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Core Condos Downtown Toronto
CentreCourt Developments is known for creating condos that fit right into the urban fabric of downtown Toronto, so naturally we were excited to get a peek at their brand new renderings.
Their projects seldom stray far from major subway lines and Core Condos Downtown Toronto, their latest undertaking, will be steps from the Yonge subway line, Eaton Centre and all the downtown amenities you could ask for.
“In the last ten years, Toronto has been evolving towards a lifestyle that is much more dependent on walk-ability and public transit,” said Andrew Hoffman, President and Founder of CentreCourt Developments, explaining the builder’s decision to build at Church and Shuter Street.
“As traffic continues to get worse and worse, we think that there’s going to be a continuation of more people wanting to live downtown and be close to their work and the places they go into day in and day out.”
“About 80 per cent of our suites are under 600 square feet, which ultimately allows us to have very favorable end pricing,” said Shamez Virani, Vice President, CentreCourt Developments. “The units start in the low $200,000s and 80 per cent are priced under $400,000. With a location right in the core, that’s a fairly exciting proposition and one that I don’t think a lot of projects in the city offer to their buyers.”
However, the builders didn’t cut any corners when it comes to design. Page + Steele IBI Group Architects have come up with a dramatic exterior with two sculpted facades. There’s a strong sense of play in the the design, with its eye-catching curves and impression that every floor is different. For the interiors, Cecconi Simone has created highly efficient floorplans and amenity spaces that just make sense.
“We came up with an over-sized lounge concept as a place where, day-in and day-out, residents can really use. They can come with their laptop or a book – there’ll even be free wi-fi throughout. It’s an environment that they’ll be able to use daily,” said Virani.
Unlike other condos which often segregate different amenities, the fourth floor will be dedicated to common areas such as a lounge space, a high-end coffee bar, gym and roughly 3,000-square feet of terrace space, complete with a fire pit, ample seating and barbeque areas.
“The lounge is really like an extension of the living room and residents could use it whether they were entertaining or if they just wanted to hang out in a social environment that’s similar to what you would see in a cafe on the street,” said Hoffman.
The individual suites are equipped with floor to ceiling windows, natural stone countertops and stainless steel appliances. Units range in size from 390 to 775 square feet.
To Register for Platinum 1st Access Realease for Core Condos Downtown Toronto – Press hereRead more
Your Other Closing Costs
If you’re thinking of buying a pre-sale condo, chances are you already know how different your financing will be compared to if you were buying a resale condo. On top of your deposit and down payment structure, however, there are a number of other closing costs you’ll need to consider. Some of those closing costs are even specific to new developments, and we want to make sure you’re prepared to pay any and all of them, so you’re not surprised by any numbers you see on closing day. Here are some of the closing costs you can expect to pay on new condos in Vaughan & Toronto:
Even though you’re buying a condo that’s brand new and has never been lived in, that doesn’t mean you should skip out on getting a home inspection. Your builder will take you on a walkthrough before you take occupancy, but a Toronto home inspector can sometimes find things that you may not even know to look for. For example, your appliances may not be hooked up properly, your hot and cold water lines could accidentally be switched, or sometimes an electrical outlet or two may not work. An experienced home inspector could charge up to $500 for an inspection, but this fee could save you time and money (and a headache) down the line.
While brand new condos come with any number of warranties, you still need to hire a real estate lawyer to represent you. A Toronto real estate lawyer will oversee the entire transaction, to ensure that your rights are protected and that you understand each and every part of the agreement you are signing. Your lawyer will also register all documents in your name, get title insurance in place and facilitate the financial transaction on closing day. You should budget at least $1,500 for legal fees and disbursements, which may sound like a lot at first but will be worth it when you can close the deal and feel like everything went smoothly.
