INTERGENERATIONAL LIVING IN CONDOS

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Long ago, multigenerational living, referred to recently as intergenerational living, was a way of life for Canadian families who shared accommodations. Culturally and internationally, this continues to be an accepted practice, and nowadays we see a lot of families with grown children opting to live in the same suite or different suites in the same building.

Baker Intergenerational Living

For example, some parents have their post-secondary education enrolled children live with them, rather than paying out for residence and room and board. These families save thousands to put toward their mortgages. Some millennials in the working world move back in with their parents to save money toward owning homes themselves. Another situation we see a lot of is parents helping their grown children purchase suites in the same condominium, often on different floors. Essentially, they live together, yet apart for convenience and privacy. The opposite happens when adult children purchase a suite in the same condo they live in for their aging parents, which makes helping to care for the older generation more convenient.

Whether it is one large suite for two or more generations, or two or more suites in the same building, condominium living can be the perfect answer to your lifestyle needs. As I love to say, GO CONDO!

TORONTO HIGH IN WORK-LIFE BALANCE WORLD RANKING

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Once again, the City of Toronto is racking up impressive world rankings in a number of areas. Recently, Toronto was chosen by KISI (https://bit.ly/2M6R6RH) as one of the top 40 cities in the world for Best Work-Life Balance 2019. The parameters of the study included Work Intensity, Society and Institutions, and City Livability. Toronto came in 13th out of the 40 cities considered.

Toronto ranked as one of the top 40 cities in the world for Best Work-Life Balance 2019

KISI is a mobile access technology company of keyless security experts. To conduct this study, they began by choosing in-demand metropolitan areas around the globe with “sufficient, reliable, and relevant datasets.” The ranking was based on an assessment of how much time people dedicate to their job, including commuting and working hours, along with several other considerations such as equal treatment, health and welfare programs, overall happiness, safety and access to leisure activities.

It is easy to understand why Toronto ranked high. Our city is a magnet for immigrants because of the quality of life we enjoy. The purpose of KISI’s study is to make municipalities and countries aware of how they can enhance the happiness and productivity of their residents. I agree – they can all take a lesson from Toronto!

TORONTO AND THE GTA LEADERS IN NORTH AMERICAN POPULATION GROWTH

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I have said it numerous times over the years: Toronto and the Greater Toronto Area continue to welcome new residents, so we have an ongoing need for new homes and condominiums. Never has that statement been more important, since the results of a recent study by Ryerson University’s Centre for Urban Research and Land Development were released. Toronto is now the top-growing city in North America, having welcomed more than 77,000 new residents last year alone. In addition, the GTA is the second-fastest growing metropolitan area and is predicted to grow 40 per cent by the year 2041. That is only 22 years from now.  

Toronto is the top-growing city in North America; the GTA is the second-fastest growing metropolitan area and will grow 40 per cent by 2041.
Toronto is the top-growing city in North America; the GTA is the second-fastest growing metropolitan area and will grow 40 per cent by 2041.

The planning implications for the next two decades are astounding, especially when you consider the predicted rise in density. By 2066, the GTA’s density is estimated to climb from 4,000 people per square kilometer to more than 7,700 – that is nearly double. Building “up” rather than “out” is obvious. New condominiums are the answer to housing newcomers, and the industry is rising to the occasion. Last year, Toronto ranked first on the “Crane Index.” Plus, the Rider Levett Bucknall Crane Index reports that in July of this year, we had 120 active cranes in the city, ranking us as having the most real estate development on the continent. In the first quarter of this year, the number of new condo units under construction in the GTA reached over 70,000 for the first time ever.

Once again, condominiums lead the way in Toronto and the GTA!

NEW CONDO MARKET IN GTA STRONG IN SEPTEMBER

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Great news on the new home front! According to the Altus Group statistics released by BILD in September, a strong new home market in the GTA continued with total new home sales up 73 per cent from last September, and 6 per cent above the 10-year average. Condominium sales rose 39 per cent from last September and were also 6 per cent above the 10-year average. The benchmark (typical condo) price was up 6.5 per cent over the last 12 months.

September GTA stats show that condos remain a hot ticket! (Image of 11YV by  RioCan, Metropia, Capital Developments)
September GTA stats show that condos remain a hot ticket! (Image of 11YV by RioCan, Metropia, Capital Developments)

This is in keeping with the national trend occurring in home sales across Canada. The Canadian Real Estate Association reports that in September, sales in our large metropolitan areas increased 15.5 per cent from one year ago. The national average price for homes sold in September was up 5.3 per cent from September 2018. In addition, Canada Mortgage and Housing Corporation’s recently released annual forecast increased its housing starts estimate to 204,300 (4 per cent higher) for 2020 and predicts Toronto home prices will rise as much as 5 per cent next year.

