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Toronto Condos Reading List for Jan 23 2009

Looking for some good reading on Toronto Condos? Here are three very recent articles on the condo scene in the city worth a read:

• “Some See Condo Prices At Bottom” from today’s Globe and Mail. 

The article suggests that condo prices have fallen to their lowest point, even though the confidence of buyers is still falling. If you think this idea is silly, you’re right. As readers of this blog will no doubt know, prices of downtown condos have only just begun to fall in the past 60 days or so (in the resale market). To say that prices will not get any lower is pretty optimistic. Brad Lamb is quoted as saying that days on the market (DOM) of anything less than 90 should be considered a seller’s market. Try telling someone who has had their condo on the market for the past 90 days that it is a seller’s market. Back in May 2008, Lamb was quoted as saying that 60 days should be considered a seller’s market. Now it is 90. What’s next? Time to face the facts: it is a buyer’s market.

• “Toronto’s development industry has tanked, councillor laments“, from Wednesday’s National Post. 

Councillor Adam Vaughn gives a startling anecdote that speaks to the reality of the market right now: he says that he has not received an application for new development in the past 6 months, whereas for the previous 18 months before that he was receiving on average 5 per week. Wow. 

• “Help is Far From Home” from Torontoist, published yesterday.

This is a commentary on the announcement that Home Depot is pulling out of their lease agreement with RioCan and Tribute Homes condo development in Queen West. The announcement invites speculation as to the real reason why Home Depot is pulling out. Is it just because of the economy? Is there something wrong with the site or the location? Is this a signal that the project will be canceled? 

What do you think about these articles? Leave a comment or contact me anytime.

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The Modern on Richmond: 5% Deposit Now Available

If you are looking for a condo on the east side of downtown, The Modern on Richmond is offering a great promotion right now – 5% deposit & $10,000 price discount. Before I provide the details, please read this caveat on 5% deposit programs and contact me if you would like more information. (more…)

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New Condo Sales for November 2008

Today I want to share with my readers a press release from BILD – Building Industry & Land Development Association. 

They just released their sales statistics for new homes and condos sold in November. For Toronto, 789 high rise condos were sold. At first glance this number sounds pretty high, but when you hear that in November of 2007 1922 new condos were sold in Toronto, this means that sales this November were down 59% versus last November. This is very consistent with the numbers for November’s resale market, where downtown west condo sales were down 61% and downtown east 51%.

We have surpassed the 15,000 mark for condos sold in the GTA for 2008 so far. We will likely end up with about 15,500 condos sold in 2008, which is far off of 2007’s record pace of 22,000, but pretty much dead-on with previous predictions from new development tracking company, Urbanation, who was calling for around 16,000.

Click here for the full press release, or continue reading.

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Bauhaus Condos: VIP Sales On Now

Bauhaus Condos at King and Sherbourne. VIP sales are happening now. Suites starting from the low $200s. Modern architectural tower integrated into historical 19th century building in the heart of the Design District / Furniture District, and steps to the St Lawrence Market.  Contact me for your chance to purchase a suite before the launch to the general public.

For more information on Bauhaus, including floor plans, current availability, and pricing, please contact me.

Thinking of buying a new condo directly from a builder? Read this first.

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Just Registered: The Verve by Tridel

The Verve By Tridel: It’s here and it’s beautiful.

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Coming Soon – Lofts 399

Coming soon to the entertainment district from Cresford, Lofts 399.

This project is on the site of the project previously marketed as “Mode Lofts”. Cresford canceled this project last year after selling some of the units over a dispute with the city over density that apparently could not be resolved.

The project is being resurrected as Lofts 399 and floor plans are now up on Cresford’s official site. The name is derived from the address which will be 399 Adelaide in the heart of the Fashion/Entertainment districts.

Sales have not started to the broker community or anyone officially yet, but if you are interested in Lofts 399, please contact me because I have an exclusive opportunity to sell units to my clients at substantial discounts from what prices will be when they launch to the broker community later this winter.

Keep checking back here for updates on this project.

Links:

Cresford’s official website (includes floor plans).

Thinking of buying a new condo directly from a builder? Read this first.

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Fly Condos: More Details Released

Fly Condos by Empire Communities. Register with me now for your chance to get on the VIP list for this exciting new development. Buy before the public and save thousands.

Empire Communities was having a Celebrity Look-Alike contest to promote Fly Condos and the winners were just announced today. Congrats to Tommy Matejka for looking like Jude Law and getting $75,000 off the purchase price of a suite at Fly if he decides to buy one. His mom must be so proud

They also released some more information on Fly Condos. Check it out below. Sounds like an exciting project.  Please contact me if you would like more information or if you have any questions.

Fly Condos is Empire Communities’ brand new condominium community coming soon to 352 Front Street West. This unique residential enclave will be situated between Blue Jays Way and Spadina in downtown Toronto. The 24-storey building will be crafted from glass and metal panels, with a unique interplay of distinctive and dramatic glass balconies on its western façade. The result of this design by Graziani + Corazza Architects will be an iconic addition to Toronto’s skyline that will complement this historic neighbourhood with its superb lines and intimate scale.

Fly combines all the essential elements: the right location,architecture, ambiance and amenities to nurture a lifestyle totally in sync with the times. Savvy Toronto urbanites will appreciate that it is possible for a whole community to be totally cool.

Fly will back onto Clarence Square – an urban park that is a true natural gem. Fly will also offer a landscaped promenade that connects to Clarence Square. Plus, the on-the-move crowd will enjoy living close to delectable restaurants, sizzling nightlife, renowned sports venues, and within walking distance to Toronto’s theatre and financial districts.
Residents of Fly Condos will live like stars in a building that features interiors and amenities by trend-setting Munge Leung Design Associates. These include the stunning white lobby with two-storey opaque green cut-glass columns, grey-veined marble floor and wall tile, white sculptural seating by Zaha Hadid, a modern chrome concierge desk, and white and gold metal origami-like birds throughout.

