First Time Buyer Info | Yorkville Condos

First-time buyers in major Canadian markets

move to get in ahead of higher interest rates, says RE/MAX

Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX.

The RE/MAX First-Time Buyers Report, highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points.  Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price.  Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15 per cent), Greater Vancouver (up close to 12 per cent), and Winnipeg (up just over 11 per cent).  With an average price hike of close to 20 per cent year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (eight per cent), Quebec City (seven per cent), Winnipeg (close to seven per cent), Greater Toronto (five per cent), and Greater Montreal (five per cent). 

Despite homeownership rates approaching 70 per cent, there is clearly room for growth as entry-level buyers make their moves from coast-to-coast, undeterred by higher housing values and changes to lending criteria.  Many purchasers intent on realizing homeownership are scaling back on expectations or are willing to sacrifice location, quality and/or size to make their dream a reality – not unlike generations before them.

Inventory levels, while tight in several larger centres, are more balanced overall, giving first-time buyers a good selection of housing product from which to choose.  Not surprisingly, condominium apartments and town homes have become the first step for many entry-level purchasers, especially in Greater Vancouver, Victoria, Kelowna, Edmonton, Calgary, London-St. Thomas, Hamilton-Burlington, Greater Toronto, the Island of Montreal, and Halifax-Dartmouth where average prices have risen unabated in recent years.

With the Canadian economy on firmer footing overall, residential real estate is well-positioned moving into the traditionally busy spring market.  Consumer confidence is climbing in conjunction with economic performance, and concerns over a secondary recession fade with each passing day.  The mood is cautiously optimistic, as first-time buyers enter the market.

Changes to recent financing criteria have not created the anticipated run up in activity in most markets.  From a financial standpoint, most rookie home buyers remain quite prudent.  Those making the leap are not doing it lightly, buying within their means.  While this most recent round of policy tightening will likely have a negligible effect on demand, the message is getting across. 

Affordability remains a growing concern in most markets, and—aside from first-time purchasers—no one is more in tune with that than housing planners and developers.  In fact, the growing demand for reasonably-priced product is creating a shift in the country’s housing mix.  That trend is expected to gain traction in coming years, as builders look to create greater options for those seeking to realize homeownership.    In recent years, builders have helped ease the move to homeownership by concentrating on intensification—condominium buildings with smaller suites and small-lot subdivisions offering detached, compact homes at a fraction of the cost of a traditional single-family home.   On the flip side, the affordability factor is also breathing new life into tired older neighbourhoods, and that, in turn, is contributing to rising values. 

As prices escalate, first-time buyers are indeed spending more—some out of necessity, but others are simply in a position to do so.  Unlike in years past—a greater percentage of today’s first-time buyer pool is comprised of dual-income, college or university-educated couples with solid earnings.  They’re spending close to average price or slightly more to secure—in most cases—a better location or a home that will grow with them.   Yet, the fact remains that those on a tighter budget can get in for considerably less, with reasonable choices in every major market across the country.   While some may feel discouraged by eroding affordability levels, the underlying confidence in the concept of homeownership is rising.

While market conditions are one thing that influences first-time buyers, few things trump the fundamental belief in homeownership.  Today’s entry-level buyers are steadfast in their mindset.  They know they have to live somewhere, but they simply don’t want to pay someone else’s mortgage.  Savvy or practical, they remain a driving force.  The bottom line is that the demand for entry-level product will remain steady.  The role of starter homes in the marketplace is becoming ever more vital.

38 Charles – Yorkville Condos

38 Charles Street

38 Charles:  Yorkville Condos

Bloor Street Neighborhood at Bloor and Yorkville is one of the few Toronto condos where residents can experience the lifestyle of luxury without the expensive cost. Brian Gluckstein has designed these suites with 9 to 10′ ceilings, terraces, balconies, enormous windows, and high-end finishes.

Very close to the subway, a variety of restaurants, entertainment, and shops, and enjoying the lounge, game room, indoor pool, whirlpool, private fitness club, and 24 hour concierge service is all a part of the “high” life at 38 Charles St. E.

388 Bloor St – Yorkville Condos

388 Bloor Street

388 Bloor St:  Yorkville Condos

The Rosedale at 388 Bloor St. East is a very comfortable Toronto condo with a guest suite and visitor parking. 24 hour concierge service and wonderful views of the ravine only add to the comfort of this pet friendly condo.

