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Canadian Real Estate Prices Fall 30%, Recession Starts: Ox Econ

Blogs / Amy / 28 November 2022 / Canada, Greater Toronto Area, home prices, Homebuyers, housing market, mortgage rates, realestate, recession, toronto

Canadian Real Estate Prices Fall 30%, Recession Starts: Ox Econ Neither the real estate market nor the economy in Canada looks particularly promising at the moment. This week, Oxford Economics issued a warning to its clients saying that a recession was starting to take shape. Higher interest rates meant to curb inflation are instead significantly lowering property prices and extending the recession. In addition, high inflation makes it unlikely that we would see a stimulus windfall, as it would work against efforts to reduce the economy’s temperature. EXPECTED 30% DROP IN CANADIAN REAL ESTATE PRICES WILL ERASE RECENT GAINS There will likely be more drops in Canadian real estate prices, but the gains made before the pandemic should survive. The business forecasts prices plummeting 30% from peak-to-trough, after surging more than 54% since March 2020. Those who bought in March would have seen their investment rise at a compound annual rate of about 2.3%, for those who don’t have a calculator handy (CAGR). Not quite the windfall some had hoped for, especially when rising prices are factored in. The percentage of GDP accounted for by new real estate is also predicted to decline, namely residential investment. In this year, the market declined by 10% from Q1 to Q3 because of rising interest rates. The firm predicts a further 8% fall in the coming year, which isn’t too hard to see with declining new construction sales. CANADIANS MIGHT EXPECT A DEEPER AND LONGER RECESSION THAN USUAL Early indicators of a recession have already developed, and this next recession is projected to be lengthier than typical. During this recession, homebuyers have cut back and businesses have become more cautious about spending money. The business is projecting a 2% fall in real GDP from Q4 2022 to Q3 2023. You can probably predict that the effect won’t be the same. Tony Stillo, the company’s director of economics, said, “This recession is slightly longer but milder than the average recession since 1970.” Canadians with large amounts of debt and overpriced homes will feel the effects the most. IMPORTANT BOOST NOT LIKELY AND COUNTERPRODUCTIVE Looking at the current economic downturn as a stimulus bonanza? Stillo advises against putting any stock in that possibility. The slump won’t be too terrible, and the completion of long-awaited infrastructure projects will ease its effects. However, excessive inflation has become a constraining factor. “To avoid undermining the Bank of Canada’s attempts to contain inflation, any fresh fiscal stimulus is unlikely unless the recession is severe,” said Stillo. Related posts. How does a home warranty differ from an insurance policy? Read More Deposit Protection Eases Homebuying Stress Read More Importance of the performance audit Read More How can Home Warranty Guard You Against Unexpected Expenses Read More Canada hopes to welcome half a million immigrants by 2025, but can the country keep up? Read More Canadian Real Estate Prices Fall 30%, Recession Starts: Ox Econ Read More

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A collaboration on transit-oriented communities

Blogs / Amy / 12 October 2022 / Canada, Greater Toronto Area, Greater Toronto area., subway stations, sustainable development, toronto, transit-oriented communities

