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A projected 50-story mixed-use tower with a conserved mid-century office building at Yonge and Bloor streets

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A projected 50-story mixed-use tower with a conserved mid-century office building at Yonge and Bloor streets New improvements to the Toronto Bay Street Corridor could include a new, proposed 50-story tower. The district between Yonge Street and University Avenue, which extends from Bloor to Front Streets, is a hub for high-rise constructions for a condo. There are currently 13 new towers in the center of BuzzBuzzHome throughout all phases of development, including The United Bldg. Davpart’s Condos and Mizrahi’s One development. At the end of July, the site’s approval plan application was submitted to the city planner to build a 50-story mixture-use building with 465 units at 10 St Mary Street. This site is also Encompasses 79-85 St. Nicholas Street and 710-718 Yonge Street. The architect on the project, ArchitectsAlliance, had previously worked on a condo tower in Corridor Bay Street, including Lumiere condos and 1000 bays. The development site is located just to the west of Bloor Street on St. Nicholas Street, to the east of Yonge Street, to the north in Charles Street, and the south in St. Mary Street. Eight structures are currently in the property, including an 8-story mid-10 Mary Street bureau building, five commercial buildings at Yonge Street 710-718, and a two-story brick building at St. Nicolas Street 81-85. The Heritage Impact Statement of the application states that all such properties are designated under the Ontario Heritage Act. According to a cover letter from Bousfields Inc. for the application to urban planners, Lifetime St. Mary Inc. owned 10 St. Maria Street – 10 Saint Mary Street Maria Street site in the past. To’ failure to decide by stipulated schedules,’ under the planning act, the application for re-consumption by the city for the destruction of an existing office building was lodged at the Ontario Land Tribunal (previously the Ontario Municipal Board) in 2015. The current owner acquired 10 St. Mary Street and 79-85 St in 2016. Nicholas Street and 718 Yonge Street. The new owner also assumes the previous application and appeal. In 2017, OLT approved a change in zoning calculations for part of the site, after that the owner expanded the area by acquiring the personal Laneway and the property of the nearest inheritance along Yonge Street. New settlement offers were supported in 2019 by the city, after which improved effort zoning proposed for additional properties was approved. Now, the site owner proposes a small revision with a settlement plan, explaining the Bousfield Introduction Letter. Brief About Architects Alliance The tower was decreased from 51 to 50 levels by one level. Nine units also increased to 465, which marginally enlarged the skyscraper to about 350 688 square feet in gross floor area. Out of the 465 apartments, there are 25 bachelor suites, 211 single, 45 single, two-bedroom plus one, 118 two-bedroom suites,16 two-bedroom plus one suite, and 50 architecturally designed three-bedroom units. The units would be held as condos in the project data sheet of the application. Along St. Mary Street, the tower will save and retain office buildings at 10 St. Mary Street, while also providing retail space along Yonge and St. Nicholas Streets behind the legacy facade. The portion of the tower will be built in the northwest corner of the site, with the main housing lobby in front of St. Nicholas Street. Amenity spaces between the second and fourth floors would be located with two outdoor spa areas and an interior pet spa. 105 parking areas in vehicles, along with bike and locker storage, would be provided with a multi-level underground parking structure. The Gloucester on Yonge has recently removed building cranes in the neighborhood but sales at Panda Condos continue. Rendering: architectsAlliance Photo Credit: livabl.com   Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 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

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Toronto’s Real Estate Market is not in bubble wrap, confirms the Bank of Canada

