The month of April marks the first full month of Covid-19 lockdowns in the City of Toronto. See how each segment performed below
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Iceland is home to many things… waterfalls, lagoons, and even really, really, realllllly good hotdogs – but did you know, it’s also where you’ll find one of the BEST DESIGNED BUILDINGS IN THE WORLD!
Located in downtown Reykjavik, The Harpa Concert Hall (as it is officially known) is home to the Iceland Symphony Orchestra and the Icelandic Opera. It has four large halls – the largest can accommodate up to 1800 seats. But it’s size alone isn’t the only reason why you can’t miss it… the envelope of the building is wrapped with 714 uniquely shaped glass panels, each giving off a different colour or shade depending on how the light hits it! It is also the proud winner of the prestigious European Union Prize for Contemporary Architecture – Mies van der Rohe Award, the European Commission and the Mies van der Rohe Foundation beating 335 other works from 37 European countries!
The History of The Harpa
The hall was designed in collaboration with Danish-Icelandic artist Ólafur Elíasson along with his Studio, and the Danish firm Henning Larsen Architects who also built the Opera House in Copenhagen.
Harpa celebrated its opening with a concert on May 4th, 2011 – but its rise to fame started much earlier. Construction started in 2007, and at that time the plan was to build an “Icelandic World Trade Center” complete with hotels and luxury apartments. But then the financial crisis hit in 2008, and deeply impacted the country. Things got so bad that the project was essentially put on hold and sat half finished. Thankfully Icelandic Government stepped in to save the project and funded it to completion.
According to the Grayline Iceland blog, the hall got its unique name through a public competition: Over 1,200 residents entered over 4,000 names. The winning name, Harpa, is an Old Icelandic word that refers to a time of year, and it is also a month in the old Nordic calendar, and the first day of the month of ‘Harpa’ as it was known was the first day of summer.
Visiting The Harpa Concert Hall
After crossing waterfalls, and hot-springs from your to-do list, be sure to include a stop at The Harpa. It’s free to visit, though access to certain areas may be restricted while events are being held. It shouldn’t take more than an hour to see, and offers a warm refuge from the windy Reykjavik streets!
Visiting The Harpa for your first time is much like walking into a giant igloo (much warmer of course)! The sheer size of the place is incredible, and the transparent walls allow for some spectacular views of the bay and mountains in the distance. The ceilings are capped with reflective mirrors that further distort the sense of space inside the Hall. You’ll be in awe at the architectural and engineering marvel that went into its construction… but if “world-class design” isn’t your thing, there’s also a restaurant and gift shop (complete with furry hats) – as well as guided tours of the Hall.
Prior to visiting Iceland, I had no idea the Harpa even existed. With all that the country has to offer, visiting “another building” never really registered on the itinerary of things to do – but after seeing it’s beauty first hand, I’d highly recommend it as something everybody should see while in Iceland… below are some of the other sights we took in while on the trip:
On November 15th, 2018 Doug Ford and the Conservative Government announced plans to scale back rent control in Ontario. The plan will reverse the April 2017 “Rental Fairness Act” originally put in place by Ontario’s then-Liberal government which expanded rent control to all private rental units in Ontario.
Who Will Be Impacted By The Changes to Rent Control?
The new policy will not impact all units in Ontario but rather all newly built units occupied AFTER November 15th, 2018. That means that if you’re planning on renting a unit that was built and occupied PRIOR to November 15th, 2018 – these changes will not impact you at all, and rent control will continue to be in place. Units that are subject to rent control can only increase the monthly rental rate by a predetermined amount set by the government each year. For units without rent control – there is no cap for how much you can increase per year!
How Will The Loosening of Rent Control Impact The Market?
Our first reaction to the change was that this would be HUGE news for the pre-construction market. On the surface, a condo with no rent control seems very appealing to condo investors. But digging (in the video below) a bit deeper, reveals that possibility of the opposite being true…
With these new changes, Tenants will have a choice between living in a rent-controlled unit with relatively minor yearly increases, versus non-controlled rents that can spike to any amount each year. Our assumption is that a tenant will be willing to pay more at the start of the lease in exchange for the stability and peace of mind that a rent-controlled unit will offer them.
