GTA Real Estate Market Report October,2014

Sales and Average Price Up Year-Over-Year

Greater Toronto Realtors reported 8,552 residential sales through the MLS in October 2014. The number of transactions represented a 7.7% increase compared to 7,941 transactions reported in October 2013.

The number of new listings reported in October were up by 3.4% compared to the same period in 2013. Active listings were 17,497 in October-down 5.7% from October 2013.

“Strong Growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the GTA who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Toronto Real Estate Board President Paul Etherington.

The average selling price continued to grow in October up by 8.9% from the same time last year to $587,505.  Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the GTA, particularly where low-rise home types are concerned. The resulting seller’s market conditions are forecast to drive strong price growth through the remainder of 2014 and into 2015 as well,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 1.5% from October, 2013. The average selling price of a Toronto condo increased  by 1.5% from the same time last year to $390,430.

Condominium apartments accounted for 23.8% of total sales in the GTA for October 2014 while detached homes accounted for 48.7% of the total sales.

Other notable statistics include the average days on the market for October at 25 days, down 7.4%. The sales-to-listings ratio for October was 48.9% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Toronto Condo Hot List for the Week of November 17, 2014

Here are my Top Picks for the Week:

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20 Gothic Ave #616

Price: $530,000 Beds: 2 Baths: 2 Sq Ft: 891

Great Location Just Steps From High Park And The Subway. Monarch Built (2009) 8 Storey Condominium. Desirable Open Concept Upper Floor Corner Unit. 9 Foot Ceilings. Windows Throughout. Beautiful NW Exposure. 2 Bedrooms – Split Layout. Hardwood Floor…

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319 Merton St #704

Price: $459,898 Beds: 2 Baths: 2 Sq Ft: 850

Corner Unit In The Sought After Davisville Village! Gorgeous, Modern, White Kitchen With Stainless Steel Appliances, Granite Counters And Breakfast Bar. Bright Open Concept Layout With Rich Hardwood Floors And Walk-Out To A Private Balcony. Spacious…

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630 Queen St. East

Price: $449,000 Beds: 2 Baths: 1 Sq Ft: 696

Spectacular And Trendy Sync Condo In The Heart Of Leslieville. Bright And Spacious 2 Bedroom Unit With A Large Terrace. Unobstructed Views Of Park And Treetops. Exposed Concrete 9Ft Ceilings. Freshly Painted And Looks Like New. Live Connected (Ipod …

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33 Mill St #510

Price: $399,000 Beds: 1 Baths: 1 Sq Ft: 750

Loft In The Distillery District. 10 And 11 Ft Ceilings. Wall To Wall Windows. Hardwood Flooring. Juliette Balcony. Modern Kitchen. Inclusions: Stainless Steel: Fridge, Stove, And Microwave, Stacked Washer/Dryer. All Light Fixtures. All Window Coveri…

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43 Hanna Ave #222

Price: $899,900 Beds: 2 Baths: 2 Sq Ft: 1400

The Toy Factory Lofts, A Touch Of Design And Character. Stunning And Spacious Authentic Hard Loft Features. Rarely Available. Sunny South Facing Balcony Overlooks Courtyard. Open Space. Douglas Fir Wood Ceiling. Steel Beams. Exposed Ducts. Upgraded …

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Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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How To Co-Buy A Home With Your Friend In Canada’s Expensive Market

Great article at http://business.financialpost.com

When Geordie Aitken and Magda Dominik’s son, Walker, was born in September 2013, they dreamed of having a backyard and more space for him to play in. The 36-year-old leadership consultants were renting the third floor of a 110-year-old house in Vancouver for $1,700 a month.

Why the price of your home may not be climbing as much as you think

The average home price in Canada now tops $400,000 but unless you live in Toronto or Vancouver, you’re probably not cashing in on the housing boom

They wanted to buy and were considering spending $600,000 on a home, not an outrageous amount considering that the average price of houses in Vancouver is projected to hit $811,000 at the end of this year. But it is a daunting amount.

“To buy something in our price range would’ve made us house poor,” Mr. Aitken says. “We could’ve afforded a fixer upper but it would have compromised the rest of our lifestyle.”

Instead, the family joined forces with another couple who also had a young child and together in July, they bought a 2,700-square-foot, two-level home in North Vancouver. Located across the street from a wooded park and three minutes from the ocean beach, the home cost about $970,000.