Overall, the news is good, so if you are on the fence about purchasing a new condominium, it is time to take the jump and add a suite (or two or more) to your financial and/or lifestyle portfolios.

TORONTO NAMED 6th SAFEST CITY IN THE WORLD!

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Well, 2019 is turning out to be another banner year for Toronto, with more accolades piling up. The Economist Intelligent Unit’s 2019 Safe Cities Index recently ranked Toronto as the 6th Safest City in the World. Sponsored by NEC Corporation and subtitled “Urban security and resilience in an interconnected world,” the index ranks 60 cities across 57 indicators that cover security in the categories of digital, health, infrastructure and personal. Toronto was the only Canadian city, and one of only two North American cities ranked in the top 10.  

The Economist Intelligent Unit’s 2019 Safe Cities Index ranked Toronto as the 6th Safest City in the World (only Canadian city ranked in the top 10).

The Economist team conducts in-depth research to compile this list each year. By “urban resilience,” the report measures the ability of cities to handle and bounce back from disasters and other shocks. The genesis of this thinking is that as of now, 56 per cent of the earth’s population live in cities, and that by 2050, that number will rise to 68 per cent. The result is that urban management plays, and will continue to play, a key role in the quality of life of most of our population.

Certainly, Toronto’s relative safety compared to the rest of the world attracts immigrants who appreciate the already high quality of life we enjoy. Many, if not most, of these newcomers choose new condominiums for their homes of choice. To find out more about The Economist survey, visit https://safecities.economist.com/safe-cities-index-2019/

ONGOING CONDO DEMAND FUELED BY IMMIGRATION

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The 2016 Census showed that 17 per cent of all recent immigrants to Canada live in Toronto, and that if that trend continues, we would see nearly 170,000 immigrants moving into the city by 2020. According to the Canadian Government, Toronto has the highest per capita immigration rate in the world, and 43 per cent of all new immigrants to Canada settle in the Greater Toronto Area. The World Population Review posted that Toronto has the second-highest percentage of foreign-born residents of all world cities after Miami. The result is that immigration is at its highest peak in a generation, and Toronto’s population is inching up toward 3 million, making it the largest city in Canada by population. As I continually say, newcomers have to live somewhere.

43 per cent of all new immigrants to Canada settle in the GTA. You can understand why the demand for new-construction housing – especially condos – is strong on an ongoing basis. GO CONDO!

People who immigrate to Toronto and the GTA appreciate the high standard of living we enjoy, especially considering the conditions in some of the other countries in the world. They are also used to living in, and raising their families in, high-rise apartments. Condominiums are a natural choice for many newcomers. Add to that the fact that across Toronto and the GTA, condos represent the most attainable price points in the new home market, and between immigrants, first-time buyers and investors, are always in demand.


At Baker Real Estate Incorporated, we know that right out of the gate, our first sales are to investors who know that buying early in the process gets them the best prices and the most choice of suites, floors, etc. Of course, not everyone’s life falls in line with a five-year construction timetable – and the good news is that for those with an immediate need, there is plenty going on with new construction that is built and toward the end of the selling phase, as well as resale condos. The upshot is that there are condos out there for everyone at every stage of life. GO CONDO!

1 PHILLIPS SQUARE A REMARKABLE OPPORTUNITY IN MONTREAL

We have stupendous news! In the heart of downtown Montreal, 1 Phillips Square (1 Square Phillips) will soon be introduced by well-respected developer Brivia Group. Sales at this highly anticipated residential condominium will launch later this fall, and we are excited to represent this incredible ownership opportunity on Sainte Catherine Street, only a block away from McGill University.

To say this location is a sensation is an understatement! Sainte Catherine is undergoing an exciting redevelopment with larger sidewalks, WiFi and smart LED lights. Shopping, dining, entertainment, the business district and Place des Festivals all lie within walking distance. The nearby McGill Metro station is part of the massive infrastructure project called REM going on in Montreal to connect all feeder lines with a light rail-type system. Eaton Centre is also steps away, and it will soon include a Time Out Market, the massive Lisbon food and drink hall that will offer versions of some of Montreal’s most gourmet restaurants. Montreal is one of the few cities in the world where this Market is being replicated.

Perfect for professionals who want to live close to work, families, rightsizing empty-nesters and investors from across Canada and around the world

At 61 storeys, 1 Phillips Square will be the tallest residential tower in the city. Its stunning three-phase design is by Menkès Shooner Dagenais Letourneax (MSDL) Architects in collaboration with Hill West Architects New York. This 6-corner design means more corner units, and its fabulous exterior will contribute to the revitalization of the area. Landscaping is by Claude Cormier et Associés.