In 2017, Toronto saw a big jump in rental prices once the “Rental Fairness Act” came into effect. Since landlords knew they would be limited in how much they could increase the yearly rent, many came to market on the higher end in an effort to hedge against lost rental rates for units with long term tenants. We anticipate a similar impact as there will be an even higher demand for units with rent control.
How Will Changes Impact Landlords and Condo Investors
If you are a landlord of a unit that is built and occupied AFTER November 15th, 2018, you have the option of increasing your rent by any amount, once, per 12 month period.
For landlords of units built and occupied BEFORE November 15th, 2018 the amount you’re allowed to increase per year shall continue to be capped by the yearly amount decided by the government.
When trying to decide if your unit is subject to rent control, it’s important to remember that the date your unit was built and occupied determine if it’s impacted by the changes, and that it has nothing to do with when a lease was signed.
Lastly, remember that governments change… and just as the last one introduced rent control to all units, the same can happen in the next election. Whether you invest in a rent-controlled condo or one with no control, make sure you examine the pros and cons of each carefully!
Marlee Avenue is gearing up for another condo development! An application was submitted with plans for an 11 storey development at the South West corner of Marlee and Glencairn (831 Glencairn). The application was submitted by Masseto Homes Inc and Chestnut Hill Developments (who also built The Address Of Highpark and Life Condos). Plans are calling for an 11 storey midrise, with 224 units proposed!
Who Is Building The Condo at Glencairn and Marlee?
The project is being developed by Chestnut Hill Developments and Masseto Homes Inc. The building is being designed by Kirkor Architect + Planners and the application was submitted by Weston Consulting.
What Will the Condos at 831 Glencairn Look Like?
Early renderings depict an 11 storey mid-rise building, with commercial units on the main floor and residential units above. The commercial component of the building will face Marlee, with the residents accessing the entrance from Hillmount and Glencairn Ave.
The building will have a “set-back” design and with an angular plane from the neighbouring properties to the west. Each residential floor would contain between 8 – 33 units (with fewer units on higher floors). Renderings also show floor to ceiling windows, with balconies or terraces for most units! You can view more renderings below:
[ngg_images source=”galleries” container_ids=”63″ display_type=”photocrati-nextgen_basic_thumbnails” override_thumbnail_settings=”0″ thumbnail_width=”120″ thumbnail_height=”90″ thumbnail_crop=”1″ images_per_page=”20″ number_of_columns=”0″ ajax_pagination=”0″ show_all_in_lightbox=”0″ use_imagebrowser_effect=”0″ show_slideshow_link=”1″ slideshow_link_text=”[Show as slideshow]” order_by=”sortorder” order_direction=”ASC” returns=”included” maximum_entity_count=”500″]What is Currently on Site?
The future condo is being proposed on the commercial lands known as 831, 833, and 837 Glencairn Avenue and the residential addresses located at 278, 280 and 282 Hillmount Avenue.
What Type of Layouts Will 831 Glencairn Ave Have?
Plans are calling for a total of 224 units, with the following unit breakdown:
167 One Bedroom units
35 Two Bedroom units
12 Three Bedroom units
The proposal also states: the site would be served by 190 parking spaces, with 168 dedicated to long-term residential use and the remaining 22 for visitors. 185 of these spaces are to be housed in a two-level underground garage, with the remaining five to be located at grade. Bicycle parking would also be provided, with 179 spaces in the underground levels and 51 at grade.
What Amenities Will the Building Have?
Details are still sparse in terms of the exact amenities the building will have, but according to the proposal, they will be located on the 11th floor.
When Will 831 Glencairn Ave Be Built?
The development proposal was submitted on June 27th 2018. The project is still in its very early stages but is one we’ll be following closely… Check back often for updates!