As housing costs rise, many first-time homebuyers are being priced out of the market and unable to save the huge down payment or even qualify for a mortgage. So more people are resorting to other ways to achieve their home-buying goals, including co-buying with friends or family.

Click here for more.

 

Here is what you can do next:

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Condo Demand In Toronto Remains High, Analysts Find

Great article at www.TheStar.com

Two new reports on Toronto real estate suggest the city’s condo boom has staying power, with landed immigrants and millennials propelling continued growth.

“Ask any real estate developer in any of Canada’s major cities about the risk of overbuilding, and the first line of defence would be immigration and its critical role in supporting demand,” CIBC economist Benjamin Tal writes in a report co-authored with Nick Exarhos.

Though that paper doesn’t mention condos specifically, Tal expanded on the subject in an interview. “I think that the condo market is misunderstood; I think that people count cranes and they say, ‘This is crazy,’” he said. “This is a market clearly with a lot of supply, but the demand is there, too … I do believe that new immigrants can add to this demand, and it’s definitely happening.”

Tal noted that Ontario’s Greenbelt, which restricts development in a ring around the GTA, has capped the availability of land and restricted the supply of lowrise houses in the region.

“The condo market is introducing an element of affordability,” he said. “We’ve basically priced out first-time homebuyers in this city.”

“Everybody was going to the suburbs — now the opposite is the case.”

In a separate analysis presented at the Toronto Housing Outlook Conference on Wednesday morning, Canada Mortgage and Housing Corporation analyst Dana Senagama said that relatively inexpensive housing types have received a boost from the influx of young immigrants.

Click here for more.

Here is what you can do next:

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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How Mid-Rise Wood Buildings Could Make Toronto Housing Market More Affordable

Great article at http://www.HuffingtonPost.ca

Vince Molinaro just got back from a trip to British Columbia, where he and about 40 other builders and developers from Ontario went with a mission: to find out how the province built and marketed its mid-rise wood sector.

The height limit for residential wood construction in Ontario’s building code was recently upped from four to six-storeys, a change that comes into effect January 1 of next year, but has been part of the code in provinces including BC and Quebec for years.

“[It’s a] form of construction that’s new to Ontario, so we wanted to get the feel of it and get the specifics of the design,” said Molinaro, the president of the Ontario Home Builders Association (OHBA).

With Toronto’s red-hot real estate market not expected to cool any time soon, many Torontonians are left wondering if they’ll ever be able to afford a condo, let alone a single-detached home, in the future. Enter six-storey wood buildings — a new mid-rise housing option that developers and city planners alike are hailing as the solution to unlocking land value on the avenues, increasing density and opening up a new affordable housing market.

“It will make it more affordable for developers to actually build mid-rise buildings,” said Paul Bedford, the former chief city planner for Toronto and a professor at Ryerson. “That makes a big difference because where a project is now not economically viable, it might become viable with six-storey wood.”

Click here for more.

Here is what you can do next:

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Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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The Top 10 Restaurants for Corporate Events in Toronto

Great article at http://www.BlogTO.com

When corporate events mean dinner in Toronto it’s easy to let the guest list get out of hand. Finding a restaurant to accommodate a party of 30 or more might merit a private dining room, but there are also restaurants that can entertain large groups with panache.

Drake One Fifty

The Drake One Fifty loves to throw parties, and they’ve got the experience hosting everything from engagement parties to corporate holiday shindigs. They’ve even got a group booking specialist ready to help cater everything from strolling buffets stocked with seafood towers and charcuterie boards to sit-down dinners.

El Catrin

This massive Mexican cantina in the Distillery District has the real estate to host big events and can serve up whole table menus, like one with seven tasting courses for $42 per person, or a nine course feasting menu for $56 per person.

Valdez

With distinct dining spaces in the all-season rooftop patio, main floor and even the secret walk-in freezer venue, this Latino street food specialist makes hosting large groups a breeze with tailored services including drink ticket options, DJ services and prix fixe menus or customized catered events.

Copacabana

The two GTA locations of this Brazillian rodizio excel at this kind of large-format meal. While some kitchens might struggle to feed a large party smoothly, their kitchen is used to sending out mass quantities of meat to carve tableside, while the buffet stocked with salads and hot vegetarian dishes will accommodate even the most discerning eaters.