Land Transfer Tax
Whenever you buy property in Toronto – it doesn’t matter if it’s new or resale – you unfortunately have to pay not one but two land transfer taxes. First, you have to pay Ontario’s land transfer tax. Then, Toronto happens to be the only city in Canada to have it’s own municipal land transfer tax. Your land transfer taxes are calculated as a percentage of your new condo’s purchase price and can quickly add up to tens of thousands of dollars. Fortunately, if you’re a first-time buyer, you may be eligible for a full or partial refund of the total. (Your real estate lawyer can help you calculate that!)
In Toronto, not only do you have to pay HST on services, such as your home inspection, you also have to pay HST on the purchase price of your new condo. As you know, HST is 13 per cent in Ontario, so the tax can add up fast. For example, if you bought a brand new condo for $500,000, you would have to pay an additional $65,000 ($500,000 x 0.13 = $65,000) in HST. Before you worry about having to save up that amount, on top of what you’re already paying throughout construction, check with your builder to see if HST is included in the purchase price (some do!).
New Home Warranty Enrolment Fees
When you buy a new condo, your occupancy date likely isn’t until several months after the date you decide to purchase. A new home warranty can protect you between the date you put down your first deposit to the date you take occupancy. In Ontario, there are special insurance providers that offer warranties on new homes. The enrollment fee (usually $500 – $1,000) protects you from having to pay for any repairs, should your builder fail to build something to code. Some builders offer to include the enrollment fee in your purchase price, but many others don’t so it’s a good idea to ask before you move ahead.
Buying a new or pre-sale condo can be stressful. There’s a lot to consider and a number of dates to remember. However, the more you educate yourself on the potential closing costs you’ll have to pay, the more prepared you’ll be – and the better off your finances will be, when it’s all said and done! On top of the closing costs we’ve mentioned here, you may also have to pay development and educational levies, utility hook-up fees and more. No matter what closing costs you have to pay for, it’s important to do your due diligence and find out which ones your builder is including in the purchase price of your unit. Once you know that, you can begin to calculate what your final costs could be on closing day and budget for them ahead of time.Read more
Toronto Transit Expansion
Toronto Transit Expansion project? Congestion in the Greater Toronto is becoming a more serious problem as the region grows. The existing infrastructure is not serving all of the people currently traveling in and out of the GTA and will not be able to support the projected future growth in the region. One part of moving toward improving this situation is a greater coordination and integration of all modes of transportation in the region.
Metrolinx supports a mission to champion and deliver mobility solutions for Toronto Transit Expansion into the Greater Toronto Area, and Hamilton through its operating divisions and transit initiative partnerships.
GO Transit is an operating division of Metrolinx. GO Transit is Canada’s first, and the Province of Ontario’s only, inter-regional public transportation service for the GTA, and Hamilton.
On May 14, 2009, GO Transit officially merged with Metrolinx. The merger maximizes the two organizations’ strategy and planning expertise and implementation and operations know-how to build rapid transit projects faster and improve customer service.
Toronto Transit Union Pearson Express
The Union Pearson Express will provide a high-quality, express rail service connecting Union Station in downtown Toronto with Terminal 1 at Toronto Pearson International Airport.
The Government of Ontario asked Metrolinx to build, own and operate the Union Pearson Express in July 2010, and since then, considerable progress has been made to ensure the project is delivered on time and on budget, while leveraging existing infrastructure improvement initiatives. Infrastructure improvements currently underway along GO Transit’s Kitchener line (formerly the Georgetown line), and upgrades being undertaken at Union and Bloor stations will support both GO Transit and the Union Pearson Express. In the spring of 2012, construction began on a new three-kilometer rail spur which will branch off from the Kitchener corridor near Highway 427 and connect the Union Pearson Express to a new passenger station at Toronto Pearson Terminal 1.
The Union Pearson Express is part of an integrated transit strategy for the Greater Toronto and Hamilton Area that will create jobs, enhance the quality of life by easing traffic congestion and fuel economic prosperity. The Union Pearson Express will address a significant transportation gap in airport-to-downtown travel in Toronto, and is a critical first step in executing other vital projects outlined in The Big Move – Metrolinx’s forward-looking, regional transportation expansion plan. Each year, more than five million cars travel between downtown and the airport and that number is expected to reach nine million by 2020. The Union Pearson Express is expected to remove 1.2 million car trips from the road within the first year of operation.