Residents will be able to host get-togethers in the stylish party venue with a chef’s kitchen complete with five appliances and access to the outdoor rooftop terrace with its private cabanas and barbecue station. The fitness centre is designed by George Chaker (founder of Diesel Fitness and Level V) and will feature the latest in workout equipment, a Yoga and Pilates studio, spinning area, sauna and more, all with a walkout to a private Zen courtyard ideal for meditation and seasonal yoga sessions. Overnight visitors can make use of a hotel-chic guest suite, and 24-hour concierge service will provide pure convenience.

Suites will feature ceilings that soar up to 10 feet in height at the Penthouse levels, which enhance the spacious feel of these well-thought-out designs. Each suite will also have a balcony or terrace extending the owners’ living space to the outdoors; custom-designed contemporary kitchens with sleek stainless-steel appliances and granite countertops; engineered hardwood flooring; rich ceramics and glazed porcelain tiles; plus striking views through expansive windows.

Fly Condos will offer studios, one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom-plus-den, three-bedroom, and two-storey lofts with street entry. Sizes range from 480 to over 1,500 sq. ft., and prices begin from the mid-$200’s to just under $1 million. Occupancy is slated for Spring 2012.

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July Statistics for New Condo Sales

When it comes to real estate statistics, I always take everything with a grain of salt. Fact is, most real estate statistics are compiled and released for general media consumption by the real estate industry: Real Estate Boards, CMHC, Real Estate Marketing companies, Realtors, Lenders, etc. They have a vested interest in a robust housing market. Inevitably this bias will shine through.

I was just reading through the latest numbers from BILD (Building Industry and Land Development Association) and if you just read the headline from the press release, you might conclude that everything is rosy in the new homes and condominium market in Toronto.

The headline reads: “Condo Sales Reach New Heights in July”. Now this can be interpreted in several ways and ‘New heights’ could mean just about anything. In this case it is referring to the fact that new home sales in the high-rise category (i.e. condos) were the highest for the month of July when compared to any other month so far this year. However, looking closer at the numbers clearly shows that the sales figures for July for new condo sales are actually down about 21% compared to July of 2007. Overall, new condo sales in the GTA are down about 22% for the YTD for 2008 when compared with 2007.

Also interesting from this press release is that condos appear to be taking up a greater and greater share of the overall market for new homes in the GTA. The reason given is land that land is becoming scarce. Builders are building up rather than out.

If you have any questions, feel free to drop me an email or leave a comment.

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Toronto Resale Market Slows; New Developments to Follow?

Interesting article in today’s Globe and Mail about more anecdotal and factual evidence that the Toronto resale market is slowing down.

Agents are starting to see conditional offers more and more, negotiations are actually taking place, and sellers who price their property too high are getting a rude wake-up call to the new realities of the marketplace.

Gone are the heady days of 2007 when a seller could simply list their property at seemingly any price and they would usually be rewarded with an offer.

So what about the market for new condos? What is the market like today and what will it look like heading into the final quarter of 2008 and into 2009? I spend most of my time helping buyers enter into the pre-construction condo market in Toronto.

A new report from Urbanation, a research firm run by the folks behind Market Vision-a brokerage specializing and new developments-seems to suggest that new condos will be following the trend currently happening in the resale market.

“We’re expecting a slowdown in 2009,” said Jane Renwick, editor and vice-president of Urbanation, a condominium market research company.

“So we would say that we were at 22,000 [condo] sales at the end of 2007. We’re predicting 16,000 sales to round out this year. And we’re expecting sales to dip beyond that in 2009.”

Urbanation released a report yesterday about the Toronto condo market’s second quarter of 2008.

Following record condo sales in 2007, she said, the market is now back to 2005 and 2006 levels.

Anecdotal evidence, evidence on the ground from my own experiences and the experiences of my colleagues who also specialize in new condo developments, suggests that the market is currently still hot. People are still lining up for condos (overnight in many cases), and prices are still rising. However, there is a sentiment that slow times are ahead and smart buyers are proceeding with caution, not just jumping into any development that comes along. If you are looking to flip a condo and make a quick profit overnight, it is probably not the best time to buy.

If you ever have any questions about new condos or Toronto Real Estate, please give me a call or send me an email.

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U Condos at Bay South of Bloor: VIP Sales Event Coming Soon

U Condos coming soon from Pemberton Group. Register with me now for your chance to buy before the public at an upcoming VIP sales event.

U Condos is obviously named for it’s proximity to the University of Toronto’s St George Campus, which it shares neighbourhood space with on the corner of Bay St and St Mary St, just south of Bay and Bloor. Definitely considered one of Toronto’s best locations, Bay and Bloor is the heart of the Bloor-Yorkville and Toronto’s best shopping street.

The project will consist of two residential towers, one 45 storeys and 55 storeys high. Prices will start in the low $300s. The developer is Pemberton Group – the same developer behind another project in the neighbourhood – The Uptown Residences, Park Lake Residences, and The Boardwalk Residences in The Beach.  Contact me now for more information on U Condos.

Nov. 4 Update: Sales on now. Go to AndrewLaFleur.com/u-condos-vip for all the latest info. Plenty of great units still available. Now reserving units until Nov. 6 only! Sales office is NOT open to the public. Please Contact Me and I will send you the latest pricing and floor plans. Tower 2 will not be released until Tower 1 is sold out.

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