Barsa Taberna

The modern Spanish tapas bar in St. Lawrence Market welcomes corporate bookings and parties. The tapas tasting menus offer excellent value for lots of food that’s best when shared – along with pitchers of sangria. Enjoy the chef’s choice six dishes at a time for $60 or by the dozen for $120.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Platinum Launch: Aquavista by Tridel

We are very excited to share with you the PLATINUM package for TRIDEL’s brand new waterfront project, AQUAVISTA

Be the first to get in on the ground floor of this incredible development. 

Designed To Make Waves

Excitement continues to ripple along Toronto’s waterfront with the arrival of AQUAVISTA at Bayside Toronto.

Located just steps from Sherbourne Common and Sugar Beach, right along the water’s edge promenade, AQUAVISTA represents the next wave of residential living to join Waterfront Toronto’s revitalization of the city’s inner harbor.

Designed by the architects of internationally acclaimed Arquitectonica of New York City, the building’s curvaceous, uniquely expressive shape is comprised in a series of stepped terraces and balconies, oriented towards the lake so as to maximize water views.

Resplendent Retreat

With its commanding view of the lake, the central second level rooftop Aquavista Club Amenity Terrace offers soothing views overlooking Toronto’s inner harbor. A meandering path gives way to a stunning infinity pool with sundeck, fire pits, multiple lounging and conversation areas with shading canopies, discreet seating alcoves and lush plantings throughout.

Year-round Vitality

At ground level, pedestrian-friendly streetscaping and walking areas along Merchants’ Wharf will be animated with premium retail, restaurants, cafes, patios and a host of other amenities infusing this area with year-round vitality, convenience and energy

Why you should seriously consider Aquavista:

* Incredible Miami inspired design right on Lake Ontario – as close to the water as you can possibly be.

* One of the top developers in the GTA….TRIDEL

* Outdoor rooftop terrace overlooking the lake.

* Part of a master planned waterfront community that will see huge infrastructure changes to the local area – including a total of 6000 new residential homes, brand new retail and commercial space.

* Discounted Platinum Pricing

* All units for sale before anybody else.

For a copy of the brochure, please click here

For a copy of the Fact Book please click here.

I am interested, what can you do next?

*** If you are interested in receiving the floor plans and a price list please reply to this email. ***

All unit allocations at the Platinum Level are on a first come first served basis.

Note this is a VIP service….You will have First Access to suites and a personal appointment to sign your purchase agreement. No line-ups at a sales center. No crowds. 

We look forward to hearing from you.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Developers Shifting Sights To Two-Bedroom Condos

Great article at http://www.thestar.com  

Developers appear to finally be getting the message that not everyone wants to live in a tiny shoebox in the sky.

The number of shrinking, one-bedroom condos coming on the market has declined dramatically just over the last few months, in favour of more two-bedroom units averaging more than 800 square feet and better suited to first-time buyers and young families, says new-home research firm RealNet Canada Inc.

The bad news, however, is that new, low-rise houses continue to climb out of sight and have hit a new price record of close to $700,000.

The growth of more family-friendly, condo-style projects as alternatives to pricey low-rise houses should further increase next year. That’s when the Ontario government is expected to approve changes to the building code to allow construction of six-storey, wood-frame construction housing in this province for the first time, said RealNet president George Carras in an interview.

Overall, new home sales continue to rebound from the downturn in 2012 and 2013. The number of new condos and low-rise houses sold in the first three quarters of this year climbed 54 per cent over the same period last year, to a total of $18 billion, according to RealNet figures.

Sales of pre-construction condos surged 39 per cent in September alone, year over year, with 2,262 units sold compared to 1,393 a year ago. That’s the second-strongest September on record for highrise sales, the numbers show.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Banks Take Hard Look at Micro Condos

Great article in www.TheStar.com

This is a follow up to my post on  Oct.27,2014.

They are a big hit with real estate investors, but still a source of considerable concern for some lenders.

As micro condos move into the Toronto market with a vengeance, some of the Big Five banks and other lenders still have rules on their books that restrict okaying mortgages on units under 500 square feet.

“I would say there is still some hesitancy around lending on micro condos,” says mortgage broker James Laird, president of CanWise Financial.

“Up until recently, it would be a very odd and unusual condo that would be less than 500 square feet so it’s not so much a ‘No, we won’t provide mortgages on them,’ but it’s a ‘We need to figure these things out because we haven’t seen them before.’”

