When you drive around the GTA you see cranes in the air everywhere (154 to be exact). Those cranes translate into 46,362 condo units under construction. This can start to make you wonder: is there a condo bubble? Well rest assured there is not, and we actually need those cranes to keep up with demand. Let's take a look at why.
First off, Toronto is a great place to live. In 2014 it was ranked the 4th most livable city in the world by the Economist. Toronto is the Economic engine of Canada, with 162 of the top 500 Corporate Head Offices in Canada taking up residence here. It is ranked the #1 City to invest in long term in the world by Grosvenor, a U.K. based property think tank. It is ranked the safest large metropolitan area in North America by Places Rated Almanac. Toronto is also the most multicultural city in the world; over 47% of the population have a mother tongue in a language other than English or French (Over 140 languages and dialects are spoken). Additionally, 47% of Toronto's population (1,162,635 people) reported themselves as being part of a visible minority group. Finally, Toronto sits on the largest source of surface fresh water in the world; the Great Lakes contain 84% of North Americas surface water supply and 21% of the world's surface water supply (only the polar ice caps contain more fresh water). Currently 780 million people do not have access to clean water and this number will only increase as populations continue to grow and water availability continues to decrease.
Secondly, Canada is a great place to live and do business. According to KPMG, total business tax costs in Canada are the lowest in the G7, and 46% lower than those in the United States. The World Bank labelled Canada the best place in the G7 nations to start a business, and thanks to an open immigration policy it's comparatively easy to enter the country. For the seventh consecutive year the World Economic Forum has ranked Canada's banking system as the world's soundest; Canada has the largest source of natural resources in the world not in danger of being nationalized. Canada is a free market and welcomes international investment in our natural resources.
All of these indicators lead to a positive number of jobs being created in Toronto, positive number of people immigrating and migrating to Toronto, and a positive amount of capital investment into the city. The Toronto region will have 519,881 jobs to fill from 2014 to 2019; 2271,721 of these will be newly created jobs and 248,160 will be filling in for people entering into retirement. In addition, these jobs are attractive for people from across Canada, and people from around the world to migrate/immigrate to Toronto. The Greater Toronto Home Builder Association states that over 100,000 people come to the region each year from immigration and migration from other parts of Canada, and people starting familes. Between 2001 and 2006, Canada received 1,109,980 international immigrants. The City of Toronto welcomed approximately one quarter of all immigrants to Canada (267,855), which worked out to be about 55,000 people annually during this period. According to The Ministry of Finance continuously increasing trends in the population will make the GTA the fastest growing region of the province, with its population increasing by 2.8 million (44.6%), reaching almost 9.2 million by 2036. Finally, with the increase in jobs and population, we are seeing an increase in capital being invested in Toronto.
Downtown Toronto is growing four times faster than the rest of the city, and has a quarter of all of the office development in Canada. The GTA in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google Inc. More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year according to data from Cushman & Wakefield Inc., the world's largest closely held real estate brokerage firm. That's more than in New York and trails only Mexico City. In 2012, investment in office, retail, and industrial properties reached $13 billion, up 73% from 2009 according to RealNet data; approximately one third of that was office space. Total transactions amounted to roughly 2,000 transactions, while the number of sales worth more than $100 million reached a record 14 deals. There are 7 downtown office towers currently under construction, and 50% of all retail space being built nationally is located in Toronto. Projects such as an improved Union Station, along with other public transportation enhancements, are enticing U.S. companies, which are suburban tenants traditionally, to move downtown. As the population increases in the GTA to fill all these new jobs - what will everyone require - a home. How many homes will we need? According to the development industry, the GTA requires between 35,000 to 40,000 new homes each year to keep up with demand
Now let us look at who is currently living in Condos. Over half of downtown Toronto population is millennials. Millennialsare young workers that flock downtown - these are individuals born in the early 80's to late 90's. Toronto has a finite supply of HOUSES. The inventory of low-rise family homes in Toronto in not increasing. (Low-rise is defined as detached, semi-detached, or townhomes). Where will all these young professionals live when they start families? Since there is a finite supply of houses in Toronto there are not enough houses for people living in condos to move into. There is new supply of detached homes being completed in the suburbs of the GTA but this land is also scarce because of the creation of The Greenbelt, which restricts development. The government is focusing on us developing up and not out. When Millennials debate the choice of living in a condo or moving to the suburbs when starting a family they have to factor in:
Time incentives - currently they can walk to and from work for a total commute time of 30 minute or less.
