New Mortgage Conditions

OTTAWA — Finance Minister Jim Flaherty unveiled changes Monday morning to mortgage lending rules that would see Ottawa stop backing home loans greater than 30 years and make it more difficult for households to use their property to access financing. The changes, as reported by the National Post on Sunday, emerged as worries escalate among Bay Street leaders and the Bank of Canada about the record levels of household indebtedness, and how conditions could deteriorate unless pre-emptive action was taken.

The key change announced is that mortgages with amortization periods longer than 30 years will no longer qualify for government-backed mortgage insurance, which is required for buyers with less than a 20% down payment on a home. The previous limit was 35 years.

Also, Mr. Flaherty lowered the maximum amount Canadians can borrow against the value of their homes, to 85% from 90%, on a refinancing; and removed federal government backing for home equity lines of credit, or so-called HELOCs, whose popularity soared in the past decade with growth double that of mortgage debt.

"Canada's well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries," Mr. Flaherty said at a media conference. "The prudent measures announced [Monday] build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future."

Executives at Bank of Montreal applauded the government's move.

“The actions announced are prudent, measured, responsible and timely,” said Frank Techar, president of personal and commercial banking at Bank of Montreal.

The changes will be implemented in stages, with adjustments on amortization and refinancing limits coming into force on March 18. Government backing on HELOCs will be removed as of April 18.

The government said exceptions would be allowed after the new measures come into force when needed to satisfy a home purchase or sale and financing agreement struck before the March and April in-force dates.

The minimum down payment, at 5%, will remain as is. Further, there are no plans to target condominium purchases by requiring monthly condo fees be added to the list of expenses that is measured against income to decide whether a buyer can afford a mortgage.

Analysts at Scotia Capital said in a morning note the changes had been anticipated for some time. “We remain of our long-held belief that Canada is tapped out on housing and household finance variables that are all at cycle tops, in contrast to the U.S. that has already moved well off cycle tops and may be creating some pent-up demand,” said economists Derek Holt and Gorica Djeric.

The changes to the country’s mortgage rules -- the second in as many years -- emerge amid rising concern about the record levels of household debt, which measured as a ratio of money owed to disposable income nears a startling 150% as of the third quarter of last year. That surpasses the level of debt held by American households, whose appetite for borrowing helped stoke the financial crisis of a few years ago.

The Bank of Canada recently warned debt levels are growing faster than income, and the risk posed by consumer indebtedness to the domestic economy would continue to escalate without a “significant change” in how consumers borrow and banks lend.

Bank of Canada governor Mark Carney said policymakers have a “responsibility” to look at the benefits of pre-emptive action. Joining the chorus have been chief executives at the big banks, most notably Ed Clark at Toronto-Dominion Bank, in publicly advocating for tougher mortgage standards.

Last Friday, Prime Minister Stephen Harper acknowledged his government was considering changes to the rules governing mortgages.

In February of 2010, Mr. Flaherty moved to toughen up the mortgage rules amid worries that Canada was in the midst of a housing market bubble. The reforms, since introduced, compelled borrowers to meet standards for a five-year fixed-rate mortgage, even if the buyer wanted a shorter-term, variable rate loan; reduced the amount Canadian can borrow against their home, to 90% of the property value from 95%; and require purchasers of rental properties to issue a 20% down payment as opposed to 5%. The moves played a role, observers say, in slowing down real estate activity.

The Scotia Capital analysts suggested government regulation was the way to go in terms of curbing household appetite for credit as opposed to the Bank of Canada raising interest rates, which they said would be “imprudent” at this time.

The central bank issues its latest rate statement on Tuesday and it is expected to hold its benchmark rate at its present 1% level as signs indicate the economy may be benefiting from renewed business and consumer confidence in the United States.

Stewart Hall, economist at HSBC Securities Canada, said the extraordinarily low-rate environment “provides all the incentive to consumers to borrow and spend and none of the incentive to save. You can try to [regulate] that away but that is apt to be fraught with significant frustration.”

Flaherty tightens mortgage rules

Paul Vieira, Financial Post · Monday, Jan. 17, 2011

 

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Third best year for existing home sales.

Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009. “Market conditions were anything but uniform in 2010. We went from super- charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.

“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent. “At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009, said Jason Mercer, Trebs senior manager of market analysis.

"Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation continued mercer. "Expect the average selling price to grow at a below five percent per in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.

Median Prices: In december, the median price was $355,000, from the #349,000 recorded during december 2009.

