Monthly Archives: January 2017

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Move over Toronto, Mississauga has its own condo boom

Rogers family’s M City project promises to be a defining landmark for city’s downtown

Just west of Toronto, the City of Mississauga is experiencing its own condo boom, with such projects as the Absolute Towers, Pinnacle Grand Park, Limelight, and many more.

It may well be an affordable alternative to buyers who can’t find what they’re looking for in Toronto.

Mississauga is Canada’s sixth largest city, and it’s about to get larger. The city issued 3,700 building permits last year, with a construction value of $1.3 billion dollars, and it doesn’t look to be slowing down. A report titled Our Future Mississauga was presented to council last June and addresses the city’s strategic master plan.

In it, there’s talk of density, of highrise development, transit and waterfront development, both residential and commercial. There’s a lot in play here, and a clear goal of these initiatives is to establish a distinct downtown region.
The big news is the recent announcement of M City, a 1.5-billion-dollar mega-project spearheaded by Rogers Real Estate Development. The mammoth, master-planned community will consist of 10 towers with upwards of 6,000 residential units. The 14-acre property was originally purchased in 1963 by the Rogers family to be the site of a transmitter tower.

Soaring 60 storeys from the corner of Burnhamthorpe Road and Confederation Parkway, M City’s flagship tower promises to be a defining landmark for Mississauga’s downtown core and the city’s tallest building.

Urban Capital Property Group was selected to lead the development of the first phase of M City. Partner and urban planner Mark Reeve tells Metro that this is the Rogers family’s first endeavor into condos, and the site has been sitting vacant for a number of years.

“What really triggered some interest in doing something with the property was the city’s initiative with their Downtown 21 plan.”

“The development is oriented around a two-acre central park concept with a parkway link to the north end. There is a green belt system that wraps the downtown core that this development fits into and contributes to.”

Reeve says that M City is much more affordable than anything you’ll find in downtown Toronto.

“The project has a range of product types and sizes to meet a broad segment of the market. We’ll have a starting price point of just under $200,000 for a one-bedroom unit, but we’ll have larger, family-oriented, three-bedroom units as well.”

Sales are estimated to commence in March and there’s a presentation centre currently under construction.

toronto-real-estate-2015

Kitchener house prices linked to GTA spillover effect, says CMHC

Commuter reach now extends past Kitchener-Waterloo and Guelph into St. Catharines-Niagara

CBC News Posted: Jan 24, 2017 3:28 PM ET Last Updated: Jan 24, 2017 3:28 PM ET

High house prices in the Greater Toronto Area are spilling over into nearby markets, especially those within commuting distance, according to the latest report from Canada Mortgage and Housing Corp.

The average house price in Kitchener-Waterloo is now just under $500,000.

But the GTA effect on housing markets may be expanding farther afield than Kitchener, Guelph and Hamilton.

Historically, prospective homebuyers who have found themselves priced out of the GTA have migrated to Hamilton, Barrie and Guelph to buy single-family homes, according to CMHC.

And market valuations in these nearby cities are linked to prices in the GTA, the report shows.

Prices

Prices in the GTA and surrounding areas tend to move together, a CMHC graphic shows. (CMHC, based on the Canadian Real Estate Association seasonally adjusted prices)

The federal housing agency now notes that recently people have been moving even farther out, especially to the St. Catharines-Niagara region.

As the price of low-rise homes in the Toronto area has soared, house prices in nearby communities like Hamilton, Barrie and Guelph have also been driven up, said Jean-Sebastien Michel, principal of the market analysis centre at CMHC.

According to CMHC, Hamilton – roughly 70 kilometres from Toronto – is the Ontario market that’s most sensitive to housing prices within the Greater Toronto Area.

The report estimates that a one-per-cent change in GTA house prices could increase or decrease Hamilton prices by two per cent after three years.

cmhc-ontario-gta-price-shock-2017

Source: CMHC, based on CREA and Statistics Canada (Canada Mortgage and Housing Corp.)

A $10,000 change in GTA house prices could translate to about $17,000 in Kitchener and Guelph after three years, the report calculates.

Tim Hudak, CEO of the Ontario Real Estate Association, says the lack of supply is the main factor behind soaring detached home prices in the GTA.

“The best way to ensure young families and first-time buyers have a shot at buying a home is by putting more homes on the market,” Hudak said in a statement.

“One way to increase housing stock is to allow developers to build more ‘missing middle’ housing types, like townhomes, duplexes and stacked townhomes. Increasing the housing stock is necessary to give buyers more options at affordable levels, in areas that make sense for them to be in.”

With files from The Canadian Press