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Downtown Toronto

Toronto still one of the fastest growing cities in North America – even with the impact of COVID-19

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Toronto still one of the fastest growing cities in North America – even with the impact of COVID-19

Toronto was the fastest growing metropolitan area in Canada and the U.S. last year, overtaking Dallas-Fort Worth Arlington, Tex., according to new data from the Centre for Urban Research and Land Development (CUR) at Ryerson University.

Downtown Toronto
Photo: Wayne Karl

And even though Toronto will take a hit as a result of COVID-19, it is still expected to be one of the top cities in North America.

Toronto was the only Canadian metropolitan area in the top five; Montreal was sixth and Vancouver twelfth.

Metro Toronto grew by 127,575 persons in 2019, outpacing Dallas-Fort Worth Arlington, which grew by 117,380 persons, to become the fastest growing metropolitan area in all of the U.S. and Canada.

Short-term impact

The research for this latest report was conducted prior to COVID, covering the period of July 2018 to July 2019, so the results are likely to change over the next year, CUR says.

“COVID is estimated to drop immigration (to Toronto) by half this year,” Diana Petramala, senior CUR researcher told Condo Life. “Therefore, this will likely push Toronto down the list of fastest growing cities.

“Toronto’s main strength is immigration, whereas places like Dallas are benefiting from millennials leaving more expensive areas like New York. Toronto, however, will continue to do better than New York, Chicago and Los Angeles – areas that are seeing large outflows of millennials in search of more affordable housing and jobs.”

The impact of COVID in Toronto will be short term, Petramala adds. “Immigration is still allowed, so as other countries move out of lockdown and processing offices open up and airlines start flying again, you will like see a snap back in immigration.”

Outpacing New York

Toronto, in fact, had almost three times the population growth from immigration as New York in 2019. Both regions experienced a loss in resident population to other areas (domestic net migration), but the rate was four times faster in New York.

In terms of population growth on a city basis, as opposed to the metropolitan area (GTA), Toronto (45,742 persons) and Montreal (31,565) represented the two fastest growing cities in all of the U.S. and Canada over the study period. Overall, Canadian cities represented 11 of the top 20 central cities in the U.S. and Canada in population growth, with Calgary, Ottawa and Edmonton placing fourth, fifth and sixth, respectively.

While the city of Toronto’s population grew by 45,742, New York City’s decreased by 53,264.


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Toronto and Canada to lead global markets in post-COVID-19 real estate recovery: ReMax

Toronto and Canada to lead global markets in post-COVID-19 real estate recovery – ReMax

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Toronto and Canada to lead global markets in post-COVID-19 real estate recovery – ReMax

Canada’s – and Toronto’s – real estate markets will be among the strongest in the world in a post-COVID-19 recovery, according to a new report from ReMax Canada.

A Leger survey conducted on behalf of ReMax indicates that 56 per cent of Canadians who are planning to engage in the real estate market expect to do so in less than a year, showing an eagerness to get back to buying and selling.

Almost half (44 per cent) of Canadians believe the real estate market will bounce back to the strength it was before COVID-19 by 2021. Moreover, 29 per cent believe that before the end of 2020, the market in Canada will return to its pre-pandemic strength.

“While the Canadian market has seen a steep year-over-year decline in the volume of transactions during the peak of COVID-19 this spring, transactions have been happening and prices in particular have been resilient in much of Canada,” Christopher Alexander, executive vice-president and regional director, ReMax of Ontario-Atlantic Canada, told Condo Life.

Christopher Alexander
Christopher Alexander

Alexander points to data from the Canadian Real Estate Association (CREA), showing that national home sales in May were up 59.6 per cent from April. “Now that economies are beginning to reopen across the country, and in light of some of the recent activity we’ve seen in various cities across Canada, we anticipate that demand could begin to improve much faster than we initially anticipated at the beginning of COVID-19.”

In Toronto, Canada’s largest market, housing demand is already showing signs of rebounding. “The city has experienced an uptick in activity and a number of multiple-offer scenarios, pointing to a post-lockdown housing market outlook that is not nearly as dire as some suggested. Actual May 2020 sales increased by 55.2 per cent compared to April 2020.”

