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As home prices rise, Ford wants to approve developments as soon as possible

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As home prices rise, Ford wants to approve developments “as soon as possible Ontario is seeking to decrease the amount of red tape around development applications, Premier Doug Ford said on Thursday, as constrained supply continues to drive up housing prices. Ford stated that the summit’s purpose was to devise tangible solutions to assist more families to purchase a home. “While the answers may appear apparent, putting them into action requires a lot of hard work and commitment,” he stated at the start of the virtual summit. “We know we need to better standardise processes and procedures across areas, and we know we need to enhance data collecting and reporting so we can better track success and where we can improve.” Ford remarked that the province had the greatest number of home starts in 30 years last year, but with inventory still running short, he vowed to provide municipalities with “every tool available to make us a lot faster when it comes to achieving housing starts.” “We have to do rid of all the red tape and bureaucracy,” Ford stated. “We’re collaborating with all of the municipalities, and I think we had a pretty excellent meeting.” Mayor Tory, I believe, was also present. We all want to ensure that there is affordable housing throughout the province.” Ford also admitted that the problem of increasingly pricey housing isn’t limited to the GTA, but has expanded throughout the province. According to Ford, a new $45 million Streamline Development Approval Fund will assist the 39 largest towns to approve housing proposals more rapidly. In addition, the province stated that it will collaborate with municipalities to create a data standard for planning and development applications, which should speed up the process. His remarks on Thursday reflected the suggestions made earlier this month by the Ontario Housing Affordability Task Force. The task group, which was formed by the provincial government and included nine specialists in not-for-profit housing, Indigenous housing, real estate, house construction, financial markets, and economics, argued for increased density and less public discussions on planned buildings.  The housing problem in Ontario will not be addressed overnight, according to Municipal Affairs and Housing Minister Steve Clark, but cutting red tape will help get more houses constructed faster. “The way housing is approved and built was designed for a different era when the province was less constrained by space and had fewer people,” Chair of the Housing Affordability Task Force Chair and Chief Executive Officer and Group Head, Global Banking and Markets at Scotiabank Jake Lawrence wrote in the report. “However, it no longer satisfies the demands of Ontarians.” The scales have tipped too far in favour of prolonged discussions, bureaucratic red tape, and pricey appeals. It is far too simple to oppose new housing, and it is also too expensive to create. We are in a housing crisis, which necessitates quick and far-reaching reforms.” Related posts. Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123

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The average detached house in Toronto has already surpassed the $2 million mark

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The average detached house in Toronto has already surpassed the $2 million mark People are snapping up houses in the Greater Toronto Area at near-record rates, with last month coming in hot and achieving the second-highest sales statistics of any February in history, surpassed only by the record-breaking Feb. 2021. The Toronto Regional Real Estate Board (TRREB) reveals that 9,097 residences changed hands last month, a 16.8 per cent decrease year over year but a staggering 61.4 per cent increase from the previous month. It’s a significant amount of properties sold, but it’s still a 16.8 percent decline from last year’s record when purchasers resurfaced between pandemic waves. A Much-Necessary Rebound Bustling sales undoubtedly got a lift from an influx of much-needed supply: 14,147 new listings were added to the market, more than double (109.4 percent) from January levels. While inventory is still down 6.6 percent year on year, because the decrease was less severe than sales, it has helped improve total inventory, pushing market conditions ever-so-slightly toward balanced. The month ended with a total of 6,985 properties for sale, up more than 2,000 from the previous month and perhaps indicating that overall supply is on the rise. If you want a 416 address, expect to pay an average of $1,210,889, up from $995,171 in February 2021. And the 905 is even more expensive, with houses now costing $1,402,948, up from $1,070,710 in February 2021.The most concerning figure, however, is the new average price of a detached home in Toronto, which has officially surpassed the two-million barrier with a February 2021 average of $2,073,989. The costly detached sector continues to have the highest amount of sales, with 3,928 purchases led by activity in the 905 areas. The total average price of a single-family detached home increased by 31% to $1,797,203 and has officially surpassed the $2 million mark in the City of Toronto, at $2,073,989 (23 per cent. Condos, on the other hand, are hanging near the $800,000 mark, with an average price of $799,966. A total of 2,722 units were sold, with 1,842 of them concentrated in the 416 area. Prices are expected to rise further, though not to such extremes, with TRREB Chief Market Analyst Jason Mercer predicting “a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households temporarily putting their home purchase on hold as they resituate themselves in the market.” TRREB CEO John DiMichele predicts that these conditions will be a prominent topic in the 2019 Ontario provincial election, adding, “we know that housing affordability will be front of mind.” “Demand for ownership homes continues to be robust throughout the GTA, and while we are somewhat off the record pace observed last year, any buyer searching in this market is unlikely to feel it with competition continuing the standard,” he adds. “Many households accelerated their home purchase and closed in 2021, which is one reason the number of sales was predicted to be lower this year, and a trend toward increased borrowing costs will have a restraining influence on home sales.” Significant immigration levels and a persistent scarcity of supply, on the other hand, will have a mitigating influence on rising mortgage rates.” All of this will be on the minds of policymakers and politicians as election season approaches; following the recommendations of the province-appointed Ontario Housing Affordability Task Force, it will be interesting to see whether — if any — of their 55 proposals will be enacted before Ontarians go to the polls. DiMichele emphasizes that “political parties and candidates must focus on bold and inventive policies that will encourage greater and diversified housing supply to account for the current gap and future population expansion as immigration accelerates.” Related posts. As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123

