Autumn Market Going Strong

With 3,236 sales so far in this mounth, re-sale housing activity has increased 11 per cent as compared to the first half of September 2006, Toronto Real Estate Board President Maureen O'Neill announced today.

The past five consecutive months have been record-breakers and September is on track to follow suit. It is four per cent ahead of the 3,112 recorded during the first half of September 2005, which became the best September ever.

"Some economists who predicted a soft landing may have to revise their forecasts, said O'Neill. The real estate market continues to prove its strength month after month. There simply is no better investment."

The average price for a home in the Greater Toronto Area currently stands at $364,364, an increase of nine per cent compared to first half of September 2006.

Neighbourhoods throughout the Greater Toronto Area reported strong sales in the first two weeks of this month.

The High Park area of Toronto (W2) saw twice as many sales compared to mid-September 2006, due to a sizeable increase in the sale of semi-detached homes.

West Agincourt in Scarborough (E04) saw 51 per cent more homes sell in the first half of September compared to the same timeframe a year ago, showing strength in all housing categories.

In the downtown core (C01), condo-apartment activity pushed the area's overall total 40 per cent higher than sales to mid-September 2006.

Condominiums were also the driving force behind a 29 per cent increase in overall mid-month sales in South Richmond Hill (N03).

"The market is showing strength in a wide range of neighbourhoods and housing types, said O'Neill. We're seeing strong activity and stable price growth so there is a lot to be positive about."

Source: The Toronto Real Estate Board

            Toronto's condo corridor

 

Here is information on the condo deveopments on the market in central Toronto from Bloor Street to Davenport Road, between the Don River and the Humber River. Parking space and storage locker are not included in price unless indicated.

1. THE BELLAGIO ON BLOOR: 300 Bloor St. E., northwest corner Bloor and Mount Pleasant Ave. Builder: Pinnacle International and Mondiale Developments. A 33-storey, 279-unit glass building with precast stone. Prices: $1.795 million for 1,820 sq. ft. Fees: about 46 cents per sq. ft. Sales: six left. Status: built. Occupancy: immediate. Sales centre: by appointment only, 416-925-3325 or 416-587-2218; bellagiopenthouses.com.

2. BROWNSTONES ON WALLACE: On Wallace Ave., west of Perth St. Builder: Montevello Developments. Four-storey, stacked brick townhouses with about 134 units. Prices: from $255,000 for about 800 sq. ft. to $270,000 for 1,000 sq. ft. Fees: 16 cents per sq. ft., plus heat and hydro. Sales: about 75 per cent sold. Status: construction to start spring 2008. Occupancy: October 2008. Sales centre: 940 Lansdowne Ave., just south of Davenport Rd., 416-516-4336 or 416-531-7760; brownstonesonwallace.com.

3. DEVONSHIRE: Southeast corner of Dupont and Bathurst Sts. Builder: We Care Group. A four-storey, nine-unit stucco building. Prices: from $425,900 for 1,046 sq. ft. to $625,900 for 1,690 sq. ft. Fees: about 25 cents per sq. ft., plus heat and hydro. Sales: opening later this month. Status: under construction. Occupancy: fall 2007. Sales centre: pre-registration, 416-821-6964; thedevonshire.ca.

4. FOUNDRY LOFTS: Southwest corner of Davenport Rd. and Lansdowne Ave. Builder: E-Park Developments. A conversion of a 100-year-old, three-storey brick warehouse with 104 units. Prices (parking included): from $345,000 for 1,157 sq. ft. to $520,000 for 1,834 sq. ft. Fees: about 25 cents per sq. ft., plus hydro. Sales: about 70 per cent sold. Status: conversion started. Occupancy: January 2008. Sales centre: on site, building 15, 416-531-7760; foundrylofts.ca.

5. MADISON AVENUE LOFTS: 376 MacPherson Ave., at Madison Ave. Builder: Burnac Corporation. A six-storey, 211-unit brick and precast concrete building. Prices: from $175,900 for 545 sq. ft. to over $1 million for just under 1,800 sq. ft. Fees: 43 cents per sq. ft., plus hydro. Sales: about 60 per cent sold. Status: under construction. Occupancy: May 2008. Sales centre: on site, 416-966-3737; madisonlofts.ca.

6. MILAN CONDOMINIUMS: 815 Church St., north of Bloor St. E., just east of Yonge St. Builder: Conservatory Group. 37 storeys, mostly glass. Sales: opening fall/winter 2007. Status: construction not started. Occupancy: pre-registration, 905-477-2382; milanresidences.ca.

7. MUSEUM HOUSE: 206 Bloor St. W., north side of Bloor, west of Avenue Rd. Builder: Yorkville Corporation. 19-storeys, 26 units Prices (parking included): from $1.65 million from 1,942 sq. ft. to $10 million for 5,618 sq. ft. Fees: 93 cents per sq. ft., plus hydro and heat. Sales: 50 per cent sold. Status: construction to start fall 2007. Occupancy: December 2009. Sales centre: 162 Cumberland St., by appointment, 416-920-3222; museumhouseonbloor.com.

8. ONE BEDFORD AT BLOOR: Northeast corner of Bedford Rd. and Bloor St. W. Builder: Lanterra Developments and MCE Developments. A 32-storey, 262-unit building with a limestone exterior on the first eight floors and precast concrete and glass exterior on the upper floors. Prices: from $489,900 for 777 sq. ft. to over $2.5 million for a penthouse with about 3,000 sq. ft. Fees: 48 cents per sq. ft., plus hydro. Sales: 12 left. Status: under construction. Occupancy: June 2009. Sales centre: by appointment, 416-962-6639; onebedford.com.

