PH2 nationalpost.com NATIONAL POST, SATURDAY, DECEMBER 17, 2011P O S T H O M E S
I f their New Year’s resolu-tions involved sellingmoresuites, Toronto’s condo-
minium developers got thatand more in 2011. While thefinal sales numbers for the yearare still to be determined, theGreater Toronto Area’s condomarkethas already reached rec-ord highs this year, beating out2007’s formerrecordofapproxi-mately 22,500 condo sales.
Ben Myers, executive vice-president and editor of mar-ket research firm Urbanation,the Toronto CMA should seehigh-rise sales of about 26,000to 27,000 units by year’s end.
But what’s the story behindthe numbers? What were thebiggest trends that kept the To-ronto condo market hoppingthrough 2011?1. The expansion of the 905“The pricing of low-rise hous-ing in those markets is reallyshooting up,” Mr. Myers says.The answer? More condogrowth, with larger develop-ments. They’re the types ofprojects the 905 has been shorton before: large sites with greatamenities and top-rate fea-tures. In other words, they’rewhat Mr. Myers calls “sexy”— and they’re certainly gettingattention frombuyers.2. Less low-rise When theBuilding Industry and LandDevelopment Association(BILD) released its latest salesnumbers (supplied by RealNetCanada), the discrepancy wasclear. From January to Octo-ber, there had been 15,056 low-rise sales throughout the GTA,compared with 23,747 high-risepurchases. “Thenumbers speakfor themselves. There’s a short-age of low-rise inventory,” saysJoe Vaccaro, acting presidentof BILD. Municipalities are en-couraging intensification, andthe result is less new-build low-rise and more new condomin-ium units. “All of these green-belt legislations are putting ahold on supply in that market,”says Mr. Myers. “And obviouslywhen there’s less supply, pricinggoesupevenquicker, too.”3. Smaller suites Sometimesit’s just a numbers game. Withthe price-per-square foot in-creasing in condos throughouttheGTA, especially downtown,developers are opting to offersmaller suites to keep pricesaffordable for first-time buy-ers. “The more small suites,the more units you can fit intosome of these buildings,” saysMr. Myers. “That translatesintomore sales aswell.”4. Investor action Investorsare coming out to the salescentres in droves; in fact, somebuildings have been 90% to100% investor purchased. “Itreally reflects Toronto’s placein the global economy,” saysMr. Vaccaro. “It has been recog-nized as a safe place to invest,and we’re seeing that inter-nationally — money is mak-ing its way into Toronto. Andreal estate is a hard asset thatforeign investors support andhave an appreciation for.”
So what can we expect from2012?Atpress time,Mr.Vaccaroexpected anywhere between 40and 80 new condo projects tobe released through the newyear. Mr. Myers was still work-ing on his final forecast, butoffered his best estimate so far.“I don’t think we’re going to getanother record next year but Icertainly expect that things willcontinue on a fairly rapid pace,”he says. “Off the top ofmy head,I’m expecting probably around20,000 sales.”
National Post
SalestoweraboverecordsPreliminary
results indicatebest year yet
LISA VAN DE VEN
Market News
This is a suite that comes alive at night — the model at The Uptown Residences was designed for thenocturnal set: a lively couple in their forties, perhaps. “It’s an entertainment apartment,” says interiordesigner Alex Chapman, principal creative with Union31. “It’s interconnected and feels really clean,but at the same time has a nighttime warm feeling.” To echo the building’s Art Deco design, Mr. Chap-man chose a colour palette from the era. Taupe, black, white and dark woods are predominant in the43rd-floor, 1,270-square-foot suite. Chrome accents and pops of yellow add charm. “We wanted thesuite to talk to a slightlymoremature and sophisticated purchaser,”Mr. Chapman explains. Remainingsuites at The Uptown Residences — a Pemberton Group project at Bloor and Balmuto streets — rangein size from 1,270 to 2,110 sq. ft. and in price from the mid $900,000s to $1.66-million. The sales officeis open by appointment only; call 905-326-4100 or visit pembertongroup.com.
