Tag Archives: Toronto

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.

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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 morethan or nearly as much as the city of Toronto.

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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

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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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NEIGHBOURHOOD WATCH: South Core

South Core, one of Toronto’s fastest-growing neighbourhoods

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South Core, one of Toronto’s fastest-growing neighbourhoods

By Gale Beeby

Harbourfront and Fort York – the area known as the South Core – is one of downtown Toronto’s fastest-growing neighbourhoods. It reaches south of the railway tracks to Lake Ontario, and from Yonge Street to Bathurst Street. Perhaps it all started when Concord Adex started developing CityPlace, or when Menkes built the Telus office tower, but the area has blossomed. Move a little farther west, from Bathurst Street to Strachan Avenue, and you’ll find the pocket known as Fort York.

Housing Options

Most of the major players have a piece of the action here. Add in the condo corridor along Harbourfront and the ongoing development of the Fort York neighbourhood, there are units for every taste and budget.

Leisure Pursuits

With both the Rogers Centre and the Air Canada Centre located in the South Core, it’s a sports fans’ wonderland with baseball, basketball, hockey and football – along with the musical treats those venues host – all within walking distance. Toronto’s newest attraction, Ripley’s Aquarium, has become a huge draw, as is the CN Tower.

Parks & Rec

The Harbourfront area is home to a number of marinas, boat charter companies and the Empire Sandy, Toronto’s best-known sailing ship. The Harbourfront Centre holds a number of events throughout the year and has an outdoor winter skating rink. The Harbourfront Canoe & Kayak Centre holds classes for every level, including the newest craze, stand-up paddleboarding.

Canoe Landing Park, 20 acres of parkland developed by Concord Adex in CityPlace, is host to a number of events, including summer movie nights and the Terry Fox Miracle Mile run. The park gets its name from a large red canoe – big enough for people to stand in and see over the Gardiner to Lake Ontario – designed by Douglas Coupland.

Access to the Martin Goodman Trail, which is the Toronto portion of the 730-kilometre Waterfront Trail around Lake Ontario, can be made at a number of points in the area. For those who enjoy sailing, the Royal Canadian Yacht Club, the Island Yacht Club and the Toronto Island sailing club are located just across the harbour on the Toronto islands.

The Fort York National Historic Site – built in 1793 and the location where the Battle of York came to an end during the War of 1812 – was the home of a military garrison until the 1930s.

The Music Garden is one of the best-kept secrets in Toronto. Located at the foot of Spadina Avenue, the park offers live music in the summers and has an incredible garden. Just west, at the foot of Bathurst Street, you’ll find Ireland Park, which was opened in 2007 as a memorial to the more than 38,000 Irish immigrants who took refuge from the famine in Toronto in 1847.

Retail Therapy

There are grocery stores in the South Core and Maple Leaf Square, where there is also a LCBO, is connected to the city’s transit and the PATH System, a 27-kilometre underground network of shopping, services and dining outlets. Loblaws is in the process of converting its former warehouse at Bathurst Street and Lake Shore Boulevard West into a new retail centre, including a Joe Fresh and an LCBO.

Easy Access

Maple Leaf Square is connected to Union Station – with TTC and GO Transit connections – through a variety of inter-connected walkways and the PATH System. For those who live along Harbourfront or in the Fort York district, the LRT line along Queens Quay makes access to Union Station a breeze. CityPlace residents can connect to Union Station by the Spadina streetcar or an easy stroll along Front Street. And for those who need to travel farther afield, Toronto Billy Bishop Airport gives residents access to Porter and Air Canada flights to Ottawa, Montreal, Halifax, New York, Boston and Chicago, to name a few destinations.

BY THE NUMBERS

WALK SCORES

South Core: 95
Fort York: 89

Toronto motto: Diversity: Our Strength

Toronto.ca


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Canada Outlook NEW

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

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

Canada Outlook NEW

 

By Wayne Karl

Canada’s housing market should see a moderation in both housing starts and sales, while home prices are expected to reach levels that are more in line with economic fundamentals such as income, job and population growth. This forecast for 2019 and 2020 is drawn from the 2018 Housing Market Outlook from the Canada Mortgage and Housing Corp. (CMHC).

Source: CMHC Housing Market Outlook
Source: CMHC Housing Market Outlook

Nationally, CMHC’s outlook for 2019 projects total housing starts to edge down and range between 193,700 to 204,500, with the downward trend expected for both single and multi-unit starts. MLS sales are expected to be between 478,400 and 497,400 units annually while MLS prices should lie between $501,400 and $521,600.

“Our key takeaway from this year’s outlook is moderation in Canada’s housing markets for 2019 into 2020,” says Bob Dugan, chief economist, CMHC. “Housing starts are expected to decline from the higher levels we’ve seen recently. We expect resales in 2019 and 2020 to remain below recent peaks while prices should reach levels that are more in line with economic fundamentals such as income, job and populations growth.”

Ontario recovery

After dampened market activity in 2018, existing home sales and housing starts in Ontario, particularly in single-family homes, will post a partial recovery in 2019. Buyers are expected to re-enter the market on the strength of stronger than expected job growth and in-migration, before the downward trend in starts and sales resumes in 2020.