“Canada’s housing market was strong before COVID-19 hit, and despite the tragic impacts of the pandemic, we are optimistic that housing market could be restored much sooner than initially expected,” says Elton Ash, regional executive vice-president, ReMax of Western Canada. “As we saw in our 2020 Liveability Report, Canadian communities are resilient and people love their neighbourhoods, showing a collective commitment to bounce back.”

Pre-existing pent-up demand for homes in hot markets such as Vancouver, Toronto and Ottawa may help mitigate the decline in buyers who are suffering pandemic-related job losses, ReMax says. Exceptionally low inventory in much of Canada may also contribute to upward price pressure as restrictions ease and demand increases further.

In line with economists’ predictions, ReMax Canada estimates relative price stability by the end of 2020, with a possible price correction in the single digits. Exceptions include regions such as Alberta and Newfoundland, which are still struggling to rebound from a host of shocks, the dive in resource revenues, and the potential for a second wave of COVID-19.

Real estate technology

The pandemic has pushed the global real estate industry to embrace a variety of technology tools that were previously available but not always adopted to facilitate a transaction. Now, professionals are integrating 3D home tours and virtual open houses into their listing and selling practices. Given that almost half of Canadians (46 per cent) say that in a post- COVID-19 landscape, they’d prefer to work with real estate agents who use technology and virtual services in order to adhere to social distancing guidelines, agents will need to adapt in order to secure and build their businesses.

This sentiment is shared across both the U.S. and Europe, which have witnessed a shift in consumer wants toward a more digitalized homebuying and selling experience, such as e-signatures, virtual meetings and digital paperwork. ReMax notes that in some instances, buyers are still requesting in-person home tours before completing a transaction.

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Broccolini River & Fifth

Broccolini preparing for market return with hiring push, plans for Toronto

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Broccolini preparing for market return with hiring push, plans for Toronto

Canadian industrial, commercial and residential real estate developer Broccolini is ramping up hiring activity in anticipation of when market activity returns.

It also has plans for expansion in the Toronto residential market.

Broccolini River & Fifth
River & Fifth, at 5 Defries St., along the banks of Toronto’s Don River

The Montreal-based company, also with projects in Toronto and Ottawa, is looking to fill several positions in the coming weeks, ranging from planning to construction to property management.

“We are proud to have been able to keep our entire team employed throughout the pandemic, with the exception of the day labourers directly affected by the closure of the construction sites,” says Anthony Broccolini, chief operating officer at Broccolini. “Our exceptional positioning in the real estate market is now affording us the opportunity to further expand our team following these difficult times.”

Positions are available in Toronto, Ottawa and Montreal.

Strong growth projected

Once construction activities resume, Broccolini says its expectations for growth are excellent, thanks to a full backlog of contracted projects; a reflection of the quality, scale and prestige of the various industrial, commercial and residential projects the company has delivered over the last few years.

To carry out the projects already underway, and those that will be launching in the coming months, Broccolini is looking to hire a senior project manager, manager of real estate development, site superintendent and more.”

While we expect sales velocity to take some time to return to pre-COVID levels, the fundamental imbalance remains between supply and demand in the residential market in Toronto,” Phil Brennen, associate vice-president, real estate development, told Condo Life.

“The bottleneck that existed before the pandemic, which is essentially a function of approvals processes that have seen cycle times of three years or more, has been closed off completely as already overworked staff at the City have unable to accept new submissions. Add to that the fact that a number of projects that were slated for launch this spring and summer have been pushed back indefinitely, and you potentially have a major issue with supply. So, though demand for new units may initially be slower when activity resumes, the units available for buyers will be significantly diminished. As a result, the expectation is that while velocity will take some time to come back to normal levels, pricing will not soften.

Bullish on Toronto

“At the end of the day – particularly in times of uncertainty – residential real estate in a rapidly growing global city remains a safe and desirable investment,” Brennen says.

Broccolini has two large residential highrise projects underway in Toronto, in downtown east. River & Fifth, at 580 units and 38 storeys, was under construction until the industry-wide pause in activity.

“Once the provincial government gives the okay, excavation and shoring work will continue,” Brennen says.

The second project, at 385 units and 34 storeys, is close to the finish line for approvals, he says. The intent was to launch sales in the summer, though this will be reviewed depending on the timing of the return to the “new normal.”

Broccolini has several sites in the works, and is actively pursuing new acquisitions during the current slowdown, says Brennen.

