A landmark building in the Leaside/North Toronto area has been demolished. At the corner of Bayview and Broadway, it was for years the home of Rumble Pontiac("ramble into Rumble, you'll see"), later Brennan Pontiac.
A developer is hoping to develop the site for a grocery store with parking underneath. The developer's application for a minor variance was denied. The applicant appealed the decision by the Committee of Adjustment to the OMB (Ontario Municipal Board). No date for the OMB hearing has yet been set.
Now the developer has made an application to re-zone the site. Re-zoning requires more studies to be done and the city staff will schedule a meeting where all residents will have a chance to comment on the proposed development. This meeting will be scheduled in January. The city is required to make a decision on the application within 180 days which means by early March 2011. Should the city turn down the application again the developer will have the option to appeal to the OMB.
Many of the neighbours are opposed to the proposed development.for more infomation, check the website www.broadwayrwg.ca.
Wednesday, December 8, 2010
Thursday, November 25, 2010
RSS Feed Now Available on TREB Public Website
An RSS feed is now available on TREB's public website for Members and the public who would like access to top news stories regarding the housing market. TREB created this subscription based feed on its public website to enable easy access for Members to TREB market news stories and commentary. Members are welcome to use this information in their newsletters, blogs, websites, etc.
Visit www.TorontoRealEstateBoard.com and click on the RSS Feed button on the left-side panel.
Visit www.TorontoRealEstateBoard.com and click on the RSS Feed button on the left-side panel.
Monday, November 1, 2010
The second ice pad at Leaside closer to becoming a reality
The goal of opening a second ice pad at Leaside Gardens moved one big step closer this past month as the City of Toronto named the architectural firm that will oversee the design phase of the project.
It was the generous financial contribution from a community family wishing to remain anonymous that enabled the arena board to persuade the City of Toronto to move forward with tendering for an architect. Ten qualified bids were received and members of the expansion committee worked closely with city officials to review the bids. Last week it was made public that the firm of WGD Architects Inc. of Toronto has been awarded the contract. You can read more about the firm at their website www.wgdarchitects.com. The firm’s principals Richard Dabrus and Brian Gregersen have already met twice with the expansion committee’s project working group.
Public Consultation Meeting November 30th: As a follow up to the initial information meeting on May 5th, the expansion committee will host a second public consultation meeting on Tuesday, November 30th in the William Lea Room at 7 p.m. at which the architects and city officials will be present. This will be a chance for our user groups and the local Leaside and East York community to learn about the process, make suggestions, raise concerns and, generally, to have input into the new facility within the parameters of location, design and cost that have already been set.
Fundraising Campaign – Volunteer Required
The Leaside Gardens Board of Management is searching for a candidate to fill a key volunteer role on the campaign. This person will act as a part-time administrator, arranging meetings, keeping track of commitments made and donations received, and generally working closely with the campaign cabinet and fundraising team throughout the duration of the campaign. It is hoped that a person with the necessary skills and enthusiasm to fill this role in a part-time, volunteer capacity may be found among the members and friends of our three main user groups. For further information or to express your interest, please contact expansion committee chair Paul Mercer at pmercer@mercermyers.ca.
Arena Board Vacancy: Finally, there is currently one vacancy on the Leaside Memorial Community Gardens Board of Management. The arena board is currently accepting applications from interested community members to fill this vacancy. Please send your letter and/or résumé to my attention at the arena office 1073 Millwood Road TORONTO, Ontario M4G 1X6 or email Brooke Biscoe, Arena Board Chair, at leasidegardens@on.aibn.com. The deadline to submit your application is 5 p.m. on Thursday, November 18th. Interviews will be held the evening of Monday November 22, 2010
from the Leaside Arena Board Chair Brooke Biscoe's newsletter, Nov. 1, 2010.
It was the generous financial contribution from a community family wishing to remain anonymous that enabled the arena board to persuade the City of Toronto to move forward with tendering for an architect. Ten qualified bids were received and members of the expansion committee worked closely with city officials to review the bids. Last week it was made public that the firm of WGD Architects Inc. of Toronto has been awarded the contract. You can read more about the firm at their website www.wgdarchitects.com. The firm’s principals Richard Dabrus and Brian Gregersen have already met twice with the expansion committee’s project working group.