Convenience - currently they can walk out the door and go to the grocery store, pharmacy, restaurants, and coffee shops.
Affordability - The price gap between a low-rise home and a condo has grown to $251,000 in Toronto. Plus, they can walk so they do not need to have the expense of a car.
If your asked a parent if they they would be interested in 1) More Time 2) More Convenience 3) More Affordability they would answer all with a resounding YES! We are already seeing this start to happen. Areas south of Queen (from University and Dufferin) have seen the number of children under the age of 5 increase by 65% since 2006. Therefore, since Millennials are choosing to stay in condos for the lifestyle it provides and the limited options for houses, we will continue to require new condos as the next generation of young adults flock downtown.
There is another strong statistic that is never included in house statistics; Canada ranks as the world's 7th most popular destination for international students. International student enrollment grew from 159,426 in 2003 to over 290,000 in 2013 - an 84% increase. Nearly 127,000 of these students attend institutions in Ontario, which is 43% of the international student population in Canada. The majority of these students make the GTA home, and attend one of the 8 post-secondary institutions. Since international students are coming from abroad, and they do not have family to stay with they seek out accommodations close to the universities. With larger budgets for accommodations we see international students either renting or purchasing condominium units close to their university. This puts an increasing pressure on our housing supply, which further justifies the increase in the supply of condo units in Toronto.
The current market situation supports these findings. In 2014 Condo prices increased by 6.4% from 2013 in the GTA, and even higher in Toronto by 7.6%, according to the Toronto Real Estate Board (TREB). The current Toronto vacancy rate is 1.8% and this number is even lower in Downtown Toronto at less than 1%. The number of condo apartments rented through the MLS system in the Greater Toronto Area reached a record high for the second consecutive quarter at 7,132 units, 10% higher than a year ago.
With the current millennial population choosing condos over houses, the population increase of 100,000 people per year coming from across Canada and around the world, the increasing international student population of 100,000 plus in the GTA, and other factors like the downsizing baby boomer population the question becomes: do we have a house shortage instead of a bubble?
If after reading this you are interested in investing in Toronto Real Estate reply to this email and set up a meeting. This will be your first step toward building generational wealth and retiring early or call 416 996 5181.
Our RED Door Donation Drives First Matching Donation of
$1000
From Real Estate Lawyer Joel Kadish
Alexjwilson.com has received its first donation in the form of a matching donation. Joel Kadish one of our preferred lawyers has agreed to match any donations up to $1,000.
Joel is a very good lawyer if you are looking for a very good Real Estate Lawyer he comes recommended by Team: Alexjwilson.com.
Now we just need $9000 more dollars to reach our goal of $10,000.
Email: contact@alexjwilson.com or call 416 996 5181 For More Information
Description:
This 2 bedroom 2 washroom unit sits on the 33rd floor and has 763 sq. ft. of interior space and a wrap around balcony that provides 209 sq. ft. of outdoor space. This unit is a corner unit that faces South and West. It will be flooded with natural light because of its floor to ceiling windows and exposure. Situated just south of Yonge and Bloor you are only minutes away from two subway lines as well as luxurious Yorkville.
Occupancy is expected Fall 2016
The sculptural 56-storey glass tower, designed by the acclaimed Peter Clewes of architectsAlliance, will present a dramatic façade in the Yonge/Bloor neighbourhood. Residents will enjoy a wealth of recreational and entertainment amenities, including a magnificent outdoor pool, two luxuriously appointed guest suites, a fully equipped fitness facility with his/hers change rooms, a large outdoor terrace with BBQ, a cozy and comfortable residents lounge and an elegantly designed party room with catering kitchen for stylish entertaining.