Our Thoughts on the Project
This is the second midrise development proposal on Marlee, with the first, located on the opposite corner at 529-543 Marlee Ave. The proximity to Glencairn Subway Station makes this development very transit friendly. The area is ripe for development, but with many of the homes starting at $1.5 million and up, affordability is a big hurdle for most. A project like this is great for first time home buyers looking to live in the area. We also like the mix of 3 bedroom units, perfect for the older generation of residents looking to downsize!
Interested in Purchasing at 831 Glencairn Ave?
Fill out the form below to be kept in the know with prices, floorplans and launch dates:
Mark inspires a level of trust and confidence during one of life’s most challenging and risky moments, namely the purchase of a new home. Add to that risk the complexity of buying in Toronto’s market and the situation can lead to a roller coaster ride. Mark’s knowledge of Toronto’s market, his professionalism, calm and strong interpersonal skills are just what I needed in getting back into the market after 15 years. He understood my needs so well that I bought the first home he showed me after he steered me away from a lovely home with what proved a sketchy renovation that I had first seen on my own. My new home is utterly gorgeous and suits my lifestyle and creativity to a tee. It is a total pleasure working with a professional like Mark Savel and I will work with him again if I buy a third property.
– Cass
More changes are coming to Marlee Ave! An application has been submitted by KFA Architects and Planners on behalf of 809726 Ontario Ltd to build a 9 storey, residential condo on the corner of Marlee and Glencairn.
Where Will the Condo be Built?
The lot is located on the North East corner of Marlee and Glencairn. The application was submitted to re-develop the addresses known as 529, 537, 539, 541 and 543 Marlee Avenue as well as 811 and 813 Glencairn Ave. For application purposes, the building is referred to 819 Glencarin Ave – but that name may change as the approval process progresses.
What is Currently on Site?
The lot is occupied by a three strorey mixed use building with commercial uses at grade and walk-up apartments above.
Sidenote: we know this corner very well, as we’ve had many dinners at Li Cheng’s!
How Many Units Will be Built?
The current application calls for 84 residential units with retail at grade. The retail space can be divided into a variety of options, from 1 large unit to 6 smaller ones.
What Type of Layouts Will 819 Glencarin Ave Have?
The current proposal is calling for:
28 one bedroom units
24 one bedroom and den units
28 two bedroom units
2 two bedroom and den units
2 three bedroom units
What Will The Project Look Like?
[ngg_images source=”galleries” container_ids=”45″ display_type=”photocrati-nextgen_basic_thumbnails” override_thumbnail_settings=”0″ thumbnail_width=”120″ thumbnail_height=”90″ thumbnail_crop=”1″ images_per_page=”20″ number_of_columns=”0″ ajax_pagination=”0″ show_all_in_lightbox=”0″ use_imagebrowser_effect=”0″ show_slideshow_link=”0″ slideshow_link_text=”[Show as slideshow]” order_by=”sortorder” order_direction=”ASC” returns=”included” maximum_entity_count=”500″]What Amenities Will the Building Have?
Plans are calling for a gym and party room along with a shared outdoor balcony.
Will the Condo have Parking?
Three levels of underground parking will be included in the design, along with 79 parking space with two spaces for commercial use and eight for visitors. They will also have bicycle parking off of the main level.
When Will 819 Glencairn Ave Be Built?
Plans were submitted to the city in September 2017 and the first community consultation meeting was in January 2018. There was a lot of community push back and a many changes suggested to the overall project. As more info is known, we’ll update the blog!
Our Thoughts on the Project
Marlee Ave is ripe for development – it has the vibe, feel and potential to become “The Ossington” of midtown! This application is the second of the year for the strip (first being a series of stacked townhomes at Wenderly Ave), and atleast to us, a welcomed addition to the area.
In January 2018, we attended the community consultation and unfortunately many in the room didn’t share the same enthusiasm for the project as we did! There was a small handful of the usuals who flat out wanted no changes whatsoever. BUT there was also a larger group that were open to redevelopment, so long the height was brought down.