Nicholas Condos – Yorkville Condos

Nicholas Condos

Nicholas Condos: Yorkville Condos

Builder: URBAN CAPITAL PROPERTY GROUP

Number of floors: 29

Occupancy: May 1st, 2013

Nicholas Condominium is a 29 storey glass and aluminum tower located on a tree lined street only steps away from fine dining restaurants, designer boutiques, cafes and many cultural attractions in the classic Bloor Bay neighbourhood.  This prestigious condominium is just walking distance to two subway lines.

Suites range from studio, 1 bedroom, 1 bedroom plus den and 2 bedroom suites and feature spa-like bath rooms, ceilings up to 10’ft and kitchens with stone counter tops. Amenities include Reflecting pool, party room with billiards, Gym, gorgeous lounge that includes cocktail bar and dining room and screening room with cinema style seating.

Yorkville Condominiums – 40 Hazelton

40 Hazelton Condos
40 Hazelton

40 Hazelton:  The Lotus:   Yorkville Condos

Although 40 Hazelton has no amenities, these Toronto condos go quickly when they become available. Art galleries and Victorian style homes sit on this exclusive, one way street north off of Yorkville.

Resembling New York style apartments, the suites have a limestone foyer, Juliette balconies, French doors and windows, and some even have two levels and fireplaces.

Condos Yorkville

Yorkville Buildings – 21 Scollard

21 Scollard Condos Yorkville
21 Scollard

21 Scollard:  The Lotus:   Yorkville Condos

Next door to The Villas is 21 Scollard; a glass and brick façade among the more modern of Toronto condos. The separating courtyard is filled with shoppers and tourists in the summer while the building itself offers it’s residents a wide choice of cardio equipment in the private exercise room.

Suites are filled with natural light, modern designs, beautiful finishes, and have balconies.

Condos Yorkville

Four Seasons Condos Toronto – 1263 Bay St

Yorkville Condos
Four Seasons

1263 Bay St:  The Four Seasons Toronto:Toronto Condos

Location: 1263 Bay St

Number of Floors: 55 storeys

FOUR SEASONS located at 1263 Bay St. in the heart of Yorkville features the city’s most luxurious private residences in the 55 storey Toronto landmark. Only steps away from the business district, but also is in the fashionable shopping and entertainment quarter, enjoy best of both worlds with Four Seasons .

All residences feature a doorman, bar, restaurant, Four Season Spa, Outdoor summer terraces, state of the art fitness club, valet parking, banquet and ballroom facilities, indoor lap pool, whirlpools, private treatment rooms and 24 Hour Concierge.

Condos Yorkville

Yorkville Townhouses – Davenport

Yorkville Townhouses

Davenport Townhouses

330/336/338 Davenport Townhouses:

Yorkville Condos

The premier location of the Davenport Townhomes makes it quite appealing among the Toronto condos. It’s very near to The Annex, Yorkville, and the downtown transit.

Although the amenities are few, some suites have been upgraded with stainless appliances in gourmet kitchens, cornice moulding and baseboards, and 10′ ceilings. Sizes also vary with some suites combined into living/working spaces while others are two storeys.

119 Yorkville Condominiums

119 Yorkville Ave Condos
119 Yorkville Condominiums

119 Yorkville Ave:  The Regency:   Yorkville Condos

Turner and Fleischer designed this magnificently lush New York style condo with an art deco flavor. Imagine entering the Regency Yorkville’s two storey lobby every day and being part of the clientele who pass under the glittering chandelier to climb the mirrored staircase.

 These suites aren’t just spacious in square footage, they’re filled with the highest quality finishes and equipment including the appliances and fixtures, detailed cornice and crown mouldings, and amazing sound accents. With Toronto’s very first Condominium Butler, they offer 24 hour concierge as well.

Yorkville Condos

77 Avenue Rd – Yorkville Condominiums

Yorkville Condos For Sale

77 Avenue Rd

77 Avenue Rd:  The New Hazelton Lanes:

Yorkville Condos

Elegant is the word that comes to mind when describing the New Hazelton Lanes. It was built by York Hannover/Confederation Life in 1991 and is just north of Yorkville Avenue, opposite 4 Lowther Avenue on Avenue Road. It’s a condominium complex with only 6 storeys but it incorporates 71 suites in a chic design.

The cozy lobby is spectacularly and stylishly decorated, the building has extra wide halls with detailed doors and doorknobs, and the bathrooms and kitchens are furnished with the very best in appliances and materials.

Prices are expensive and vary between $600 to $700 per sq. ft. but the suite sizes reflect that. The one bedroom units begin at 1050 sq. ft. and rise to the 4000 sq. ft. penthouses, and most suites also have a balcony. Ceilings are the average 9 feet high but the windows run the full height from ceiling to floor. This sensational condo at 77 Avenue Road also includes an extremely large common terrace, a party room, and full time concierge.