In May 2010, GO Transit began rolling out the new PRESTO fare card. PRESTO allows commuters to travel between multiple transit systems in the GTA using a single card eliminating the need for exact change, tickets or transfers to get on a bus, GO Train or subway.
In March 2011, as part of the new Toronto Transit Plan, the City of Toronto and TTC have agreed to work together with Metrolinx on mutually agreeable terms to implement PRESTO across the TTC system as well.
Eglinton-Scarborough Crosstown Project
In March 2011, the Government of Ontario and City of Toronto reached a deal on a revised transit plan for the city. Through the agreement, Metrolinx will be responsible for building the Eglinton-Scarborough Crosstown – a single Light Rail Transit line running about 25 kilometers from Black Creek Drive to Scarborough Center The Crosstown line will run underground from Black Creek Drive to Laird Avenue, then above ground to Kennedy Station.
Under the plan, the City of Toronto would extend the Sheppard Subway to Downsview station in the west and Scarborough Center in the east, incorporating the project into the TTC subway system. Toronto would also introduce and operate an enhanced bus service between the new Finch West subway station and Humber College.
York Viva Bus Rapid Transit (BRT)
In partnership with The Regional Municipality of York, Metrolinx is improving rapid transit through the construction of dedicated lanes in the center of the road – rapidways – that will allow rapid transit buses to move out of congested traffic. The more than 34 kilometers of planned routes will provide more reliable and more frequent service, connections with GO Transit, regional transit and future extensions of the subway system.
In December 2009, construction began with the first segment along Highway 7 from Markham Center to Richmond Hill Center The first BRT station – Warden Station – opened at Warden Avenue and Enterprise Boulevard in Markham in March 2011. Warden Station is the first of 11 new viva-stations to be built along Highway 7 in Markham and Richmond Hill in the next phase of Viva service.
Mississauga Bus Rapid Transit (BRT)
In partnership with the City of Mississauga, GO Transit is building new, exclusive bus lanes on roads in Mississauga along Hwy. 403.
The Bus Rapid Transit (BRT) project will be a high-efficiency transit corridor running east-west across Mississauga. The BRT will support all-station stop and extensive express bus service for thousands of riders per day, making it faster and easier for you to travel to, from and through Mississauga and the GTHA.
In August 2010, construction began on the 18-kilometre east-west bus-way across Mississauga between Winston Churchill Boulevard and Renforth Drive. A total of 12 stations will be built along the route, with one existing station being incorporated into the bus-way.
The Toronto Transit Expansion plan by Metrolinx will enhance other developments in the Greater Toronto Area, such as The Vaughan Metropolitan Center ← Click here to watch a Quick video about the project.
Here are some more related videos to the Toronto Transit Expansion:
- The transformation of York Region
- Toronto an attractive Investment city, and why?
- The 25 year Toronto Transit Expansion plan
Yonge Rich Condo Plan Natural Connections
Great Gulf had been relatively quiet about their Yonge Rich Condos project up until recently, but along with some street-scape and full cladding renderings, we now have more information on units and amenities.
Yonge + Rich Condos aim to maintain a connection to nature for its residents, offsetting the particularly dense urban environment on Richmond St., one block east of Yonge Street. The condominium, designed by Peter Clewes of architectsAlliance, will maximize floor-to-ceiling window exposure for every suite, emphasizing natural light.