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February 2022 Construction Start and Completions in Toronto

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February 2022 Construction Start and Completions in Toronto The construction in Toronto never seems to end, with new buildings continuously being presented to the City for approval, new cranes sprouting up on the skyline, and old ones being removed. In this article, we will provide an overview of projects where work has begun and those where we have changed the status to finished as the first residents have moved in with this monthly feature. Construction Starts  The following are the initiatives that started – or were about to start – in February: Reina Condos BDP Quadrangle has developed a 9-storey, 200-unit mixed-use condominium project for Urban Capital Property Group on the southeastern corner of The Queensway and Penhurst Avenue in South Etobicoke. Reina Condos held a ceremonial groundbreaking event on February 19, according to their Instagram account, indicating that the building is likely to start soon. Alba The 32-story, 418-unit tower, designed by Core Architects for Edenshaw Developments Limited, will also include 4 townhomes and is scheduled to be completed in downtown Mississauga by 2025. Work has recently begun to prepare the site for shoring, with a digger, many dump trucks, and a large pile of excavation seen on site. Jac Condos Turner Fleischer Architects designed the 34-story, 489-unit mixed-use complex for Graywood Developments and Phantom Developments on the west side of Jarvis Street, just south of Carlton Street. The site’s below-grade levels have lately been sunk two storeys deep, and it comprises a shoring rig, a digger, a bobcat, and lagging piles in its pit. Realm Condos Realm Condos, constructed by Adi Development Group, is situated in Burlington at the junction of Thomas Alton Boulevard and Appleby Line. The two buildings will each be 16 stories tall, joined by a 5-story platform, and will add nearly 400 additional homes to the neighbourhood. The project was officially kicked off on February 9th, and soil has already been dug up and loaded into dump trucks. Royal Bayview Royal Bayview is located in Markham, just off Bayview Avenue on Royal Orchard Boulevard, and will have 91 and 77 home-sized condominium units in two 12- and 14-story residential structures with views of the exclusive Ladies’ Golf Club of Toronto. The Kirkor Architects Planners-designed structure, which is being developed by Tridel, is anticipated to be finished in 2024, and two shoring rigs have lately appeared on site. Completed Projects The following are the projects that we consider finished, based on the fact that they have awarded occupancy to their first residents: Nova Urban Towns Nova Urban Towns, located at 57 Finch Avenue West, appears to be finished and residents have begun to move in. The Kaleido Corporation created the 4-story town houses, which were designed by SRN Architects Inc. and include a total of 42 apartments. The Stack at Bayview The Stack, new retail and residential development in Toronto’s Leaside neighbourhood developed by The Brown Group of Companies, was recently finished. Kohn Partnership Architects Inc. created the low-rise building at 1680 Bayview Avenue, which is seven stories tall and houses 146 residential apartments. Is there still a project that we’ve overlooked? Please feel free to contact us and let us know whether we missed it. Meanwhile, keep an eye on our Forum for new construction projects that are starting or wrapping up this month. More detailed information about each of these advances will be available shortly, but in the meanwhile, you may read more about the projects by visiting our Database files, which are linked below. You can participate in discussions on the Project Forum threads linked above, or leave a remark in the area provided on this page. The latest data research service provides detailed information on building projects in the Greater Toronto Area, from proposal to completion. In addition, our daily subscription newsletter, New Development Insider, is delivered to your mailbox to assist you in tracking initiatives through the planning process. Related posts. The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123 It might finally be time for Canadian homeowners to sell by admin123