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Real estate ends 2010 on a high. While only good things predicted for 2011

Thanks to low interest rates, and the knowledge that they can’t stay there forever, 2010 ended well for Canadian Real Estate, and more of the same is expected for 2011, according to the Royal LePage House Price Survey and Market Survey Forecast released today. "Trends in the housing market continue to be driven by the lingering after-effects of the recession," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs."

Soper believes that this is the main impetus pushing people towards purchase sooner, rather than later. “There is anticipation that money is going to become more expensive.”

“Our outlook is skewed now to the positive, and we expect the momentum that the industry carried through 2010 to carry on through 2011. Unit volumes were forecast originally to be very negative for 2011 as recently as October, but in November things began to change.” With a boost to close out the year in Q4, average home prices nationally, rose between 3.9 and 4.6 % year-to –year, shedding memories of an unimpressive Q3- and were able to return to healthy growth.

Similarly, home values expected to carry on climbing steadily across the country through 2011, with most of the sales activity to take place in the first half of the year. Soper says, “Typically, in a northern climate, a strong spring will carry the year.” The introduction of the HST can also take credit for a spike in activity in the early part of 2010.

“2011 is expected to unfold much like 2010, when close to 60 per cent of sales volume occurred in the first half of the year in anticipation of interest rate increases that never materialized. However, housing market activity in the first half of 2011 will be modestly closer to the norm, as last year's phenomenon was exacerbated by mid-year tightening of mortgage accessibility and the introduction of HST in Ontario and British Columbia."

The front runners for growth are most likely situated in Alberta- where some of the only price decreases were seen in 2010. Calgary, in particular, suffered after a sharp correction after years of huge gains, and after sinking oil and gas prices, the regionally heavy sector is expected to start hiring again—which will certainly contributed to the economic health of the city.

Nationally, the average home price is expected to rise 3 % throughout 2011 to $348,600; the actual number of transactions is expected to slide 2%.

In Q4, most of the country saw either increases or stability in price. In terms of cities specifically, Winnipeg, Ottawa, Montreal and St. John's topped the list for the most significant increases. Nationally, the price of detached bungalows went up 4.6%; prices for two –storey homes went up 4.4%; prices for condominiums went up 3.9%.

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Scotiabank Year-end Review and Outlook for Global Real Estate

According to a recently released Global Real Estate Trends report from Scotia Economics, low interest rates and slowly improving economic conditions contributed to a slight global residential property market recovery. From the 12 advanced nations polled, the estimated average inflation-adjusted home prices rose this year in six (Australia, Canada, France, Sweden, Switzerland and the U.K.), were stable in two (Germany and the United States) and dropped in four (Ireland, Italy, Japan and Spain). This is compared with 2009, when eight of the 12 markets suffered price declines.

The rebound lost some steam in the latter half of the year, mirroring the general loss of momentum in global growth, though regional performances remain highly varied," said Adrienne Warren, Senior Economist, Scotia Economics. "Despite still attractive borrowing costs, the expiry of purchase incentives in many markets, the relatively slow pace of job creation and mounting concerns over the financial strains facing debt-heavy developed nations are weighing on confidence. These factors will likely keep many prospective buyers on the sidelines in 2011." Leading the pack for 2010 is the Australian housing market. This is attributed to things like low unemployment; similarly, lower housing supply is driving prices up. Other factors like consecutive interest rate increases by the Reserve Bank of Australia, and the end of enhanced First Home Owners Grant in January 2010, have brought some stability to a hot market. Average inflation-adjusted home prices in the third quarter of 2010 were up 9.4 % year over year compared with a 15.9 % increase in Q1. "We anticipate a further slowing in sales and price appreciation in 2011," added Ms. Warren. "While Australia's close trade ties with Asia and resource wealth will continue to underpin a solid pace of domestic activity, higher interest rates will worsen already strained affordability. The RBA has recently taken pause, but we expect the resumption of a gradual policy tightening path in 2011, with short-term rates raising an additional 75 basis points by year-end." Back at home in Canada, markets performed well, but were volatile. Contributing factors include an extraordinarily active winter and spring, anticipation of a hike in interest rates only partially materialized, and BC and Ontario’s introduction of the HST- all made the summer markets weaker than usual. Things rebounded in the fall, to bring back stability to the markets. "We are neither overtly optimistic nor pessimistic regarding the outlook for 2011," stated Ms. Warren. "On the one hand, we expect interest rates to remain at historically low levels, with the Bank of Canada deferring any further rate hikes to late 2011 given an uncertain global economic outlook and subdued inflation, and longer-term borrowing costs drifting up only modestly. This is an extremely powerful inducement for both first-time and move-up buyers and should maintain a decent level of sales.”