With residential suites beginning on the 22nd floor, residents will have unprecedented views of the mountains, river and cityscape. Luxurious interiors are by the MSDL team and innédesign, which is well known for delivering a superior brand. Among the fabulous building amenities will be a 10,000 square-foot indoor/outdoor terrace space at the 50th floor (the top level of one of the phases). There will also be a scotch lounge, a juice/smoothie bar, gym, pool, spa, yoga studio, lounge and an automated parcel delivery system.

Purchasers will be able to select from studios, one- and two-bedroom and three-bedroom units, penthouses and super penthouses, with the top size being 2,988 square feet. Each suite, even the most compact studio at 380 square feet, will come with heated bathroom floors and an automated iPad home automation system. Innovative appointments also include a swing door to integrated closets in the bedroom, eliminating the need to purchase a dresser – especially nice in the smaller layouts.

HOT NEW INCENTIVE PACKAGE AT THE UNITED BUILDING

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The United Building by Davpart Inc. ushers in a whole new lifestyle at University Avenue and Dundas Street West in Toronto. This mixed-use re-envisioning of the historic Maclean Publishing/Maclean Hunter building now includes a new collection of suites, plus a hot new incentive program – 10 per cent down and a three-year leaseback program. 

What a spectacular opportunity for anyone considering living in this new landmark on Toronto’s cityscape! ERA Architects and B+H Architects have created a striking exterior featuring the restored heritage structure housing office and retail at the base, with a new contemporary residential tower rising above it (rising to 54 storeys in total).

Just announced: a new collection of suites and a new incentive at The United Building. Take advantage of 10 per cent down and a three-year leaseback program.

Talk about location! The building will include direct access to the St. Patrick’s TTC station, and the 505 streetcar stops at the door. Even more convenient, there are numerous amenities within walking distance. Skating at Nathan Phillips Square, taking in an exhibition at the AGO, taking a course at Ryerson University or University of Toronto, and shopping at Eaton Centre are all just a stroll away.

Right in the building, residents will enjoy the exclusive use of a party room, fitness facilities, 4-season reflecting pool, sauna and rain room, among other amenities. Suite choices range from studios to three-bedroom + den designs.

The Presentation Centre is located at 481 University Avenue, at the corner of Dundas, on the main floor. For more information, call 416-849-7700 or register at www.theunitedbldg.com 

250 LAWRENCE AT AVENUE ROAD COMING TO BEDFORD PARK

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Elegantly modern is a wonderful way to describe 250 Lawrence at Avenue Road, Graywood Developments’ new residential condominium coming to Toronto’s exclusive Bedford Park area. Luxury is paramount in this sophisticated neighbourhood that was previously out of the financial reach of even elite buyers. With prices beginning from $599,900, 250 Lawrence is now the only obtainable way to own a new condominium suite with a premier Bedford Park address.

250 Lawrence

Backing onto Toronto’s ravine network, 250 Lawrence will sit on a 1.46-acre property and will include just 178 suites – unheard of in Toronto. The area’s tree-lined streets create a private natural setting, while the condominium is also mere moments from shopping and restaurants along Avenue Road and the boutiques on Yonge. Subway access is nearby as well. The condominium is also close to the finest schools in the city, including Havergal College and Lawrence Park Collegiate.

A contemporary exterior designed by renowned Quadrangle Architects will complement the residence’s surroundings, which will include views over the Douglas Greenbelt. Choices include one-, two-, and three-bedroom suite layouts, all with chic appointments. Suites range in size from 501 to 1,524 square feet, with prices from $599,900 to $2,189,900 – incredible!

If living in the coveted Bedford Park neighbourhood is your idea of a dream, make it come true! Register NOW at https://250lawrence.com/

U OF T PLACES 18th IN THE WORLD IN TIMES HIGHER EDUCATION RANKING

There is great news for Toronto this month on the international education front! The University of Toronto placed 18th in the Times Higher Education 2020 World University Rankings. Considering the fact that the ranking examines approximately 1,400 institutions each year, this is incredibly impressive. The ranking is three points higher than U of T earned last year. It is the highest ranked in Canada and one of the highest public universities in the world in several international rankings.

The University of Toronto placed 18th in the Times Higher Education 2020 World University Rankings. World-class education is one of the many reasons why new condominium buyers flock from around the globe to our city. Congratulations, U of T!

U of T and the other universities in Toronto have a lot to do with the ongoing immigration to our city, as well as the ongoing demand for new condominiums. We enjoy such a high quality of life, with world-class education, recreational, cultural, shopping and sports venues in our boundaries, what who can blame other people in the world wanting to live here?