability issue in Ontario

 

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The Keeley 1

Downsview Park lifestyle opportunities on display at documentary screening at The Keeley

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Downsview Park lifestyle opportunities on display at documentary screening at The Keeley

The Keeley 1

ULI Toronto and mixed-use developer TAS recently brought community members and industry leaders together for an evening that combined a documentary screening of Accidental Parkland, and an expert panel about placemaking opportunities in Downsview Park.

The event took place on the future site of The Keeley, a new midrise development by TAS located at 3100 Keele St., directly across the street from Downsview Park. Plans for The Keeley include a new public park that will visibly connect two very significant urban greenspaces, Downsview Park on the east and Black Creek Ravine on the West.

The Keeley 2

MORE THAN JUST A PARK

Almost 300 acres in size, Downsview Park over the last several years has undergone major landscape improvements including: A pond that has attracted all sorts of wildlife, a local food movement including an apple orchard and several urban farms, a three-km circuit path, a tall grass project and an urban forest. The new Downsview Park subway and GO station, revitalization of the Hangar buildings, upcoming opening of Centennial College and the sale of adjacent sale of the Bombardier Lands is also turning new attention to Downsview Park.

Moderated by Jane Farrow, public engagement specialist, Dept of Works and Deeds, the panel included two spokespeople from the documentary – Christopher Glaisek, vice-president for planning and design, Waterfront Toronto, Chandra Sharma, director, watershed strategies at Toronto and Region Conservation Authority (TRCA), and Mazyar Mortazavi, CEO of TAS.

“Downsview Park sits in the middle of two very important water courses, says Charma. “On the east is the Don River on the West is Humber Valley and Black Creek. So, the role this whole area plays is as a vital east-west connection.”

THE KEELEY

Known for developing projects in up-and-coming neighborhoods, Mortazavi stressed the opportunity he saw for The Keeley with Downsview Park across the street, and more importantly, the ravine system as a vital piece of community infrastructure. When you get into the ravine, “you are in a very lush environment,” says Mortazavi. But the ravine also “acts as a fundamental connector. You can get on a bike from behind this property and bike all the way to York University. The bike network there connects to 12 km of bike trails that are being built.” You are then connected to Downsview, the largest urban park in Canada.

The Keeley 3

Glaisek, who manages park designs for Waterfront Toronto, identified some parallels between Toronto’s Waterfront and Downsview Park. Like the waterfront, not many people in the city are familiar with things to see inside the park. Both are also very large-scale, multi-generational projects.From a marketing point of view, Glaisek says, “getting people to understand the gems that are there before they have all been enmeshed in the bigger vision would really help keep Downsview in people’s consciousness.” He also stresses the other component of great parks is the programming diversity within them, and how neighbourhood and stakeholder consultations are critical to developing a program and design.

MOMENT OF CHANGE

Farrow asked some questions of key stakeholders and city building influencers who were in the audience, including, Al Rezoski, manager of community planning for North York, James Cox, senior director of real estate from Canada Lands, and Julian Sleath, CEO of the Bentway. One of the points discussed was the value of parks as huge benefit to society to improve mental health. Sleath expressed how other cities are channeling health care money to large projects, such as parklands and rejuvenation of public space, and seeing health care programs diminish.

Downsview Park is at that moment where things are starting to change, Mortazavi says. “The biggest piece of all this is that we need to have a different kind of conversation focused on collaborative partnerships. We all want the same outcomes – we just need to be talking with each other more.”

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Source: Century 21 Canada

Canada’s most and least expensive places to buy – and guess where Toronto is

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Canada’s most and least expensive places to buy – and guess where Toronto is

Source: Century 21 Canada
Source: Century 21 Canada

In yet another potential dagger in the heart of prospective first-time homebuyers, a new study from Century 21 Canada underlines the growing affordability issue in Toronto.

The price-per-square-foot (ppsf) of downtown Toronto rose more than 10 per cent in the last year and continues to top Ontario home prices. Meanwhile, prices rose and fell turbulently in GTA suburbs and other communities in the province.

Source: Century 21 Canada
Source: Century 21 Canada

The ppsf of a condo in downtown Toronto rose to $903 from $819 last year, making Toronto Canada’s second most expensive city for homes, after Metro Vancouver. Meanwhile, the ppsf for a detached house in Markham and Richmond Hill each fell 24 per cent to $379 and $445 respectively, while condos in Peterborough rose to $255. Home prices in Ottawa and Guelph were more stable, rising 4.65 per cent to $225 and 4.5 per cent to $397 ppsf, respectively.

UNPREDICTABLE YEAR

“It has been an unpredictable year in Ontario housing prices, with the price per square foot rising and falling from community-to-community and even suburb-to-suburb,” says Brian Rushton, executive vice-president of Century 21 Canada. “Much like in Canada’s other major centres prices fall rapidly once you are outside the downtown core of Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost five per cent, Ottawa remains one of the least expensive places to live in Ontario.”

Toronto’s rising prices are underscored in another survey earlier this year by Century 21 Canada, asking Canadians to rate their current living situation. The survey found only 39 per cent of Toronto residents are living in close to their ideal situation (eight out of 10 on a 10-point scale), while 13 per cent reported their situation is far from ideal. At 26 per cent, a large number of Toronto residents say an apartment or condo is their ideal living situation.

RELATED READING

New condos in Toronto hit record high in prices

Canadian housing market to moderate in 2019 but growth to continue in Ontario and Toronto

Home prices and affordability still a concern – CMHC Mortgage Consumer Survey

5 steps to solving the housing affordability issue in Ontario

 

 

 

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