Interesting Reads
Here are some interesting reads of the week: (Click on title Link)
Accessorizing your home can be intimidating and overwhelming. When shopping for new accessories options are endless and seeing your existing items in a new light can be challenging.
So how does one curate objects and display them in a way that pulls a space together without seeming too sparse or cluttered?
Here are a few steps to help you style your home like a pro:
Step 1: Determine your style. Minimalist interiors tend to have fewer accessories. Fewer may sound easier but it actually puts more emphasis and importance on the ones you choose. If your style is more traditional, transitional or eclectic you'll want to display more items without going overboard. Remember editing is just as important as adding when it comes to styling.
Step 2: What do you want to style? Common areas are mantels, coffee, side and console tables, sideboards, dinning areas, counter tops, media units, desks, bookshelves, bedside tables and built-ins - basically anywhere there's a flat surface that deserves extra attention.
Step 3: Start gathering. Whether brand new purchases or old favourites it's important the accessories you choose represent who you are and what you love. They should tell your story, start conversations and make your house feel like a home.
Step 4: Be fearless! Courage is critical at this early stage in order to think outside the box. Scour your house for everyday items like books, photographs, fruit, flowers and even seasonal objects from the outdoors. Just about anything works when grouped together and natural or unexpected elements add life to your décor.
Step 5: Group similar items together. Think in terms of colour, finish, texture, vintage, style, scale etc. Certain items make more sense when displayed together. If you're a collector use this opportunity to display your passion in one designated area of your home. For a sophisticated look, add accessories that match your wall colour or colour scheme in a contrasting texture to further emphasize your décor.
Step 6: Arrange similar items by size. Think in terms of small, medium and large within your existing groups of like items. Several small items can be arranged together using a tray but most objects look best when grouped in odd numbers of varying heights.
Step 7: Scale. The items you chose should balance the weight and scale of the object they're accessorizing. If all objects are the right scale but a similar size, layer other items like books underneath to vary their height. Rest assured layering is always a good idea when it comes to styling your home.
Step 8: Consider context and functionality. Where do you want certain groups of items displayed? Are some groupings or items more suited to your mantel than your console table? What objects are more practical than decorative and need to be placed within certain areas like an entrance?
Step 9: Begin accessorizing. Start with your favourite items and prioritize these groups throughout the room. Think in terms of a pyramid with the tallest item in the back or off to one side. Instead of hanging a single photo or mirror above your mantel, consider layering and leaning several pieces in complimentary frames or arranging several photos and mirrors to form a grid.
Step 10: Fill in some, not all, negative space. Each surface should have one object that stands out and grounds the others but it's equally important we allow the eye to rest in between. Play with different items in different locations to determine what looks best then edit to minimize the risk of clutter.
Step 11: Know the rules in order to break them. Symmetry is most pleasing to the human eye but doesn't have to be boring. Instead of placing two tall candlesticks on either side of your mantel, group them together and balance them with a different object of similar height on the other side. Asymmetry can be just as pleasing to the eye when done properly. Look at the surface you're accessorizing like a grid. Play up its height on one side and mirror the other with mostly negative space. The end result is certain to be less predictable and more visually interesting.
Your accessories should evolve over time with your décor. Be fearless, use your imagination, think outside the box and look to magazines or your favourite retail stores for inspiration.
Most important remember styling your home is a process that warrants a certain amount of trail and error. As long as you incorporate items you love and tell your story you really can't go wrong.
If you are interested in interior design services reach out to sarah@highstreetdesign.ca or call 647 880 3016.
Events
Upcoming Events
This section will focus on upcoming events being hosted and sponsored by Alexjwilson.com.
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Happy Hour Monthly Social
The Thirsty Thursday
Date: March 19, 2015
Time:
6-8pm
Location:
Bar Wellington, 520 Wellington St W.
It seems the older we get the busier we get - therefore Alexjwilson.com wanted to dedicate 1 night a month that people can circle in their calendars and make it a priority to come. Alexjwilson.com is all about community so come out and re-connect with old friends - make some new ones - and share what is new in our lives.