There is expectation that demand will be affected by moderate employment and income growth .Public sector hiring was responsible for a third of the net new jobs created in Canada over the past year, - which is likely a one-time thing.

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7 things to know about buying a condo

Taken from today's Toronto Star. A condominium is like a small town. It has a board of directors made up of its residents much like a local council, it has rules, restrictions, bylaws and even fines for misbehavior. The condo across the street that looks the same, but it may be a completely different community.

That’s why it pays to keeping a handful of things to keep in mind when it comes to finding the right unit for you.

1. The 3P’s – Pets, People and Parking

Many condos prohibit or restrict pets from dogs and cats, to goldfish and snakes. There may also be rules restricting the number of people that can occupy a unit, whether you can barbecue on the balcony or put a satellite dish on the outside wall. Other restrictions include the time of day when you can play musical instruments, use the pool or the party room.

There may be further restrictions about renting your unit. Your parking spot may be owned by you or owned by the condominium, and this will affect whether you can sell your parking space or be able to buy one from another unit for a second car.

2. Reserve Fund

How much money is in the reserve fund and how much is needed? The board must make sure that the common condo elements, including the lobby, hallways, elevators, furnace, roof and parking garage are always maintained and repaired. This means conducting reserve fund studies. Ontario’s Harmonized Sales Tax (HST) will add approximately 4 per cent to a condo’s annual expenses because items such as utilities, security, landscaping and snow removal are now being taxed. So common condo expenses will rise going forward. If the condo’s reserve fund isn’t topped up it could lead to costly special assessments in the future. If there is no reserve fund study done, be very wary of buying.

3. Professional management

Most condo directors do not have the business, legal or people skills required to manage their building. They are responsible for a budget that could be in the millions and must also deal with disputes between owners and the condo corporation. They also require a working understanding of the Provincial Condominium legislation that governs their condo. Even a relatively simple decision such as when to turn on the air conditioning requires someone who understands how the system works, as the decision will affect unit owners in different ways, depending on whether they are on the sunny or shady side of the building.

That’s why a property manager helps. This person can offer advice and help solve problems among unit owners.

4. Insurance deductible

If your building insurance policy contains a $5,000 or $10,000 deductible, then be sure to speak to an insurance specialist about obtaining your own unit coverage to protect your contents and any improvements that you make to your unit.

5. Were alterations legal?

If any alterations were made – check to make sure that any necessary approval was obtained by the condo board, so you do not have to go through the cost of getting approved – which could require further inspection and certification by plumbers, architects or engineers.

6. Do the owners get along?

Knock on some doors before you buy and ask people about the building. Also have a look at the minutes of the last annual meeting. Was it orderly or were many items disputed. You can tell a lot about whether owners get along as a group by what takes place at the annual meeting. Be suspicious if there has not been a meeting in over a year.

7. Status Certificate

The status certificate issued by each condo should provide an up to date copy of all important condominium documents, the budget, the last annual meeting, whether there are arrears of common expenses, any special assessments being considered and whether or not there has been a Reserve Fund Study. Your purchase agreement must be conditional on your being satisfied with the contents of this important document. Review this carefully with your real estate salesperson and your lawyer.

Before deciding on which condominium town you would like to live in, ask the right questions in advance and you won’t be hit with unwelcome surprises after you move in.

Tip Box – 7 Steps

Check out all condominium restrictions – People, Pets and Parking

Is the building professionally managed – if not – be careful

Is there a reserve fund study? – if not – be very careful

Is there an insurance deductible? – if so, you need to obtain your own personal policy

Have any alterations to the unit been properly approved?

Do the owners get along? – speak to people in the building and ask for minutes of the last annual meeting

Make any deal conditional on being satisfied with the Status Certificate

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Condo sales surge in Ontario cities.

More the same point of my previous article, here is a further elaboration of how the current condo market is behaving. Condo sales are booming in major Ontario cities and increasing in seven of eight regional markets in the province, Re/Max Ontario-Atlantic Canada said Monday.

Ottawa saw an 11.9 per cent rise in condomium sales during the first nine months of 2010 compared with 2009, while sales in the Greater Toronto Area were up 10.4 per cent.

The only market surveyed with a drop was Thunder Bay, where condo purchases declined four per cent, according to the real estate sales company's tally.

Condos now represent one in every three homes sold in the GTA, and nearly one in four in Ottawa and Hamilton-Burlington, Re/Max reported.

Affordability is the main reason, said Michael Polzler, the company's executive vice-president. With house prices rising, condos and townhouses have become the first step in home ownership.