A collaboration on transit-oriented communities Canada is a country where all kinds of migrators seek solace in their jobs and for studies. Canada is famous for a number of things and services that the country provides. Along with its impeccable maple syrup and unbeatable environmental diversity, Canada offers a comparatively better standard of living and quality of life to anybody moving there. The Canadian government is always in news for indulging in developing strategies and planning to make life easier and stress-free in the country. Forming Transit-oriented communities – a drive for a better life Recently governments of Toronto, Canada, and Ontario have collaborated to incentivize Transit-oriented communities majorly at five Ontario Line stations and in the Greater Toronto area. When two governments collaborate for a cause it often concludes in transit-oriented development. Aims of the strategizers Imagine if you were to live in a place where transportation is not just made easy but smart, with better housing facilities, and you are offered a rather familiar community background, who wouldn’t want to live in such a place, right? This is the aim of both the governments, to help bring your workplace closer enough for you to walk and to focus on working for a sustainable development-oriented strategy. This will not only provide an easier way of life but will also help combat global warming and climate change as such a transformation will help in sustainable development not only revitalizing the city but also will promote less use of vehicles and more use of pedestrian walking. They are trying to bridge the gap between the number of subways in the cities to make transportation easier and faster with timely inputs and setups of the local municipality and indigenous partners. It is a pavement for building a new community that is both vibrant and sustainable. Planning and implementation Both the governments announced that they are ready to begin forming TOCs or transit-oriented communities and development to commence near five Ontario Line stations including East Harbour, Corktown- first parliament, Queen Spadina, King- Bathurst, and exhibition in the Greater Toronto Area on the 12th April 2022. A memorandum for understanding was signed in February 2020 and in the last council meeting, held on 6th April, eight stations of implementation were decided for the pilot year of the project. Ontario’s Minister of infrastructure, Kinga Surma, put his faith in the project and said the following words “The Ontario government is seizing a once-in-a-generation opportunity to build complete communities around transit. We have worked tirelessly with the City of Toronto and our private sector partner to reach this exciting milestone, and we look forward to transforming these communities to include transit facilities, while also ensuring compatibility with surrounding neighborhoods and creating benefits for families and businesses for generations to come.” The strategy is to expand the subway stations, especially the five priority subways, along with GO Train line subway service connection and deliver Light rail transit stations or LRTs. It will enhance subway expansion connecting streetcar, local bus, and subway services altogether with new housing opportunities and commercial retailing in Corktown while reminiscing the history of the first parliament site. East Harbour is expected to be the commercial hub by creating a major employment center that will deploy over 50,000 new job opportunities in the vicinity. It will also focus on residential development and transit hubs which will connect GO train services with streetcar services. The Exhibition station is expected to transform into a transit hub with GO services, Light rail transit stations, and TTC services, to help make transportation easier for going to events and concerts, etc. The Queen Spadina and King Bathurst stations will reinforce vibrant communities and will be expected to provide housing and retail business services with acceptance of the heritage significance of the sites. The transit-oriented development around Ontario is partnered with Infrastructure Ontario, Metrolinx, and the government who all have distinct areas to work on for the development to conceive. Conclusion If the development and transit-oriented communities come into conviction can result and benefit in the following way – Reduction in traffic congestion and initiation of the trend of transit -riders Increment of housing supply and facilities thus bringing in more local amenities together Bringing retail businesses and commercial jobs to the community and a community for them to brew. Advancing sustainable development Help in the acceleration of the economy and its projects after the pandemic period with an offset on the cost of construction of stations. Related posts. A collaboration on transit-oriented communities by admin123 High mortgage rates to overwhelm Canadian housing by admin123 Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site by admin123 A hit in the record price of $1.25 Million for the GTA Condos by admin123 Home Costs in Canada Reach a New Record: Current Scenario and Predictions. by admin123 10 million homes required in Ontario in next 10 years by admin123

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A 69-Storey Stacked Tower is being proposed by Capital Developments

Blogs / Amy / 11 October 2022 / 69-storey, 90 Isabella Street, 94 Isabella Street, Capital Developments, Diamond Schmitt Architects, heritage buildings, heritage value, Isabella Street, multiple storeys, property, Stacked Tower, toronto, tower, townhome development