Deco dramaExuding elegance, the UptownResidences speaks
to the warmth of the era By Lisa Van de Ven
1
2
3
4
5
6
1 “We wanted to bring insparkle,” Mr. Chapman says, re-ferring to the chrome in boththe lamp and the coffee tablefrom Elte, which shine againstthe room’s dark wood. “There’s anice interplay between the two,”the designer says.
2A pair of elegant two-toned taupe chairs in a simplegeometric pattern — armless tokeep the space open — recedeinto the dark background anddon’t call too much attention tothemselves.
3Dark meets light in thisstriking wall feature where apair of sharp sconces flank thefireplace. The darker elementsthroughout lend cohesivenessandwarmth to the space.
4A custom-made off-white
tuxedo sofa stands out in thedark room; the same fabric is ona banquette in the dining area,“which links the whole space,”the designer says.
5Contrast was the goal forthis dramatic black-and-whitedresser. It also complements themoody piano-themed artwork.“The scale of it works great inthe space,”Mr. Chapman says.
6Mr. Chapman achieved asenseofdrama in themasterbed-room with this all-encompass-ing wall covering from CrownWallpaper + Fabrics. It combinesgraphic notes of silver, white andgrey for “a nice lively energy,” thedesigner explains.
FOR SALE
Price range: From themid$200,000s to over $900,000Location: King StreetWestand John Street, Toronto
THE MERCERBuilder/developerGraywood Developmentsand Beaverhall Homes.What’s new The building isnow 75% sold.Building 33 storeysSuites Studio, one-bedroom,one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den and three-bedroomsSize 363 to 1,133 square feetOccupancy 2014Features Nine- or 10-footsmooth-finish ceilings; plankengineered hardwood floors;glass, subway or marblemosaic tile kitchen back-splashes; Energy Star appli-ances; slab marble bathroomcountertops.Amenities A fitness centre,party room, screening room,sauna, hot tub, lounge terrace.Standouts Get $15,500 backwith a two-bedroom purchaseor $17,500 on a two-bedroom-plus-den.Sales office 8 Mercer St.,Toronto. Open Monday toThursday from noon to 6 p.m.and weekends from noon to 5p.m. Call 416-597-6940 or visitthemercer.ca.
L.V., National Post
Price range: $319,900 to$1.4-millionLocation: King StreetWest andBathurst Street, Toronto
SIX50 KING WESTCONDOMINIUMSSIX50 King WestCondominiums will bring 236condo units, six townhousesand new commercial spaceto King West. It will have twoconnected buildings by CoreArchitects; one will face King,the other Bathurst.Builder/developer FreedDevelopmentsWhat’s new Occupancy isabout to begin very soon.Building 10 and 16 storeysSuites Studio, one-bedroom,one-bedroom-plus-den, two-bedroom, two-bedroom-plus-den and penthouse layoutsSize 553 to 2,005 square feetOccupancy January 2012Features Pre-finished engin-eered hardwood floors, floor-to-ceiling windows, exposedconcrete ceilings.Amenities A communalcourtyardStandouts Built to LEEDstandards for green building.Sales office 600 King St.W., Toronto. Open Monday toWednesday noon to 6 p.m.,Thursday noon to 7 p.m.,Friday noon to 6 p.m. andweekends noon to 5 p.m.Call 416-360-0600 or visitsix50king.com.
L.V., National Post
newcondos
TODAY’SCONDOS •SITESTOSEE (NOTTOSCALE!)
SIX50GOING, GOINGCranes move outsoon, appliancesstart moving in.
MERCERENTERTAINMENT
DISTRICTHurry in —
discounts availablefor buying, now!
UPTOWNRESIDENCESMODEL SUITEDark anddramatic, perfectfor your nightlife.