There's also a lifestyle element, he said: "Dreams of the small home with a white picket fence are being replaced by the funky loft apartment."

Luxury sales swell

While affordability drives many condominium purchases, luxury condos are also selling strongly in the Toronto area and Ottawa. Sales of Toronto condos priced over $1 million are up 49 per cent year-over-year, and Ottawa sales of condos priced over $450,000 have jumped 72 per cent.

Investors are also contributing to the sales increase. Some are trying to cash in on student housing by buying lower-priced condos in centres with colleges and universities, like London, Kitchener-Waterloo and Barrie, Re/Max said.

Meanwhile, the "vast majority" of units sold in Toronto's downtown core were bought by Asian and Middle Eastern investors who plan to hold the condos for the long term.

Re/Max also reported sales in Halifax-Dartmouth, where January-September volume slipped 2.9 per cent from a year earlier.

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Canadian Condo Market Poised for Growth.

Flagged as a viable option for first-time home buyers, wary of the rising price of a single-family home and a solution for retirees alike, the condo market is poised for growth. Condominiums offer a passage to home ownership for those who are interested in the prospects of ownership but are restrained by high property prices, or for those whose lifestyles do not allow for the maintenance- financial and physical- of single-family home ownership Some Canadian markets have seen a surge in the condo market, indentifying lifestyle, investment opportunity, urban renewal, and attractive pricing as the driving force behind it.

Condo markets are also being touted as a solution to urban sprawl and are also being sold across a variety of demographics, on opposing ends of the buying spectrum, as offering a similar solution to varying needs, including downsizing empty nesters, those looking for a retirement property and nervous first –time property owners.

Condo ownership in urban developments is also being cleverly marketed as a lifestyle choice; appealing as an essential part of a funky, hip urban lifestyle- as a convenient location to place roots down near hip restaurants and shops.

Recognizing the shift in demographic want, urban development companies have shifted their marketing focus. Says Michael Polzler, executive vice-president for Re/Max's Ontario-Atlantic Canada operations, "The (condo) lifestyle has also gained a foothold with younger, hipper audiences, as the definition of home ownership evolves with the changing demographic". Polzler adds "dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment”.

Condo Sales are up across the country, with Ottawa seeing sales up 11.9% and the GTA seeing a rise of 10.4% year-to-date, as of September.

Condos are also a very attractive investment option, because of the rental opportunities they offer. With the anticipated growth in the condo market in the coming years, based on need and demographic requirements, investors make up a significant number of condo purchaser and these investors are not limited to Canadians. The investment market is attractive to those overseas, with long term investors from Asia and the Middle East holding the bulk of the investment properties.   The intention is that they will hold these properties until prices are driven up by this hot condo market, until they are able to sell for the price they want.

________

All of this information of course goes double for the Toronto condomarket. As in Toronto, we're seen as the economic, cultural and from time to time political hub for all of Canada. For more information on Condos in Toronto.

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Majority (56%) of Ontarians Believe Harmonized Sales Tax Applies to Resale Home.

The introduction of the Harmonized Sales Tax in both Ontario and British Columbia on July 1st 2010 has been widely cited by real estate professionals and analysts as one of the major factors affecting a slowdown in housing sales. This theory seems to be supported by a recent survey commissioned by the Ontario Real Estate Association (OREA) and conducted by Ipsos Reid, which shows that 56% of people in Ontario believe that the new HST applies to the cost of resale homes.

With the average resale home price sitting at $333,000 in Ontario, this means that many would expect to pay an additional $40,000 in sales tax if they bought a home at that value. The reality is that there is no HST collected on the full purchase price of a resale home. In fact the HST is only levied on the various transaction fees associated with the purchase of a home that has been previously occupied (i.e. not a newly-built home).

“Clearly, Ontarians still don’t know what the HST covers and what is exempt,” said OREA president Dorothy Mason. “This is not helping the housing market, and it’s not helping the Ontario economy. This confusion means that many buyers think the cost of a resale home is tens of thousands of dollars higher than it actually is.”

She added: “We’re doing our part to inform our clients, but we shouldn’t have to do it alone. We’re calling on the Ontario government to launch an immediate public awareness campaign to educate taxpayers and end the HST confusion. For average homebuyers, learning that the HST does not apply to the full purchase price means a $40,000 saving they weren’t expecting.”

Although there have been signs of improvements in the Canadian housing market recently, with the Canadian Real Estate Association reporting sales gains in both September and August, Real estate agents in Ontario are concerned that their business is being damaged by the  fear their business is being hurt largely by the mistaken belief that the HST applies to previously owned homes.