Public Consultation Meeting November 30th: As a follow up to the initial information meeting on May 5th, the expansion committee will host a second public consultation meeting on Tuesday, November 30th in the William Lea Room at 7 p.m. at which the architects and city officials will be present. This will be a chance for our user groups and the local Leaside and East York community to learn about the process, make suggestions, raise concerns and, generally, to have input into the new facility within the parameters of location, design and cost that have already been set.
Fundraising Campaign – Volunteer Required
The Leaside Gardens Board of Management is searching for a candidate to fill a key volunteer role on the campaign. This person will act as a part-time administrator, arranging meetings, keeping track of commitments made and donations received, and generally working closely with the campaign cabinet and fundraising team throughout the duration of the campaign. It is hoped that a person with the necessary skills and enthusiasm to fill this role in a part-time, volunteer capacity may be found among the members and friends of our three main user groups. For further information or to express your interest, please contact expansion committee chair Paul Mercer at pmercer@mercermyers.ca.
Arena Board Vacancy: Finally, there is currently one vacancy on the Leaside Memorial Community Gardens Board of Management. The arena board is currently accepting applications from interested community members to fill this vacancy. Please send your letter and/or résumé to my attention at the arena office 1073 Millwood Road TORONTO, Ontario M4G 1X6 or email Brooke Biscoe, Arena Board Chair, at leasidegardens@on.aibn.com. The deadline to submit your application is 5 p.m. on Thursday, November 18th. Interviews will be held the evening of Monday November 22, 2010
from the Leaside Arena Board Chair Brooke Biscoe's newsletter, Nov. 1, 2010.
Friday, June 25, 2010
Facts On Home Buyers
Here’s some fresh data from CMHC’s newly-released Renovation and Home Purchase Report:
6% of Canadian households bought a home in 2009
43% were first-time buyers (up from 36% in 2008)
35% of buyers were age 18-34
66% bought a home that was more expensive than their previous residence; 22% bought a less expensive home
59% bought a larger home; 24% downsized
74% bought an existing home; 22% bought new construction
55% purchased a single-detached home; 18% bought an apartment condo
5% of households intend to buy in 2010; 53% of those are renters
42% of those intending to purchase, plan to make a down payment of 20% or more.
The report surveyed 5-10 metropolitan areas across the country.
6% of Canadian households bought a home in 2009
43% were first-time buyers (up from 36% in 2008)
35% of buyers were age 18-34
66% bought a home that was more expensive than their previous residence; 22% bought a less expensive home
59% bought a larger home; 24% downsized
74% bought an existing home; 22% bought new construction
55% purchased a single-detached home; 18% bought an apartment condo
5% of households intend to buy in 2010; 53% of those are renters
42% of those intending to purchase, plan to make a down payment of 20% or more.
The report surveyed 5-10 metropolitan areas across the country.
Friday, June 11, 2010
Support the Flemingdon Park Food Bank
Hundreds of people will join hands for the Friends of Flemingdon Food Bank Charity Walk to raise money to assist the Flemingdon Community Food Bank.
On Sunday, June 13th 2010, a coalition of community organisations, agencies, faith communities, local businesses, politicians and concerned residents will be coming together with a shared goal: to assist the Food Bank in becoming sustainable once again so that no individual, child or family is deprived of their basic right to food.
The food bank is one of the largest in the city- serving 200 families a week. The Food Bank was initially run by the Red Cross. When they left the community, the Anglican Ministry ran the Food Bank from the Don Mills Plaza. It recently moved to 10 Gateway Boulevard, located at the corner of Don Mills Road and Gateway Boulevard. A coalition of Muslim organizations and Christian churches have since formed the new corporation known as the Flemingdon Community Food Bank.
Date: Sunday, June 13, 2010
Time: 12:00 p.m. registration, 1:00 p.m. opening kickoff followed by a 2.5 kilometer walk through the Flemingdon Park Neighborhood.