The suites, 1 and 2-bedrooms mostly between a compact 500 and a relatively-spacious 926 square feet, will include not merely balconies or terraces, but at up to eight feet wide, they will practically be outdoor rooms with the goal of allowing residents to actively benefit from the outside space. In such a dense downtown area, 926 square feet at the top end of unit size in an accessibly-priced condo such as Yonge + Rich Condos are increasingly rare. In addition, most project renderings highlight a large degree of outdoor foliage and greenery, with DTAH Architects behind the landscaping plan, including for the outdoor, tree-lined pool on the 22nd storey of the development.
Yonge + Rich will top off at 50 storeys and be connected to the underground PATH pedestrian and retail network. The building will form an L-shape, with the main tower running north-south from Lombard Street to Richmond Street. The shorter segment, topped off by the pool, will front Richmond St. at Victoria St. Many people have cast a somewhat skeptical eye over the “Yonge + Rich” branding, a cheeky reference to the project’s location. Great Gulf just hopes to convey the energy and opportunity of the neighborhood sitting comfortably between the city’s Financial District and St. Lawrence.
For more detailed information about the project click here → Yonge Rich Condo
Watch the Yonge Rich video ← click hereRead more
501 Yonge St – Lanterra Collaborates With Neighborhood
501 Yonge St Condo by Lanterra Developments and architectsAlliance have been collaborating with the City and a neighborhood Working Group towards a condo proposal for 501 Yonge Street that is acceptable to everyone, and have recently presented the latest iteration of the plan to the City’s Design Review Panel for consideration. The next step will be a revised submission for a zoning amendment to the City’s Planning Department.
- 1) The disposition of the massing of the building remains a significant concern and a priority. The DRP recommends the design be revised to comply with the City’s Tall Building Guidelines, which establish a framework to regulate their height, form and contextual relationship to their surroundings. In particular, the Guidelines call for a minimum 25m distance between towers and a maximum floor plate of 750 square metres.
- 2) The DRP recommends that the two towers be distinct from each other and suggested that the contrast could be further developed through articulation and expression of the tower shaft and the base.
- 3) The design and materialism of the podium was generally well received, with one member suggesting that the base building expression was “bland” and not reflective of the character of Yonge St, once regarded as ‘gritty’. Members recommend a refinement to the screening of the above-grade parking through the use of varied cladding and other mediums such as vine planting to soften the building edge. It was suggested that brick be used rather than stone, as it is more in keeping with the heritage character of the site. “The treatment of the parking enclosure must on one hand recognize the scale and rhythm of the heritage buildings to the north but at the same time contribute to the vibrancy of the street.”
155 Redpath Condos Toronto by Freed Launches at Yonge & Eglinton
Here are some facts about the area within which 155 Redpath Condos are set to rise; With the TTC Eglinton Crosstown LRT on the horizon, development surrounding the future Yonge-Eglinton transit hub is intensifying at a dizzying pace. With nearby under-construction projects such as The Madison, Neon Condos and The Berwick, as well as sky-scraping proposals like E Condos, 2221 Yonge and 2131 Yonge, the neighborhood is experiencing a real estate renaissance of sorts. In addition to Freed Developments recently announced redevelopment of The Art Shoppe site at 2131 Yonge Street, the trend-setting development company has unveiled plans for a new 35-storey condominium tower, located just a few blocks to the east.
The 470-unit, architectsAlliance-designed project is slated to rise from the southeast corner of Redpath & Roehampton, currently the site of several single-family homes.
The houses located within the confines of the hoarding have been emptied of residents and boarded up. Though neither formal bylaw amendment nor demolition applications have been submitted to city staff thus far, the pre-approval cordoning-off of the land assembly with advertisement-adorned hoarding hints towards either imminent movement on the site, or simply an optimistic outlook by Freed Developments.
155 Redpath Condos will provide residents with a wide array of amenities including but not limited to; a party room, sauna, outdoor pool and hot tub, pool and cabana lounge as well as a multi-level fitness center Residents will also have access relaxing spaces such as a reflecting pool and an indoor/outdoor yoga facility. The project has just now entered its sales phase and is targeted for completion in the summer of 2016.