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Toronto’s Real Estate Market is not in bubble wrap, confirms the Bank of Canada To all who were aiming to buy a house in Toronto and were waiting in hope that the real estate market ’bubble’ would soon burst, you may be waiting for quite a while. In spite of a tepid decline in the first couple of months of the COVID-19 public health crisis, Toronto has been winging its way ever since. The word “bubble” has been widely mentioned by the media when reporting on the red-hot Canadian real estate market.  For a market to be considered in a bubble, it needs to appear in the index’s “yellow zone.” Prior to the pandemic, Toronto’s housing market was in a red zone which meant it was a “breezy market” but based on the Bank of Canada’s recent index, it didn’t make the cut. Confirmation by Bank of Canada In March 2021, Bank of Canada officials wrote that national resales reached all-time highs and house price growth surpassed its previous peak and also added strong demand that the desire for more space and limited supply have scaled prices upwards. The Bank of Canada has recently released its House Price Exuberance Index (HPEI) Indicator for the third quarter of last year. Now, how does it work? Officials have three classifications for the HPEI measurement. Anything that surpasses 1.0 denotes the city’s housing market is exuberant and appears to be red on the chart. When the HPEI is between 0.95 and 1.00, a bubble will potentially form and appear in yellow colour. If the HPEI is below 0.95, it depicts no signs of exuberance and will appear in green. Prior to the pandemic, the Toronto housing market’s HPEI was above 1.00 i.e in the red zone. In the post-crisis housing sector, Toronto did not make the list of exuberant markets. In its analytical note, the institution wrote that the Canadian housing market has been extremely strong during the COVID-19 pandemic. By March 2021, national resales reached all-time highs and house price growth broke its previous peak. Constant periods of rapid growth in house prices can frame the expectation that prices will continue to increase, even if economic fundamentals cannot support these increases. Concluding expectations like this can become self-fulfilling when the prospect of higher prices in the future raises housing demand today. Now a question arises whether this is an accurate representation of the Canadian real estate market or not?  Many homebuyers would suggest that frothy valuations are not met in detached, semi-detached, townhome and condominium units, particularly over the last 18 months. Although it should be noted that the Federal Reserve’s Exuberance Index, which is comparable to its Canadian counterpart, considers Canada’s real estate industry to be breezy and situated in a bubble. Can we expect a slow-down in Toronto House Market? In an answer to this, the market fundamentals suggest ‘no’. As per the Toronto Regional Real Estate Board, residential property sales pushed up 28 per cent in 2021, buoyed by record demand and notably low inventories. The highly compact market led to an average selling price of $1.095 million last year, up from the previous 2020 all-time high of $929,636. In a news release TRREB President Kevin Crigger stated that in spite of the continuing waves of COVID-19, demand for ownership housing had gone through a record pace in 2021. Economic extensions in many sectors supported job creation, especially in positions supporting above-average earnings. The fact that borrowing costs remained extremely low was further heightened to this. These aspects not only supported a continuation in demand for ground-oriented homes but also a renewal in the condo segment as well. A well-known proverb states that “Home is where Heart is”.Home is always a focus for residents and the pandemic period just elevated the depth of this proverb. In a statement,Keith Stewart, a Real Estate Board of Greater Vancouver economist noted that with low-interest rates, more household savings, increased flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options. As the interest rates inflation prices will continue to rise thus we can conclude that Canada’s real estate market is in an interesting state, and can predict it could be more difficult to get a mortgage in the near future. Related posts. 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 With Canadian Bond yields reaching 2018 levels, the buyers can expect higher mortgage by admin123 More options available for the buyers while prices are breaking records by admin123 Supply fixing Canadian Real estate seems a tiny solution to the heap of problems by admin123 Is the Housing Market Going to Cool Down in 2022? by admin123

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Severe Impact on Mental Health Thanks to the Canadian Real Estate Market