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The Martha James Condominiums are set to open in Burlington

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The Martha James Condominiums are set to open in Burlington Mattamy Homes, best known for developing single-family homes in the suburbs, is bringing a new condominium to Burlington, located west of Toronto. Martha James Condominiums “blends small-town charm with urban convenience,” as Mattamy proudly proclaims. The property focuses on unrivalled facilities, both inside and out, and is located only steps from downtown Burlington’s shops and equidistant from Lake Ontario’s shoreline. This 13-story, the 11,700-square-metre structure was designed by Graziani + Corazza Architects and is expected to be completed in 2024. The Martha James Condominiums are named after the crossroads of Martha and James streets, which is located in a mature park-side neighbourhood. It is only a short walk from there to busy Brant Street, the lakefront, Brant Street Pier, and the adjacent parks and trails. The community’s location provides easy access to major transportation routes such as the QEW, Highways 403 and 407, and the Burlington GO station is only a five-minute drive north. It is ideal for people looking for a laid-back lifestyle with the comforts of a city since Toronto is only a 40-minute drive away. A total of 150 residential apartments will be available, ranging from one-bedroom to two-bedroom with den suites, in this new residential complex. Residents will have access to two floors of residential facilities, which include everything from exercise and co-working rooms to a large rooftop terrace for sunbathing and summer picnics. Graziani + Corazza + Biase (GCB) Interior Architecture Inc., the architecture firm’s in-house design studio has furnished the building with amenity areas that have a soft, natural palette and a domestic atmosphere, with meticulous attention to detail. The building’s entrance, which is located on the southeast corner of the crossroads, leads to a large lobby with concierge service. The versatile, well-appointed lounge features co-working places, communal areas, and private dining; the space fluidly transforms into the ideal place to entertain. The building also has a Workout Centre with an interactive fitness studio to help you maintain your physical as well as your emotional well-being. With such a private yoga deck, a sundeck lounge, as well as a community garden for anyone who’s not afraid to get their hands dirty, Martha James’ rooftop provides additional possibilities to relax the body and the mind. If you just want to “inject some sunshine into your busy schedule,” as Mattamy puts it, there’s even a co-working area. The rooftop lounge with all of its enormous lake viewpoints, “provides the perfect backdrop for alfresco dining, or simply unwinding.” The residential suites, which each have nine-foot ceilings, elegant cabinets, and open-concept layouts, are treated with the same degree of care and attention to detail, and excellence of finishes. All of the apartments will be light-filled thanks to the abundance of windows.   Related posts. February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123 It might finally be time for Canadian homeowners to sell by admin123 Plans at the New Bloor-Lansdowne GO Altered for Height and Park Size. by admin123

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The battle of the list price homebuyers are irritated by too-low asking prices

