The latest headlines in Toronto and Canadian real estate from September 9th to September 15th.
This week’s recap:
Student wins design award for a condo that grows with your family.
A Toronto student has come up with a novel solution for growing families looking to jump into the Toronto real estate market — condo units that can be divided into smaller rental apartments until the owner decides they need the space back.
University of Toronto architecture student Yupin Li’s building design, called “Flex,” won an award of excellence on Wednesday evening at the 2017 Toronto Urban Design awards, which honoured well-known buildings as well as prospective designs.
Cityplace finally getting schools and community centre.
The densely built-up Concord CityPlace neighbourhood in Downtown Toronto is finally getting two schools, a child care centre, and a community centre, as sod was turned at the site this morning by Mayor John Tory, other City Councillors, and by officials of the Toronto District School Board (TDSB) and the Toronto Catholic District School Board (TCDSB). A long time in the planning, the combined facility designed by ZAS Architects at the southwest corner of Fort York Boulevard and Brunel Court will be known as the Canoe Landing Centre after the park which will flow into it on its west side.
Toronto prices seen stabilizing as key housing ratio balances
The ratio of Toronto house listings compared with monthly sales has moved back into long-term balance, limiting the potential for significant further price corrections in the region, a new analysis concludes.
A report by National Bank of Canada economist Marc Pinsonneault said the ratio of listings to sales in the Toronto area hit 2.5 months in August, which means it would take 2.5 months to sell all houses listed in the region at the pace of sales recorded last month. That’s a significant change from earlier this year.
Toronto’s condo boom persists, even as house prices cool.
Canada’s condo boom continues to surprise, with groundbreaking in Toronto still going strong even as prices of detached homes in Canada’s largest city slump, but recent rate hikes and rent controls are likely to cool condo prices by 2018.
While many predicted the brisk construction of high rise homes in Toronto would cause a glut and eventual crash, the condo market has emerged as the stalwart survivor as a long-awaited broad housing market correction grips the city.
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Header image via The Globe and Mail.