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Severe Impact on Mental Health Thanks to the Canadian Real Estate Market Both bank balances and mental health are being impacted by the housing market. Most recent, and also would-be new homeowners don’t really need reminding that the Canadian real estate market has shattered price records, spectacular bidding battles have become commonplace, as well as supply has tightened to unprecedented levels in the last two years. This February, the average home price in Canada broke the $800,000 barrier for the first time in human history. As per the latest stats from the Canadian Real Estate Association(CREA), homebuyers in Canada can now expect to spend $816,720 for a property, up 20.6 percent from last year. Home values in the Greater Toronto Area (GTA) rose so high that almost all young people — including those with high-paying careers — only could afford them if they had been among the fortunate few who got down payment gifts from their parents’ bank. The GTA experienced another month of double-digit price rises in February. The average cost of a property in the area has risen to a difficult-to-believe $1,334,544, up 27.7% year over year and 7.3 percent month over month. This implies that purchasing a standard detached home in the GTA would now need a down payment of $359,441. If you want to live in Toronto proper, the cost climbs to $414,798. Yikes. Former GTA residents have recently been enticed to relocate to more inexpensive pastures within the Maritimes. Nonetheless, this province-hopping tendency is really not helping locals in the property market, since newcomers drive up house rates, pricing countless individuals out. The consequences of a failing housing market, one that has been labeled a catastrophe, are having an unavoidable impact on mental health for many people. Despite the fact that the ongoing epidemic has made Canadians’ mental health more vulnerable than ever before. Homeownership, previously considered a life accomplishment in Canada, would no longer be a regular phenomenon. Indeed, one-third of Canadians under the age of 40 have given up on the idea of owning, as per RBC’s Spring Housing Poll from last year. In the year after, prices have so far only risen to record-breaking levels throughout the majority of the nation. Housing expenses are worrying consumers throughout the country, as per new RBC Annual Home Ownership Poll data. Almost half of the respondents (47%) say that thinking about purchasing or saving for a home as prices increase is stressing their relationship, while the majority (54%) are worried about having to buy a property further away from family and friends. Furthermore, 30% said they would have to and may have to live with their parents longer due to the rising cost in order to save enough money to buy a property. Despite the immense differences in time, younger people invariably compare themselves to their parents, who’ve been able to purchase homes while they were their age, when housing prices and mortgages were far more affordable. “Many young people are feeling like home-ownership is an impossible reality,” says Dr. Saunia Ahmad, Director and Clinical Psychologist at the Toronto Psychology Clinic. “The critical thing to remember is that a house is supposed to be a place where you can set your roots and have a long-term place to live. It’s not just that a real estate investment can make you money; stocks can do that too. With real estate, you have a home and there’s a psychological sense of safety in that.” House-hunting is really not exactly a peaceful procedure for individuals who really do attempt to enter the market, particularly if they are on a restricted budget. “The bidding wars have been demoralizing for people,” says Ahmad. “Think about the amount of time looking for houses, getting excited, and then not getting it.” According to Ahmad, this might have a significant impact on one’s health. Most individuals who have even considered purchasing in this rising market would surely agree. “It has been tough on some of my clients,” says Toronto-based realtor Ian Matthews. “In the past few months, the inventory has been so low that it has been very discouraging for some, with many properties selling with 10 or more offers. I think this, combined with two years of Covid lockdowns, and recent news from Ukraine has caused some people to feel like they have no control of their future in a crazy time.” Numerous Toronto houses, particularly those below $2 million, are selling with multiple offers or pre-emptive bids just one or two days after being listed, as per Matthews. He additionally mentions the recent tendency of real estate brokers offering houses at ridiculously low prices in order to garner more attention from potential purchasers. “This is causing buyers to rush to see places with hope, many of which are priced to go $500K or more over asking,” says Matthews. “When this happens week in and week out, it becomes really discouraging. I have been trying to manage expectations for clients and have been encouraging them to take time off to reset when it is needed.” Matthews claims that some of his clients are now house hunting in spurts as a result of his advice. “They’re seeing a number of properties in a few weeks and then vanishing for a period of time,” he says. “I think for a lot of buyers, it has become a bit of a rollercoaster and it can get pretty emotional, so taking breaks is often needed.” Move-up purchasers are also under pressure. However, first-time purchasers aren’t the only ones who are concerned. “I have a few clients looking to buy and then sell,” says Matthews. “They are concerned that they will buy at these prices and the market will shift, leaving them in an awkward position. Buying in this market and not being able to sell in this environment could make their purchases unaffordable. I am hoping the spring market will bring with it more inventory which will offer more stability. Though I don’t forecast prices coming

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Suburbs lead Canada’s housing boom as downtown falls behind.

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Suburbs lead Canada’s housing boom as downtown falls behind. Canada’s suburbs had an increase in home values that outpaced downtown areas during the pandemic, according to a new study. Many downtown businesses closing and people’s desire for greater living space are driving the rising demand for suburban properties, according to research released on Monday by the Bank of Canada. Proximity premiums associated with metropolitan regions, where land is limited and commutes are shorter, have been undercut by this shift in the housing market, according to the central bank. In most neighbourhoods, housing prices rose significantly during the epidemic, but the gain was particularly pronounced in the suburbs, according to the data. Canada’s suburbs and downtown districts had already been decreasing progressively pre-pandemic, but now the distance has shrunk significantly, the bank says. As an example, research by a major Canadian bank found that, on average, suburban residences sold for 33% less than those in the city centre in 2016. By 2019, the price difference had shrunk by 26%. In 2021, if the current trend continues, properties in the suburbs will sell for around 21% less than those in urban regions. According to a report from the bank, the difference in price between the suburbs and downtown districts has narrowed by around 10% in the past year. There has also been an increase in businesses reopening or transitioning to a combined working environment, wherein the staff is only required in the office part of the week. There have also been reopenings of services and amenities that had been closed during the pandemic like salons, gyms, and restaurants. Workplace changes and the reinstatement of downtown offices and businesses may have an impact on the housing market once again. Mortgage rates could be affected in suburbs because of the shift toward larger residences outside the city centre, according to the bank. According to the report, “if this preference shift is transient, the proximity premium could return partly to its pre-pandemic level,” the bank stated. In anticipation of rising local demand, a significant change in housing supply in more suburban locations could be particularly troublesome. Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 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

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Rising Interests in Secondary Suites in Barrie