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The battle of the list price: homebuyers are irritated by too-low asking prices Artificially low list prices, bully bids, and blind bidding is real estate realities that exacerbate purchasers’ irritation and even desperation in a housing market already skewed in favour of sellers. Realtors maintain that these are just sales tactics, but some feel that the lack of transparency in real estate transactions is really driving up to Toronto area home prices, which in February averaged $1.33 million for a house or condo. When they campaigned on a Home Purchasers’ Bill of Rights, which included a prohibition on blind bidding so that buyers bidding on a house would know what the competition was offering, the federal Liberals implied as much. Others argue that these practices are a symptom of the market’s overheating, rather than a cause, and that inadequate supply is the primary cause of rising prices. The difficulty is exemplified by two recent Toronto sales. A house with more than 70 showings got four bids, three of which were around $50,000 of one other. Unaware of the competition, the victorious buyer paid more than $100,000 more than the next lowest bidder. In another situation, a house advertised for $1.7 million got no offers on the appointed evening despite the sellers’ expectations. Buyers’ agents told the listing agent that their clients were concerned that they wouldn’t be able to afford the house and that they would have to spend an extra $200,000 or $300,000. It eventually sold for the asking amount, but it took several phone calls between brokers to explain the seller’s expectations. Homes in the GTA sold for an average of 113% of the asking price in January. That’s a few percentage points higher than the previous record-setting period for house sales and prices, which occurred in 2016 and early 2017. When the market began to soften in Spring 2017, selling prices fell slightly below the asking price. Ben Rabidoux of market research firm North Cove Advisors suggests that “underpricing to create a bidding war is symptomatic of an overpriced market. It is not the cause of it.” He claims that data from the Toronto Regional Real Estate Board demonstrates a clear link between a hot market and house sales prices that are higher than the list price. Buyers will offer more over list price if the competition is fierce. Re/Max Hallmark Desmond Brown, a real estate agent, says he attempts to advertise houses at a reasonable price. Even realtors, though, maybe astonished by the outcome of the subsequent bidding battles. Would successful purchasers give a lower price if they were aware of rival bids? That, he said, is the key question “Some would because they really want the property and some would feel they overpaid,” said Brown. “When I’m a listing agent it’s my job to protect my seller and I will never disclose the next highest offer to the winning offer,” he said. While the first buyers may not grasp the now-common sales technique of selling a property at less than the predicted sale price, they soon learn what a home may expect to fetch by looking at recent comparable sales that give them an idea of what to offer through their real estate agent.  “For the most part, the buyers have not had a problem with (underpricing) because they do their homework before,” said Brown. Buyers are growing tired of bidding battles and the low prices that feed that competitiveness, according to Jared Gardner of Re/Max Professionals. “I would love a system where there are better rules and regulations that get rid of some of the underpricing. There is nothing I despise more than having to consistently tell my buyers that you cannot afford a home — because it’s listed at that price doesn’t mean it’s going to sell at that price,” he said. Gardner says that when it comes to his clients who are selling, he is just as culpable as the next agent in assisting in the price-setting process. “I would love if we didn’t have offer dates and I’m just as guilty of doing offer dates. I’m just as guilty of listing a little undervalue because if you don’t, unfortunately, in this type of market, you may scare off buyers — as funny as that is,” he said. Housing affordability remains a goal for the Liberal government, according to a representative for federal Finance Minister Chrystia Freeland, although the topic of blind bidding was not directly addressed.“As we have said before, we will take further action in the upcoming budget,” said Adrienne Vaupshas. Meanwhile, the Ontario Progressive Conservative government is working on the new guidelines as part of its Trust in Real Estate Services Act, which would permit homeowners to authorize their broker to provide details of competing offers without revealing any personal or identifying details. Tim Hudak, CEO of the Ontario Real Estate Association, says it’s unfortunate that too many families are losing their chance to purchase a house. The fundamental issue, though, is a shortage of supplies. “The best way to solve that is to increase housing supply dramatically,” he said. “That will actually put more power in the hands of buyers.” Real estate offers, according to Hudak, contain sensitive information such as the buyer’s willingness to pay, as well as the down payment, financing, and other terms.“The home is somebody’s most precious and valuable asset and they should determine how they go about selling. I think most Ontarians would agree that the government should not be telling Ontarians they can only sell their home one way,” said Hudak. Homeowners in Ontario may already sell their homes at open auctions, according to him. In Australia, for example, auctions are the norm, with bidders gathering outside of a house to place bids. Of course, when auction fever sets in, Hudak says, auctions may push up prices even more. “The number using auctions has actually increased because home sellers feel they can get a bigger price for their home by triggering

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Toronto surpassing its the house-price insanity capital of Canada