A 69-Storey Stacked Tower is being proposed by Capital Developments At 90 Isabella Street in the Church-Wellesley neighbourhood of Toronto, Capital Developments is putting forward a plan for a stacked tower with 69 storeys that will be placed on a base of heritage buildings. Diamond Schmitt Architects are responsible for the design of the condominium. They are also responsible for the design of 88 Isabella, which is a 62-story project that is being proposed by the same developer and is located directly next door to the west. We wrote on this project two weeks ago. According to the Capital Developments, they are involved in the two nearby projects, the investor groups for each are entirely distinct, and the properties for each were purchased at various points in time. As a direct consequence of this, the individuals in charge of Development Management are distinct from one another, and despite the fact that there is some duplication in the design teams, the two projects and applications are entirely distinct from one another. The address 90 Isabella refers to a collection of four individual homes located on Isabella Street: 90, 90A, 92, and 94 Isabella Street. There is already a modest townhome development constructed in the back of the property, in addition to a collection of charming heritage homes that face Isabella and are positioned in front of the property. Isabella 90, Isabella 90A, and Isabella 92 are all classified as heritage structures, however, Isabella 94 is only listed on the heritage register; it is not certified as a heritage building. While designation implies that the City believes that certain aspects of a building actually have heritage worth, the listing suggests that certain aspects might have heritage value but that a comprehensive examination of them has not been finished. While we wait for the application documents to appear on the City’s website and provide additional details, we can make out some details from the renderings, which show that the heritage buildings are proposed to be retained almost entirely, rather than just preserving their facades. While we wait for the application documents, we can make out some details from the renderings. The podium of the tower would rise from behind the heritage buildings and be clad in reflective glazing so that the base of the building would give the impression that it is “dissolving” behind the heritage buildings. This effect would be achieved by concealing the base of the building behind the heritage buildings. The tower that would rise above the podium would be coated in grey stone, and it would feature reflective glazing that would provide a silver sheen to the building. Because of the way the apartment balconies are going to be arranged, the façade of the skyscraper will have a pattern that looks like a grid. The inside of the building would have a total of 837 residential apartments spread across its total floor space of 570,000m2. A mid-tower curtain wall consisting of multiple storeys would break up the tower approximately halfway up, giving the impression that a second tower is placed on top of the first one. This is done in order to alleviate the oppressive feeling that would be caused by the intended 69 stories of height. Related posts. A 69-Storey Stacked Tower is being proposed by Capital Developments by admin123 Another design being considered for site of demolished Giraffe Condos by admin123 A Proposal to Construct Three Towers Across from the Pioneer Village by admin123 The Finalization of 10Block Studio’s Plans for Luxury Condo by admin123 Canada housing plans considered vague by BMO by admin123 The Canadian Blind Bidding Ban Dilemma by admin123

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A Proposal to Construct Three Towers Across from the Pioneer Village

Blogs / Amy / 11 October 2022 / 4001 Steeles Avenue West, Black Creek Community Farm, Black Creek Pioneer Village, Canada, city of toronto, City of Vaughan, Corazza, Graziani, Hullmar Drive, interest rates, N.H.D. Developments Ltd, Pioneer Village Station, residential structures, residential units, Steeles Avenue West, toronto, Y-shaped rental apartment, Yonge-University

