Yonge and St. Clair Condos Approved

New Yonge and St. Clair Condos

Yonge and St. Clair will see a new development that will add 470 Condos to this great Toronto area.

The approved design includes a 15-storey Condo facing Yonge, a 37-storey Condo mid-block and a 16-storey building on the northern part of the block as well as 9 town homes facing Alvin Ave.

A city owned underground parking garage will have 734 spaces in the project.

This new development will be a great location for purchasers because of its mid-town location and the fact that it is directly on the TTC Subway line, just a short ride to downtown Toronto.

The developer Wittington Properties will keep a 22-storey office tower ( 22-St. Clair ) that is now on the proposed development.

The developer is planning to start the this project Spring, 2010.

Current resale Midtown Condos ( C02, C03, C09, C10 ) can be found on our Toronto Real Estate web site.

Average Toronto Home Price Up 4 Per Cent

The average Toronto home price increased 4 per cent from the same period last year. Although the Toronto area registered 14 per cent fewer sales, prices continue to increase moderately.

Real Estate sales have declined every month in the first 5 months of 2008 and it appears potential buyers are affected by bad economic news and also by a lack of consumer confidence. Manufacturing and the automotive sectors have been battered recently with news of shutdowns and closures.

According to Statistics Canada, onne-third of all households are spending 30 per cent or more of their income on housing in 2006.

Even with the lower numbers, Toronto’s weak numbers are still higher than the record years of 2005 and 2006.

Certain areas in West Agincourt, Riverdale, Richmond Hill south and Caledon experienced strong activity in the first 2 weeks of May/2008.

• Riverdale (E01) transactions increased 20 per cent driven by strong condominium sales.
• Condominium sales in West Agincourt (E05) resulted in a 24 per cent increase.
• Caledon (W29) detached home sales increased 9 per cent
• Richmond Hill South (N03) increased 5 per cent in detached home sales.

The final first half Toronto Real Estate figures should be out shortly for all of us to see what direction the Toronto Housing Market is headed.

Forecasters had predicted this Market to cool however the average Toronto and GTA home price continues to move upwards.

Who Is Buying Ultra Luxury Condos?

Vancouver Condos are hot and are shaking off any effects of the Canadian housing market that is showing signs of cooling across Canada.

In Vancouver 90 per cent of the 2,743 new condominiums to be finished in 2008 are sold, 98 per cent of the 2,925 condos scheduled for completion in 2009 are sold, and 83 per cent of the 714 to be completed in 2010 are sold according to Bob Rennie from Vancouver’s Rennie Marketing Systems.

Like Toronto many of these luxury Condos are attached to luxury hotel projects.  Mr Rennie has sold 60 per cent of the 123 units at the Ultra Luxury Ritz Carlton in Vancouver at an average $2,300 a square foot. That works out to $2.3-million for a 1,000 square foot Condo that will not be completed until 2011.

• The Vancouver Ritz Penthouse suite asking $29-million
• The Residences at The Hotel Georgia Penthouse asking $18-million
• The Vancouver Shangri-La Penthouse sold for $16-million

Who is buying these Ultra Luxury Condos in Vancouver? It appears like Toronto a good percentage of these purchasers are offshore investors from countries like China, Europe, Korea and Iran. Russian buyers are also moving into the Vancouver market as well.

Why Vancouver when  there are other cities in North America to buy and invest in Condos  like Chicago, New York, Los Angeles and even Toronto? It appears the reason for this tremendous escalation in Vancouver real estate prices is location, location, location.

Could it be Vancouver is seen as a world class city that is not as expensive as London or even Paris real estate?

We can all wait in anticipation on how the Luxury Toronto Condo Market will play out with huge projects like The Trump International Hotel and Tower, Living Shangri-La,  Residences at the Ritz Carlton and the Four Seasons West, all in the process of completion over the next few years.

 In my recent Blog on Toronto Luxury Condo Prices we can see that Toronto still offers a wide choice of projects and locations that above all are more affordable by world standards.

Current Luxury Toronto Condos and Lofts can be found on my Toronto Real Estate website.

Some of my recent clients for Toronto Luxury Condos are from Saudi Arabia, Ireland, France and most important in regards to this Blog… Vancouver!

 

Toronto Condo Market

The Toronto Condo Market continues to move ahead with increasing total Toronto Real Estate sales favouring Condos more and more.

It is simply so many new projects are being completed and many more scheduled for completion over the next two years.

Over 3,433 new Toronto Condominiums were sold in the first quarter of 2008.

Significantly the price per square foot of these Condo units increased 11.4 per cent to $388.00 psf.

The former City of Toronto continued to be the most demand area for construction and sales. Resale Condo prices increased  8.3 per cent in the first quarter of 2008 in comparison to the same period in 2007.

The Downtown Condo Market continues to be in demand for new buyers looking for the Condo Lifestyle that most major Condo developers here in Toronto are selling.

Once the Luxury Toronto Condos start coming on to the market the average price per square foot will start to increase as well.

Toronto still has a wide and varied choice of location and price with many Condo projects to choose from.

Resale Toronto Condos and Lofts can be found on my Toronto Real Estate website.

Downtown Toronto

 

 

 

 

 

 

 

 

 

 

 

Downtown Toronto is becoming home to thousands of new Condo-dwellers. Younger professionals who enjoy the Toronto Condo lifestyle and prefer not to commute on the busy highways to empty-nesters who desire to enjoy all the city has to offer and mostly by walking.

Most new Condo buyers like their location where they can walk to restaurants,theatre, shopping and even the Market.

