Written by Jason Lau Friday, 08 March 2013 21:40
Builders and developers are reporting growing optimism in the apartment and condominium market, according to the latest Multifamily Production Index, released by the National Association of Home Builders.
"The apartment and condo markets continue to improve as new household formations generate demand," says W. Dean Henry, CEO of Legacy Partners Residential in Foster City, Calif., and chairman of NAHB's Multifamily Leadership Board. "However, there are certain issues facing builders and developers that may impede their ability to keep up with this demand, such as the rising cost of building materials, labor shortages, and the price of land."
The Multifamily Production Index has been strengthening since the middle of 2010, and multifamily starts has been increasing since the end of 2010 to coincide with developers’ increased confidence, says NAHB Chief Economist David Crowe.
NAHB is projecting a 30 percent increase in multifamily starts in 2013
Written by Jason Lau Thursday, 07 March 2013 15:28
March 5, 2013 -- Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.
The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012.
“The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole,” said Toronto Real Estate Board (TREB) President Ann Hannah.
Written by Jason Lau Wednesday, 06 March 2013 20:47
With the number of under-construction residential and commercial developments across the city coming in at record highs, it should come as no surprise that Toronto has become one of the most desirable places to live, work and play on the continent. As more residents and businesses move to Canada’s financial capital, census figures are beginning to reflect the dramatic changes in our city’s population, brought on by the ongoing development boom. The City of Toronto's annual population growth rate has increased steadily for the last 10 years and is now growing at an annual rate of about 38,000 people.
Written by Jason Lau Tuesday, 19 February 2013 20:40
Condos can be a great choice for many people, including first-time buyers looking to get into the market and build equity. A condo unit can be a good starting point since it is usually less expensive to own and carry than a traditional house. Condos can also be the right decision for people making their choice based on lifestyle. These buyers primarily choose this type of home because there is no yard work, snow removal or roofing repairs to be done, while others are looking for the extra security that comes with being high up in a secure building.
Whatever your reasons for considering a condo, it's important you start out by knowing what you're buying into. Some people don't have a clear understanding of what a condominium really is. They use the term “condo” as synonymous with “apartment,” however the term “condo” refers to the form of ownership and has nothing to do with the physical characteristics of the unit. In fact, a condo doesn't have to be an apartment at all. A condo can also be a townhouse, a link home, or any type of multi-unit residential dwelling or commercial property with shared areas. These areas, or common elements, can take the form of a swimming pool, rooftop lounge, exercise room, front lobby, parking garage etc. The cost of operating and maintaining these common areas is jointly shared by the individual unit owners in the form of maintenance fees that are usually paid monthly. The cost is determined by the condominium corporation which is made up of unit owners like you and since there is a certain degree of control over maintenance costs, I recommend getting on the board and becoming one of the decision makers.
Written by Jason Lau Tuesday, 19 February 2013 14:14
The percentage of unsold condominiums in Toronto’s housing market continues to rise but the market remains strong by historical standards, according to a new survey.
Urbanation Inc., one of the leading research companies in the condo industry, said overall the Toronto census metropolitan area was 79% sold in the fourth quarter of 2012, down from 80% a quarter earlier and 82% a year earlier. It is above the 10-year average of 78%.
“Despite concerns over the level of unsold supply in the new condominium market, the ratio of sold to unsold units has consistently been above the long-run average in recent years,” said Ben Myers, executive vice president of Urbanation, in a release. “There remains confusion over unsold supply and standing inventory, to clarify, at the end of Q4-2012 there were just 613 completed and unsold new condominium apartment suites in the Toronto CMA — some would be rented out by the developer, some used for construction offices, and others used as model suites for subsequent phases, effectively lowering this standing inventory figure even farther.”