As this is a very important issue affecting the people of Ontario, I'd like to know how the HST has affected you since it's implementation.

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September market watch. (National Numbers)

TORONTO Oct 15 (Reuters) - Sales of existing homes in Canada rose in September from August, edging up for a second straight month, the Canadian Real Estate Association said on Friday. The industry group said a total of 33,913 homes changed hands in September, up 3 percent from August, and the highest level since May. Compared with a year earlier, however, sales were down 20.1 percent.

Seasonally adjusted sales were higher in two-thirds of the markets tracked by the association, led by Winnipeg, Calgary, and Montreal.

Analysts say the Canadian housing market is stabilizing as it cools off after helping to drive the economy out of recession last year and early this year.

Most big Canadian banks lowered their five-year fixed rate mortgages this week by 0.10 percent to 5.29 percent, a move that may continue to attract homebuyers.

"This, together with recent developments in existing home sales activity, signal the likelihood that we are closer to a balanced market position than previously envisaged," said TD Bank economist Shahrzad Mobasher Fard. "Some firming up in existing home sales and prices may consequently be in sight."

Risks include a slowing economy and rising household indebtedness, the economist noted.

The national average price dipped 0.2 percent in August from a year earlier to C$331,089 from C$331,683. It was the second straight month that prices were about even with levels in 2009.

The number of new listings rose 0.7 percent from the previous month, and remain 15 percent below the peak reached in April.

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Breaking it down with Fabulous Facades.

Whether low to the ground or soaring into the sky, whether made of shiny glass or exquisite stone, there is no doubt Toronto’s newest crop of condo buildings is architecturally intriguing. Developers, architects and landscape professionals are creating distinctive, eye-catching spaces that will not only captivate discerning buyers but also tempt curious passersby. “[Developers] continue to look for something that makes their landmark the landmark,” says Mark Cohen, senior vice-president and founding partner of The Condo Store Marketing System. “Others are looking for something that makes their heritage preservation and existing façade integrate into a neighbourhood with new construction on top [in order] to balance history and the future.”

Mr. Cohen says the look of a building is a key factor in condo sales, with the scale model always the focal point of any sales office. Unlike yesteryear’s predictable towers, he says today’s buildings boast waves, curves, offset balconies and floors, a mix of interesting materials and heritage elements that all add to the allure.

“People associate with what buildings look like — whether they’re provocative, different, sexy or integrate into an existing area,” he says. “Appropriateness matters. Style matters.”

Here, then, is a roundup of upcoming addresses that are turning heads:

Five

Gary Switzer thinks the Yonge and Wellesley neighbourhood “needs a little love,” which is why he is constructing a glass tower and preserving five heritage buildings to perk it up.

Called Five (naturally), the upcoming residential project features a 40-storey modern glass tower atop a five-storey podium that was once a 1905 Gothic Revival warehouse. ERA Architects is restoring the warehouse façade that will become the condo’s entry, as well as five heritage buildings fronting on Yonge Street that will become new retail hotspots. The brick façade on adjacent St. Nicholas Street will be rebuilt “but will have the spirit of Victorian-Edwardian architecture,” says Mr. Switzer, with quaint shops and cobblestoned roads. Rising above the façade on St. Joseph Street will be the podium housing heritage lofts, a rooftop garden with 13,000 sq. ft. of outdoor amenities, and 10,000 sq. ft. of indoor amenities.

From there rises a slender point tower encased with fritted glass and undulating balconies for a shimmery and wavy feel. According to David Pontarini of Hariri Pontarini Architects, the shaped and sculpted line created by the front of the balconies is a first for Toronto.

“People walking along Yonge Street will notice that the heritage buildings have been preserved and cleaned up, and if they turn on St. Joseph Street, they will see elements of the new link building,” he says. “They will also see the preservation of the 5 St. Joseph building façade. Looking up, they will see the line of the sculpted balconies against the straight, clean surface of the main tower. Turning onto the laneway, they will see a new reconstructed brick façade that matches the scale of the original façade, but incorporates new residential units within the base of the building.”

Mr. Switzer says Toronto has led the way in melding old and new. One example is City Hall, which he says was built to draw attention to Old City Hall across the street. Five St. Joseph is following suit.

“We’re not trying to replicate [the past] by doing a Disneyland pastiche,” says Mr. Switzer of melding old with new. “Architects like Hariri Pontarini specialize in combining historic with something that’s very contemporary. You try to set them off, one to the other, so that the old looks better and the new looks better by having that contrast. You end up contrasting material like the old brick, the old stone with fritted glass and stainless steel.”