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Rising Interests in Secondary Suites in Barrie Housing is a necessity. In a city like Toronto, creating more housing has become incredibly imperative. Making secondary suites would go a long way to ease the housing crisis that the city faces. Secondary suites can help make an expensive home more affordable for someone to buy. It also creates a more affordable space for someone else to live. Located on the shores of Kempenfelt Bay, the city of Barrie is a part of the extended urban area in southern Ontario, which is also known as the Greater Golden Horseshoe. It is one of the most expensive rental markets in Canada. Nearly one out of six ground-levelled homes in Toronto have a secondary unit, which totals an estimated 75,000 secondary units throughout the city, according to a new Housing Market Insight released by Canada Mortgage and Housing Corporation (CMHC). Advantages of secondary suites A solution to the lack of affordable housing Extra rental income Increased property value Mortgage financing is significantly increased More low-income families and individuals can live in safe housing Increases affordable housing stock by contributing to the City of Barrie’s plan in creating 840 new affordable housing units by 2024. Decreases the waiting period for affordable housing for those in need. Secondary Suites in Barrie Secondary Suites, or basement apartments, have been on the rise in many provinces of Canada. A secondary suite is a standalone unit with a kitchen and a bathroom within the primary structure on a property (typically found in the basement of a house). It is often used as a rental property and must be registered with the City authorities. According to PadMapper, one and two-bedroom apartments in Barrie have an average cost of $1730 to $1920 respectively, in July. Barrie is not abundant in high rises, unlike the largest Canadian city. However, the resulting rental supply crunch is the reason behind the rising prices. Therefore, secondary suites are beginning to proliferate in the city. Municipalities that have a low supply of purpose-built condominiums and subsidized rental housing, like Barrie, tend to have a higher ratio of properties with a secondary unit. Due to the smaller floor area and design, single-story homes are more likely to have a secondary suite. The secondary units are prevalent in older neighbourhoods, which are highly coveted by renters as they are close to downtown areas and have major amenities. What is causing the rapid changes in Barrie? Barrie has undergone major changes over the course of the last few years. It has embraced the budding urbanism that includes rejuvenation of the Dunlop Street West close to its six-kilometre waterfront. Moreover, the city is expected to have up to 210,000 new residents in the next decade and about 129,000 jobs by 2041. However, COVID-19 kicked migration to Barrie in full throttle. This has created a robust demand for housing in the city. The city lately has attracted a lot of buyers from the GTA because of the comparatively larger lots. Now, single-family homes that were sold for $600,000-700,000 a couple of years ago, are now pushing for $1 million. Garden Suites in Barrie The government authorities of Barrie have made it legal to construct garden suites. Now, without any kind of zoning restrictions, you can have a single-family home and also build a separate and detached garden suite in the backyard. The Garden suite can take up to 10% of your lot coverage. This construction would not charge any development costs at all. All one would need is a permit. Why are the Interest Rates on Secondary Suites Rising in Barrie? One of the factors that have added to the increased rent in Barrie is the need for housing for students. International students at the Georgian College are driving the North and East-end rental markets. A second factor, that has ensured the rising and demanding prices of suites in Barrie, is its safety. Hailed as one of the safest cities in Ontario, Barrie now has a growing hospital with a medical campus that is attracting a lot more attention for people to move here. The pandemic has only put a magnifying glass on it. How did it affect the Investor and the Market? In the last 16 months, 50 garden suites have been added to various properties around Barrie. It has opened up the market for investors. It has also caused a surge in the rent prices. The main floor of a duplexed bungalow can be put on rent for about $2,000, while the basement for $1,750-1,800. About 65% of the buyers of such properties in Barrie are from the Greater Toronto Area. What did the Government do? Ontario is proposing to make it easier to build secondary suites and rental housing in an effort to increase the supply of housing properties. The government has made a proposition to eliminate the charge for creating a secondary suite in new homes thus allowing homeowners to create units above their laneways and garages. The charges for building rental spaces and non-profit housing would be deferred. It would allow the developer to pay in instalments over five years once the building is occupied. Interest will be charged by the Municipality. According to the Ontario Home Builders’ Association, these new and inclusive changes will remove the barriers, thus providing more housing to those in desperate need of it. Backlog However, such development comes with its own backlogs. Many people moving in from the city is bound to disturb the peace and quiet of Barrie. The city additionally is also doing a review of the by-law for garden suites to see if they need regulation for size or application process. The rental demand will depend on the city’s decision and laws.  Barrie City Hall. Photo Credit: barrietoday.com Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically

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Heritage & Dominion Foundry Buildings will not be demolished Anymore!