A Proposal to Construct Three Towers Across from the Pioneer Village A plan has been proposed by N.H.D. Developments Ltd. to increase the number of people living in an apartment complex that is designed in the Tower-in-the-Park style and is located on the southwest corner of Steeles Avenue West and Jane Street in the Black Creek neighbourhood of Toronto. If the proposed By-law Amendment and Property Plan Approval authorize the building of three towers at 4001 Steeles Avenue West ranging in height from 35 to 45 storeys, the site will be able to accommodate 1,621 additional condominiums residences after the project is finished. N.H.D. Developments Inc. commissioned the architectural firm of Graziani + Corazza to design the structure that would be located in the city of Toronto at 4001 Steeles Avenue West. The following streets and avenues surround the land on all sides: Steeles Avenue to the north, Jane Street to the east, Hullmar Drive to the south, and another townhome site to the west. It is currently occupied by a commercial plaza that is just one storey tall and has surface parking, as well as a pair of Y-shaped rental apartment buildings that are either 14 or 17 floors tall. In a span of twelve minutes, it is possible to walk to both the Pioneer Village Station and the Highway 407 Station, which allow access to the Yonge-University subway line. These stations are located to the east and north of the starting point, respectively (Line 1). The parcel of land at issue may be found in what was then the city of North York; more specifically, it can be found on the northern limit of the Black Creek neighbourhood. You can discover the border that divides the City of Toronto and the City of Vaughan on the side of the road which is on the opposite side of the road, which is the north side of Steeles. The majority of the neighbourhood is composed of residential structures that are either low-rise or high-rise in height. The majority of the area’s employment lands are located to the west along Highway 400 and in Vaughan, which is located on the other side of Steeles. The high-rises are located not just along key arterial roads but also on the outskirts of natural areas of the city. Jane Street must be through in order to gain access to the Black Creek Pioneer Village from the east, and Steels Street must be traversed in order to gain access from the north. The Black Creek Community Farm can be found to the southeast of the project and is adjacent to Jane Street on one side. This farm features greenhouses, surrounding active agriculture, and pedestrian pathways. The proposed complex would be made up of buildings that would take the form of a pedestal and a tower respectively. Because of this, the GFA would end up being 109,193 m2, and the density would be 2.64 FSI. Building A may be found at the northernmost tip of the property and looks out over Steeles. A podium that is eight storeys tall and two towers that are each 45 storeys tall and are separated by 30 metres make up this structure, which faces east to west and is oriented in that direction. A floor plate that is 800 square metres in size can be found in each skyscraper. The seventh floor features a step-back that is 1.5 metres tall, which creates a street wall that is 6 storeys tall. This wall along the street is designed to complement the structure that is situated directly across the street and to the north. The six-storey street wall that wraps around the podium elevation to the east provides a frame for the outdoor amenity area that has been provided in the site’s most northeastern corner. Building B, which can be found on the east side of the land, is laid out in a direction that runs from north to south. It reaches a height of 35 storeys and offers a podium and streetwall height that is comparable to that of Building A. This building also has a similar footprint. In addition, the floorplate of the tower is 800 square metres, and it is separated from Tower A2 by a distance of 30 metres and from the apartment building that is already there to the southwest by a distance of 28 metres. Building B is a transitional structure that decreases in height as it moves from one side of the site to the other. Moreover, it also approaches the Y-shaped buildings that are located at 5000 Jane Street and 4001 Steeles Avenue West. A small residential lobby can be found on the ground floor of the base buildings, in addition to the interior amenity rooms that can be found running along the main frontages of the buildings. The beginning of the residential units can be found on the second floor, and each floor that comes after that is quite similar to each other. The entirety of the residential units contained within Buildings A and B brings the total number of homes that can be found there to 1,621. The overall proposed unit mix is comprised of 4 studios, which together account for 0% of the total, 1,079 one-bedroom units, 396 two-bedroom units, and 142 three-bedroom units, which together account for 90% of the total. There will also be 4 townhouses, which will account for 10% of the total. The total amount of amenity space that would be offered to residents would be 6,524 square metres, and this space would be distributed across indoor and outdoor places in an equal manner. A new road would run in a northwest-to-southeast direction through the middle of the property in question, in between the planned structures and the existing buildings. It would connect to the existing surface parking spaces, as well as lead to and from the driveway entrances on Hullmar Drive. This driveway is intended to accommodate passenger pick-up and drop-off, in addition to providing

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Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead

Blogs / Amy / 11 October 2022 / condominium, toronto

Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead The main floor, single storey living is in high demand for elderly Canadians who want to spend their years living peacefully at their homes. A survey conducted by Royal Lepage reveals that 44 percent of the answerers say that a well-furnished living space is important for Canadians who wish to spend their remaining years in a restful environment. 55 percent of the people said that a single-storey living, which can make room for a bedroom, bathroom, laundry, and kitchen on a floor was preferable. This survey was conducted with expert sales representatives who excel in senior and accessible housing.“Seniors are mostly looking to be able to choose where and how they live, instead of someone else making that decision for them. Except this, they all have different needs and are looking for independent home features” Says Caroline Baile, a certified Accredited senior agent with Royal Lepage. “Along with that, they are also concerned about their long-term requirements much before than previous generations. They are thinking about their life after retiring, even before it has happened Most buyers desire a home that will help them adjust into their old years easily.” Living in a senior home is an experience, this is partly the reason why many aged people are selecting to stay in their own homes. 75 percent of the answerers of the survey revealed that Canadians are inquiring about staying at single-storey houses rather than in senior homes, which can be pretty expensive. Around 60 percent of the people are concerned about the safety of senior homes, which have been in talks during the pandemic. According to another survey, Boomer generation, the oldest one alive would prefer to reconstruct their own houses rather than go to a new place for living. Many people are mostly choosing to live in a condominium or a cottage without stairs because of its low maintenance and downsize. 40 percent of the answerers said that aged clients prefer an entrance to the front and backyard without a stairway and also a bathtub that could be walked into or a shower with a far-ranging entry. Slipring floors were by no means an option for aged people. At 80 percent, 50 percent, and 48 percent respectively it was decided that Tubs, shelves, and a wheelchair-accessible stairway were ‘not compulsory’ for clients. Older people prefer to live close by their families, hospitals, and other services like restaurants and stores within walking distance. ‘Well-being and relief are the priorities for them’ One day they might need much more support and even a wheelchair or walker, Further added Baile. They want to stay in their homes for a lifetime, then they will have to develop their homes according to these circumstances. Related posts. 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 The average detached house in Toronto has already surpassed the $2 million mark by admin123

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Housing prices kicks off, stuck historically high, but trended lower in January

Blogs / Amy / 11 October 2022 / home prices, housing starts, toronto

Housing prices kicks off, stuck historically high, but trended lower in January According to the latest information from the Canada Mortgage and Housing Corporation (CMHC) new housing starts across Canada trended lowered after wrapping up for the first month of 2022. The trend in housing starts was 254,133 units in January which was a drop as compared to December. This trend is defined as a six-month rolling mean of the monthly cyclical adjusted annual rates (SAAR) of housing starts by the CMHC. These kinds of trend measures are used as a supplement to the periodic SAAR of housing starts to “account for considerable swings in monthly estimates,” Bob Dugan who is CMHC’s chief economist said that the trend on a monthly basis has increased historically high but the 6-month trend in housing was much lower in December to January. Between Montréal, Toronto, and Vancouver, Montréal was the only market to report growth in total SAAR starts in January as a result of higher single-detached and multi-family starts. As noted by Dugan. The standalone monthly SAAR of total housing kicks off for all areas in the country was 230,754 units in the month of January which is a 3 percent drop as compared to December. Also, in January the SAAR dropped by 5% of total urban. The value was 204,428 units and the rural starts were to be 26,326 units. Multiple urban starts dropped by 9% in a periodic way to 144,332 units by housing type. this is because single-detached urban starts really grew 7. It was 60,096 units between January and December. The SAAR of total urban starts dropped five percent monthly to 204,428 units, while rural starts were estimated to be 26,326 units at a seasonally adjusted annual rate in the same month. In January, Toronto, Montréal, and Vancouver reported SAAR totals of 21,714 units, 26,456 units, and 22,192 units by metropolitan area. This is basically a 27% and 17% decrease in Toronto and Vancouver but also a 16% increase in Montreal. This exactly equals 27% and also a decrease of 17% and its increases were actually noted in Ottawa-Gatineau which is 94% and Winnipeg which is 4%. A housing start when construction starts on a building where a dwelling unit is located, usually when concrete has been poured for the footing over the structure, or the equal stage when a basement is not one part of the structure is defined by CMCH. Related posts. 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 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

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

Blogs / Amy / 11 October 2022 / Ford, home prices, Ontario, toronto

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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February 2022 Construction Start and Completions in Toronto

Blogs / Amy / 11 October 2022 / Reina Condos, The Stack at Bayview, toronto

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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Toronto surpassing its the house-price insanity capital of Canada

Blogs / Amy / 11 October 2022 / homeowners, House Price, toronto, Vancouver

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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Home Prices in Toronto hits an all time new record

