Saturday, January 7, 2012
Coca Cola to leave Thorncliffe Park
Coca Cola is slated to depart its long-time premises at 42 Overlea Blvd later this year or early next. A decision has been taken to house the company in a three-storey addition to the Toronto Sun building on King Street East. The Thorncliffe neighbourhood will no doubt be sorry to see Coke leave. The future of its present home, built by the company is 1965, is unknown. The operation there consists of sales and administration only, as the bottling side of the operation migrated to Brampton a decade ago. Coke is calling this change a “Live Positively” move. It apparently thinks life will be more vibrant downtown. It will, says Coke, permit employees to walk, bicycle or take public transportation to work.
Thursday, November 10, 2011
Downtown Condo Development Drives Demand for Office Space
Toronto Star, Thursday November 10, 2011, Byline: Susan Pigg
http://www.metronews.ca/toronto/local/article/1020386--condos-send-demand-for-office-space-soaring
All those new downtown condos that are now home to bright young workers are helping drive demand for office space away from the suburbs and back into Toronto's core, a new report says.
Also fuelling the increasing demand - so strong that the vacancy rate for downtown office space fell to 5.1 per cent in Q3 - is interest in new environmentally sound office towers, redevelopment of the waterfront and frustration with long commutes.
Toronto isn't alone, according to commercial real estate brokerage Cushman &Wakefield's Occupier Insight Report released Wednesday. Major U.S. cities such as San Francisco, Chicago, New York, Boston and even downtown Los Angeles are also seeing a significant shift from the suburbs, although their office vacancy rates are still more than double that of Toronto's.
"Major downtown office markets in North America are thriving in the face of turbulent global economic conditions thanks to smart urban planning which has opened the doors to a younger, educated and plugged-in population that prefers to live, work and play close to home," says the report.
But compounding that demand in Toronto is an unprecedented condo boom, with some 70,000 new units built in or close to the downtown core in the last five years, notes the report. Another 17,000 are under construction or due to open by year's end.
That's provided an instant workforce for the 4.5 million square feet of office space has been added to the downtown core in the last two years alone, with more coming especially in the waterfront area.
While many commercial real estate experts had expected the 2008 recession to slow demand and push office vacancy levels well beyond the 2001 highs of 11.9 per cent, Toronto showed remarkable resilience, the report notes.
Only Vancouver has a lower office vacancy rate than Toronto, at 3.7 per cent, but largely because of limited building activity, said Stuart Barron, national director research for Cushman &Wakefield.
Much of the demand for downtown Toronto space has come from the financial sector, which is increasingly expanding into the Railway Lands south of Front St., the report notes. But Barron said it's increasingly coming from a raft of companies opting for the core, such as Coca-Cola, Google, SNC-Lavalin, as a way to be close to the workforce of the future.
http://www.metronews.ca/toronto/local/article/1020386--condos-send-demand-for-office-space-soaring
All those new downtown condos that are now home to bright young workers are helping drive demand for office space away from the suburbs and back into Toronto's core, a new report says.
Also fuelling the increasing demand - so strong that the vacancy rate for downtown office space fell to 5.1 per cent in Q3 - is interest in new environmentally sound office towers, redevelopment of the waterfront and frustration with long commutes.
Toronto isn't alone, according to commercial real estate brokerage Cushman &Wakefield's Occupier Insight Report released Wednesday. Major U.S. cities such as San Francisco, Chicago, New York, Boston and even downtown Los Angeles are also seeing a significant shift from the suburbs, although their office vacancy rates are still more than double that of Toronto's.
"Major downtown office markets in North America are thriving in the face of turbulent global economic conditions thanks to smart urban planning which has opened the doors to a younger, educated and plugged-in population that prefers to live, work and play close to home," says the report.
But compounding that demand in Toronto is an unprecedented condo boom, with some 70,000 new units built in or close to the downtown core in the last five years, notes the report. Another 17,000 are under construction or due to open by year's end.
That's provided an instant workforce for the 4.5 million square feet of office space has been added to the downtown core in the last two years alone, with more coming especially in the waterfront area.
While many commercial real estate experts had expected the 2008 recession to slow demand and push office vacancy levels well beyond the 2001 highs of 11.9 per cent, Toronto showed remarkable resilience, the report notes.
Only Vancouver has a lower office vacancy rate than Toronto, at 3.7 per cent, but largely because of limited building activity, said Stuart Barron, national director research for Cushman &Wakefield.
Much of the demand for downtown Toronto space has come from the financial sector, which is increasingly expanding into the Railway Lands south of Front St., the report notes. But Barron said it's increasingly coming from a raft of companies opting for the core, such as Coca-Cola, Google, SNC-Lavalin, as a way to be close to the workforce of the future.
Sunday, October 30, 2011
Toronto Third Quarter condo sales hot!
Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010 released its new quarterly condo market report. The average selling price increased by almost nine per cent to $333,352.
"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.
"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.