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Heritage & Dominion Foundry Buildings will not be demolished Anymore! These heritage buildings located in Toronto’s west don lands were awaiting demolition but it has been called off. WHAT DID THE AUTHORITIES SAY? An agreement was made between the City of Toronto and the government of Ontario. The province has vowed to preserve the building citing it as a ‘heritage building’ and additionally provide affordable housing via the City’s Open Door Affordable Housing Program and HousingTO 2020-2030 Action Plan. Mayor John Tory said in a statement that the province is committed to conserving the cultural heritage value of the property keeping in mind the community sentiments. THE GOVERNMENT’S ROLE IN THE POTENTIAL SELLING OF THE PROPERTY The Ford government agreed to a private deal last September to sell the provincially owned land that is the crux of the dispute. The government has refused to disclose the identity of the prospective buyer or the selling price at which was sold. Ongoing protests have temporarily halted the demolition and its crew that was hired by the province. PUBLIC REACTION A recent report by UrbanToronto stated that demolition of old buildings that had started back in January of this year was readily stopped after notable public dissent.The public outcry led to a court order that stopped the demolition temporarily. The court application was drafted and submitted by St. Lawrence Neighbourhood Association with the city as a fellow party to the said application and to participate in the subsequent court proceedings. WHAT DOES THE HIA HAVE TO SAY? The Province’s Cultural Heritage Evaluation Report and Heritage Impact Assessment (HIA) says that the building has had an everlasting heritage value for it is the last industrial complex that is still associated with the railroad expansion of Don Lands between 1910 and 1960. REDEVELOPMENT OR MAINTAINING HERITAGE? The CORE Architects in the HIA produced conceptual renderings that showcase how the heritage properties could be integrated into the elements of the new building. It seems like those are housing and public gathering spaces and new amenities. CAN THE PROPERTY BE PRIVATELY OWNED? If the properties were ever made to become privately owned, the city has to designate them under Part IV of the Ontario Heritage Act or must have the owner agree to a Heritage Easement Agreement. Supporters of the Foundry believe that the key issue in the court next month will be whether the province violated the Ontario Heritage Act and the 2010 subdivision agreement between the city and province when it started the demolition of the Foundry buildings. The ministry insists that the “heritage element” will be kept in mind and respected when designing any new buildings on the site. Future purchasers of the property have to respect the redevelopment plans effective without harming the cultural significance of the property. If in the future, someone wants to privately own the properties on-site, the city has to list them under Part IV of the Ontario Heritage Act or have the owner sign an agreement with the Heritage Easement Agreement. Image Source: CORE Architects Photo Credit: livabl Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 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

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The Ultimate Revelation of Canadian Architecture Award Winners

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The Ultimate Revelation of Canadian Architecture Award Winners Canadian Architect Magazine is proud to announce the advantage award winner. Advantage of the annual award design for projects in the design and phase of construction, and past student work. Moreover, projects must be resolved by architects living in Canada, or by graduates of Canadian architecture schools living in Canada or abroad. Awards are given to the advantages of architectural design. The jury will consider the scheme’s response to client programs, site, geographical, and/or urban context. They will evaluate their physical organizations, forms, composition, building systems, concepts, processes, structures, materials, environmental features, and/or demonstrations of social awareness. This year’s program also includes architectural photography awards. Judges include Bebawi Hemp from Kanva, Joe Lobko from Daha, and Cindy Wilson from LWPAC / Smart City. Ema Peter’s photographer is an additional member of the jury for a photo award. Looking for some maple-scented architectural inspiration? You’re in luck now, owing to a new interactive map created in partnership with the Canadian architect magazine by Atlas research on examples in architecture and the supported environment. The new map displays a comprehensive list of more than 500 Magazine’s annual award winners since 1968. The list is generated using data collected by M.Arch students at Université de Montréal and displays both completed and unfinished projects. This project was funded in part by the Canadian research seat in architecture, competition, and mediation of the superiority of the Social Sciences and the Canadian Humanities Research Council (SSHRC). In addition, the Canada Architect Awards Excellence design and construction are considered to be the highest recognition for current Canadian architects and projects. The award program shares that the entry itself “shows that the Canadian architect still produces innovative designs that are sensitive to their physical, social and environmental context.” Awards for Canadian Architect For 54 years, the National Magazine award has recognized design excellence in future projects. It is also the 4th year of our advantage photo award, marking the latest photos of the best Canadian buildings. The project entered into the advantage award must be: (a) in the design stage (b) scheduled for construction (c) is being built but not substantially completed by the specific date. All projects must be assigned by clients to build a proposal submitted. All types of buildings and urban design schemes are briefly presented to qualify. Awards are given to the advantages of architectural design. The jury shall examine the following criteria: Organizations and physical forms, including attention to composition and detail Responses to programs, sites, geographies, social and/or urban Innovation in concepts, processes, materials, building systems, and/or implementation Demonstration of exemplary environmental performance, including available support metrics The use of designs to advance spatial and social justice, and/or to support the vision of reconciliation, equity, and inclusion. Offer open benefit awards to all Canadian architects and graduates of architecture. They entered buildings that can be developed for locations in or beyond Canada. Buildings entered can be designed for sites in Canada or abroad. Foreign architects are allowed to submit if they partner with Canadian registered architects for the work sent. Moreover, in the cycle award, there are new requirements: for projects that have developed the energy performance model, now the resulting report must be delivered as a separate document. If the project has not developed an energy model, energy performance metrics are not needed. This year’s competition also includes Canadian architect Photo Awards Excellence. The prize honours the greatest photographs of Canadian architecture taken in the previous two years. Photo awards open for professional photographers and amateurs. The jury decided the number of awards and assessed them based on the following criteria: Excellence in site design and public contribution Suitable direction, scale, design, materiality, and contextual integration Scaling, massing, material, and functionality excellence in architectural design Landscape Architecture Excellence Energy efficiency, sustainability, flexibility or resilience Implementation quality Innovation Ronald McDonald House BC & Yukon by RAIC 2021 Architectural Firm Award winner Michael Green Architecture. Photo credit: Ed White. Related posts. The Ultimate Revelation of Canadian Architecture Award Winners by admin123 Low-interest rates are causing housing affordability problems for 80% of Canadians, according to a survey by admin123 More vital than ever are residences with a backyard and an office by admin123 The rise in resale condo prices in the GTA isn’t what you’d anticipate by admin123 Condos in other parts of Toronto are more valuable by admin123 The rise in Demand calls for an increment in the average rent by 5% in Toronto by admin123