Blogs / Amy / 11 October 2022 / Greater Toronto Area, home prices, Homebuyers, toronto

Home Prices in Toronto hits an all time new record Cliff Stevenson, Chair of CREA stated that on viewing how many homes were bought and sold in March 2021, one could be forgiven for thinking the market just continues to strengthen, and maybe to some extent it is. Home prices in Toronto climbed to a record as a steep decline in the number of properties that came up for sale added fuel to the competition among buyers, leaving little prospect in the market to cool. Average home price in the Greater Toronto Area has increased rapidly by more than 450 per cent since 1996, raising fears as the population continues to grow and land becomes scarcer. A report states that across the GTA benchmark home prices are up to 17.3 per cent year over year to $1,059,300ss. The driving factor behind the price increase is a lack of homes in the market There was no reassurance for Greater Toronto Area homebuyers last month as the average home price crept up nearly 28 per cent in comparison to last year as a lack of supply continued to hamper the market. The Toronto Regional Real Estate board revealed that the average selling price for a home in the region exceeded $1.3 million last month, up from just above $1 million last February and more than $1.2 million in January of this year. In a press meet, Kevin Crigger stated that the governments at all levels must take coordinated action to increase supply in the immediate term. He also added that until the governments work together to cut red tape, smoothen the approval processes, and encourage mid-density housing, ongoing housing affordability challenges will keep on escalating. In an approximation, the price of a detached home hit more than $1.7 million last month, with semi-detached properties at $1.3 million, townhouses at $1.1 million and condos nearing $800,000. The Ontario board narrated that it sensed signs in February that the region is making adequate moves toward a more balanced market. On average about 9,097 homes changed hands last month compared with 10,929 last February and 5,622 in January of this year. In a press release, Jason Mercer who is the board’s chief market analyst stated that just because the inventory remains exceptionally low, it will take some time for the pace of price growth to slow down. Related posts. 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 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

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Toronto and Durham properties continue to be purchased by Minto