Downtown Toronto is growing into one of the biggest Condo Markets in North America and even more new projects are scheduled for completion in the next few years.

There is still a large choice of Condos in downtown Toronto in regards to price and location. Most new Condos are developed downtown but North York and Scarborough are increasing in choice as well.

It is quite a change for new Condo dwellers to give up their 2 hour commute and now enjoy walking to and from work,shops and restaurants.

All the major sport venues like the Rogers Centre and the Air Canada Centre are readily accessible and the best ting is that they are just a short walk from many new Condos in the area.

Current downtown Toronto Condo Listings can be found on my Toronto Real Estate web site.

Lawrence Park Condos

 

 

 

 

 

 

 

 

Buyers for these luxury Lawrence Park Condos are moving from their Forest Hill and Rosedale areas to enjoy the lifestyles these new Condos afford, according to the builder,Tribute Communities.

This new Luxury Condo 1717 Avenue Road, marketed towards affluent downsizing buyers features large outdoor garden terraces, gas lines for outdoor barbecues, and suite sizes from 1,300 to 2,800 square feet.

Features include:

24-hour concierge
valet parking
fitness facilities
party room
furnished guest suite
Parking and locker included
sub zero refrigerator
Wolf gas cook-top
wall oven and microwave
Miele dishwasher, washer and dryer
choice of stone countertops
much more…

This area at Avenue Road and Lawrence has many fine restaurants and boutiques and not far away is Yonge and Lawrence for even more area shopping.

Rosedale, Forest Hill and Lawrence Park Condos and Homes can be found on my Toronto Real Estate website.

        

Luxury Toronto Condos

Jitters about the U.S market crisis does not seem to affect the Luxury Toronto Condos that are starting  to come on to the market after years of construction and planning.

With One St. Thomas and The Hazelton Hotel and Private Residences now on the Market, the first of many luxury Toronto condos and condo hotels, we will see their resale market as new owners settle in or move on.

Prices in these projects should increase because of their limited inventory and the fact there will not be many to choose from.

In Manhattan the median sales price of luxury apartments hit an all time high of US$4.3 million in the fourth quarter of 2008, up 28 per cent from the same period a year earlier.

Recently, up to 85 per cent of the luxury real estate Manhattan market has been co-op apartments which have many restrictions that make it difficult for even foreigners and celebrities to own them.

But new developments including the popular Plaza Hotel and 15 Central Park West have greatly increased the supply of Condos and helped lift the average prices.

It was exciting news that The Trump Tower and also The Shangri-La, both broke ground recently and started the long journey upwards, to add to the new Toronto Skyline!

My recent Blog shows a number of Toronto’s Luxury Condo Prices.

Current Luxury Toronto Condos can be found on my Toronto Real Estate website.

Toronto Real Estate Future 2008

Relax, the Toronto Real Estate future should be a moderate market in 2008, without the doom and gloom associated with the U.S. style meltdown.

Recent media have focused on sales adjustments in the Real Estate Market but as yet the average home prices are increasing at a moderate rate and in Toronto, certain areas like the Downtown Toronto Condos Market have increased in sales price in comparison to the average increase of other Condos throughout the GTA,(Greater Toronto Area).

Most Economists do not see a troubled future for Toronto Real Estate, partly because our economy is strong and our Canadian Banks adhere to tighter qualifications for lending than their U.S. competition.

Economists from respected Canadian Universities like the University of Toronto’s economics department, the Ivey School of Business at the University of Western Ontario and others, all see a gradual softening of prices in the future, but no U.S. style meltdown.

One of my answers to why the Toronto Condos Market continues to increase, could be the pent up desire for Urban living, and affordable Toronto Condos, as well as Toronto luxury Condo prices, markets largely ignored for years.

Toronto Female Condo Buyers

Toronto female Condo buyers are emerging as financially savvy and most likely to buy a Condominium in the near future.

A poll recently conducted  by Ipsos-Reid, among women aged 20 to 45 who have purchased a home as an individual rather than jointly brought out the following details.

Their average age to purchased their first home was 29 years

82 per cent are single

80 per cent have no children

49 per cent have a University Degree

86 per cent still live in the last home they purchased

81 per cent made one home purchase as an individual

With more and more Canadian women marrying later in life or remaining single we are seeing the emergence of a new Toronto Condo market for home buying and specifically a desire to purchase a Condo.

These financially and well educated independent women indicated:

71 per cent advised buying a home was a good investment

61 per cent advised they did not want to pay rent anymore

54 per cent had a desire to get into the housing market

77 per cent the biggest worry prior to purchase was affordability/financial commitment

For these women a home purchase will give them security, a roof over their heads and a chance to build equity for themselves in the future. 

A home is a sound investment and you can not live in a RRSP!

Pictured above is the famous Queen’s Quay Terminal on Toronto’s waterfront. For Condo listings on the Toronto Waterfront you can view my Toronto Real Estate website.

Toronto Condos Foreign Exposure

Its difficult to keep up with all the new Toronto Condos going up in and around the city. It seems like there is a new Condo project going up every few weeks and they all have different names like Burano, Murano and so on.

One thing I have noticed on my web pages is where visitors are coming from. Here is just a partial list of Toronto Condos foreign exposure.

Calgary

United Kingdom

New York

Alberta

Nebraska

Montreal

Malaysia

Trinidad and Tobago

Washington

Salt Lake City

Rome

Vancouver

There are many more locations that prove the interest in Toronto Condos is world wide and many buyers are looking from afar.

What they are finding is a Toronto Real Estate market well priced and in a demand location as various world wide polls have told us. We have jobs, a great legal system, higher education and health care to name just a few that many cities lack.