“We believe strongly in Toronto’s high-density residential market and will continue to invest a significant portion or our resources in new deals in the months and years ahead.”

Broccolini is a single-source provider of planning, construction and property management services for industrial, commercial, institutional and residential buildings. Its real estate management subsidiary manages a portfolio of more than 50 properties, representing a total of more than 6.5 million sq. ft. of assets.

RELATED READING

Homebuyer intentions still high: HPG COVID-19 Real Estate Survey

How buyers can prepare for the busy buying season – post-COVID-19

Why Canadians should think long term in real estate – especially now

 

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The Rhodes

The Rhodes Residences is the new Blackdoor Development project that honours the singularity of its buyers

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The Rhodes Residences is the new Blackdoor Development project that honours the singularity of its buyers

Torontonians are a discerning bunch. Unique in our interests, we know what we want and where to get it. And we find a lot of it at the intersection of Bathurst and Eglinton.

With its high-end restaurants, eclectic bar scene, and stunning walking trails, this distinctive stretch of the city attracts and accommodates the most customized of lifestyles. Now, with the introduction of a boutique residence, The Rhodes, Bathurst and Eglinton, offers a bespoke living experience as well.

Blackdoor Development Company, the visionaries behind The Rhodes, believe that a home must be as individual and unique as its owner. It’s a novel approach, given the sameness of much of Toronto’s condominium options.

“At Blackdoor, we eschew the idea of a stacked building with identical layouts,” notes Blackdoor Principal Noah Geist. “It may be easier to build that way, but it surely doesn’t honour the singularity of our buyers.”

As such, Blackdoor commits to building unique and curated units. At The Rhodes, 85 per cent of the suites have floorplans that are fully distinctive from one another. And somehow, Blackdoor has managed to realize its vision at an affordable price (starting at $1.4 million), and with cutting edge design.

The eight-storey, 25-unit build is a master class in modern luxury. The exterior flat-finish concrete arches, masonry pillars, and oversized black door are representative of Blackdoor’s signature aesthetic. While the spacious suites and common spaces will appeal to the most sophisticated of taste, there’s a hipness to the design… a certain rock n’ roll elegance that helps to set The Rhodes apart.

“We knew we needed The Rhodes to be functional and reliable,” says Geist. “And we also wanted it to be beautiful and inspiring and original. Ali Budd was the obvious choice for our interior designer.” Ali Budd Interiors has been making a lot of waves in the design world of late. The full-service studio commits itself to understanding and accommodating the needs of every individual client, so the synergy with Blackdoor was immediate. And with the Toronto-based team able to provide holistic design, including bespoke furniture, millwork design and fabrication, and art curation, The Rhodes looks to be a model of design excellence.

Ten-ft.-high ceilings with no bulkheads and a 1,700-sq.-ft. average unit size afforded the design team the opportunity to deliver condominium living with the dimensions of a full-sized home. Lower floor balconies and upper floor skyview terraces shine light on Ali Budd’s curated palette of materials, including Gaggeneau appliances, custom-designed cabinetry and, wide plank seven-inch engineered flooring and a host of top grade finishes.

Eighteen of the 25 units at The Rhodes will have direct-to-suite elevators, providing unmatched security and exclusivity. And with all that the neighbourhood has to offer, residents will appreciate that measure of convenience.

The Rhodes is surrounded by greenspaces and walking trails, as well as boutique shopping along Eglinton Way. Plus, the Eglinton LRT is nearly complete, so residents will have transit access to anywhere in the city.

The Rhodes truly does offer a bespoke living experience for today’s most discerning buyer.

To be among the first to learn more about The Rhodes, register now at the website.


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Aquavista

The Aquavista by Hines and Tridel

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The Aquavista by Hines and Tridel

The recently designed Aquavista model suite by Hines and Tridel, is a two-storey penthouse suite with a total of 2,608 sq. ft. that beautifully captures lakeside living.

This magnificent suite allows for potential homeowners to be captivated by the panoramic lake views and stunning design finishes throughout. With all elements thoughtfully designed, comfort and luxury work together cohesively. This spacious and open concept layout makes the most of the natural light as it streams through the floor-to-ceiling windows while also being equipped with an in-suite elevator.

For further information visit the website.