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Toronto surpassing its the house-price insanity capital of Canada Experts blame special taxes, the greenbelt, and even tsunami threats for Toronto property prices surpassing those of its coastal twin. Vancouver was the thunderdome of Canadian real estate for many years. The price spikes in Vancouver and the resulting societal problems were cited as the best example of what occurs when unaffordable housing costs strike a Canadian city. The Toronto property market had one cold comfort no matter how heated it got – home values soared 300 percent in three decades, adjusted for inflation. It wasn’t the country’s most costly city. Until now. Toronto has surpassed Vancouver for the title of a most expensive city. It’s a big responsibility. Vancouver has long drawn comparisons to Hong Kong and San Francisco’s housing woes, as well as opposition from people who want the city’s real estate market cooled. Some analysts believe that some of those steps have curbed prices, while Toronto has caught up to, and even surpassed, its Pacific sibling’s jaw-dropping property prices for the first time in decades. Some in Toronto are concerned about what this implies for their city, while others are perplexed as to how it got to this. A recent report from RBC Economics made it official: Toronto became the most expensive market in January, with the composite MLS benchmark price — meant to focus on properties with qualities “typical” in desired homes — hitting $1.260 million, compared to Vancouver’s $1.255 million. According to a late January analysis by TD Economics based on December numbers, prices in the GTA increased by 40% between 2018 and 2021. During the same period, Vancouver’s climbed by just 13%. Supply, demand, and government rules, according to experts, are all factors in the shift. In 2016, British Columbia enacted a foreign buyers levy, which is set at 20% in Vancouver. Among other things, the province charges a 2% transfer tax on homes valued more than $3 million. (In 2017, Ontario enacted a 15% “non-resident speculation tax,” and the province and the city of Toronto both have land-transfer taxes.) Peter Milne, a Re/Max real estate agent who has worked in both markets since 1991, sees a need for peace of mind. From his home in Gibsons, B.C., a community a short drive and just a 50-minute ferry trip from Metro Vancouver, Milne told the Star, “Really what people are looking for is stability in their investment.” Climate disasters such as heat domes, smoke from forest fires, and flooding have wreaked havoc on Vancouver in recent years, while earthquakes and tsunamis have also been a concern. It’s made people question how real estate will be affected in the long run, Milne said, adding that he believes this will cause consumers to avoid the Vancouver market in favour of Toronto property. “I think Toronto, honestly, has a much more stable environment,” he said. “There’s a lot more discussion among younger, more intelligent buyers, about tsunamis and flooding from the Fraser River and what would happen if all the snow on the mountains melted.” Despite the lack of mountains in the GTA, Toronto Royal LePage real estate agent Simeon Papailias believes the greenbelt encircling Toronto generated an impact akin to Vancouver’s mountains and ocean. According to Papailias, establishing a boundary for potential projects has reduced supply and increased the value of land in the GTA. Papailias stated, “We’ve created a Vancouver in Ontario.” Different zoning, he claims, might allow for more dwellings, alleviating Toronto’s housing need. A dearth of listings is now driving up prices, as many are fearful of selling their houses and not being able to locate another. According to the Toronto Regional Real Estate Board, the average sale price of a property in Toronto in 1991 was $234,313. “I spend most of my time on housing issues, because I think it will be fundamental for the kind of city that we’re building and growing,” Ana Bailão, one of Toronto’s deputy mayors said. Working-class individuals and young families, she believes, will be unable to live in the city in her worst-case scenario. She believes that such a situation would harm Toronto’s capacity to recruit talent and investment from around the world, risking the city’s future. TD reports that while prices in Greater Vancouver have risen, new government initiatives have helped keep more outlandish hikes on the West Coast at bay. According to TD economist Rishi Sondhi’s analysis, price hikes in Toronto were driven by fewer regulations and tighter markets, which were exacerbated by less responsive supply. “Government restrictions in the (Greater Vancouver Area) have been a big factor behind the narrowing gap in Vancouver and Toronto home prices in recent years,” Sondhi replied. According to the TD research, Vancouver had a four-percent pricing advantage in December, but Toronto pushed ahead in January. Measures like the foreign buyers’ tax, according to Sondhi, had an influence on pricing in Vancouver, which had the tax in place before Toronto. “They pulled off their ruse,” Sondhi stated. “They slowed everything down.” According to one analyst, another factor for Toronto’s shrinking gap is its size. When the province issued its Housing Affordability Task Force report earlier this month, it gave us an insight into what’s driving up property prices throughout the province. The analysis attributes some of the blame for high costs to a lack of housing in the province, estimating that 1.5 million more houses will be required over the next decade to solve the shortage. People are being compelled to buy further away from the city, resulting in Toronto having the highest average travel time in North America – 96 minutes. More housing density across the province, eliminating restrictions blamed for delaying new housing, and providing financial support to towns developing more housing are among the five repeating “themes” identified in the research to help alleviate real estate issues. According to the Ontario study, fully or semi-detached dwellings now account for almost 70% of land allocated for housing in Toronto. According to Sondhi’s TD research, supply is