A quick video that would show what makes Toronto a great city to invest in ← click hereRead more
Downtown Toronto is filling up with young echo boomers, pushing population growth rate way up
Downtown Toronto population growth has outpaced the city’s suburbs for the first time in decades, according to a report released today by TD Economics.
Between 2006 and 2011, population growth in downtown Toronto rose to 16.2 per cent, while growth in the Peel, York, Durham and Halton regions dropped to 13.7 per cent. The 16.2 per cent figure is three times higher than for the 2001 to 2006 period in which growth was only 4.6 per cent.
TD Economics attributes the massive increase to young, highly educated echo boomers who are eschewing the housing choices of their parents, returning to downtown Toronto to live near transit, work and amenities. This has also led to employers following the new trend and locating themselves in the downtown core to attract skilled labour.
“New business creation, employment gains and population growth in the downtown core are now outpacing that in the surrounding suburbs, reversing a decades-long trend of exactly the opposite,” the TD report noted.
Here are a few more highlights from the TD Economics report:
- According to the 2011 census, close to half of the downtown core’s population is composed of echo boomers.
- Echo boomers were responsible for 70 per cent of the total growth since 2006.
- The median age in Toronto’s downtown core is in the mid-30s, compared to above 40 in the rest of Ontario.
- The share of the population aged 25 years and over with a post-secondary education is nearly 20 per cent higher in the downtown core than the Ontario average.
- Growth in commercial real estate space in downtown Toronto has outpaced the surrounding suburbs.
To read the actual report release by TD Economics report – Click hereRead more
Unsold Toronto condos steadily rising, but market is strong
The percentage of unsold Toronto condos housing market continues to rise but the market remains strong by historical standards, according to a new survey.
Urbanation Inc., one of the leading research companies in the condo industry, said overall the Toronto census metropolitan area was 79% sold in the fourth quarter of 2012, down from 80% a quarter earlier and 82% a year earlier. It is above the 10-year average of 78%.
“Despite concerns over the level of unsold supply in the new condominium market, the ratio of sold to unsold units has consistently been above the long-run average in recent years,” said Ben Myers, executive vice president of Urbanation, in a release. “There remains confusion over unsold supply and standing inventory, to clarify, at the end of Q4-2012 there were just 613 completed and unsold new condominium apartment suites in the Toronto CMA — some would be rented out by the developer, some used for construction offices, and others used as model suites for subsequent phases, effectively lowering this standing inventory figure even farther.”
Urbanation said there were 3,841 new condominium apartments sold in fourth quarter of 2012, a 16% jump from the third quarter. The 17,997 units sold in 2012 was below the five-year sales average of 20,199. The 10-year average is 17,139.
There is still a large amount of condo construction in the pipeline based on the fact there were 355 active developments in 2012 with 56,866 under construction.
The average sale price in the fourth quarter was $536 per square foot in the census area, up 5.2% from a year ago. Unsold units were averaging $568 per square foot in the fourth quarter.
Urbanation downplayed the idea that there is overbuilding in the Toronto condos market, citing a survey of builders.
“Overbuilding was a term cited quite often in relation to the Toronto condos market in the second half of 2012, however, a survey of developers, lenders and brokers [by the firm] in December indicated that just 11% of respondents indicated that over supply in the new Toronto condos market was their top concern going into 2013,” the group said in its release.
Resale activity in the Toronto condos market was down 14% in the fourth quarter for the lowest quarterly level in a decade but Urbanation said it was due to a lack of listing. Just 3.2% of the resale condos it tracks were listed for sale in the quarter.
“Many investors chose to hold and rent their units in 2012 rather than sell them into uncertain market conditions,” said Mr. Myers. “This is contrary to the theory that condominium unit holders will panic and sell their suites at significant discounts during a softening market.”
Watch a quick video about the reason why Toronto is a good investment city ← click hereRead more
Canada Condo Market benefits from China’s housing crackdown
Foreign buyers are trying to move their money to a safer spot for capital preservation. They are looking for hard assets and Canada condo market sector has a track record of increasing prices.