Pears on the Avenue

A smidge north of Yorkville — near the corner dubbed “Av and Dav” — Pears on the Avenue will feature an 18-storey, 130-unit sleek glass tower atop a three-storey glass-and-stone podium. The idea, says Mimi Ng of Menkes Developments, was to create a “design-savvy building” that will not only offer something exciting to buyers but will add “a new dimension” to the neighbourhood.

The highlight, from a design standpoint, is a white steel frame on the north, east and south sides intended to make the building look taller and extend the feeling of spaciousness in the suites. The frame continues along the balcony loggias for a sense of enclosure while still allowing dwellers to enjoy the city view.

“The metal frame is a signature architectural element which enhances the verticality of the principal façades, adding visual interest, scale and articulation to what would otherwise have been an undifferentiated glass façade,” says Mansoor Kazerouni, executive vice-president of Page+Steele/IBI Group Architects.

He says that the “deliberately clean, modernist silhouette” is both timeless and elegant, rather than trendy or gimmicky.

“[This project] is distinctive in the sense that it does not subscribe to any current architectural trend, which prevents it from being dated and allows it to age gracefully,” he explains.

Garrison at the Yards

When Vancouver-based developer Onni Group of Companies snatched up a parcel of property at Fort York Boulevard and Bathurst Street, the most important design element became appeasing the neighbours. That is because Fort York, an historic site museum and home to Canada’s largest collection of original War of 1812 buildings, is situated right next door.

“The Fort’s success lies in its architecture’s direct expressiveness, the somewhat random placement of its buildings, and its sense of maintaining an edge against the advancing city,” says Rudy Wallman of Wallman Architects. “All of these characteristics must be reflected in the new building if it is to become a worthy neighbour to the Fort and make evident the Fort’s significance to passersby. At the same time, the new building must express the aspirations of its occupants, many of whom are attracted to the building because of its location and unique views over the expanse of the Fort.”

Since city guidelines insisted construction cannot cast shadows on the fort, Garrison at the Yards will be a midrise. The eight-storey podium, which Onni spokesperson Sue Young describes as “shaped like a boomerang,” will feature a pattern of vertical panels of red brick that pick up on Fort York’s heritage elements. The randomly spaced panels flank the balconies and create a rustic effect against the four floors of glass above. The retail space at grade will have a glass curtain wall with recessed entrances, which Mr. Wallman says will provide visual breaks in an otherwise continuous expanse of glass.

With the Gardiner Expressway close by, the south wall was given special treatment. Prefinished aluminum panels will create a two-tone colour pattern reflecting the random brick piers on the east and north façades and will also capture a sense of the movement inherent in the passing vehicular traffic. Says Mr. Wallman: “The pattern is arranged in a Morse code message that welcomes passersby to the Fort York neighbourhood.”

Garrison at the Yards is the first building in Onni’s master-planned community called The Yards that will add 1,100 residences to the Fort York neighbourhood.

Chaz on Charles

Just south of the busy Bloor and Yonge intersection, the folks behind Chaz on Charles are touting a 39-floor, 420-suite glass tower that will sit atop a five-storey limestone podium.

Longtime developer Jason Fane bought the property in the 1990s and waited for the right opportunity to go after his dream of building towers in Toronto and New York. After a chance meeting with a city councillor several years ago at a Toronto International Film Festival gala, Mr. Fane learned the city was encouraging increased density near subway stations and he knew the time was right. The only question was what look to go after.

“There are a large number of buildings [in Toronto] that, however well they are executed, are just glass shoeboxes turned on end,” Mr. Fane says. “This was a great architectural innovation but it goes back almost 60 years now. We decided to take a different approach and have a more interesting shape.”

Chaz on Charles eschews the traditional rectangular. Rather, Mr. Fane calls it a “complicated” shape that involves 45-degree angles, eight corners, and columns exposed over five floors at different heights. The intriguing design means two-thirds of the units are corner units — or eight per floor. Crowning off the building will be the Chaz Club, a two-storey party zone encased in floor-to-ceiling windows for a spectacular downtown view.

At pedestrian level, the tower will be set back from the sidewalk to encourage a feeling of distance between Chaz and the buildings on the other side of the street. The sidewalk will be widened and flower-filled, making the frontage “feel like a great boulevard,” Mr. Fane says. The top of the five-storey podium will be at the same height as the building next door, “allowing for a five-storey street wall.” A number of three-bedroom condos will be situated in the podium.

For the moment, Mr. Fane is content to continue dreaming about his Manhattan high-rise while he puts his energies into Chaz on Charles.