Blogs / Amy / 11 October 2022 / Durham, Minto Communities, toronto

Toronto and Durham properties continue to be purchased by Minto Minto Communities GTA has added two additional development sites to its portfolio this year, bringing its total to four in the Greater Toronto Area. Toronto and Durham Region are the two most recent locations. Since 2018, Minto Communities GTA has introduced 9 projects totaling over 4,000 units, with 2.5 million sq . ft of planned high-rise construction and over 130 acres of proposed low-rise development. As per Minto Communities GTA vice-president of urban development and acquisitions Jeff O’Reilly, there would be more to follow. “We’re very selective about the places where we choose to build. We’re proud builders and we want to continue to grow our portfolio with a continued eye to quality locations and quality projects,” O’Reilly told RENX. The financial specifics of the four most recent acquisitions have not been revealed. Minto Group is a family-owned and operated fully integrated real estate development, construction, and management firm with offices in Ottawa, Toronto, Calgary, and South Florida. To date, it has designed and built over 95,000 houses. Mimico acquisition Minto’s newest acquisition is located at Grand Avenue and Portland Street, only steps from the Mimico GO Transit station, and builds on years of operations in Etobicoke. The 5.5-acre property is designated for 1.08 million square feet and will be developed into a high-rise, master-planned community with three condominium buildings totaling 1,260 units, ground-floor shops, and a public park. The land is now occupied by a number of vacant industrial and commercial structures that have remained unoccupied for some years. They’ll be demolished to make space for the new development. “The Mimico site is a perfect fit for our urban portfolio,” said O’Reilly. “It’s got the scale and it’s got the locational attributes we’re attracted to. This location and Minto’s acquisition of the multi-tower Danforth Village development site in 2020 have a number of parallels. In the east end of Toronto, at 9-25 Dawes Rd., the Danforth site is also part of a proposed master-planned, high-density node surrounding GO and Toronto Transit Commission stations. Parkdale acquisition Minto has also closed on a conditionally designated 0.4-acre site at 6 Noble St. in Toronto’s downtown west Parkdale area, which is now owned by a derelict commercial and industrial structure. Minto intends to construct an eight-story boutique condo that will blend into the cityscape of the diversified and gentrifying neighbourhood, which is home to a variety of artisan small shops, eateries, and bars. “We saw the opportunity to build an urban gem nestled in a strong community,” said O’Reilly. “It’s a rare product for us. It’s a boutique eight-storey mid-rise building filled into a neighbourhood. We’ve got the two-storey product on the ground floor to provide street presence and we’ve got the three-storey product on the top as well.” Brooklin acquisition Minto, which already has finished and active communities in the fast-rising Durham Region, has bought a 27-acre greenfield property in Brooklin, northeast of Toronto, near the northwestern side of Columbus Road & Baldwin Street North. There seem to be initial plans for 190 new single-family, traditional townhouse, and rear-lane townhome units to be built inside a pedestrian-friendly neighbourhood with a network of walking routes, parks, and greeneries. “There’s something special about Brooklin when you spend time strolling around the historic downtown village or one of the trails or the green spaces and parks,” said O’Reilly. O’Reilly is optimistic that the technology will be commercialised within the next few years. Courtice acquisition The Courtice settlement of Clarington is located on Courtice Road north of Bloor Street, which is Minto’s other recent Durham Region acquisition. The low-rise neighbourhood will have single-family houses, traditional townhomes, and rear-lane townhomes on a 100-acre greenfield site northeast of Toronto. “This gives us an opportunity to be a part of the growth in Durham,” said O’Reilly. “This is a great location. We see the future here and we see the possibilities to build something special in a great place to live.” Walking paths, parks, and lots of natural landscapes will all be part of the project’s wellness-oriented community facilities. Other Minto developments in Toronto. The ninth storey of 123 Portland, a high-end 14-story, 117-unit condo on Adelaide Street West and Portland Street in downtown Toronto, has been completed. According to O’Reilly, there aren’t many units remaining for sale. This April, the last suites will be accessible. At The Saint, six levels of subterranean parking have been finished, and work is currently at grade and moving upward. At the junction of Adelaide Street East and Church Street in downtown Toronto, the 47-story, 418-unit condo complex is located. Other Minto developments from around GTA North Oak Condos at Oakvillage, a 20-story, 374-unit condo at Dundas Street East and Trafalgar Road in Oakville, has sold out of its first allocation of units. Work on an energy-efficient geo-exchange heating and cooling system will start next month, according to O’Reilly, with the second delivery of units coming this spring. At Harmony Road, North and Winchester Road East in North Oshawa, The Heights of Harmony is a master-planned single-family and townhome development. The first batch of houses has been sold out, and also the second batch will be available in the fall. As per O’Reilly, site maintenance should begin this year. Union Village, a master-planned single-family and townhome development in Markham north of 16th Avenue and Kennedy Road, had also sold out its first two phases. The first phase of building, according to O’Reilly, is well underway, and further stages will be made available for purchase in the 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

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CIBC: Housing deficiencies linked to undercounted demand

Blogs / Amy / 8 October 2022 / Canadian housing, Canadian market, Canadian Mortgage and Housing Corporation, Capital Markets, development costs, home prices, household sizes, housing affordability, housing market, housing stock, housing supply, supply issues, toronto