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It might finally be time for Canadian homeowners to sell

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It might finally be time for Canadian homeowners to sell Early indications suggest that more house sellers are entering the Canadian housing market, which is good news for purchasers who have been dealing with supply constraints for some time. According to a recently released RBC Thought Leadership analysis by senior economist Robert Hogue, while one month does not always equal a trend, February’s market statistics indicate that more house sellers may be entering the market. Month-to-month gains in new listings have been reported by real estate boards around the nation, notably in Calgary and Edmonton, which had the highest number of transactions ever recorded in February. Purchasers continue to face a shortage of housing supply, which is driving up prices, particularly in locations like the Fraser Valley, Toronto, and Vancouver, where prices have risen steadily. “Sellers will play a central role in shaping up this year’s spring season,” said Hogue. “Should a critical mass of current homeowners see the coming months as an opportune window to list their property—now that interest rates are on the rise and ahead of potential policy actions targeting speculators—it would ease some of the supply restraints, both boosting near-term activity and reducing some of the pressure of prices,” he added. Hogue predicted that if the number of house sellers does not rise, present price trends will “likely remain” until major interest rate hikes reduce demand. Prices are rising in Toronto while the market in Vancouver becomes more balanced. Last month, home prices in the Toronto area skyrocketed, while the market in Vancouver remained flat. The aggregate MLS Home Price Index (HPI) for Toronto increased by 6.4 percent in February compared to January,  more than $80,000 in a single month. Following a $52,000 gain in January, the index has risen 35.9% since February 2021. The benchmark price in Toronto is $1.34 million, which is the highest in the country. “Despite crushingly poor affordability, demand remains exceptionally brisk at this stage,” said Hogue. “Buyers pounced on a larger offering of homes for sale in February, causing resales to climb 5.9 percent from January (on a seasonally-adjusted basis).” This is the second-busiest February on record, but increasing rates are expected to decrease demand over time – high prices and a significant presence of investors “make the market especially sensitive to rising interest rates.” As more listings became available on the west coast, market activity decreased. According to RBC, resales in the Vancouver region were down 6% from January, while new listings were up 12%. These trends might be a “welcome first step” toward more balanced market conditions in the Vancouver area, according to Hogue, however he added that high demand and short inventory would “keep the heat” on property values. Last month, the composite MLS HPI in Vancouver increased by 4.6 percent to $1.31 million, an increase of almost $58,000. Values have climbed by $226,000, or 20.8 percent, in under a year. “Buyers clearly face an extremely challenging situation. Higher interest rates will make things even more difficult for many, further crushing affordability in the period ahead,” said Hogue. “We expect this will gradually suppress demand later this year and contribute to the market rebalancing.” Calgary has had a record-breaking February, with a rise in sales and listings. Calgary had a strong showing in February’s market. With 3,300 transactions, resales increased by 19% month over month, making February the best month in Calgary history. This comes after a string of nine to fifteen percent month-to-month sales improvements. Sales were up 69 percent from January owing to an influx of new listings.“It provided many buyers the options they had been seeking for some time amid shrinking inventories. These new buying opportunities came at a steeper price though,” said Hogue, who observed that Calgary’s composite MLS HPI grew 5.9 per cent — about $27,000 — between January and February. Related posts. It might finally be time for Canadian homeowners to sell by admin123 Plans at the New Bloor-Lansdowne GO Altered for Height and Park Size. by admin123 By the end of Q1-2022, GTA may witness launch of 9,750 additional condo units by admin123 Home Prices in Toronto hits an all time new record by admin123 Did Canadian housing market turn the tide? by admin123 Home Prices in Toronto hits an all time new record by admin123

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Plans at the New Bloor-Lansdowne GO Altered for Height and Park Size.