Rain or Shine
Location: Flemingdon Park (western field’s hydro land)
747 Don Mills Road
On Sunday, June 13th 2010, a coalition of community organisations, agencies, faith communities, local businesses, politicians and concerned residents will be coming together with a shared goal: to assist the Food Bank in becoming sustainable once again so that no individual, child or family is deprived of their basic right to food.
The food bank is one of the largest in the city- serving 200 families a week. The Food Bank was initially run by the Red Cross. When they left the community, the Anglican Ministry ran the Food Bank from the Don Mills Plaza. It recently moved to 10 Gateway Boulevard, located at the corner of Don Mills Road and Gateway Boulevard. A coalition of Muslim organizations and Christian churches have since formed the new corporation known as the Flemingdon Community Food Bank.
Date: Sunday, June 13, 2010
Time: 12:00 p.m. registration, 1:00 p.m. opening kickoff followed by a 2.5 kilometer walk through the Flemingdon Park Neighborhood.
Rain or Shine
Location: Flemingdon Park (western field’s hydro land)
747 Don Mills Road
Wednesday, May 12, 2010
Garage Sale for Shelter at Royal LePage, 1391 Bayview Sat. May 15, 8-2
Our National Garage Sale for the Shelter Foundation is happening this Saturday May 15th, 2010 (8am – 2pm). It takes place once again in our parking lot next to the office (1391 Bayview Ave.) and we have lots of treasures and bargains for sale!! (over 2 PODS full). Come out for coffee, baked goods, face painting, hot dogs, pop, great raffle prizes and MUCH MUCH MORE!!
Proceeds from the event will be donated to our local women’s shelter and to provincial grassroots violence prevention programs for youth and children. The recipient of our efforts is Interval House in Toronto.
The National Garage Sale for Shelter is a fun community charity event that promises something for everyone!
Royal LePage strongly believes in the importance of giving back to our communities! We are proud of the fact that Royal LePage is the ONLY Canadian real estate company to have our own charitable Foundation. All of the administrative costs of the Foundation are generously underwritten by Royal LePage so that 100% of every dollar donated goes directly to helping the local women’s shelter.
Last year 88 offices across Canada raised over $120,000 from 200 sales. With your help we can shatter that record in 2010 !
Thank you for helping us restore hope to women and children in need in our community. Together we can make a difference.
See you Saturday. Fingers crossed for SUN!!!
Proceeds from the event will be donated to our local women’s shelter and to provincial grassroots violence prevention programs for youth and children. The recipient of our efforts is Interval House in Toronto.
The National Garage Sale for Shelter is a fun community charity event that promises something for everyone!
Royal LePage strongly believes in the importance of giving back to our communities! We are proud of the fact that Royal LePage is the ONLY Canadian real estate company to have our own charitable Foundation. All of the administrative costs of the Foundation are generously underwritten by Royal LePage so that 100% of every dollar donated goes directly to helping the local women’s shelter.
Last year 88 offices across Canada raised over $120,000 from 200 sales. With your help we can shatter that record in 2010 !
Thank you for helping us restore hope to women and children in need in our community. Together we can make a difference.
See you Saturday. Fingers crossed for SUN!!!
Tuesday, April 6, 2010
Important Information regarding Energy Retrofit Program
Effective March 31, 2010, the Government of Canada ecoENERGY Retrofit – Homes program is no longer accepting bookings for pre-retrofit evaluations. The program will continue to be administered until March 31, 2011. If you have already booked an appointment for a pre-retrofit evaluation, have completed an evaluation or applied for re-entry to the program, you remain eligible to apply for a grant.
Homeowners in Ontario may still qualify for grants of up to $5,000 for energy retrofits through the provincial program.
Homeowners in Ontario may still qualify for grants of up to $5,000 for energy retrofits through the provincial program.
Friday, March 12, 2010
Progress on the Eglinton Crosstown LRT
The TTC and the City of Toronto have completed the Environmental Project Report (EPR) for the Eglinton Crosstown LRT. The thirty-three kilometre LRT line will provide modern, accessible, and comfortable transit service along Eglinton Avenue from the Kennedy Subway Station in the east to Pearson International Airport in the west.