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New Development
ART SHOPPE Condos
New Release
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Yonge and Eglinton
Art Shoppe Condos Is HERE
Ensure You Get The Unit You Want
For The Best Price
Imagine this was the view in your building when relaxing by your roof top pool.
Art Shoppe Condos will have some of the best amenities in the city and definitely the best amenities at Yonge and Eglinton.
33,000 sq.ft. of space dedicated to resident amenities:
6th Floor Amenities Include:
* Architectural garden designed by Janet Rosenberg Design Studio.
* Indoor Amenities include: double height fitness center with two cardio rooms, two weight rooms, indoor and outdoor yoga area, juice bar and his/her change rooms, and kids club.
8th Floor Amenities Include:
* Double height wine tasting room, catering kitchen, dining room with oversized fireplace, board room, lounge, library, games room, and theatre.
18th Floor Amenities Include:
* Floor to ceiling retractable nano walls where indoor & outdoor amenities merge.
* Indoor and Outdoor fireplace lounges, BBQ area, one of the largest infinity edge pools in North America stretching almost the entire length of the west loft building rooftop, Miami style cabanas and day beds, outdoor bar area with completely unobstructed city skyline views.
Additional Features of The Building:
* Over 80,000 sq.ft. of retail, including a 55,000 sq.ft. anchor tenant,
signature restaurants and retail on the ground level
* Yonge Street Location - 2 Acres, stretching a full residential block
* Short walk to subway and future LRT
* Large new city park to be built immediately next to the Art Shoppe Condominium
Facts of Building:
* 34 Level building
* 652 suites
* Many units with over-sized balconies and terraces
* Over half the units will have 10 ft. ceilings
* 4 Stories of state of the art amenities
* Ample retail & visitor parking
* TTC and future LRT at your doorstep
* 4 Guest Suites
* New park land immediately to the East of the site - almost ½ an acre
* 8 ft. ceilings - 6th to 8th Floor Lofts
* 10 ft. ceilings - 9th to 17th Floor Lofts
* 9 ft. ceilings - 18th to 34th Floor Tower Suites
Starting Pricing:
Suite Type Square Footage Starting From
Studio 313 to 340 sq. ft. from $205,900
Jr 1 Bedroom 380 to 430 sq. ft. from $249,900
1 Bedroom 420 to 480 sq. ft. from $263,900
1 Bedroom + Den 480 to 607 sq. ft. from $316,900
Larger Units:
2 Bedroom 675 to 1500 sq. ft. from $418,900
2 Bedroom + Den 800 to 1800 sq. ft. from $494,900
If you are interested in this project and getting on the list to have first and BEST access send us an email: contact@alexjwilson.com or call 416 996 5181.
Alex Wilson's Listing
Alex Wilson's Listings
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3 Everson #611
2 Bedroom Plus Den, 2 Bathroom
For Lease $2,100 - Available Immediately
Description:
Large 2 Bedroom And Den Unit In Family Friendly Everson Townhomes. Natural Light Fills This Unit. Hardwood Flooring Found Throughout. Lots Of Storage. Huge Rooftop With Gas Bbq Hookup And Downtown Views Of Cn Tower. Just Steps From The Subway, Ttc, 401, Shops Etc. Parking Garage And Visitor's Parking Close To Unit. Hydro Also Included In Rent. Kids Can Play In Park/Green Space Across The Street. Check Out The New Whole Foods At Yonge And Sheppard.
Description: Stunning Suite In The Hottest New Building @ Yonge & St. Clair. Imperial Plaza Living Awaits.This nearly 700 sq. ft. 1 Bedroom + Den, Ensuite Laundry Facilities, Beautiful Open Concept Kitchen With Granite Counters, Stainless Appliances. Hardwood Floors Throughout. 24 Hour Concierge. Tenancy Comes With Access To The 20,000 Sq Ft Imperial Club Health And Recreational Facilities With Pool, Party, Media & 10,000 Sq Ft Health Centre. Steps To Ttc.