Monday, October 17, 2011
Grant Program to Make Your Home More Energy Efficient Extended
The Government of Canada has renewed the popular ecoENERGY Retrofit – Homes program. From June 6, 2011, until March 31, 2012, homeowners are eligible to receive grants of up to $5,000 to make their homes more energy-efficient. Homeowners who participated in the program to date have saved 20 percent on their energy bills.
There are two important changes to the program. First, there is a requirement for participants to register directly with the program before booking their evaluation. Second, homeowners will now be required to provide receipts to their energy advisor at the time of the post-retrofit evaluation to confirm eligibility for the grant.
How to apply
The first step in the renewed ecoENERGY Retrofit – Homes program is to register:
* New participants - If you or a previous owner have not obtained an energy evaluation of the property between April 1, 2007 and June 5, 2011.
* Past participants - Homeowners who participated in the program between April 1, 2007 and June 5, 2011, and who did not receive the maximum amount of $5,000 can submit another application for improvements purchased and installed on or after June 6, 2011.
If you plan to apply for multiple properties, a form must be completed for each one.
Only products purchased on or after June 6, 2011, and installed after a pre-retrofit evaluation are eligible for an ecoENERGY grant. Funds are limited and all energy retrofits and post-retrofit evaluations must be completed by March 31, 2012. The homeowner must also sign the grant application by this date.
For more information:
The Grant Table for ecoENERGY Retrofit – Homes offers an overview of the program and a breakdown of eligible upgrades.
http://www.ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm
There are two important changes to the program. First, there is a requirement for participants to register directly with the program before booking their evaluation. Second, homeowners will now be required to provide receipts to their energy advisor at the time of the post-retrofit evaluation to confirm eligibility for the grant.
How to apply
The first step in the renewed ecoENERGY Retrofit – Homes program is to register:
* New participants - If you or a previous owner have not obtained an energy evaluation of the property between April 1, 2007 and June 5, 2011.
* Past participants - Homeowners who participated in the program between April 1, 2007 and June 5, 2011, and who did not receive the maximum amount of $5,000 can submit another application for improvements purchased and installed on or after June 6, 2011.
If you plan to apply for multiple properties, a form must be completed for each one.
Only products purchased on or after June 6, 2011, and installed after a pre-retrofit evaluation are eligible for an ecoENERGY grant. Funds are limited and all energy retrofits and post-retrofit evaluations must be completed by March 31, 2012. The homeowner must also sign the grant application by this date.
For more information:
The Grant Table for ecoENERGY Retrofit – Homes offers an overview of the program and a breakdown of eligible upgrades.
http://www.ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm
Friday, October 7, 2011
Preparing your Home for Winter
As the cold weather approaches and the first snowflakes begin to fall, it is important to ensure your home is winter-ready. There are plenty of simple ways to winterize your home without breaking the bank, with a positive effect on lowering your heating bills.
INTERIOR: First, inspect your furnace and replace the filter. Stock up on furnace filters and be sure to change them every month.
Next, have your fireplace cleaned so it will be ready for use. Screen the top of your chimney to keep out rodents and birds and store firewood in a dry place away from the outside of your home. Inspect the mortar between bricks to make sure that your fires remain contained within the hearth. And, ensure all smoke and carbon monoxide detectors have had the battery replaced.
EXTERIOR: Examine the exterior of your home for cracks and crevices, which could allow cold air to seep inside. Apply weather-stripping around doors and caulk windows. Homes with basements and attics are prone to cold drafts.
In basements, consider covering window wells with plastic wrap. When the warm weather returns, you can remove the wrap. Warm air rises, so adding extra insulation to your attic will ensure the warmth stays where it's needed. "These small, but important steps can make a huge difference on your heating bill," says Yvonne Ratigan, a senior executive with Royal LePage Canada. "Time and a little money spent in the fall, can pay big dividends in the winter."
GARDEN: Prune trees and shrubs to minimize potential for damage by snow, particularly those that hang close to the home. Clear out planters and store for spring and dust plant bulbs with bone meal. Drain all garden hoses and shut off outside water. If we enjoy a warm day, it may be a good time to seal the driveway or deck.
INTERIOR: First, inspect your furnace and replace the filter. Stock up on furnace filters and be sure to change them every month.
Next, have your fireplace cleaned so it will be ready for use. Screen the top of your chimney to keep out rodents and birds and store firewood in a dry place away from the outside of your home. Inspect the mortar between bricks to make sure that your fires remain contained within the hearth. And, ensure all smoke and carbon monoxide detectors have had the battery replaced.
EXTERIOR: Examine the exterior of your home for cracks and crevices, which could allow cold air to seep inside. Apply weather-stripping around doors and caulk windows. Homes with basements and attics are prone to cold drafts.
In basements, consider covering window wells with plastic wrap. When the warm weather returns, you can remove the wrap. Warm air rises, so adding extra insulation to your attic will ensure the warmth stays where it's needed. "These small, but important steps can make a huge difference on your heating bill," says Yvonne Ratigan, a senior executive with Royal LePage Canada. "Time and a little money spent in the fall, can pay big dividends in the winter."
GARDEN: Prune trees and shrubs to minimize potential for damage by snow, particularly those that hang close to the home. Clear out planters and store for spring and dust plant bulbs with bone meal. Drain all garden hoses and shut off outside water. If we enjoy a warm day, it may be a good time to seal the driveway or deck.
