Yonge and Dundas Multiple Construction Update
I actually went down to Yonge and Dundas to do a construction update on the Aura Condo Tower, but happened to notice a few other ongoing projects while I was down there as well. The other to projects that jump out at you in the picture below are the Renovation Work ongoing at the Eaton Chelsea/ Former Delta Chelsea, with the recladding totally consuming the eastern tower, which the new slick glass mimicking the curtainwall glass on the Aura Condo tower which is directly behind it in this shot. Also visible is the renovation work on the Atrium on Bay Media Tower, where you can see that after a 3 month break it looks like work has finally begun in earnest again.
There is one other major construction renovation ongoing at Dundas Square that is out of the picture and that renovation is of the 10 Dundas East Building with new canopy and entry ways which are currently being built. As for the Aura Condo tower which is the reason I went into the square in the first place, it seems that as it gets closer to top it, it gets slower to turn around. However the curtainwall glass is moving further up the tower, and the mechanical top out shouldn't be more than a month or two away.
New Trends in Condo Buying Emerging in the Toronto Area
A few new trends to watch out for in the Toronto area when it comes to buying homes as well as buying condos. When it comes to buying homes, the latest tactic is to put a property which had previously been listed on the MLS system, on a bidding site, or list through an auction house to get buyers, sending the price of single detached homes soaring.
As for condos the latest buying technique is the new trend with regards to micro housing, or micro condo living. And we’re seeing now, specifically designed condos to meet that purpose. Another new trend to look out for is the lack of supply in the purpose built rental housing market in Toronto. Even as new condos come online there remains a shortage of apartments built specific to that purpose, so condo rentals have increased even as vacancy climbs, rentals rates do as well.
Busy Condo Market Boosts Toronto Home Sales
With fewer homes in the detached category available in Toronto, new home buyers seem to be opting for new condos, with sales heading forward at a rocket pace last month. Sales of Existing Homes in the Toronto area moved up by a whopping 2.1% in February 2014, and that is compared to the same time period last year. That was mainly due to a 12.5% increase in the sales of condos within the city so stated by the Toronto Real Estate Board. That will contrasts with the sales declines that occurred in townhomes, detached and semi-detached housing during the month, which was mainly due to a constrained supply of those housing types.