Personally, we think 9 storeys is perfect for the area! A short walk south on Marlee is where you’ll find several condos, built in the 70’s, with heights of over 20 storeys tall. We also like the use of red brick for the exterior, helps set it apart from yet another boring glass building.
From the sounds of it, it looks like the architects will be going back to the drawing board to makes changes to the proposal. Be sure to check back as we’ll be providing updates as more is known!
30 Toronto Condos Sold For More Than $3.5 Million in 2017
It was a roller coster of a year for real estate prices in Toronto in 2017! In the housing market, things started out strong throughout the first quarter with a lot of the momentum pouring over from the little supply we saw in 2016 – but prices for homes quickly leveled off starting in April and continued throughout the remainder of the year. The condo market in general remained a “hot ticket item” and saw great growth throughout 2017… that too was true in the luxury condo market.
In our second year of covering sales in the luxury condo market, we saw a 36% increase in the number of condos selling over $3.5 million in Toronto – reaching 30 suites sold in 2017 vs the 22 sold in 2016!
And it wasn’t just sales numbers that were up – prices were too.
How Much Was The Most Expensive Sale?
The most expensive condo sale recorded in 2017 was $11,500,000 (or $1900/sq.ft.) – nearly double the $6,000,000 record of 2016. The 6000 sq.ft. plus penthouse, located in Yorkville came complete with a private pool, hot tub, and private roof top terrace with panoramic views.
Which Luxury Buildings in Toronto Had The Most Sales?
The Four Seasons Private Residences had the most amount of sales on this years list with 5 luxury condos being sold in 2017. The Residences At The Ritz Carlton and the Imperial Plaza came in second with two sales over $3.5 million in each. In 2016, 36 The Hazelton, had two sales on the list, but none clearing $3.5 million in 2017.
The majority of the sales took place in the Annex/Yorkville neighbourhood, with 14 sales recorded. The C01 Waterfront came in second with 5, followed by Rosedale-Moore Park with 4 sales.
What Was The Sold Price to List Price Ratio?
The average sale, sold at 95% of its list price, meaning there was about 5% negotiating room.
What Were The Average Days on Market for Luxury Condos in Toronto?
On average it took about 75 days for these higher end condos to sell. The fastest sold in 2 days and the longest was technically a hold over from 2016, sitting for 410 days!
How Much Was The Highest Maintenance in 2017 For these Luxury Condos?
The highest fee was $6135/month + Heat, A/C and Hydro but also included a private roof top terrace, pool, hot tub, and 4 parking spaces.! The lowest was $1,675.98 and did not include parking.
With Luxury Prices, Comes Luxury Taxes
The city took in their fair share of taxes from these high end condos! The average amount paid between the 30 was $22,841/year. The highest of the lot was $64,758 and the lowest was $7,650!
For the second time this year, new guidelines are being introduced that will impact how Canadians get approved for a mortgage… and for the second time this year, a lot of people are confused by what these changes mean! I’ve put together a short video to better explain who IS and ISN’T affected by it, and what it all means.
10 Ways The New Changes May Impact You
- The new guidelines would introduce “STRESS TESTS” for all purchasers taking out a mortgage with MORE than 20% of a downpayment.
- If you’re putting LESS than 20% down, taking a VARIABLE mortgage, or a term of less than 5 years – you’re already subject to qualifying under a stress test. No change to this segment of the market.
- If you’re putting down MORE than 20% – you too will also be subject to the test.
- The guidelines will require purchasers with more than 20% down to qualify at the Bank of Canada Rate OR the Contract Rate + 2% (which ever is higher)
- For Example: Say the banks are offering you a 3% fixed rate for 5 years. In order to be approved for it, you must actually qualify at 5% (3%+2%).
- Because purchasers are qualifying at a higher rate, many will see their max budget amount reduced by roughly 15-20%
- The new guideline ONLY apply to those lenders that are deemed a Federally Regulated Financial Institution (currently 85 in Canada).
- Those that don’t fall under Federal Regulations are not subject to the new guidelines. The most popular alternative is CREDIT UNIONS like Duca or Meridian… although there is some discussion that they may adopt similar measures to the B-20 Guidelines.