The Environmental Project Report for the Eglinton Crosstown LRT will be available on the project website http://www.toronto.ca/involved/projects/eglinton_crosstown_lrt/index.htm for a 30-day review period beginning March 12, 2010. Interested persons are encouraged to review the project documents and provide comments by April 11, 2010.
Eglinton Crosstown LRT, Transit City Department-TTC, (416) 392-6900, Eglintontransit@ttc.ca
The Environmental Project Report for the Eglinton Crosstown LRT will be available on the project website http://www.toronto.ca/involved/projects/eglinton_crosstown_lrt/index.htm for a 30-day review period beginning March 12, 2010. Interested persons are encouraged to review the project documents and provide comments by April 11, 2010.
Eglinton Crosstown LRT, Transit City Department-TTC, (416) 392-6900, Eglintontransit@ttc.ca
Tuesday, February 16, 2010
New Tighter Rules on Mortgage Qualification
February 16, 2010
The Canadian Press
OTTAWA—Finance Minister Jim Flaherty is tightening mortgage rules to crack down on speculators and discourage homeowners from taking on too much debt. He is responding to growing concerns that Canada’s housing market is overheating, although he stresses that there is no bubble in Canada’s real-estate market — yet.
“There’s no compelling evidence of a housing bubble, but we’re taking proactive, prudent, measured and cautious steps today to help prevent a housing bubble,” Flaherty said Tuesday. The finance minister says all borrowers will need to meet stiffer criteria to take out mortgages. In order to qualify for an insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage — up from the current standard of three years.
He’s also raising the down payment that borrowers must pay for speculative investments. If prospective home buyers want to purchase a property where they will not be living, they will have to come up with a 20 per cent down payment, Flaherty said. “We’re not aiming here at investment properties” such as rental units, he said. “What we’re getting at is the speculation in multiple-condo markets, in particular.”
And he’s imposing tighter restrictions on how much money people can borrow against their houses. Instead of being able to borrow 95 per cent of the value of their property, the limit will now be 90 per cent. “This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up,” Flaherty said. “We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than a vehicle for quick cash.”
The new rules are expected to come into force on April 19. Economists have advised the minister to be stricter on who can get new mortgages, but they’ve also warned the government not to put on the brakes too strongly, in order to preserve the fragile economic recovery. “These measures may have some stabilizing effect on the housing market,” Flaherty said. “Stability is a good thing for a consistent economic recovery.”
The Bank of Canada has been warning for months that homeowners should ensure they can absorb an increase in their floating-rate mortgages once rates start rising, likely as early as this summer.
The Canadian Press
OTTAWA—Finance Minister Jim Flaherty is tightening mortgage rules to crack down on speculators and discourage homeowners from taking on too much debt. He is responding to growing concerns that Canada’s housing market is overheating, although he stresses that there is no bubble in Canada’s real-estate market — yet.
“There’s no compelling evidence of a housing bubble, but we’re taking proactive, prudent, measured and cautious steps today to help prevent a housing bubble,” Flaherty said Tuesday. The finance minister says all borrowers will need to meet stiffer criteria to take out mortgages. In order to qualify for an insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage — up from the current standard of three years.
He’s also raising the down payment that borrowers must pay for speculative investments. If prospective home buyers want to purchase a property where they will not be living, they will have to come up with a 20 per cent down payment, Flaherty said. “We’re not aiming here at investment properties” such as rental units, he said. “What we’re getting at is the speculation in multiple-condo markets, in particular.”
And he’s imposing tighter restrictions on how much money people can borrow against their houses. Instead of being able to borrow 95 per cent of the value of their property, the limit will now be 90 per cent. “This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up,” Flaherty said. “We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than a vehicle for quick cash.”
The new rules are expected to come into force on April 19. Economists have advised the minister to be stricter on who can get new mortgages, but they’ve also warned the government not to put on the brakes too strongly, in order to preserve the fragile economic recovery. “These measures may have some stabilizing effect on the housing market,” Flaherty said. “Stability is a good thing for a consistent economic recovery.”