The bad news for China’s real estate market could be good news for Canada’s condominium market.
A crackdown on real estate ownership in the world’s most populous county might translate into Chinese citizens looking to move more of their money abroad, with Canada a leading destination.
“Absolutely it will have a positive impact [on the condo sector],” said Benjamin Tal, deputy chief economist with CIBC World Markets. “If it’s softening now, it will soften less rapidly than otherwise. This is a positive move because some of the money will find its way to Canada.”
The Shanghai Stock Exchange Property Index was off as much as 9.3% following news of the crackdown Monday, which will include increasing down payment requirements on second-home mortgages and tougher implementation of a 20% capital gains tax on property sales.
The country’s two largest condo markets — Vancouver and Toronto — can probably use a boost. RealNet Canada Inc. reported last month that new home high-rise sales across the Greater Toronto Area dropped to 686 in January from 744 a year earlier and 1099 in 2011. There has been less pressure on values with the group’s index showing only a 2% increases in condo prices from a year ago on a square foot basis.
In the Greater Toronto Area the vacancy rates are historically low, prices are still increasing , and sales are starting to catch momentum as we enter into the spring market with another decrease in borrowing cost on mortgages.
In Vancouver, the real estate board for the metro area said Monday that sales for existing apartment properties were down 25.5% in February from a year earlier. Prices were also down 3% in that asset class from a year ago.
Ben Myers, vice-president of Urbanation Inc., which does research on the condo sector in Toronto, said the impact of foreign investors remains unclear.
“A lot of foreign investment comes through a subsidiary so there is no way to figure it exactly out,” said Mr. Myers.
By his firm’s estimates, only about 10% to 15% of investors come from abroad and only about 5% of those people have their name on the direct purchase of sale.
“It’s a small amount,” said Mr. Myers about the number of people who might come from China to invest.
Even at a small amount, those people would be welcome in Canada condo market sector, given sales are not quite as robust as past years.
Realtor and developer Brad Lamb says every time there is a crackdown abroad, it’s good for the Canadian market.
“Foreign buyers are trying to move their money to a safer spot for capital preservation. We see that a lot from more politically risky countries,” said Mr. Lamb. “They are looking for hard assets and Canada condo market sector has a track record of increasing prices.”
While Mr. Myers speculated that tighter rules out of China could be bad for the Canadian real estate market if the Chinese government restricts money leaving the country, Mr. Lamb said that might mean foreign buyers are unlikely to sell here.
“There is no way in the world they are going to bring the money back,” said Mr. Lamb. “They’ve done that as a safe haven. You have money in Toronto, you leave it here.”
He said one of the methods of bringing cash into Canada condo market is to have a student going to school here. Other times, the money is transferred to relatives.
“What makes it attractive is the scale here. We are talking $300,000 to $400,000 condos. There are few places in world you can buy that in that price range and have someone run it,” said Mr. Lamb. “It’s much harder to bring money into other countries. We have a very easy and open pipeline of Chinese money.”
Watch a quick video about why is Toronto a good city to invest in ← Click here
Yonge Richmond Condo – Insider Release #1
To Our Valued, Top-Tier Investors,
I’m reaching out to you today to share some exciting, insider news about Yonge Richmond Condo, Great Gulf’s latest upcoming project in downtown Toronto.
Great Gulf is blending the best of modern design, featuring floor-to-ceiling windows and expansive terraces, with established heritage charm. With an emphasis on natural light, and the implementation of the sleekest features and finishes, Yonge Richmond is ideal for our clients.
Today, get the very first look at the latest rendering, just released this week. Experience Yonge+Rich’s elegant exterior, pictured below.
With suites ranging from 450 to 926 square feet, and the starting price point at just $289,990, this is an opportunity not to be missed.
Watch for updates, and visit Yonge Rich Condos
For the promo video click here → Yonge Rich Condos