Some 467 units of 500 square feet or less are currently in the occupancy phase in the City of Toronto, about five per cent of the new condos coming on stream in the core this year, according to condo research firm Urbanation.

An additional 2,868 of these smaller units will occupy by the end of 2015, making up 11 per cent of all the new condos occupying in the City of Toronto, it says. And thousands more are in the planning or construction phases.

But it will be weeks or months after occupancy, when the building registers, before buyers — be they investors planning to rent the units out or so-called end-users planning to live there — will have to come up with final mortgages for 80 per cent or so of the sale price not already covered by down payments.

Brokers are watching closely to see how that next phase plays out, given the fact so many of the A lenders still have guidelines on their books saying they won’t mortgage anything below 500 to 600 square feet. No. 6, National Bank, and secondary lenders don’t tend to have the same restrictions.

“TD does have a minimum square footage requirement,” said a TD spokesperson, without elaborating on the specifics, “however we also review applications on a case-by-case basis.”

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Toronto Condo Hot List for the Week of November 3, 2014

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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1636 Dundas St W #6

Price: $449,000 Beds: 1 Baths: 1 Sq Ft: 900

Contemporary Boutique Building In Brockton Village. Part Of A Small, Modern Complex In A Gated Community. Balcony. Large 5-Piece Washroom. Hardwood.Modern Kitchen. Inclusions: Stainless Steel: Stove, Fridge, Dishwasher, Microwave. Stacked Washer/Dry…

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215 Ft. York Blvd #3412

Price: $350,000 Beds: 1 Baths: 1 Sq Ft: 650

Neptune Waterpark Condos. Meticulously Maintained. Lake And City View From All Rooms. Dark Hardwood Floors. Beautiful Kitchen With Granite Counter. Breakfast Island. East Facing Balcony. Inclusions:Stainless Steel: Fridge,Stove,Dishwasher,Microwave….

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319 Merton St #1116

Price: $384,900 Beds: 1 Baths: 1 Sq Ft: 650

Prime Mid-town Building Close To Yonge/Davisville. Beautifully Upgraded Suite Including Open Concept Modern Kitchen With Granite Counters and a Breakfast Bar. Spacious Living/Dining With Lots Of Wall Space For Furniture. Large Master Bedroom Fits A …

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801King St W #524

Price: $264,900 Beds: 1 Baths: 1 Sq Ft: 500

Desirable King West. Updated Suite With Great Layout-Open Concept Bedroom With Sleek Frosted Glass Partition. Newly Painted. Laminate Flooring. Modern Kitchen, Inclusions:Stainless Steel: Fridge, Stove, Dishwasher. Stacked Washer/Dryer. All Light Fi…

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90 Broadview Ave. #504

Price: $419,000 Beds: 1 Baths: 1 Sq Ft: 775

Sleek And Sophisticated 770 Sf. Of Open Concept Living With A Beautiful View Overlooking Broadview Ave. Designer European Kitchen With Stainless Steel Appliances. Stone Counter-top And Centre Island. Engineered Hardwood Floor Throughout And Porcelai…

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Airbnb: Changing Condo Landscape

Great article at www.LawTimesNews.com

Over the past few years, Airbnb has exploded as a web site that connects people with spare rooms to travellers looking for short-term rentals.

In 2011, the site listed 50,000 rooms, a number that has grown to more than 555,000 in 2014.

But as the service becomes more popular, it has been engendering a backlash from the hospitality industry, governments, landlords, and condominium corporations around the world.

New York state recently compelled the company to turn over customer records and found that 75 per cent of the bookings in New York City broke the law.

San Francisco, where the company has its headquarters, only approved regulations that would make the service legal in the city in October.

Tourisme Québec has cracked down on short-term rentals for the past year or so after complaints from the hospitality industry.

The situation in Ontario is murkier. Unlike Quebec, where anyone wanting to rent out a place for less than 31 days has to get a permit that costs $250, pay a host tax, and purchase civil liability insurance, Ontario doesn’t have a law that governs short-term rentals.

Instead, the battles over Airbnb in Ontario are taking place outside of the government. Developers and condominium corporations are starting to clash over the issue, while landlords and tenants are also likely to experience some conflict.

Jason Rivait, an associate with Aird & Berlis LLP, says many condominium corporations have included prohibitions against short-term rentals in their corporate documents. “But nowadays, you’re seeing explicit permissions to rent out the units for short-term stays,” he says. “And that’s because of mediums like Airbnb.”