“People here have difficulty imagining just how bad things are in a lot of other places like Las Vegas, Miami, Greece and Spain,” he says. “Toronto is a happy city. By comparison to just about any place in the world, this is the place to be.”

Taken from the National Post

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Buttonville Airport Update.

Toronto Buttonville Municipal Airport flights will cease as soon as 2015 for major redevelopment of the property, the head of its operating firm predicted Wednesday. Armadale Co. Limited, which owns 75% of the 170-acre Markham site, and Cadillac Fairview Corporation Limited, which has 25%, this week announced a large business park will replace the airport.

“We’ll essentially be building a new town,” including condos, hotels, shops and restaurants, Toronto Airways Ltd. president Derek Sifton said.

Operated by Toronto Airways, an Armadale subsidiary, the federally-regulated Buttonville is privately-owned.

The announcement consists of a venture few people took seriously when the company announced the airport’s fate last year, Sifton said.

As for operations, including daily flights, a pilot training school, plus aircraft sales and maintenance, he said “we’ll look at a new location.”

His first choice for a future home for the 350 aircraft and up to 30 firms is Pickering.

The federal government acquired 18,000 acres there in the 1970s in a controversial, aborted bid to develop a major commercial airport.

Some of that land became greenbelt, Sifton said, adding “we’ll need to negotiate” for sufficient land. “We have a few options.”

The airport expanded from an isolated grass strip field with a single hangar in 1953 into a 170,000-flights-per-year commercial and private plane facility surrounded by homes, malls and highways. The majority of planes are privately-owned single-engine aircraft, with two owners operating 15-seat passenger jets.

Yorkregion.com reported the site’s value at $150 million.

Sifton would only say “we just can’t afford to be sitting on such a valuable property.”

With rezoning plus extensive design work required — all taking several years — until then, “it will be business as usual. We’re not looking to do another strip mall.”

The airport’s closing will “not be today or tomorrow,” Sifton said. “We envision development sometime within five years.”

Cadillac Fairview executive vice-president John Sullivan called the project “a world-class development.”

In a statement, he said the property’s scale and location east of Hwy. 404 on 16th Ave., plus the move to mixed-use and higher density, should “attract significant employment uses ... through the creation of a vibrant 24 hour mixed-use community.”

Redevelopment, expected to generate 20,000 jobs, was announced last fall after the Greater Toronto Airports Authority cancelled a $1.6-million annual financing agreement.

Toronto-based Cadillac Fairview is one of North America’s top investors, owners and managers of commercial real estate, including shopping centres.

Toronto Condos

Toronto Real Estate

Waterfront Living has an Almost Magical Appeal

I’ve always said that Toronto is one of the most beautiful and cosmopolitan cities in the world, and one of Toronto’s best features is a gorgeous waterfront. Condominium shoppers who love the year-round feeling of peace and contentment that comes along with living on Lake Ontario have some lovely buildings to choose from, but will want to act soon. There are few properties left along the shoreline, so the opportunity to own a new condo suite there will soon be a thing of the past.

Waterfront living has an almost magical appeal. Just looking out at a massive expanse of water is relaxing and fascinating in all kinds of weather. Waves lapping onto the shore, sun-drenched vistas of sailboats, breathtaking sunsets over the horizon — the views are incredible. Even in the winter, there are birds skipping along the ice, and at night the city lights reflected in the water are absolutely breathtaking.

Today’s lakeside condominiums are built to make the most of their exceptional location, with massive windows and generous balconies and terraces providing interaction with the outdoors.

And even if your condominium suite faces north, you still have wonderful views peppered with lush greenery. Our Toronto skyline is phenomenal, and you have the lakeside lifestyle at your doorstep. Remember, too, that you don’t have to add blinds or drapes to any of your windows facing the water!

There are investment reasons why a lakeside condo is a smart move as well. Waterfront properties along the shoreline in any city around the world command excellent resale value.

And our Toronto waterfront is a particularly vibrant one, which is perfect for active residents of any age. We have the 22-km Martin Goodman Trail for walking, jogging, bicycling and inline skating with lovely parkland along the way.

There are also marinas, yacht clubs, and an assortment of parks that offer both passive and active recreational opportunities. And speaking of active, sports-lovers appreciate the fact that many new condominiums in downtown Toronto are located within walking distance to Air Canada Centre and Rogers Centre. It’s the best of all possible worlds.

You can purchase with confidence nowadays, too, as construction techniques such as advanced methods for shoring ensure that condominiums situated close to the lake are solid and secure.