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Local Focus - Toronto

Toronto – in demand and on the rise

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Toronto – in demand and on the rise

Largely considered the pinnacle of the condo boom we’re seeing these days, Toronto still does boast some good lowrise home options. Supply and pricing of those homes, however, is another matter.

That’s what happens when you combine a strong economy and rising population with limited new and resale home supply.

Indeed, the Toronto Regional Real Estate Board (TRREB) is forecasting at least 10-per-cent price growth in the GTA this year to $900,000, up from $819,319 in 2019. And on the new home side, 2020 began on a strong note, with 2,106 total new home sales in January, up 65 per cent from January 2019 and 14 per cent above the 10-year average, according to the Building Industry and Land Development Association (BILD). The benchmark price for new single-family homes was $1.09 million.

Booming economy

“Toronto’s booming economy has brought with it housing affordability challenges that will continue throughout the next decade,” says Frank Clayton, senior research fellow, Ryerson University’s Centre for Urban Research & Land Development.

“Both the provincial and municipal governments must support a massive increase in the supply of all types of housing and tenures as priority number one and quickly transform the land use planning system to make this happen.”

Long considered one of the most multicultural cities in the world, Toronto boasts a collection of distinct communities, including East York, North York, Scarborough and Etobicoke.

Some of these areas, in fact, now represent areas of growth for new lowrise housing, given that larger master-planned communities of single-detached homes are fewer and farther between. Much of the focus now is on the socalled missing middle, those smaller developments such as townhomes that represent a real opportunity for new ground-oriented homes in the city.

Culture and entertainment

Find a way to buy and live in Toronto, however, and you likely will love it.

Toronto offers a vast array of culture and entertainment options, from the National Ballet of Canada, Toronto Symphony Orchestra, to the Art Gallery of Ontario, Royal Ontario Museum and more.

For the sporting sort, Toronto has a handful of pro sports teams – the Toronto Maple Leafs, Toronto Raptors, Toronto Blue Jays, Toronto FC and Toronto Argonauts – and is home to the Hockey Hall of Fame.

The Toronto International Film Festival (TIFF) is an annual event celebrating the film industry and attracts many movie stars and a-list players. And the Toronto Caribbean Carnival, formerly known as Caribana, attracts more than one million people every summer.

Other points of interest include the Toronto Zoo, the Ontario Science Centre, Harbourfront, Fort York, the Distillery District, Ripley’s Aquarium, the CN Tower and the Canadian National Exhibition.

And of course, as a large metropolitan city, great shopping areas include the St. Lawrence Market, Kensington Market, the Toronto Eaton Centre, Sherway Gardens and Yorkdale Mall.

Though a subject of some debate due to the challenges with keeping up with all the growth, transit and highway infrastructure is undergoing major expansion all over the city. The TTC moves almost two million people throughout the city every day on subway, buses, streetcars and LRT lines, while GO Transit links Toronto with the surrounding regions of the GTA. Highways include the 400 series (401, 403, 404, 407 and 427), the Don Valley Parkway and the Queen Elizabeth Highway.

Location, location, location

This provincial capital of Ontario and the most populated city in Canada is located on the shores of Lake Ontario; Population 2,954,024

Key landmarks

  • CN Tower
  • High Park
  • Ontario Science Centre
  • Ripley’s Aquarium
  • Toronto Eaton Centre

Select housing developments

East Station by Mattamy Homes

Fairfield Towns by Plaza

Lake & Town by Menkes

Origins of Don Mills by Mattamy Homes

Terraces at Eglinton by Nascent Developments

The Belmont Residences by Caliber Homes

The New Lawrence Heights by Context Dev. Inc.

The New Lawrence Heights by Metropia

Twelve on the Ravine by Geranium


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55 Charles

At 55 Charles MOD Developments’ elegant condominium tower is a Yorkville state of living

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At 55 Charles MOD Developments’ elegant condominium tower is a Yorkville state of living

Like its celebrated surroundings, where high fashion and luxury rub shoulders, 55 Charles is a prime example of exceptional design and architecture. Standing tall in the heart of Bloor Yorkville, its soaring presence makes a grand statement. Billed as one of the city’s most sophisticated addresses, it introduces a new level of elegance in condominium living.

55C is another exceptional project by MOD Developments, the developers behind the award-winning Massey Tower, FIVE St. Joseph Condominiums and Waterworks. Rising to a commanding 48 storeys, it’s been designed by the internationally renowned architectural firm of architectsAlliance.

