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TechnologyMansions Languish, Condos Pop as Toronto Homes Sales Face Spring Test

11:25  03 may  2019
11:25  03 may  2019 Source:   msn.com

Why it’s so hard to get housing into Toronto’s ‘yellowbelt’ neighbourhoods — and how experts say it can be done

Why it’s so hard to get housing into Toronto’s ‘yellowbelt’ neighbourhoods — and how experts say it can be done Ryerson University economist Frank Clayton lives near Oriole Rd. and Lonsdale Ave., a midtown locale with primo transit connections, schools and shops. It’s the kind of amenity-rich neighbourhood coveted by millennials, who have hit their family years. It’s also one of the relatively few areas of Toronto where detached houses, condos and lowrise apartments rub elbows. Like other North American cities including Vancouver, Edmonton, Seattle and Portland, Toronto would like to get more population into built-up areas that include more than apartments, Clayton said.

Home sales in the Toronto region have dropped 37 percent from their peak in 2016 while prices are down 4.4 percent since maxing out at C5,200 in The sales office was “mayhem” as buyers and agents begged for units in that pricing sweet spot. That same week, Papailias went to another presale

The Greater Toronto Area's housing market saw an early spring sales surge last month, in the latest sign of sharp divergence between the country's two Vancouver home sales sink 29.1% in April as slowdown deepens. Mansions languish , condos pop as Toronto homes sales face spring test .

Mansions Languish, Condos Pop as Toronto Homes Sales Face Spring Test © Bloomberg Shifting Preferences

(Bloomberg) -- A one-bedroom condo plus den listed at $648,000 in Toronto’s east end has been sitting on the market for weeks. A similar unit in the same building priced C$69,000 cheaper ended up selling way over asking.

Whether it’s an apartment in a glitzy new skyscraper or a mansion in exclusive Forest Hill, pricing has become paramount as Canada’s biggest city heads into the busy spring property season. As the market stabilizes after a year of plunging sales, condos sales are a mixed bag and big detached homes are hard to shift.

“The right product, in the right location, at the right price will get lots of interest and likely multiple offers,” said real estate agent Justin Wu, who’s handling the condo that’s still on the market. “Others take more work to sell.”

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Home sales in the Toronto region have dropped 37 percent from their peak in 2016 while prices are down 4.4 percent since maxing out at C$815,200 in May of 2017. Re-sale condo listings swelled about 10 percent in the first quarter from the same period last year, according to research firm Urbanation Inc.

Canada’s federal housing agency lowered its assessment of the overall vulnerabilities in the national market to “moderate,” from “high,” according to a report Thursday. While there remains a “high degree of vulnerability” in Toronto and Vancouver, prices are moving closer to levels supported by fundamentals.

Housing across the country has been adjusting amid tighter mortgage regulations, taxes on foreign buyers and other measures designed to curb runaway prices and household debt, particularly in Vancouver and Toronto. While Vancouver’s market is still sinking, an influx of about 100,000 immigrants a year is providing an underpinning in Toronto, especially for condos.

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Search & Analyze All condos for Sale & Rent in Toronto . See historical SQFT trends & market analysis for Toronto condos . Search Nearby. Sales Lease. Index For. Toronto . No Results Found. Condos .

Home Sales Jump 3.6% in April as Canadian Markets Stabilize Billions in Dirty Cash Helped Fuel Vancouver’s Housing Boom Mansions Flag, Condos Pop as Toronto Homes Face Spring Test Montreal Homes Could Be the Trade of Trudeau’s Latest Budget.

Read More: College Kids Are Living Like Kings in Vancouver’s Empty Mansions

“The price differential between the average price of a condo apartment and a low-rise home has narrowed to its lowest level in four years, which is creating more supply competition for condos and sparking some move-up buying,” Shaun Hildebrand, president of Urbanation, said.

Moving Out

For first-time buyer Adam De Biasi getting into the condo market was a totally nerve-wracking experience.

“Every delay I had, another condo would slip through my fingers,” the 24-year-old engineer-in-training said in a phone interview. He felt if he didn’t get into the market he’d be living in a “shoebox” by the time he was ready to move out of his parents home.

After months of searching -- and losing out -- he finally landed a one-bedroom in a presale project launched by Menkes Development Corp. north of Toronto that met his his budget of about C$400,000. It’s right by the subway line and close to the highway.