Source: CMHC Housing Market Outlook
Source: CMHC Housing Market Outlook

GTA growth

With balanced conditions prevailing in the GTA, CMHC expects moderate sales growth and home prices growing in line with inflation. The rising costs of homeownership will result in strong rental demand, while new supply will add some upward pressure on vacancy rates. Toronto buyers should see more housing choices as builders concentrate their efforts on new highrise projects.

OTHER REGIONAL HIGHLIGHTS

BRITISH COLUMBIA
Housing starts activity and MLS sales in BC should moderate, as economic and population growth slows while MLS average prices are expected to see a flatter growth profile through 2020.

Vancouver
Over the next two years, Metro Vancouver’s resale market will see lower sales, higher inventories of homes for sale and lower home prices compared with recent market highs. Through 2018, demand and home prices softened across all market segments and local geographies.

PRAIRIES
Buyers’ market conditions in Alberta and Saskatchewan should gradually shift to a balanced market with gradual improvement in economic and demographic fundamentals. Balanced market conditions in Manitoba are expected to continue.

Calgary
Various factors will push and pull the demand for housing in Calgary in 2019 and 2020. Calgary’s economy will experience stronger growth in population and employment. This will help support demand and lift sales in 2019 and 2020. However, the average MLS price will continue to face downward pressure but is expected to stabilize in 2019 and modestly rise in 2020.

QUEBEC
Housing starts and sales of existing homes will both be sustained, however, slower economic growth and rising borrowing costs will moderate activity through 2020. Starts will continue to be dominated by the apartment market segment, while demand for resale single-detached homes will remain relatively strong.

Montreal
In 2018 and 2019, rental housing demand will increase slightly faster than supply in Montreal, which will put some downward pressure on the vacancy rate. Demand will be supported by rising net migration over the forecast horizon.

ATLANTIC CANADA
The Atlantic region will see sustained activity, notably in Nova Scotia, where existing home sales and average prices should trend higher while rental demand will drive growth in apartment construction.

RELATED READING

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

 

 

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Saturday in Downsview Park

Mattamy Homes’ Saturday in Downsview Park

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Mattamy Homes’ Saturday in Downsview Park

Thoughtfully planned condominium amenities are second nature to Mattamy Homes, a company that has earned its reputation as a superior builder of quality homes and master-planned communities designed for the way people really live. Coming soon, Mattamy’s Saturday in Downsview Park condominium community will offer beautiful building amenities that are both restful and invigorating. The bright, two-storey lobby frames Downsview Park’s green open area that offers a place to become immersed in nature. This welcoming lobby features holistic forms and textures, study niches, a co-working spot, rock garden and communal bar – the perfect surroundings in which to access attentive 24/7 concierge service.

Saturday in Downsview Park’s designers have envisioned many opportunities within this condominium for neighbours of all ages and life stages to gather, only an elevator ride away! These include a colourful Kids’ Play Room where youngsters can visit arts and crafts stations, and draw with chalk on a standing platform area. This fun space will also encompass interactive tables and a geometric room design that will connect them to the ‘Park’. And great news for parents: the Play Room will include a private party room to reserve for birthdays and special events.

Also for entertaining is the Multi-Purpose Space that comes with a grand kitchen, bar, dining and lounge areas connecting to an outdoor patio with a barbecue station. From intimate cocktail parties to lively large get-togethers, this area will become an event hub. The Fitness Zone provides areas for cardio workouts, circuit training, free-weights, spinning, yoga and boxing, as well as functional training, TRX strength and toning. Residents will also appreciate the inclusion of a convenient dog wash area.

Local amenities will add to the lifestyle within the condominium, starting with the extensive outdoor and indoor activities at the adjoining Downsview Park. Just 20 minutes to downtown Toronto and well served by GO Transit and TTC, the park is home to numerous community events, league play in a variety of sports, picnic opportunities, plus a four-kilometre circuit path for jogging, bike-riding or walking the dog.

Mattamy’s first building at Saturday in Downsview Park will have about 240 suites priced from the low $400,000s. Choices will include one-bedroom, one-bedroom plus den, two-bedroom and two-bedroom plus den layouts, from 548 square feet. Many designs feature outdoor terraces and patios.

About Mattamy Homes

Mattamy Homes is the largest privately owned homebuilder in North America, with a 40-year history of operations across the United States and Canada. Every year, Mattamy helps 7,000 families realize their dream of homeownership. In the United States, the company is represented in 10 markets – Charlotte, Raleigh, Phoenix, Tucson, Jacksonville, Orlando (where its US head office is located), Tampa, Sarasota, Naples and Southeast Florida – and in Canada, its communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton. Visit the website for more information.

Saturday in Downsview Park is Coming Soon. For more information or to register, visit MattamyHomes.com


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h_nov2018_perspective_fi

It’s time to better prepare for the future of Toronto

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It’s time to better prepare for the future of Toronto

Toronto is quickly becoming a city of the future and it is time to start planning for that future.

