The Holt Renfrew Centre, is an 83 Floor Tower proposed on the prime Bloor-Yorkville Strip, It will be developed by Morguard. There are some concerns on weather a tower of this size might be out of place in that location. However, it will be just south of the Four Seasons which is over 200 meters, and One Bloor which is almost 260 meters rising at the corner of Yonge and Bloor. New standard for tall condos is currently changing. What wasn’t acceptable a few years, ago, is now the new normal. I remember when a 30 floor tower in downtown Toronto was a big deal. Now 30 floors doesn’t even cause a stink when plans are announced. Yorkville is the prime upscale shopping district of downtown Toronto. It has all the high end stores from Gucci, Prada, and Burberry. It is also experiencing a condo boom, as new projects sprout like weeds, along Bloor, Cumberland and Yorkville Ave. Some projects like 100 Yorkville, and the Hazelton have brought the village of Yorkville scene some new retail, and eatery hotspots
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.
The Canadian Home Mortage Corporation (CMHC) set to alter Mortgage Insurance Rates
The federal agency which regulates mortgage insurance in Canada is set to alter the rates which is charges new home buyers to insure their mortgages against the risk of default. These premiums which new homeowners must pay to get CMHC insurance may also impact the ability of homebuyers to purchase their homes. The federal government has been trying for quite some time to reign in the Toronto and Vancouver Housing markets where the average cost of a single family detached home has now reached over $1 million dollars.
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