Wednesday, October 5, 2011
What's The Real Story of the Canadian Housing Market
Nationalpost.com, Wednesday October 5, 2011
Byline: Financial Post
Home prices rose during the third quarter of 2011, but the raw numbers may not be telling the whole story of the Canadian housing market, a new survey says.
The Royal LePage House Price Survey released Wednesday found that the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011 compared to the same period last year.
The average price of a detached bungalow was $349,974, a standard two-storey home was $388,218 and a standard condominium was $239,300, according to the survey.
Royal LePage said that the rise in price defied expectations and suggested that record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence.
However, the third quarter of 2010 was a relatively weak period for housing prices, which makes the increase this year appear rosier than they are and may mask a decline in prices in the months ahead, it said.
"The strength in Canada's national housing market conceals signs of predictable softening in some regions," Phil Soper, president and chief executive of Royal LePage Real Estate Services, said in a statement.
"A broader slowdown is expected in the months ahead, but fears of a U.S.-style correction are completely unfounded."
Vancouver had the highest priced homes in the country during the third quarter of 2011 and was the only city in the survey where the average bungalow or two-storey home cost more than $1 million.
Halifax, Montreal, Toronto, Saint John, N.B., and Ottawa all saw prices increase between 4.4 and 10.4 per cent.
In Alberta, the volume of homes trading hands increased, but prices stayed soft, the survey found: Detached bungalows in Calgary fell one per cent in the third quarter.
Victoria was similarly weak, with detached bungalows and standard two-storey homes falling two and 1.1 per cent respectively.
Byline: Financial Post
Home prices rose during the third quarter of 2011, but the raw numbers may not be telling the whole story of the Canadian housing market, a new survey says.
The Royal LePage House Price Survey released Wednesday found that the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011 compared to the same period last year.
The average price of a detached bungalow was $349,974, a standard two-storey home was $388,218 and a standard condominium was $239,300, according to the survey.
Royal LePage said that the rise in price defied expectations and suggested that record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence.
However, the third quarter of 2010 was a relatively weak period for housing prices, which makes the increase this year appear rosier than they are and may mask a decline in prices in the months ahead, it said.
"The strength in Canada's national housing market conceals signs of predictable softening in some regions," Phil Soper, president and chief executive of Royal LePage Real Estate Services, said in a statement.
"A broader slowdown is expected in the months ahead, but fears of a U.S.-style correction are completely unfounded."
Vancouver had the highest priced homes in the country during the third quarter of 2011 and was the only city in the survey where the average bungalow or two-storey home cost more than $1 million.
Halifax, Montreal, Toronto, Saint John, N.B., and Ottawa all saw prices increase between 4.4 and 10.4 per cent.
In Alberta, the volume of homes trading hands increased, but prices stayed soft, the survey found: Detached bungalows in Calgary fell one per cent in the third quarter.
Victoria was similarly weak, with detached bungalows and standard two-storey homes falling two and 1.1 per cent respectively.
Friday, September 30, 2011
Housing Market Should Remain Stable in 2012
Byline: Kim Covert, Edmonton Journal
Housing sales and prices should remain fairly steady into next year as a slowing economy is balanced by low mortgage rates and relatively low unemployment, a report from BMO Capital Markets suggests.
"Low interest rates have fuelled Canada's housing market in the past decade, pushing prices to new highs in most regions," senior economist Sal Guatieri said Thursday. "However, a weaker economy and new mortgage rules have dimmed activity recently."
Resales have slowed to their past-decade norm under tougher mortgage rules introduced by the federal government in March, and prices have flattened in the last six months on a seasonally adjusted basis, Guatieri said in the report.
The slowing global economy should hold the Bank of Canada from raising its benchmark interest rate - now a near-record low of one per cent - before 2013. As well, an unemployment rate expected to remain around 7.3 per cent through next year should mean continued confidence on the part of homebuyers.
Just as the economies in resource-rich provinces such as Alberta and Saskatchewan are expected to out-perform other regions next year, so too is the housing market in those provinces, Guatieri said.
Housing sales and prices should remain fairly steady into next year as a slowing economy is balanced by low mortgage rates and relatively low unemployment, a report from BMO Capital Markets suggests.
"Low interest rates have fuelled Canada's housing market in the past decade, pushing prices to new highs in most regions," senior economist Sal Guatieri said Thursday. "However, a weaker economy and new mortgage rules have dimmed activity recently."
Resales have slowed to their past-decade norm under tougher mortgage rules introduced by the federal government in March, and prices have flattened in the last six months on a seasonally adjusted basis, Guatieri said in the report.
The slowing global economy should hold the Bank of Canada from raising its benchmark interest rate - now a near-record low of one per cent - before 2013. As well, an unemployment rate expected to remain around 7.3 per cent through next year should mean continued confidence on the part of homebuyers.
Just as the economies in resource-rich provinces such as Alberta and Saskatchewan are expected to out-perform other regions next year, so too is the housing market in those provinces, Guatieri said.
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