The Bank of Canada has been warning for months that homeowners should ensure they can absorb an increase in their floating-rate mortgages once rates start rising, likely as early as this summer.
CREA Housing Market Forecast to 2011
Below is the CREA housing market forecast into 2011, released on Feb. 8. It will be interesting to see if it is revised as a result of the new mortgage qualification rules introduced today.
OTTAWA – February 8, 2010 – The Canadian Real Estate Association has revised its forecast for home sales via the MLS® Systems of Canadian real estate boards in 2010, and extended the forecast to 2011.
With Canadian economic growth rebounding from the recession, the unusually severe decline in sales activity in early 2009 is not expected to recur in 2010. Annual activity in 2010 is forecast to be well above the previous year’s level as a result.
CREA forecasts national activity will reach 527,300 units in 2010, up 13.3 per cent from 2009. This would represent a new annual record, standing 1.2 per cent above the previous peak in 2007. Low interest rates are expected to boost housing demand in the first half of the year, resulting in strong annual sales growth in nearly all provinces in 2010, led by British Columbia and Ontario.
National home sales activity is expected to remain strong in the first half of 2010, fuelled by low interest rates and homebuyers motivated to avoid the HST before it comes into effect in Ontario and British Columbia. Over the second half of the year, national activity is expected to trend downward as the last of pent-up demand is exhausted, interest rates begin rising, and the HST comes into effect in Ontario and British Columbia.
Interest rate increases will contribute to weaker national sales activity in 2011. National home sales activity is forecast to decline 7.1 per cent to 490,100 units in 2011, putting it on par with annual levels reported in 2005 and 2006.
“Although interest rates are expected to rise, they will still be low enough to keep affordability within reach for many homebuyers requiring mortgage financing, and support overall housing demand,” said CREA President Dale Ripplinger.
The national average home price is forecast to climb 5.4 per cent in 2010, reaching a record $337,500, with average price gains forecast in all provinces. The national average price increase will continue to reflect upward skewing from the rebound in activity among Canada’s priciest markets, particularly in British Columbia and Ontario.
The national average price is forecast to ease by 1.5 per cent in 2011. Modest average price gains are forecast for all provinces except British Columbia and Ontario, whose share of national activity is expected to ease. The shift in the contribution made by provinces toward national activity will continue skewing the annual comparison in the national average price in 2011.
The price trend is similar but less dramatic for the weighted national average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national average price is forecast to climb 4.8 per cent in 2010, and remain stable in 2011.
“Improved financial market stability and recovering global economic growth mean that home sales activity in 2010 is unlikely to repeat the dive it experienced in late 2008 and early 2009,” said Chief Economist Gregory Klump.
“Fiscal restraint, a strong Canadian dollar and a subdued inflation outlook point to marginal interest rate increases over the next couple of years, especially if the U.S. economic recovery proves to be weak and protracted,” said Klump.
“The Bank of Canada will need time to gauge the effect of interest rate increases on Canadian economic growth,” Klump said. “It recognizes that consumer debt burdens are running high, so it will want to gauge the impact of interest rate hikes on domestic demand and overall economic growth. Changes in interest rates impact the economy with a lag, so the timing and magnitude of interest rate hikes will be tricky, given that the Bank expects the private sector to lead economic growth once temporary government stimulus spending expires,” he added.
“The decline and subsequent rebound in sales activity for homes in the upper price spectrum in some of Canada’s priciest markets skewed average prices upward in the second half of 2009 and into 2010. This segment of housing activity in Ontario and British Columbia is expected to ease beginning in the second half of 2010, causing average prices to moderate in those provinces,” said Klump.
“A downward trend in national sales activity combined with an increase in listings will result in a more balanced market. Although builders are understandably more upbeat than they were during the depth of the recession, speculative building will likely continue to be held in check. As a result, while the real estate market will become more balanced, Canada will continue to avoid the massive realignment in housing supply and demand experienced in the U.S.”
OTTAWA – February 8, 2010 – The Canadian Real Estate Association has revised its forecast for home sales via the MLS® Systems of Canadian real estate boards in 2010, and extended the forecast to 2011.