According to Rivait, who mostly represents condominium corporations, when Airbnb started to become more popular, some developers began to take a second look at the prohibitions against short-term rentals in their declarations. “They limit the marketability of those units, especially for foreign investors who are looking at buying them likely to simply hold onto and rent out for a period of time,” he says.

Click here for more.

 

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Home Winterization: Five Ways to Keep Out the Cold

Great article in http://RealtyTimes.com  

April may bring showers, but winter weather can bring all sorts of other unexpected and expensive damages to your home. Fall’s cool temperatures are a reminder that winter days are on their way – take stock of what you may need to do to prepare your home beforehand, and you’ll be ready for the onslaught of ice and snow. Here are several simple, cost-effective tasks you can do now to make the transition into the colder months easier.

1. Clean Out Your Gutters

Once the leaves are off the trees it’s time to clean out your gutters. Poorly maintained gutters can damage the roof of your home as well the exterior. When snow and ice mix with clogged gutters, it’s a recipe for disaster, inside and out. Leaves and debris will prevent moisture from running off the roof, resulting in ice dams and water leaks. Before flurries form make sure to clear out any waste that’s accumulated, and also be sure to note any missing or broken pieces and have them repaired. Remove potentially hazardous branches, or structurally unsound trees that could pose problems under the weight of snow or in the midst of a dangerous windstorm.

2. Have Your Heating System Checked

You don’t want to be the person waiting in the frigid cold for a repairman to come when your heater stops in the dead of winter. Instead, have an inspector come in and make sure that the system is well ventilated and running smoothly before the first cold snap hits. Inspections generally run between $70-$100. If you live in an area where winter storms consistently knock out both electricity and heat, consider investing in a small generator. Learn more about what you can do to ensure that your system is operating properly, and give yourself time to make any needed repairs before winter comes and the heating companies are overbooked.

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Gone Downtown: 2015 Real Estate Trend

Great article in http://GlobalNews.ca  

Homeowners who choose the convenience of city life over the more generous living space in suburbia are driving Canada’s real estate market, according to a new report jointly produced by consultancy PricewaterhouseCoopers and the non-profit Urban Land Institute.

The annual outlook on emerging real estate trends says the move downtown, which has emerged in the past few years, will continue as more Canadians decide to stay in or move back to urban cores.

Much of this is due to changing demographics as young families and millennials forgo the white picket fence and house in the suburbs to take advantage of downtown living, where properties are smaller but offer more conveniences, said the 112-page report released Tuesday.

According to Statistics Canada, the most recent numbers available show that the population of urban centres grew 7.1 per cent between 2006 and 2011.

Frank Magliocco, Canadian real estate leader at PricewaterhouseCoopers, said there are a number of factors behind the urban growth, including that Canadians are more aware of the environmental costs associated with urban sprawl as well as the cost in time and money of lengthy commutes.

As well, provincial land use regulations that protect green spaces — for example Toronto’s Greenbelt involving about 800,000 hectares of protected land from Peterborough, Ont., to Niagara Falls, Ont. — have made it more difficult to find land to develop and has pushed an explosion of condominium growth in major

Click here for more.

 

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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New Toronto Downtown South Core is Rising Fast

Great article in www.TheStar.com 

Our latest, South Core, now taking shape between Union Station, the Rogers Centre and Lake Ontario, fills space long since paved over for parking lots. Construction continues, but the layout of the emerging neighbourhood is already clear. Comprising commercial, corporate and residential development — all highrise — this is Toronto’s first 21st-century downtown.

The difference now is that South Core is a place to live as well as work. The guiding principles here are connectivity, compactness and closeness. Mixed use is the mantra.

“When I started working in the 1980s,” says second-generation developer Peter Menkes, “everyone was moving out of downtown. We were building suburban office towers. Now we’ve done a complete 180.”

The new ideal is location, not space. The denizens of South Core want to live near where they work. They are willing to sacrifice the big house on a cul-de-sac in the middle of nowhere for a small apartment in the heart of the city.

Though young adults still drive the market, Menkes Developments ensures that ten per cent of condo units have three bedrooms to accommodate families. Kids’ play areas are de rigueur as is the new pedestrian infrastructure that makes South Core viable.

Click here for more.

 

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.