The world around us is changing at a feverish pace and I am willing to argue that the last time human’s lifestyles were altered so significantly was with the introduction of the automobile and the years that followed the industrial revolution.

In the last 35 years, we have transitioned from a largely analogue way of life to being digital dependent. The integration of personal computers, smartphones, Internet, GPS and texting has “assisted” the way we interact in commerce and in our private lives. However, we are still working and living a in similar fashion to the way we were before the new technology.

More recently, we have frequently been hearing reports of “disrupters” — the term used to define technological advancements that aren’t complimenting the way we are doing things, but rather changing what we do completely.

Google, Apple, Airbnb, Uber, Amazon and Wework are examples of corporations moving us in that direction and the advancements they are making in artificial intelligence, driverless vehicles, block chain and crypto currencies are the at the core of a cultural shift.

At this point (if you are still with me) you may be asking, what does any of this have to do with home buying in the GTA? A lot, actually.

Toronto and its surrounding communities are among the fasting growing technology hubs in North America. Microsoft and Sidewalk labs are two examples of many of the major corporations investing in Toronto — and that is good news for anyone in real estate. Job growth will continue to increase and with that comes the demand for homes. But antiquated approval processes and a shortage of labour will continue to constrain supply, resulting in prices continuing to rise the long run.

When this thought is applied to technology, how will disrupters influence how and where we live? It is difficult to say with certainty, but one thing is for sure — look for a home or income property close to employment and/or transit because chances are you enjoy spending time with your friends and family and not on your commute.

Despite the many positives that come with job creation, there are inevitably some negatives, mostly in the form of congestion. The people who can afford to have it all will be able to buy close to their employment — or anywhere they want to live, for that matter. However, for the majority of us it will become increasingly important to live in communities with close proximity to transit nodes. The ability to move freely and quickly will continue to become increasingly difficult as the GTA continues its growth.

Toronto is quickly becoming a city of the future and it is time to start planning for that future.

Fraser Wilson is vice president at International Home Marketing Group. IHMG.ca

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Left to right, Ronnie Strasser, Sam Strasser, Alex Strasser, Stanton Strasser, Jay Strasser, Alan Vihant, Niall Collins, Mike McGrath, Hunter Milborne, Boris Shteiman and Josh Shteiman

Great Gulf and partners break ground on Yorkville condo 8 Cumberland

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Great Gulf and partners break ground on Yorkville condo 8 Cumberland

Left to right, Ronnie Strasser, Sam Strasser, Alex Strasser, Stanton Strasser, Jay Strasser, Alan Vihant, Niall Collins, Mike McGrath, Hunter Milborne, Boris Shteiman and Josh Shteiman
Left to right, Ronnie Strasser, Sam Strasser, Alex Strasser, Stanton Strasser, Jay Strasser, Alan Vihant, Niall Collins, Mike McGrath, Hunter Milborne, Boris Shteiman and Josh Shteiman

Award-winning developers Great Gulf and Phantom Developments Ltd., along with The Kadima Group and MM Realty Ventures Inc., have celebrated the groundbreaking of 8 Cumberland, a modern 51-storey highrise condominium with a century-old brick Victorian podium. Located at the northwest corner of Cumberland Avenue and Yonge Street, it will pay homage to Yorkville’s timeless heritage and the neighbourhood’s revitalization.

Conveniently situated near two subway intersections, Canada’s most exclusive shopping district and one of the best cultural and art destinations in the world, 8 Cumberland is a sculpture with ribbons of gleaming steel and luminous glass creating a stunning façade. The masterplan includes parks and open spaces with pedestrian mews that will connect Yorkville Avenue to Cumberland Street and eventually to Bloor Street.

“8 Cumberland will create a new gateway to the Yorkville District,” says Great Gulf President, Residential, Niall Collins. “Our commitment to the neighbourhood’s revitalization includes a 36-storey condo tower at 18 Yorkville, the iconic 76-storey condo tower at One Bloor east and this 51-storey condo development all within a block radius.”

Designed by Architects Alliance with interior designs by Thomas Pearce and landscape architecture by NAK Design, the sleek and stylish building will feature retail on the ground and second floor within the heritage building dating back to the late nineteenth century. With 371 units ranging from 468 to 1,845 sq. ft., the spacious open-concept suites offer panoramic city views and state of the art amenities.

“Phantom Developments is thrilled to be breaking ground on 8 Cumberland,” adds Henry Strasser, principal of Phantom Developments. “When we acquired the site in 2014, we knew we had the opportunity to develop a true landmark in our vibrant city.”

Vihant
Alan Vihant, Great Gulf’s senior vice-president, highrise

Location doesn’t get much better than right in the heart of Yorkville, even in an area with other condo options. “(8 Cumberland) is different in a lot of ways,” Alan Vihant, Great Gulf’s senior vice-president, highrise, told Condo Life.“It’s right on Yonge Street, you can walk to the subway door, it’s right there, and it connects to a path that goes through Yorkville and all the way through to Bloor Street.”

 

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