Daily Market Update

Vancouver is set for a construction boom….. Toronto’s luxury hotel-condo prices are not keeping up with their neighbourhoods…. Halifax planning too wrapped up in red tape…. And downtown’s fastest growing demographic; the condo kid!


Boom Time for Vancouver

The west end of Vancouver is poised for levels of development not seen in the area for forty years, according to Colliers International. Land prices are high but so is the demand for new development and with recent improvements in cutting the red tape for new construction projects, the city , and the west end in particular, is set to see some exciting new communities. Commercial real estate is also seeing growth with new proposals including a large resort development incorporating two hotels, casino, conference centre and retail units. The issue for the residential property of course, is affordability. Currently, availability of new property doesn’t necessarily mean lower prices. Read the full story.


High End Toronto Condos Not Keeping Up with the Neighbourhood

Five years ago there was a lot of interest in luxury condos in Toronto; driven by high end developments offering something new, apartments, but with the benefit of hotel-like services. Research by Condos.ca Inc has found that often these luxury units have seen prices increase less than other properties in the neighbourhoods that surround them. That said, although there is greater supply, Toronto has high demand for luxury condos, so despite some price anomalies, the market for these properties is still buoyant. Read the full story.


The New Kid on the Block – Condo Kid

Our cities are growing all the time, populations are booming and people want to live downtown. The relative affordability and availability of condos, especially for young professionals, has seen a growth in people staying put as their lives change. Living in a downtown condo until you get married and start a family is not the first choice for many Canadians now. While it might mean a tighter squeeze as the family grows, many are now staying in their condo developments, partly due to budgets but also because they love their lifestyle. It’s led to a growing phenomena; Condo Kid; living in the city in a ‘den’ which was once called an alcove. Their neighbours may be other kids, or they may be single young professionals, who may in a few years also settle down and add another condo kid to the neighbourhood. It’s one way that our communities are adapting to the needs and necessities of modern life in Canada. Read the full story.


Halifax Wrapped in Red Tape

If you want to start a small construction project in Halifax, you need to prepare for some challenges; even if you are an architect. When Teal Architects bought a single family home, they planned to turn it into two dwellings and thought the planning permit would be easily arranged. Fifteen months, a public inquiry and an appeal later, Teal got their permit. The time, manpower and frustration was all to do with a few inches outside the permitted dimensions. Tom Emodi of Teal says there needs to be an overhaul of planning applications and how the regulations are applied. Read the full story.

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