College kids are living like kings in Vancouver’s empty mansions

College kids are living like kings in Vancouver’s empty mansions Globe-trotting landlords can avoid vacancy taxes by renting. It’s the latest twist for a housing market down 8.5% from its peak.

Condos and homes toronto . Collection by James Thomas. Toronto Real Estate. BACKSTAGE ON THE ESPLANADE , BACKSTAGE CONDOS , TORONTO CONDOS - Toronto Condominium , Steve Shahsavar.

Houses and condos for sale in Toronto . Loblaws and Metrolinx are bringing shopping for groceries to five GO Transit stations starting this spring . Toronto home sales picked up in November as some buyers apparently “rushed” into the market ahead of tough new mortgage rules, but don’t expect

He got lucky, said Simeon Papailias, De Biasi’s agent. The sales office was “mayhem” as buyers and agents begged for units in that pricing sweet spot. That same week, Papailias went to another presale condo launch by CentreCourt Inc. and SmartREIT, which sold out in three days. He had to weave through almost 3,000 agents competing for 490 units.

Complete Frenzy

“The minute anything launches -- C$800 per square foot -- and connects to Toronto by subway, there is a complete frenzy,” he said.

Single-family homes are a different story. Prices across the city were up just half a percent in March from a year ago compared, with a 7.2 percent rise in condo prices.

“There is a big challenge with low-rise, which is still suffering a lot. Even resales in established areas, it is a bit slower -- I think it’s going to change but right now it is a bit slower,” Mark Mandelbaum, chairman of Lanterra Developments, said. “With a condo, if you don’t like it, you can rent it. It’s very hard to rent a house in Markham.”

Again, pricing is key.

More Work

Mattamy Homes, the biggest private residential homebuilder in North America, has seen hot demand for most of its single-home property launches, according to its founder, Peter Gilgan. “Every one of those launches, priced properly, is sold out after one day or two,” he said in a February interview. Many of the projects are outside the Toronto core.

New Condos Are Way More Expensive Than Resale, And Now They're Risky Too

New Condos Are Way More Expensive Than Resale, And Now They're Risky Too What is it about buying a new house or condo that appeals to so many people? Is it that new-home smell? Shiny new appliances you can see your reflection in? The decreased likelihood of there being a scary old ghost living in the closet? Whatever the reasons, Canadians pay quite a premium for a brand-new home. Which these days ― given that 80 per cent of all new residential units in Canada are condos ― means a brand-new condo. According to Urbanation, a new condo in Toronto cost an average of $779 per square foot in the first quarter of this year, having surged some 50 per cent since 2016.

New Condos , Pre-Construction Condos & Homes for Sale in Toronto & GTA. This modern 2 Bedroom corner suite in the Platinum condo by Conservatory Group is ideally situated in the heart of North York, which rivals the Yonge and Eglinton area as Toronto ’s new uptown, yet nestled within a

Condos have been on the rise, especially in recent years after the Spring 2017 housing shift in Greater Toronto . Even Scarborough is up 11% where you can get a condo for 4,000 less than you can downtown - if you're looking for affordable homes .

Great Gulf Group also launched a Whitby, Ontario project this month, which had steady lineups outside its sales center and sold out, according to spokeswoman Madeline Zito.

As for Wu, the agent who’s still waiting for takers on his unit in the city’s east end, it simply means having to put more work in. “This is very different from a couple years ago, when it was pretty indiscriminate” buying across the board, he said.

(Updates with CMHC assessment in fifth paragraph. An earlier version corrected Justin Wu’s title in the third and final paragraphs.)

--With assistance from Erik Hertzberg.

To contact the reporter on this story: Natalie Wong in Toronto at nwong133@bloomberg.net

To contact the editors responsible for this story: Jacqueline Thorpe at jthorpe23@bloomberg.net;Debarati Roy at droy5@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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Toronto New Home Sales Soar 94% To Highest Level In 17 Years.
Greater Toronto’s housing market has had a stellar spring, but it’s unclear if this is the start of another housing boom in the city, or just panic-buying ahead of a new government policy that some expect will push up house prices. New home sales in Greater Toronto soared by 94 per cent in May, compared to the same month a year earlier, according to data from the Building Industry and Land Development Association (BILD GTA). That’s well above

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