Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Tag Archives: living spaces

Opportunity Talks

Why the right time to buy real estate in Toronto is always right now

Sheldon Libfeld – Toronto Star

I’m often asked, “When is the right time to buy a home?” Conventional wisdom says, “Sell high, buy low.” I say, “Buy now to buy low.”

GTA real estate experts know that Toronto is undervalued by comparison to other world-class cities like London, New York and Paris. Any way you calculate them, our prices are much lower; they’ve been rising recently but they’re still nowhere near the prices in those other cities. Will our prices keep rising and eventually achieve parity with those other international destinations? Absolutely — and here’s why.

Toronto is in a unique economic real estate situation: constantly rising demand and constantly falling supply. When these two lines cross — as they’re doing right now — only one thing can happen: prices rise. We’ve seen this happen in Toronto for the last 16 consecutive years, with annual home prices increasing an average of approximately 6%.

According to the Economist Intelligence Unit’s (EIU) most recent global livability report, Toronto ranked as the world’s 4th-most liveable city. Close to 100,000 people a year, from both within Canada and internationally, come here to make a new life. Based on the provincial average of about 2.8 persons per household, 100,000 people require 35,000 homes. Some will rent, but most want their own piece of real estate, and opt to purchase a low-rise home.

The problem is, we’re not building 35,000 low-rise homes per year in Toronto. In 2011, slightly less than 17,500 new units were sold and, to date in 2012, the figure is around 11,000. Some of this shortfall is taken up by high-rise construction, but not much: a high-rise takes three or four years to build. And constant demand only puts upward pressure on prices.

Let’s discuss the idea of supply – of expanding real estate development in the GTA. At Conservatory Group, that’s what we do. We develop new living spaces for communities and municipalities across the GTA, from low-rise townhomes to high-rise condos, in a wide range of locations, from the suburbs to the downtown core. We’d love to build 35,000 new homes – we’d get started tomorrow! Nothing would make us happier than building new homes for new neighbours.

But here’s an important factor to consider: supply is limited by available land. Legislation to preserve undeveloped, areas such as the Oak Ridges Moraine and the Greenbelt, has reduced the GTA’s available land supply by hundreds  of thousands of acres. I’m not saying that it isn’t important to preserve environmentally sensitive lands — of course it’s important. But I am saying that, while there might seem to be a great deal of developable land available, this is simply not the case.

Beyond supply is the regulatory process necessary to obtain approval for any new community. Getting a community from an official plan designation to breaking ground on the first home takes between two to five years — twice as long as it took to get approval 10 years ago. To complicate matters, not all levels of government are investing in infrastructure (sanitary and storm sewers, watermains, roads, etc.). And without infrastructure in place, even approved communities cannot proceed.

Simply put, there is a significant shortage of developable land in the GTA right now. Given the inevitable continuing increase in our population, this shortage will keep on spiking.

Here’s something else to consider. The development charges (DCs) for new housing — fees levied by municipalities, which are charged to developers — are also on the increase. (The Halton region, for example, just raised its DCs by approximately 100%.) Sensible enough, these charges cover infrastructure costs, but they inevitably impact pricing. According to a March 2011 report by RESCON (Residential Construction Council of Ontario), on average, charges and taxes from all levels of government add approximately 25% to the cost of a new home.

At Conservatory Group, we have several built communities now available for purchase and in a range of GTA locations, from Ajax to Milton and from Lake Ontario up to Richmond Hill.

One community that I’d like to highlight is the Upper Beach Villas — one of the very last infill projects in this city — located at Main and Gerrard, close to downtown Toronto. The DCs on these properties, which span up to 1,700 square feet, have already been paid. Even better, Upper Beach Villas were built before DCs were increased. These properties will be the last group of homes for this community.

My message to you today is about today, because right now is the time to buy real estate in Toronto. The future — whether it’s next year or next decade, or longer — can only bring higher housing prices. Buy real estate in the GTA now. Let us at Conservatory Group help you, and you’ll do just fine.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.

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