- Although many will see their MAX budget reduced – it’s important to remember that NOT EVERYONE wants to spend the max a lender can make available for them. I know of many clients who chooser to only spend 60, 70 or even 80% of their max budget on a purchase.
- Like all changes in the market, there will be an adjustment period of probably 4-6 months for people to adjust to the changes.
More Reading:
Final Revised Guideline B-20: Residential Mortgage Underwriting Practices and Procedures
Canada’s banking watchdog sets tougher rules for mortgage lending
Premier Kathleen Wynne, Finance Minister Charles Sousa and Housing Minister Chris Ballard announced plans to cool Ontario’s housing market. We’ve summarized the proposed changes, and included our thoughts on how it we feel it impact the market:
Rent Control For All Tenants
Current rent controls, only apply to properties built prior to 1991 leaving many of Torontos downtown condos exempt from increase limits (currently set at the rate of inflation). The new proposals will now cover all properties regardless of when they were built.
They are also looking into unlocking provincially owned surplus lands that could be used for affordable and rental housing development and a $125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges.
These steps won’t really do much to add to the current lack of supply, and with the introduction of rent controls, will probably deter developers from ever actually building new rental stock.
I do think that rent controls are needed, but at rate higher than just inflation – something as simple as inflation plus 5% would result in only a $140 rate increase/month on a $2000 rental. I was hoping the Liberal government would have introduced some controls on Hydro and Heat costs to help with monthly affordability for all!
Standardized Lease Document for all Tenants
This was briefly mentioned in todays announcement – Its purpose was to ensure “illegal terms and conditions” were not included in leases. I’m not entirely sure how they plan on handling this one as the Landlord and Tenant Board already has pretty specific guidelines that cover what can and can’t be included in leases. Also, every rental provides its own unique set of challenges that require the crafting of pretty specific clauses. To have a standardized lease could leave both sides unprotected!
An Assignment Ban
The government wants to ban speculators from assigning their pre construction purchases before completion. It’s not clear how they plan on qualifying someone as a speculator vs. a buyer who’s outgrown their space before the project completes.
A typical project takes about 2-5 years to complete and in that time things can change. I’ve worked with several buyers that have outgrew their initial purchase and wanted to sell before the project closed. When buyers take this route, the often sell at less than market value, but for more than their original purchase price.
We don’t see very many properties sell by way of assignment as they are often tricky to complete and require builders approval before the sale can be finalized. Those that do sell, often sell for less than market value (which helps those trying to get into the market)- so I’m not really sure how this will help with affordability.
Speculation Tax for Non-Resident Foreigners
Several reporters at todays announcement asked the officials for data to back up the claim that foreigners are buying up all these properties – but each time the question was avoided. In reality, the government doesn’t currently collect this information. As part of todays announcements, all purchasers will now have to reveal their citizenship and where they live. Buyers will also have to disclose if the property will be used as primary residence or investment (something we already have to do when applying for a mortgage)
They also planned to introduce a 15 per cent tax on home purchases by non-resident foreigners… but of course, since they currently don’t have any real data on exactly how many foreigners are actually buying property at the moment – it’s hard to say if this actually take any competition out of the market.
Final Thoughts
I’m a bit relived that these aren’t the catastrophic changes some have speculated may happen. “This plan balances those needs to stabilize the market and prevent a sharp correction that would be harmful to everyone,” said Wynne. My take is that ultimately these measures won’t bring much change to Torontos real estate market.
If you’re a buyer, things won’t be getting any easier anytime soon. You’ll still be faced with 5-20 people bidding for your “dream home”, with or without the foreigner tax.
Sellers, the climb continues (unless you’re trying to sell an assignment). Economics 101 teaches us that this price increase is fueled by a lack of supply and a ton of demand.
Renters of properties built after 1991 who haven’t received a rent increase in the last 12 months – expect a price bump in the coming weeks.
What Do They Want to Build at 3140-3170 Dufferin Street and 60-68 Apex Road?