With Canadian economic growth rebounding from the recession, the unusually severe decline in sales activity in early 2009 is not expected to recur in 2010. Annual activity in 2010 is forecast to be well above the previous year’s level as a result.
CREA forecasts national activity will reach 527,300 units in 2010, up 13.3 per cent from 2009. This would represent a new annual record, standing 1.2 per cent above the previous peak in 2007. Low interest rates are expected to boost housing demand in the first half of the year, resulting in strong annual sales growth in nearly all provinces in 2010, led by British Columbia and Ontario.
National home sales activity is expected to remain strong in the first half of 2010, fuelled by low interest rates and homebuyers motivated to avoid the HST before it comes into effect in Ontario and British Columbia. Over the second half of the year, national activity is expected to trend downward as the last of pent-up demand is exhausted, interest rates begin rising, and the HST comes into effect in Ontario and British Columbia.
Interest rate increases will contribute to weaker national sales activity in 2011. National home sales activity is forecast to decline 7.1 per cent to 490,100 units in 2011, putting it on par with annual levels reported in 2005 and 2006.
“Although interest rates are expected to rise, they will still be low enough to keep affordability within reach for many homebuyers requiring mortgage financing, and support overall housing demand,” said CREA President Dale Ripplinger.
The national average home price is forecast to climb 5.4 per cent in 2010, reaching a record $337,500, with average price gains forecast in all provinces. The national average price increase will continue to reflect upward skewing from the rebound in activity among Canada’s priciest markets, particularly in British Columbia and Ontario.
The national average price is forecast to ease by 1.5 per cent in 2011. Modest average price gains are forecast for all provinces except British Columbia and Ontario, whose share of national activity is expected to ease. The shift in the contribution made by provinces toward national activity will continue skewing the annual comparison in the national average price in 2011.
The price trend is similar but less dramatic for the weighted national average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national average price is forecast to climb 4.8 per cent in 2010, and remain stable in 2011.
“Improved financial market stability and recovering global economic growth mean that home sales activity in 2010 is unlikely to repeat the dive it experienced in late 2008 and early 2009,” said Chief Economist Gregory Klump.
“Fiscal restraint, a strong Canadian dollar and a subdued inflation outlook point to marginal interest rate increases over the next couple of years, especially if the U.S. economic recovery proves to be weak and protracted,” said Klump.
“The Bank of Canada will need time to gauge the effect of interest rate increases on Canadian economic growth,” Klump said. “It recognizes that consumer debt burdens are running high, so it will want to gauge the impact of interest rate hikes on domestic demand and overall economic growth. Changes in interest rates impact the economy with a lag, so the timing and magnitude of interest rate hikes will be tricky, given that the Bank expects the private sector to lead economic growth once temporary government stimulus spending expires,” he added.
“The decline and subsequent rebound in sales activity for homes in the upper price spectrum in some of Canada’s priciest markets skewed average prices upward in the second half of 2009 and into 2010. This segment of housing activity in Ontario and British Columbia is expected to ease beginning in the second half of 2010, causing average prices to moderate in those provinces,” said Klump.
“A downward trend in national sales activity combined with an increase in listings will result in a more balanced market. Although builders are understandably more upbeat than they were during the depth of the recession, speculative building will likely continue to be held in check. As a result, while the real estate market will become more balanced, Canada will continue to avoid the massive realignment in housing supply and demand experienced in the U.S.”
Thursday, February 4, 2010
Sales Start Off Strong in 2010
Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
Tuesday, February 2, 2010
A Strong Q4 for the Toronto New Condo Market
In a news release, Urbanation, a leading condominium market research company, notes that the top developer in 2009 was Tridel, selling 1300+ units, followed by Plazacorp. The top selling site was Lanterra/Cadillac Fairview Ice Condominiums- Phase 2 (beside ACC- our office was involved in a few sale there).
There were 6295 new condo sales in Q4, up 36% over Q3. There were only 917 new units sold across the Toronto CMA in Q1. Total new condo sales for 2009 was 14,792, and increase of 2% over 2008.