9. THE REGENCY YORKVILLE: On Bay St. between Yorkville Ave. and Scollard St. Builder: The Hi-Rise Group and Plazacorp. An 18-storey building with 58 units, plus two townhouses. Prices (parking and locker included): from about $2.8 million for 2,760 sq. ft. to over $6 million for 5,900 sq. ft. Fees: 58 cents per sq. ft., plus hydro. Sales: 90 per cent sold. Status: under construction. Occupancy: spring 2008. Sales centre: by appointment, 416-487-1800; regencyyorkvillecondos.com.

10. THE SCHOOLHOUSE LOFTS: 391 Brunswick Ave., north of Bloor St. W., west of Spadina Ave. Builder: Empire Communities and Fovere Capital Management Inc. A five-storey, 19-unit brick conversion-plus addition of an old school. Prices (parking and locker included): from $549,900 for 1,032 sq. ft. to $1.3799 million for a penthouse with 2,047 sq. ft. Fees: 49 cents per sq. ft. Sales: over 50 per cent sold. Status: under construction. Occupancy: summer 2008. Sales centre: by appointment, 416-504-0999or 416-789-0288 ext. 3; schoolhouselofts.ca.

11. TWENTY GOTHIC ON HIGH PARK: 20 Gothic Ave., north of Bloor St. W., west of High Park Ave. Builder: Monarch. A new mid-rise building with about eight storeys and about 175 units. Prices (locker included): from $195,990 for 455 sq. ft. to $859,990 for a penthouse with 1,657 sq. ft. Fees: 47 cents per sq. ft., plus hydro. Sales: 75 per cent sold. Status: under construction. Occupancy: June 2009. Sales centre: 14 Strachan Ave., 416-769-9889; monarchgroup.net.

12. 100 YORKVILLE AT BELLAIR: 100 Yorkville Ave., north of Bloor St. W., west of Bay St. Builder: Invar Building Corporation. Two buildings – 17 storeys with 60 units and eight storeys with 30 units. Also, six four-storey townhouses. Prices (parking and locker included): units, from $1.884 million for 1,570 sq. ft. to $4.518 million for 3,765 sq. ft.; townhouses (garage included): $2.8 million for 3,620 sq. ft. Fees: units, 67 cents per sq. ft.; townhouses; $297 a month, plus heat and hydro. Sales: units, two left; townhouses, three left. Status: under construction. Occupancy: June 2008. Sales centre: by appointment, 416-935-1222; 100yorkville.com.

13. THE VILLAGE BY HIGH PARK: 403 Keele St., just north of Dundas St. W. Builder: Deltera. A 16-storey, 296-unit brick and glass building and a 23-storey, 311-unit building. Prices: from $123,760 for 495 sq. ft. to $247,000 for 1,000 sq. ft.. Fees: 34 cents per sq. ft., plus hydro. Sales: 70 per cent sold. Status: construction to start this fall. Occupancy: fall 2008. Sales centre: by appointment, call Options For Homes at 416-867-1501 ext 

Toronto's Tony Neighbourhoods

Do You Live In One Of The Most Desirable Real Estate Areas In The Greater Toronto Area?

There's a certain irony in the fact that the one thing the GTA never seems to run out of is the one thing that's always in short supply. That first 'one thing' is a seemingly insatiable demand to own a home in the city. That 'other thing' is increasing prices that's making the search for a place to live harder to afford. The Toronto Real Estate Board has named the locations where would-be homeowners could have the hardest time ponying up the bucks for new digs and the leader is typically Toronto - it's anywhere near the Yonge St. corridor.

According to the experts, increases near the longest street in the world have escalated to the double digit range in the first six months of 2007 - and there's no sign things will change anytime soon. The average cost for a single detached home in neighbourhoods like Forest Hill, Chaplin Estates, Deer Park and Cedarvale is now a whopping $1,046,500 - a 16.8 percent hike from last year.

Hit the Annex or Yorkville and you'll be paying 14.3 percent more now than you would have in 2006. The asking price for a home in either of those locations currently sits at $883,869. And it's the same almost everywhere - even small houses in Willowdale are going for $618,179, a 12.2 percent increase.

And you'll only get a small break if you look outside T.O. The City Above Toronto is laying claim to its own price wars. Seek out a spot in Thornhill and you'll be shelling out about $565,000 to snatch the ownership deed - up 15 percent. Head to Port Credit and you'll need to sport credit if you don't have the $581,000 sellers are asking up there. That's 11.3 percent more.

How expensive has it become for buyers in this market? The Board claims 56 of the 62 districts it examined have experienced big hikes and vendors in close to half of them are demanding about $500,000 or more. And because demand remains high, a majority of them are incredibly getting 100 percent of their asking price.

What can you do if property is on your menu but the financial fallout leaves you feeling queasy? Consider a condo or townhouse. "With affordability a growing concern in the Greater Toronto Area, more and more purchasers are turning to condominium apartments and townhomes," agrees Michael Polzler of RE/MAX Ontario-Atlantic Canada in a statement. "Close to 80 percent of districts reported an average condominium price under the $300,000 price point, making the product a more attainable first step for an entry-level buyer, particularly in sought-after locations."

But that doesn't completely solve the problem. Condo costs are spiking, too, with many up between 10 and 32 percent over the same time last year depending on where you're looking. And real estate experts not only think it will continue, but that this could be a record setting year for both sales - and asking prices.

Top Housing Price Increase Areas Over Last Year
(Based on single detached home)

Forest Hill, Chaplin Estates, Deer Park, and Cedarvale: $ 1,046,500

Increase: 16.81%

Thornhill: $565,428
Increase: 15.08%

South Hill, Annex, Yorkville: $883,869
Increase: 14.3%

Lansing, Willowdale, Newtonbrook: $618,179
Increase: 12.2%

Port Credit, Mineola: $581,167
Increase: 11.3%

Source: TREB