One Bloor East - Mid December Construction UpdateHere is the latest from One Bloor East. They are doing the concrete foundation pour for the elevator. When I was there last I saw them putting in the rebar, for the pour. The site is absolutely huge, in the same breath, they are still excavating the lasts bits of dirt out of the pit. So it will be a while before this one is fully laid over in concrete. However once the all the concrete for the basement level has been set, the building should move up faster. And at a pace, hopefully faster than that of the dreaded, U Condos!
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.
One Bloor East is the second Tallest Tower Under Construction in Toronto, and will be when complete the Tallest Tower in Yorkville. The Tower has been upsized twice since it was released, first from 65 floors to 70 floors, then from 70 floors to 75 floors. This last revision, making it almost as tall as the Aura Condo down the street at College Park. The tower is being developed by Great Gulf Homes. Yorkville is one of the richest shopping districts in Canada, and for that matter the world, right up there with those fabulous hot spots, of Rodeo Drive in Los Angeles, and 5th Avenue in New York, and Ginza in Tokyo.
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