September 23,2006: Toronto 2010 Part IV: Residential Condominiums
Toronto's residential market for newly built condominiums is tops in North America. According to the Toronto Star, the most recent figures for the year 2005, shows Toronto sold over 17,000 new condos. Toronto is outpacing Miami (7,500), Chicago (6,800), and New York (6,450).
Residential condominiums are the back bone of the furnished rental market in Toronto. The majority of buildings in the furnished rental market comes from residential condominiums. (Note that in Canada, the term condominium is exclusively used to define a building where uints in a high rise building are owned by a buyer, and an apartment is almost exclsively used to define a rental high rise building with one building owner).
Unlike the previous 3 parts of this series (Hospitality/Hotels, Arts and Entertainment, Office and Retail ) we will not profile specific properties for there are far too many. (Click here for a list of downtown Toronto condominiums in various stages of development).
Rather, we will discuss some of the various factors: low interest rates, a booming national and local economy, aggressive immigration and population growth, value, available land, and foreign investment, which makes Toronto current condomium market growth #1 in North America.
July 12,2006: Toronto 2010 Part III: Office and Retail
Category: Toronto 2010
Posted by: maven
In Part III of Toronto 2010: The city in 3.5 years, we examine the changes that will occur in the and office and retail sectors.
The last major attempt at expanding the commercial/office sector of downtown Toronto failed with the 1989 crash of the real estate market. It was then, a prime piece of land located in the heart of the financial district at Bay and Adelaide was under construction for a major 50 story office tower. What remains on the land is a 12 story block of cement, the foundation of an elevator shaft which was all that was completed.
Eerily, the incomplete structure looks like a gigantic tombstone and for the longest time the site symbolized the Toronto commercial market, a graveyard. Many believed that Toronto could not sustain another major office tower, in other words, the commercial base had peaked. Some even called it a jinx, as several attempts in the late 90's to resurrect the project failed.
A few years ago Toronto finally got back to the same real estate prices of 1989. The residential market in Toronto has been healthy for a long while now, but it is only until recently that the commerical market has woken up from its nightmare.
The last major attempt at expanding the commercial/office sector of downtown Toronto failed with the 1989 crash of the real estate market. It was then, a prime piece of land located in the heart of the financial district at Bay and Adelaide was under construction for a major 50 story office tower. What remains on the land is a 12 story block of cement, the foundation of an elevator shaft which was all that was completed.
Eerily, the incomplete structure looks like a gigantic tombstone and for the longest time the site symbolized the Toronto commercial market, a graveyard. Many believed that Toronto could not sustain another major office tower, in other words, the commercial base had peaked. Some even called it a jinx, as several attempts in the late 90's to resurrect the project failed.
A few years ago Toronto finally got back to the same real estate prices of 1989. The residential market in Toronto has been healthy for a long while now, but it is only until recently that the commerical market has woken up from its nightmare.
May 29,2006: Toronto 2010 Part II:Arts and Entertainment
In Part II of Toronto 2010: The city in 3.5 years, we examine the changes to the Arts and Entertainment facilities of Toronto.
So let's face it, Toronto does not have a global reputation as being a leader or centre for the Arts as say New York, Paris or London. Toronto's contribution to the field of Arts and Entertainment goes largely unnoticed. However, when we take a closer look at some of the recent and upcoming contributions, Toronto is a lot closer than you may think.
May 17,2006: Toronto 2010: The city in 3.5 years (Part I)
Category: Toronto 2010
Posted by: maven
 | Just yesterday the world was in an anxious state in anticipation of Y2K and now in just three and a half years we will be hitting the year 2010. And during that time Toronto has been changing from a city hidden in a cocoon to its maturity into a butterfly. A transformation has started. Over the past seven years, Canada is the only G7 nation to run seven consecutive surplus budgets, and is the only G7 nation to run a surplus in 2004 (Source). And Toronto as its financial capital has reaped the benefits of this economic boom. The city is growing and becoming denser. The city is undergoing an architectural renaissance not seen in 50 years. Derelict downtown lands are becoming commmunities (i.e. King West/Liberty Village), parking lots are being converted to towers, and the city is planning for bigger and better things. |
This is the first of a four part series examining what the city has planned for the year 2010. In particular we focus on the transformation that has started in the Hospitality/Hotel, Arts & Entertainment, Office/Retail and residential sectors of downtown Toronto.