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  Plans at the New Bloor-Lansdowne GO Altered for Height and Park Size.   A plan for transit-oriented development in Brockton Village, Toronto, was recently updated and resubmitted to the city. Developer KingSett Capital has made several changes to the Hariri Pontarini Architects-designed project, which is situated at 1319 Bloor Street West on the southwest corner of St Helens Avenue and close to the Barrie GO railway line. The most major alterations were a decrease in height and a 20 percent increase in the planned park area. 1319 Bloor West is a planned residential skyscraper with two towers of 27 and 31 storeys rising from a common platform that was first filed to the City towards the end of 2020. The project will have retail along Bloor Street as well as a new GO station, in addition to 825 residential apartments. On the southeastern corner of the land, fronting St Helen’s Avenue, the initial concept featured a new 867m² public park. This site was designed to connect with a 421m² POPS (Privately-Owned Publicly Accessible Place) and a multi-use pathway that would link the community assembly area to the planned Bloor-Lansdowne GO station’s southern entrance. The parks have been stretched westward on the site in the resubmission to incorporate the area originally designated to POPS, boosting the parkland’s size from 867m2 to 1,077m2. The surge in parkland is built to accommodate both of the development’s mandatory parkland commitment as well as a KingSett project three blocks west at 1425 Bloor Street West. Ferris + Associates Inc. is still in charge of landscape design for the new outdoor area. The POPS has been redesigned as a pedestrian walkway to join the intended parks to the south of the land to the Bloor frontage, partially through an at-grade breezeway cut out from the podium, due to the larger parkland space. The breezeway has resulted in a 475m2 reduction in retail total floor area that had been originally planned to face Bloor. Other adjustments in the resubmission include a decrease of the initial storey count from 31 to 33 to 27 and 31 storeys. As a result, the building heights dropped from 115.4 metres to 109.4 metres to 105.3 metres and 93.9 metres, respectively. They’ll stay on top of a U-shaped platform that wraps around the site’s west, north, and east corners. Despite the lower tower heights, the total unit count rises from 634 to 825, and the projected parking count rises from 215 to 268 parking spots. The location is already adjacent to major transportation infrastructure; the Lansdowne subway station is one block towards the east, and Bloor GO station, that contains a UP Express stop, is four blocks to the west. Another block west is the subway station Dundas West. Lansdowne station has buses, and Dundas West has both streetcars and buses. With the addition of a new GO station on the horizon, the region is witnessing a slew of development plans.   Related posts. It might finally be time for Canadian homeowners to sell by admin123 Home Prices in Toronto hits an all time new record by admin123 By the end of Q1-2022, GTA may witness launch of 9,750 additional condo units by admin123 Home Prices in Toronto hits an all time new record by admin123 Did Canadian housing market turn the tide? by admin123 Home Prices in Toronto hits an all time new record by admin123

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By the end of Q1-2022, GTA may witness launch of 9,750 additional condo units