And whatever the economy, waterfront condos command a premium. It’s not just downtown Toronto. Over the past few years, Humber Bay Shores in Etobicoke has been undergoing redevelopment. The gorgeous Humber Bay Park is one of the additions, along with enhanced wetlands, scenic trails and more.

Soon, Graywood Developments Ltd. and Beaverhall Homes will introduce a brand new condominium, Ocean Club, to this hot lakeside locale. This fantastic condo will feature a trendy bistro at the base of the building, which is something new in these surroundings.

What’s fascinating is that lakeside condos appeal to a cross-section of buyers of all ages. Most everyone today needs a respite from hectic work lives, and living on the water is perfect.

Coming home to such a calming setting adds to quality of life — and without having to drive for hours to get to a cottage. When you add in the fabulous array of amenities included in most of today’s new condominiums, it really is resort living all year long.

Add to that the easy access to world-class entertainment venues, shopping, cultural institutions and other spectacular amenities, and the combination is irresistible. And when you look at Canada as a whole, Toronto is one of the few cities with waterfront that has residential development at all.

Lake Ontario is beckoning with tempting views, water sports and a shoreline that is alive with activity and excitement. Right here at home, you can own a piece of paradise on a waterfront that holds its own on the world stage — if you act before the opportunities come to an end.

Click here for more information on Toronto Condos

Toronto Condos

Toronto Real Estate

Waterfront Living has an Almost Magical Appeal

I’ve always said that Toronto is one of the most beautiful and cosmopolitan cities in the world, and one of Toronto’s best features is a gorgeous waterfront. Condominium shoppers who love the year-round feeling of peace and contentment that comes along with living on Lake Ontario have some lovely buildings to choose from, but will want to act soon. There are few properties left along the shoreline, so the opportunity to own a new condo suite there will soon be a thing of the past.

Waterfront living has an almost magical appeal. Just looking out at a massive expanse of water is relaxing and fascinating in all kinds of weather. Waves lapping onto the shore, sun-drenched vistas of sailboats, breathtaking sunsets over the horizon — the views are incredible. Even in the winter, there are birds skipping along the ice, and at night the city lights reflected in the water are absolutely breathtaking.

Today’s lakeside condominiums are built to make the most of their exceptional location, with massive windows and generous balconies and terraces providing interaction with the outdoors.

And even if your condominium suite faces north, you still have wonderful views peppered with lush greenery. Our Toronto skyline is phenomenal, and you have the lakeside lifestyle at your doorstep. Remember, too, that you don’t have to add blinds or drapes to any of your windows facing the water!

There are investment reasons why a lakeside condo is a smart move as well. Waterfront properties along the shoreline in any city around the world command excellent resale value.

And our Toronto waterfront is a particularly vibrant one, which is perfect for active residents of any age. We have the 22-km Martin Goodman Trail for walking, jogging, bicycling and inline skating with lovely parkland along the way.

There are also marinas, yacht clubs, and an assortment of parks that offer both passive and active recreational opportunities. And speaking of active, sports-lovers appreciate the fact that many new condominiums in downtown Toronto are located within walking distance to Air Canada Centre and Rogers Centre. It’s the best of all possible worlds.

You can purchase with confidence nowadays, too, as construction techniques such as advanced methods for shoring ensure that condominiums situated close to the lake are solid and secure.

And whatever the economy, waterfront condos command a premium. It’s not just downtown Toronto. Over the past few years, Humber Bay Shores in Etobicoke has been undergoing redevelopment. The gorgeous Humber Bay Park is one of the additions, along with enhanced wetlands, scenic trails and more.

Soon, Graywood Developments Ltd. and Beaverhall Homes will introduce a brand new condominium, Ocean Club, to this hot lakeside locale. This fantastic condo will feature a trendy bistro at the base of the building, which is something new in these surroundings.

What’s fascinating is that lakeside condos appeal to a cross-section of buyers of all ages. Most everyone today needs a respite from hectic work lives, and living on the water is perfect.

Coming home to such a calming setting adds to quality of life — and without having to drive for hours to get to a cottage. When you add in the fabulous array of amenities included in most of today’s new condominiums, it really is resort living all year long.

Add to that the easy access to world-class entertainment venues, shopping, cultural institutions and other spectacular amenities, and the combination is irresistible. And when you look at Canada as a whole, Toronto is one of the few cities with waterfront that has residential development at all.

Lake Ontario is beckoning with tempting views, water sports and a shoreline that is alive with activity and excitement. Right here at home, you can own a piece of paradise on a waterfront that holds its own on the world stage — if you act before the opportunities come to an end.

Click here for more information on Toronto Condos

Toronto Condos

Toronto Real Estate