55 Charles’ geometric silhouette, its dramatic pinstriped vertical façade and building block pattern of balconies spell pure perfection. Popularly known as 55C, this supremely elegant condominium addresses every little detail of life in a big busy city. Its thoughtfully designed suites, fabulous amenities, and exquisite features and finishes blend seamlessly to provide a holistic and harmonious living experience. The one place where all this comes to life is in the development’s immensely stylish interiors.

Designed by the acclaimed Cecconi Simone, the interiors feature natural woods, dusty golds and a mix of sand and stone. Beginning with the dramatic lobby, 55 Charles’ public spaces have an infinitely cosmopolitan aura and possess an inherent calming quality. With two singularly spectacular floors, more than 20,000 sq. ft. of indoor and outdoor amenity spaces, 55 Charles is designed to pamper, soothe and inspire. From a curated wellness facility, equipped with the latest equipment and technology to a series of plush lounges, it exudes a draw to experience something special.

One of the highlights of 55 Charles is the C Lounge. Spread out like a golden dreamscape, overlooking the grand city, the spectacular C Lounge is the city’s highest amenity space. With its double-height ceilings, rich furnishings, and spectacular views, it’s exquisite, to say the least. From a romantic dinner to moments of quiet contemplation, this is a sophisticated universe of calm.

The suites of 55 Charles are anything but ordinary. A chic interpretation of less being more. From thoughtfully conceived one-bedroom, efficient two-bedrooms to grand three-bedrooms, the development offers a variety of floorplans to suit different needs and wants. With high-end finishes, contemporary fixtures, and highly functional layouts, they are a haven of modern design. The meticulous attention to detail is what makes them special.

Whether it’s a 536-sq.-ft. one-bedroom or a 1,006-sq.-ft. two-bedroom, every suite is designed to maximize functionality and livability. Efficient space planning provides good proportions and well-thought-out sightlines. The transition from one space to the other is cleverly designed, as seen in the master bathroom that can be closed off to serve as a powder room, to satisfy the everyday needs of residents. Custom millwork allows for built-in storage, closets, and pantries to enhance the ease of living.

Most suites offer spacious outdoor spaces to extend the living area. Some two-bedroom suites offer a free-standing tub on a large exterior window in the master bath. Special features like a custom built-in dining area, entry closet integrated into the kitchen millwork reflect how people truly use their space in a modern condominium.

55 Charles’ unbeatable Bloor Yorkville location allows residents to enjoy the city like never before. Steps from the many internationally-renowned designer stores, sought after restaurants, cosy bars and cafes, museums, as well as the subway, everything that Toronto has to offer is within easy reach.

A symbiotic collage of design and luxury. Calm and convenience. Style and sophistication. 55 Charles is a place inspired.

For further information visit the website.


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Lifetime Liberty Village news

Lifetime Developments announces the final phase of Liberty Village

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Lifetime Developments announces the final phase of Liberty Village

Lifetime Liberty Village news

Urban developer Lifetime Developments has launched the third and final phase of a 16-year historical redevelopment community in Toronto’s vibrant Liberty Village.

“It is incredible how this neighbourhood has grown and matured in relatively a short period of time,” says Brian Brown, principal at Lifetime. “It was actually one of the first redevelopment projects that I was involved with and I quickly became very personally invested in the changes and evolution that were occurring.”

Liberty Market Tower will be perched on top of the Liberty Market building, adding a new, dynamic mixed-use element to the neighborhood, accented by a distinctive art collaboration.

The company commissioned multidisciplinary celebrity artist Anthony Ricciardi to create murals and sculptures that will be integrated within the communal living environments, designed to inspire residents and complement the creative and artistic vibe of Liberty Village.

Liberty Market Tower will boast a distinctive 28-storey tower featuring 281 refined urban condominiums, ground floor retail and seven floors of office space featuring a we-work hub – all with connectivity to the existing Liberty Market building.

Lifetime Liberty Village news

“We really focused on providing unique, curated amenities which strengthen community where your life and time matters,” says Kim Kopyl, director of sales and marketing.