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By the end of Q1-2022, GTA may witness launch of 9,750 additional condo units The city of Toronto has had home supply challenges for decades. Without appropriately addressing supply by significantly expanding the number of units under construction, demand and pricing will remain high. However, some little supply relief might be on the way in Toronto’s pre-construction market, fueling higher activity in the first quarter of 2022. According to Liermane, as of March 7th, there had been 25 condo apartment building debuts in the GTA totaling about 7,964 units. There were 14 project debuts in Q1-2021, totaling 3,931 condo apartments. Overall, Q1-2022 provided 50% more units to the market than the previous year. Some purchasers have ventured into the GTA’s suburban neighborhoods to get more bang for their dollars. However, when it comes to new condo launches, the 416 and 905 sectors have generated comparable proportions. This rapid start is wonderful news for both buyers and investors, as the pandemic in 2021, as well as the obstacles put on the building sector, did halt the number of condominium apartments and purpose-built rental units, resulting in just 17,865 units being completed. The major source of income for Canada Immigration fuels the Canadian economy keeps us culturally and socially dynamic and keeps Toronto developing and thriving. Despite the epidemic, Canada welcomed a record-breaking 401,000 new permanent residents in 2021, and that figure might rise to 411,000 in 2022 to achieve the government’s aggressive immigration ambitions. The significance of the pre-production rental marketplace in Toronto’s housing fitness is heightened with the aid of using the truth that the resale marketplace is slowing; in January, the GTA may have approximately 3, two hundred resale listings for a populace of over 6 million people. Let us take into account how constantly low that shortage is. It has one of the world’s lowest inventories in step with capita, and this may get worse as immigration increases. Prices withinside the resale marketplace is putting records, and that is now spilling over into the pre-production marketplace due to the fact homebuyers have nowhere else to turn. The Toronto real estate market has already priced many immigrants and millennials out of the goal of owning a low-rise house. Historically, new developments and pre-construction projects have been a popular option. Those who have given up on the resale house market still have hope, thanks to developers’ flexible payment plans and lengthier completion times. However, there is an urgent need to act now; inclusionary zoning and increased material costs will push developers to seek greater rates, and there will be no reversing this price escalation very soon. There is more than one motive for developers to start selling new condominiums now rather than later this year. According to Lierman, poor supply, strong demand, rising building costs, development fees, as well as interest rate rises, are all factors driving developers to launch now. Lierman sees a steady pace of launches as we approach the early summer. Last year and 2020 were outliers in terms of market activity, with launches growing as COVID-19 cases and limitations being relaxed throughout the summer. If we “near some type of normalcy,” Lierman predicts that the pre-construction market would witness a slower summer in Q3-2022, followed by a usual ramp up into the fall. Lierman sees a constant tempo of launches as we opt for the methods in the early summertime season. The last 12 months and 2020 had been outliers in the way of marketplace activity, with launches of developing, as COVID-19 instances and boundaries had been comfortable during the summertime season. If they close to a few forms of normalcy, Lierman predicts that the pre-production marketplace could witness a slower summertime season in Q3-2022, accompanied through a traditional ramp up into the fall. Related posts. Home Prices in Toronto hits an all time new record by admin123 By the end of Q1-2022, GTA may witness launch of 9,750 additional condo units by admin123 Home Prices in Toronto hits an all time new record by admin123 Did Canadian housing market turn the tide? by admin123 Home Prices in Toronto hits an all time new record by admin123 Toronto’s Real Estate Market is not in bubble wrap, confirms the Bank of Canada by admin123

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Makeover of a spaceship-shaped theatre in Northern Toronto

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  Makeover of a spaceship-shaped theatre in Northern Toronto   Since 1999, when Famous Players constructed their Colossus theatre in Toronto’s suburbs, a massive flying saucer has hovered close to Highway 400 and Highway 7 junction in Vaughan. The alien-themed cinema structure and its environs, now managed by Cineplex, might be on their way out soon, with a proposal in the works to renovate the 25-acre land. Together with the enormous complex as well as its 19 movie theatres, the proposal from developer RioCan REIT will see the whole unenclosed retail complex and car parks removed in phases to make room for a new mixed-use neighbourhood, featuring a Bed Bath & Beyond, Marshalls, HomeSense, and numerous eateries. The redevelopment proposal (now merely concept images) by Hariri Pontarini Architects includes a variety of buildings ranging in height from 8 to 55 storeys, connected by a network of new roadways and 4.8 hectares of parks and open space. Vaughan would sacrifice a suburban entertainment and shopping complex that is just two decades old, but this would gain around 13,000 residential properties, with lots of employment on the land, which is expected to have 1,788 people as well as jobs per hectare. Three “precincts” in the north, southwest, and southeast are envisioned in the site’s big plan. The largest structures would be centred in the northern precinct, which would run along to the increasing spine of density that runs parallel to Highway 7 through Vaughan’s burgeoning downtown. RioCan is set to expand up to its property in phases, with the northern precinct and community’s tallest structures expected to be the first. This initial precinct’s phasing will be coordinated to fit existing lease requirements, ensuring that no existing companies are forced to relocate. The southwest precinct is planned to be a longer-term project, with this component of the property serving as a temporary home for relocated merchant spaces while the northern precinct is being built out. The present Costco lands in the southeastern quadrant of the site have been included in the grand plan, but aren’t really included in the RioCan-led project. The two parties collaborated to create a unified strategy for their adjacent properties. Likewise, the grand plan includes the Petro Canada gas station on the northwestern side of the property.   Related posts. By the end of Q1-2022, GTA may witness launch of 9,750 additional condo units by admin123 Home Prices in Toronto hits an all time new record by admin123 Did Canadian housing market turn the tide? by admin123 Home Prices in Toronto hits an all time new record by admin123 Toronto’s Real Estate Market is not in bubble wrap, confirms the Bank of Canada by admin123 Toronto and Durham properties continue to be purchased by Minto by admin123

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