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Low-interest rates are causing housing affordability problems for 80% of Canadians, according to a survey

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Low-interest rates are causing housing affordability problems for 80% of Canadians, according to a survey During the outbreak of the pandemic, the Bank of Canada dropped its Overnight Lending Rate — which consumer banks use to determine their mortgage and line of credit rates — to a record low of 0.25 per cent to position the country for a strong economic recovery following COVID-19. According to a new report, low-interest rates, combined with Canadians’ desire for more space during lockdowns and stay-at-home orders, fueled housing demand, driving prices upward throughout 2020-21. National sales activity increased by 235 per cent between April of last year and March of this year, pushing the average home price up by 44 per cent. According to the results of the study, Canadians are increasingly dissatisfied with the notion that today’s cheap cost of borrowing makes it simpler to purchase a home. However, while 47 per cent of respondents agree that low mortgage rates have benefited home buyers’ affordability (a little reduction from February), 34.4 per cent of respondents disagreed with that assertion, representing a 12.1per cent increase from the previous month. Canadians, on the other hand, are unanimous in their belief that low mortgage interest rates are driving up the price of homes. 80.5 per cent of those polled said they agreed with that assertion (up 32.8 per cent). At the same time, 38.1 per cent of those who answered the survey believe that low mortgage rates have influenced their willingness to purchase a home. Canadians are increasingly concerned about affordability, with a significant majority of 77.2 per cent of respondents saying that property prices in suburban areas and smaller towns have climbed to “unsustainable levels.” This is a 25.4 per cent increase from when the issue was first posted in February. When asked what their primary concerns were when purchasing a home, respondents stated that affordability (78.2 per cent), participating in a bidding battle (70.3 per cent), and timing the market (51.9%) are the most important considerations. In addition, given that the national average home price reached $662,000 in July, an increase of 15.6 per cent year on year, potential buyers will need to have increasingly higher income levels to be competitive in the marketplace. According to the study, of those who indicated they are interested in purchasing a home (56 per cent), 50 per cent now have a family income of more than $100,000 per year. Twenty per cent of those surveyed earn more than $160,000 per year, with the remaining 32 per cent earning less than $100,000 per year. As the economy continues to reopen and firms announce their post-lockdown strategies, 7.1 per cent fewer respondents said they would continue to work from home following the end of COVID-19, bringing the total number of respondents who said they would continue to work from home to 29.7 per cent. An additional 24.2 per cent stated that they have a hybrid working arrangement, representing a 6.4 per cent rise over the previous year. Meanwhile, the number of respondents who are currently working solely from their workspace has stayed steady since the February survey results were released. However, even though many Canadians continue to work from home, homes with office space continue to be in great demand – albeit at a somewhat lower rate than it was in January. Following this, a total of 43 per cent of respondents reported that office space had become a more desired housing attribute, representing a decline of 15.9 per cent from the previous year. On the other side, 65.8 per cent of respondents indicated outdoor space is still at the top of their home-buying wish lists – however, this represents a 10.5 per cent decrease from the previous month. In light of the next federal election, which is less than a month away, and the pressing issue of home affordability, it will be interesting to observe how Canadians feel about the housing market in the months to come. Image Source: updater.com Related posts. Low-interest rates are causing housing affordability problems for 80% of Canadians, according to a survey by admin123 More vital than ever are residences with a backyard and an office by admin123 The rise in resale condo prices in the GTA isn’t what you’d anticipate by admin123 Condos in other parts of Toronto are more valuable by admin123 The rise in Demand calls for an increment in the average rent by 5% in Toronto by admin123 Five Ontario Cities that will Surprise you with their Low Property Tax Rates by admin123

