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: lowrise

The GTA is now a four-season housing market

In July, sales of new single detached, semi-detached and townhomes in the 905 regions were up 64 per cent over the previous July.

Stephen Dupuis – Yourhome.ca

[dropcap]N[/dropcap]othing says fall more than the Canadian National Exhibition, so I guess we can start talking about the fall rea estate market — assuming we will be able to tell the difference from the hot summer market, which was itself a continuation of the very strong spring market.

There used to be the notion of a spring and fall real estate market in the GTA but that went out the window about the same time as the concept of morning and evening rush hours versus two-way, all-day traffic.

These days, the real estate market seems to be driven by the timing of new project openings and, as it happens, builders chose the summer to launch several new lowrise and highrise projects throughout the GTA. As revealed by RealNet Canada Inc. earlier this week, those new project openings drove total new home sales up 36% over July 2010, following a 54% increase in June.

In July, it was sales of new single detached, semi-detached and townhomes in the 905 regions that lead the way, with sales up 64% over the previous July. In June, it was the other way around, with highrise sales up 62%.

It’s no secret that the supply of new lowrise homes in the GTA is at an all-time low, with just 4.6 months’ worth of inventory at current absorption rates, to be exact, which is why new project launches are doing so well, even during the summer.

What comes as somewhat of a surprise is the fact that highrise inventories have dropped to a record low level as well. If you added up all the available units in all the highrise projects currently on the market, and nothing new was introduced, we’d run out of product in just six months. It’s no wonder the highrise market was up by a very respectable 20% compared with July 2010.

There’s a particularly noteworthy sub-trend embedded in the July numbers, and that’s the fact that 4.2 out of every 10 highrise condo sales were in the 905 regions, with new projects or phases in Milton and Markham helping to raise the 905 market share well above the average of about 2.3 out of 10. Unfortunately, there will never be enough new projects to sustain the highrise 905 market share at the levels seen in July, not given the major cost barriers to 905 condo development, particularly excessive parkland dedication or cash-in-lieu requirements.

If we look at highrise condo sales on a year-to-date basis, the fact that more than three quarters (77%) of them were logged in the City of Toronto underscores my point. The only reason I raise it is that the Greater Golden Horseshoe Growth Plan is premised on 40% intensification, and while we are actually doing much better than that, it is all Toronto-based, whereas the plan is for all municipalities to achieve the target.

Before I forget, the RealNet lowrise price index currently sits at $548,335, up a whopping $59,247 or 12.1% over last July, while the highrise price index sits at $451,861, up $21,079 or 4.9% year-over-year.

By the way, there was no shortage of new project openings in August, so when those results are reported in late September, I expect that they will look a lot like June and July. By that time, the fall market will have kicked in on our four season housing market.

———————————————————————————————————————
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.

———————————————————————————————————————