Add another application to the developing Dufferin St strip! In 2015, RioCan submitted an application to amend the Official Plan at 3140-3170 Dufferin Street and 60-68 Apex Road. Currently the site is home to TD Canada Trust, Staples, Tim Hortons and Swiss Chalet… but if all goes according to plan, 2 new condo towers will be built on the site.
The application is calling for two mixed-use buildings of 28 and 22 storeys separated by a new public road. The proposed redevelopment will include 578 residential units and 5,632 square metres (60,622 square feet) of at grade retail space. It will also include 878 parking spaces, 1135 bicycle parking spaces and even a new public park as part of the redevelopment. Below are some early drawings of what the development may look like:
According to the proposal, the building will look as follows:
Building One
Building One (or Block 1), will front on Dufferin Street, will include the development of a 22-storey mixed use building with 263 residential units and 4,848 square metres (52,183 square feet) of grade-related retail and service commercial space.The building will consist of a 5-storey podium along all street frontages, an 8-storey mid-rise component along Dufferin Street and a 17-storey tower component above the 5-storey podium. The podium transitions to a mid-rise component for Levels 6, 7 and 8 located along the Dufferin Street, providing an outdoor amenity area in the northwest quadrant of the 6th level.
A total of 263 units are provided within Block 1, including 92 one-bedroom units, 136 two-bedroom units, 27 three-bedroom units, and 8 live-work units. Amenity spaces are provided on Levels 6, 9, 14 and 18. In total, Block 1 includes 617 square metres of indoor amenity space and 1,869 square metres of outdoor amenity space.
The building includes two levels of underground parking and parking areas central to Levels 2-5, accommodating a total of 444 parking spaces. A total of 667 bicycle parking spaces are provided.
Building Two
Building Two (or Block 2)
Block 2, located West of Building One, will have a site area of 4,470 square metres (excluding the public park and half of the northsouth public road) and will include the development of a 28-storey mixed use building with 315 residential units and 784 square metres (8,442 square feet) of grade-related retail and service commercial space. The building will consist of a 6-storey podium and a 22-storey tower.
The ground floor includes two retail units, one along Apex Road and the other in the northeast corner of the building. The residential lobby has frontage on the proposed new public street located south of the retail unit. The ground floor also includes 10 townhouse units within the podium that front onto the proposed new public park and 6 live/work units within the podium that front the proposed new public street, between the residential lobby and retail unit. The interior of the ground floor is utilized for bicycle parking, waste facilities, elevators and stairs, all accessed by a central hallway. The remainder of the podium (Levels 2-6) is occupied by residential units along the perimeter and a double-height fitness area on Levels 2/3.
Residential units within the podium are accessed by a central hallway connected to the centralized elevators and stairs. An outdoor amenity area is located on Level 4. Additional indoor and outdoor amenity space is provided on Level 9, 14 and 18. The top of the podium, at Level 7, is utilized for a green roof. The tower contains residential units accessed by a central hallway, which is connected to centralized elevators and stairways. The proposed height to the top of the 28th floor is 89.0 metres, with a height of 95.0 metres to the top of the elevator overrun/rooftop mechanical.
A total of 315 units are provided within Block 2, including 8 bachelor units, 99 one-bedroom units, 149 two-bedroom units, 53 three-bedroom units, and 6 live-work units. Amenity spaces are provided on Levels 2, 4, 9, 14, and 18. In total, Block 2 includes 1,309 square metres of indoor amenity space and 1,012 square metres of outdoor amenity space.
My Thoughts on the Proposal
The success of the Treviso development is proof that Dufferin, North of Lawrence is ripe for development! The west side of Dufferin has much larger lots than the East, and I think utilizing the lands make most sense. The retail at grade helps keep business in the area, and the towers above can add to the shortage of housing options in both the city – and the Dufferin and Lawrence neighbourhood. In the City report, there were a lot of items that needed addressing, but my hopes is that they all get sorted out and the Dufferin strip continues to develop!