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More vital than ever are residences with a backyard and an office

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The rise in resale condo prices in the GTA isn’t what you’d anticipate Since March 2020, when you know what forced us into an agonising series of lengthy, rolling lockdowns, how Toronto residents live and work has changed dramatically — and in some cases, permanently — have changed dramatically — and in some cases, permanently. In no sector has the effects of this transition been more visible than in the real estate market, where condo sales have declined, rent prices have fallen, and detached home values have soared in both large cities and rural towns across Canada, among other things. The condo and rental markets are returning now that vaccines are widely available and things are beginning to open up, but home prices haven’t budged at all in the wake of the vaccine epidemic. Average Canadian home prices have continued to rise in this post-Pandy period, to the point where political parties are making previously unheard-of campaign promises (such as prohibiting foreign buyers and speculators) in a bid to win the forthcoming snap federal election on October 25th. A significant part of the problem is that housing supply is not robust enough in most parts of the country (and especially not in Toronto or Vancouver) to meet demand — not just for homes, but for detached homes with specific features that buyers appear to value significantly more since COVID hit the market in 2009. Since the outbreak of the pandemic began in early 2020, outdoor space has risen to the top of the list of desirable qualities for home purchasers. Outdoor space and adequate room for an office are top on the list of things people are seeking when acquiring new homes in Canada, according to a new survey from the real estate brokerage and data firm. While individuals have undoubtedly valued both of these aspects of a home for some time, a recent survey revealed that outdoor space (such as a yard, deck, or balcony) is now a “more desirable” characteristic of a home for them than it was before the epidemic hit the United States. A total of 43% of the almost 1,500 Canadians who took part in a study between August 2 and August 11 stated the same thing about workplace space. With 55.4 per cent of respondents indicating it is more important now than it was before the pandemic, “access to delivery service” was also a top priority, according to the survey. In the research, it is stated that “while many Canadians continue to work from home, residences with office space remain in strong demand — though at a lower rate than in February, perhaps signalling a restored interest in urban living.” According to the study findings, demand for office space in a home decreased by around 15.9 per cent between February and August, while demand for outdoor space decreased by 10.5 per cent during the same period. As it was pointed out, “availability to delivery service continues to be a top concern, with 55.4 per cent of respondents stating that it is more important,” while “it is down -8.10 per cent from February, potentially reflecting increased access to in-person shopping.” Ottawa’s housing market continues to be the most active in Canada. This may have been partly due to the imposition of a provincial foreign buyer tax aimed at cooling the Toronto and Vancouver property markets, which may have contributed to the greatest yearly increase in new house prices in Ottawa (+9.5 per cent) during February. 2nd and 3rd note Six months into the pandemic, strong home demand combined with limited supply persisted in Ottawa, with house prices increasing by 5.3 per cent between February and August, according to the Canadian Real Estate Association (Table 1). According to the results of the RE/MAX Fall Market Outlook Report Survey, which was published in September, one-third (32 per cent) of Canadians no longer want to live in large urban areas and would prefer to live in a rural or suburban region. According to the results of the poll, 44 per cent of Canadians would prefer a home with more space for personal amenities, such as a pool, balcony, or a large yard, and 48 per cent would want to live in a more environmentally friendly neighbourhood. Note No. 4: This has resulted in a movement in interest among homebuyers away from condominiums and toward single-family residences such as single-family homes, semi-detached homes, and townhomes. Furthermore, as the incidence of working from home has increased during the epidemic, transportation has been less of a deciding factor when considering where to buy a residential property. In turn, buyer interest in lower-priced suburban locations and cities within commuting distance of large urban centres has increased as a result of the current market conditions. As a result, new home prices in suburban regions have increased significantly since the outbreak of the epidemic. Prices were rising in several marketplaces even before the outbreak of the pandemic, owing to a scarcity of supplies available for sale. The fact that new building projects have been put on hold since the outbreak of the flu has exacerbated the problem in some CMAs that have been surveyed in recent months. In recent months, increased construction costs as a result of new safety regulations and rising building material prices, combined with the present and continuing record-low mortgage rates, have all contributed to the increase in new home prices in the United States. This year’s record-high lumber prices, according to homebuilders, will likely add $5,000 to $10,000 to the cost of a single-family home, according to estimates. Image Source: dengarden.com Related posts. 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The rise in resale condo prices in the GTA isn’t what you’d anticipate