According to the news release, over the past 10 years, the average per sq. foot has risen from $173 to $352. It is expected that 19,000 units will occupy in 2010, which should kick-start resale activity and ease some of the supply constraints that have led to record high prices in the resale market.
Also, in case you missed it, the various groundhogs saw their shadow today, meaning 6 more weeks of winter- good for the Olympics anyway! Go Canada Go
There were 6295 new condo sales in Q4, up 36% over Q3. There were only 917 new units sold across the Toronto CMA in Q1. Total new condo sales for 2009 was 14,792, and increase of 2% over 2008.
According to the news release, over the past 10 years, the average per sq. foot has risen from $173 to $352. It is expected that 19,000 units will occupy in 2010, which should kick-start resale activity and ease some of the supply constraints that have led to record high prices in the resale market.
Also, in case you missed it, the various groundhogs saw their shadow today, meaning 6 more weeks of winter- good for the Olympics anyway! Go Canada Go
Monday, January 11, 2010
Crowding and Poverty Rising in Thorncliffe
TORSTAR NEWS SERVICE: January 11, 2010
Severe overcrowding and poverty is heightening stress and ethnic tensions in Canada’s most populated immigrant neighbourhood, says a study of the Thorncliffe Park community released today.
The U of T study of changes in the Toronto neighbourhood between 2001 and 2006 found more than 30,000 residents — mostly newcomers — are crowded into 34 highrise and lowrise apartments in a 2.2-square-kilometre concrete jungle behind Don Mills Road and Don Valley Parkway. Front-line workers are worried the population is outpacing programs and services, hindering their ability to quickly integrate.
“Thorncliffe Park will continue to attract high volumes of newcomers, relative to most neighbourhoods across Greater Toronto. Settlement services, therefore, should remain a high priority,” says the report. “If population and household numbers continue to climb at the same rates, overcrowding and other issues will present increasingly greater challenges.”
The study found each household has an average 1.4 bedrooms compared to 2.7 across the city, but twice as many sleeping in a bedroom as in an average Toronto home. Half of residents live below Statistics Canada’s low-income cut-off, three times the rate for Toronto.
Severe overcrowding and poverty is heightening stress and ethnic tensions in Canada’s most populated immigrant neighbourhood, says a study of the Thorncliffe Park community released today.
The U of T study of changes in the Toronto neighbourhood between 2001 and 2006 found more than 30,000 residents — mostly newcomers — are crowded into 34 highrise and lowrise apartments in a 2.2-square-kilometre concrete jungle behind Don Mills Road and Don Valley Parkway. Front-line workers are worried the population is outpacing programs and services, hindering their ability to quickly integrate.
“Thorncliffe Park will continue to attract high volumes of newcomers, relative to most neighbourhoods across Greater Toronto. Settlement services, therefore, should remain a high priority,” says the report. “If population and household numbers continue to climb at the same rates, overcrowding and other issues will present increasingly greater challenges.”
The study found each household has an average 1.4 bedrooms compared to 2.7 across the city, but twice as many sleeping in a bedroom as in an average Toronto home. Half of residents live below Statistics Canada’s low-income cut-off, three times the rate for Toronto.
Wednesday, January 6, 2010
2009 A Good Year for Toronto Real Estate
Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.
“After a slow start to the year, existing home sales rebounded during the second half of 2009,”
said TREB President Tom Lebour. “As consumer confidence improved, many households
moved to take advantage of affordable home ownership opportunities in the GTA. The strong
residential real estate sector was a key contributor to overall economic recovery in Canada.”
The average home price in 2009 climbed four per cent to $395,460. The average price for
December transactions was $411,931.
“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”
“After a slow start to the year, existing home sales rebounded during the second half of 2009,”
said TREB President Tom Lebour. “As consumer confidence improved, many households
moved to take advantage of affordable home ownership opportunities in the GTA. The strong
residential real estate sector was a key contributor to overall economic recovery in Canada.”
The average home price in 2009 climbed four per cent to $395,460. The average price for
December transactions was $411,931.
“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”
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