CIBC: Housing deficiencies linked to undercounted demand Even though interest rates are moving higher, some economists think that a change in rates won’t have much of an impact on the housing market until something is done to address Canada’s chronic supply issue. This is because interest rates are negatively correlated with home prices. Benjamin Tal, managing director and deputy chief economist at CIBC Capital Markets, and Katherine Judge, director, and senior economist at CIBC Capital Markets, recently collaborated on a new article for In Focus with CIBC Capital Markets in which they explained why an increase in interest rates might not necessarily help the struggling housing market. There has already been a reaction in the market as a result of increasing borrowing costs; nonetheless, this will not solve the problems associated with housing affordability. Instead, a pause in market activity may simply alleviate symptoms or “worsen the supply-demand imbalance in the market.” “Entering a more relaxed housing environment should not ease the urgency in which the chronic lack of housing supply in the Canadian market is dealt with,” said the In Focus report. “After years of fighting supply issues using demand tools, governments at all levels finally recognize that over time, the housing affordability crisis will worsen without adequate supply policies.” The question then is, what causes the problem with the supply? Both Tal and Judge pointed the finger at the faulty methodology that was used to formulate housing policy as well as the industry’s inability to satisfy provincial and federal housing goals as a part of the problem. Comparison of Canadian Housing to others Comparison of Canadian housing performance to other countries is an overly simplistic method to use when attempting to evaluate the state of the housing market in Canada. A comparison between the housing stock and the population is typically done using the database maintained by the Organization for Economic Co-operation and Development (OECD), which is used in order to present a picture of the housing supply difficulties that Canada faces on an international scale. Comparing Canada to other countries was the approach that was taken for the drafting of the federal budget for 2022. This comparison, on the other hand, is susceptible to oversimplification due to the fact that variations in household formation and demographics can cloud its conclusions. According to the economists working with CIBC, “Furthermore, taking housing stock as a share of the population doesn’t account for differences in demographics or cultural preferences that shape household sizes or formation rates.” “Nor does it account for the different propensity to rent, as countries with higher shares of renters generally have more abundant housing supply.” the report states. Even when the housing market in Canada is compared to that in the United States, the results may not be realistic. According to Judge and Tal, both countries have housing stock that is comparable when measured against the norms of the OECD. However, this does not explain why property prices in Canada have increased at a rate that is twice as fast as those in the United States during the previous 20 years. According to the reports, “These shortcomings of international comparisons suggest that it’s more informative to look at Canada’s housing market in isolation to determine what’s behind the market’s imbalance” Inadequate picture of demands due to undercounting of households Tal and Judge highlighted that household formation is the most important element to evaluate when it comes to estimating the demand for housing; yet, the statistics that they provide are typically not correct. The Canadian Mortgage and Housing Corporation (CMHC) collects data on household formation by converting population growth into the number of households using the quality of households formed from a given number of individuals and then translating that number back into population growth. On the other hand, some information is being lost in the translation, which is leading to a “gross underestimate of the real number of households in Canada, and thus demand for housing.” “And if demand is undercounted, then of course the supply released by municipalities to meet that demand will be inadequate,” explained the report. For instance, the Demographic Division of Statistics Canada counts all individuals whose non-permanent residence visas have expired and who are still in the nation as having departed the country 30 days after their visas have expired. Nevertheless, during the epidemic, non-permanent residents who had expired visas were allowed to stay in the country through extensions. This means that those people are not included in any official figures, despite the fact that they still require housing. In a different example, Tal and Judge said that the estimates done by CMHC assume the same headship rate for new immigrants, non-permanent residents, and long-term residents. According to Tal and Judge’s estimation, the existing need for housing is undercounted by 500,000 households. Limitations imposed on the industry to meet the demands of housing The issue of housing supply in Canada “is serious and needs action” as implied by the undercounting of the demand for homes. Tal and Judge emphasized that although there is no shortage of ideas to generate housing, not enough attention is being paid to the reality that the industry’s means to meet higher housing targets is limited. The rise in the typical amount of time needed to finish a building project is one facet of the problem. “It takes twice as long to complete both low-rise and high-rise units today than it did two decades ago. And a lack of labour supply is a major cause of those delays,” said the report. “While large developers are usually able to secure their own labour pool, that’s not the case for mid-sized and small operators that account for 30 to 40 percent of activity.” Competition for labourers has intensified as a result of large-scale infrastructure projects, an issue that has become even more difficult as a result of shortages imposed by COVID-19. The construction industry did not return to its pre-pandemic employment levels until January 2022. This was a

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