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The rise in resale condo prices in the GTA isn’t what you’d anticipate A lot of rumblings have been heard and read about the “GTA,” and also stated in some articles with BS interpretations of market statistics that have educated individuals into questioning their Toronto condo investments. Those who have [rightfully] invested a significant amount of their life savings in Toronto real estate have undoubtedly experienced anxiety and even a little panic as a result of the media attention. As a result, it wouldn’t be unusual if you’ve taken the misinformed advice regarding investing in Toronto real estate and are now treading carefully through the market as a precaution. The cost of condos in Toronto has reached an all-time high and is continuing to rise. When it comes to investing in real estate in Toronto, purchasing a condo makes the most financial sense from an economic standpoint. When looking at condo pricing in Downtown Toronto, we must consider local statistics, specifically the locations in which we will be purchasing a Toronto investment condo shortly. Our concerns about condos in Mississauga and Brampton are unfounded because include this information in the data will just skew the results. We want the most comparable statistics to be from the places in which we will be investing so that we can make the most informed decisions. Since this blog is about investing in real estate in Toronto, and specifically about purchasing a condo for investment purposes, we should have a look at the typical condo prices in downtown Toronto, specifically the municipalities of C01, C08, and E01. Is Purchasing a Condo in Toronto a Smart Financial Decision? Is it a good idea to put money into real estate in Toronto? Is it a smart idea to own a condo in Toronto, more specifically? Is buying a condo a wise investment? As you can see from the chart above, it was a resounding success for both my clients and myself. Despite what the news media has told you over the last year, all of my condo assets were not only retaining their value but were increasing in value significantly. This is especially true when you consider that the historical average rate of appreciation for Toronto condos has been 4-5 per cent each year. Condo investment strategy differs from that of the ordinary investor purchasing a condo in Toronto for financial purposes — or that of the average realtor in the city. Purchasing a condo in Toronto as an investment while rental prices are high is a difficult decision. Despite the well-intentioned provisions of the Rent Control Act, Toronto has experienced an increase in rents due to the low vacancy rate and increased rental competition in recent years. The competition among renters is fierce, with some giving an extra month or two of rent in cash up ahead to get the apartment they wish. As an example, we’ll look at 11 Charlotte Street, where two practically identical flats were rented in late August within TWO DAYS of one other, with the latter unit renting for $400/month more than the former. The first unit is located at 11 Charlotte St. on the 34th floor, with parking and a locker included. Second unit: 11 Charlotte St. – 28th floor, with parking but no locker; third unit: 11 Charlotte St. – 28th floor, with parking but no locker. The current situation dictates that the apartment on a higher floor with a locker included should command a higher rental fee than the unit on a lower floor without a locker included. Nonetheless, with such a low vacancy rate and a glut of renters clamouring for a place to call home, landlords are likely to get what they ask forgiven of course that what they are asking is reasonable, which in this case was unquestionably the case. To the surprise of no one, Toronto rental rates increased by 8.8 per cent in 2018, according to TREB MLS and their 2018 Q4 Toronto Rental Report. At the start of 2020, the average monthly rent for a one-bedroom condo in Toronto was close to $2,300 per month. Commercial real estate is in extremely high demand. Toronto’s downtown office market is the second-fastest expanding in North America, behind only New York City. The demand for housing is great, and the vacancy rate is at an all-time low, according to the data. As a result, corporations are willing to pay top money for any available space when it becomes available because the competition is severe. Toronto’s commercial real estate market has been attracting several high-profile technology companies in recent years, including Uber, LG Electronics, and Microsoft, among others. When it comes to the resale condo market, both transactions and the absorption rate (the ratio between the number of units sold and those on the market) have increased significantly from the previous year, which was to be expected given the reluctance caused by the health crisis at the time. Affluent buyers who missed out on a chance to get into the market while there were still some bargains available can expect prices and competition to rise even further once immigration levels return to normal. However, they can always look to other, more distant parts of southern Ontario, such as those where it is still possible to purchase a home for less than $250,000. The Buckingham at Grand Central Mimico Photo Credit: buzzbuzzhome.com Related posts. 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