More than 12,000 sq. ft. of indoor-outdoor amenity space make up the eighth floor of the building. Amenities include a state-of-the-art fitness facility, yoga room, contemporary games room, party room utilizing a recycled shipping container, elevating the industrial-chic design element used throughout, and al fresco dinning with barbecue-outdoor lounge areas and firepits, overlooking endless city skyline and lake views.

The tower will complete Lifetime Development’s six-acre Liberty Market Complex, the connection between the community’s thriving residential neighborhood and its ever-growing commercial district. Residents and visitors will both benefit from the convenient access to all of life’s necessities. From sports, entertainment, dining, work and play, to easy transit access such as the GO Train, subway and Billy Bishop airport. With everything at your fingertips, you truly are minutes to exactly where you want to be.

lifetimedevelopments.com

 

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Pharrell Williams helps Reserve Properties and Westdale Properties design untitled in Toronto

Pharrell Williams helps Reserve Properties and Westdale Properties design untitled in Toronto

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Pharrell Williams helps Reserve Properties and Westdale Properties design untitled in Toronto

Reserve Properties and Westdale Properties have unveiled complete design and development plans for untitled, a new collaborative project in midtown Toronto with recording artist Pharrell Williams.

The designs are the result of a multi-stage process that saw Reserve and Westdale working with Williams, alongside architects from IBI Group and designers from U31, to realize a collective vision for the project.

“The decision to work with Pharrell was born out of a desire to do something unique for our future residents, the city and architecture as a whole,” says Sheldon Fenton, chief executive officer, Reserve Properties. “We believed by bringing in a cultural icon with vision and ideation from outside the realm of real estate it would allow us to break the mold in terms of what has traditionally been done in multi-residential development in Toronto.”

Working with Williams, the team developed a set of overarching principles that became integral to the overall design process. These included creating spaces with a conscious understanding of how people will feel within them, focusing on design that is both aesthetically inspiring but also purposeful in its function, and incorporating a feeling of natural elements throughout the spaces.

The two-tower residential development will include 751 condominium suites, ranging from studios to three-bedrooms, as well as 32,000 sq. ft. of amenity space.

Gust of Wind

The seed for untitled’s architecture is rooted in lead architect Mansoor Kazerouni of IBI Group’s cultural background. Kazerouni introduced the concept of a jugalbandi, a performance in Indian classical music featuring an intricate duet between two solo musicians. The term translates to mean entwined twins and for Kazerouni, a jugalbandi informed how his work could entwine with sound waves from one of Pharrell’s songs. Using parametric design, the sculpted, fluid form of the balconies follows the wave pattern of Williams’ hit song Gust of Wind, articulating the building as a visual abstraction of music.

Interior spaces by Kelly Cray of U31 aim to articulate notions of universality throughout the common areas, amenities and suites. Rather than projecting a lifestyle onto the residents, the goal was for each individual space to serve as a backdrop to the user’s own experience. The result is an exploration of the interplay between nature, essentialism and Japanese inspired minimalism using a palette of plants, water, light and form.

In the lobby, a deep charcoal stone used on the floor wraps up along the walls creating a seamless experience. A cascading water feature adds movement to one’s journey, extending through the arrival hall to the concierge. The flow of water that welcomes residents is purposefully intended to evoke feelings of energy and movement when you first step into the building; an experience that is continued as a memory in surrounding spaces.

An extensive amenity program extends throughout the building’s ground floor and onto the upper levels, with a series of indoor and outdoor spaces that include a co-working garden lounge, screening room, active fitness centre, kids club, a rec room, social lounge and private dining with a sake tasting area, that flow out to the rooftop terraces.

Water and space

A wellness centre, featuring a spa and indoor-outdoor swimming pool round-out the offering with expansive floor to ceiling glass screens separating the two sides of the pool. Views through the screens frame a dramatic, 30-ft. water feature that flows into the far end of the pool.

“To me, the key elements were water and space,” says Williams. “With water moving in the building the way it does, there’s this continuous flow of motion that’s recharging to people. Certain places just hit us as humans, reminding us that we’re alive.”

As part of the block master-plan, the development team will also be building a separate 413-unit purpose-built rental building adjacent to untitled, along with a new public park. The rental building will contain 200 affordable housing units, 165 mid-range units and 49 market units, delivering a range of housing options.

untitled will feature suites ranging in type, from studios to three-bedrooms, with prices starting in the low $400,000’s.

Renderings: Norm Li
Press conference photos: Arthur Mola


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