Toronto suburbs see more seven figure prices… Saskatoon listings surge in July… Families demand bigger condos in Vancouver… And commercial real estate developers work closely with tenants as vacancy rates hit highs.
Mississauga - the millionaires’ playground?
Listings for properties in the Mississauga suburb of Toronto show that a third of the single-family homes there are priced at over $1 million. Many more are nearing the seven figure price tag; for example a split level, 4 bedroom home of a fairly modest 1,700 sq. ft is listed at $989,000. The area saw increases of 4 per cent in sales volume and 5 per cent in prices in the year to June. As income has not kept up with the increase in prices, it means a familiar situation for middle-class families wishing to live in Mississauga – they can’t afford to. While the average home is now over $500,000, a single-family home is $726,000 and the mortgage a typical family could secure is just above half that. Read the full story.
Saskatoon sees listings surge
Properties for sale in Saskatoon have reached a high not seen since 2008. By the end of last month there were 1,615 properties listed on MLS, 932 of these were newly added during the month. The average price has increased by 3 per cent in a year with high-end properties boosting the average to $356,800. The Saskatoon Region Association of Realtors suggests that people are taking vacations rather than homebuying but is not concerned that the volume of listings signals a slowdown. Property listings have increased by 15 per cent in a year, but so have sales. Read the full story.
Vancouver needs larger condos
As single-family homes have become less affordable for average families and people weigh the benefits of living downtown, the demand for larger family-sized condos has increased. Historically you wouldn’t find many three-bedroom condos available, but this is what buyers in Vancouver want. One developer says they had not anticipated this demand and were forced to reconfigure the floor plans of a development so that some of the one-bedroom units ended up as larger units. The number of families with children living downtown doubled in the 10 years from 2001 to 2011 according to The Downtown Vancouver Business Improvement Association and make up more than a third of the total residents. City planners are insisting on a 25 per cent of private market units should be suitable for families. Read the full story.
Developers seek new ways to find commercial tenants
With vacancy rates increasing in Metro Vancouver developers are finding new ways to attract tenants. Unoccupied office units in the area are at their highest since 2005, reaching 9.3 per cent in Q2 of this year. Developers are now engaging with potential new clients to help them build the properties they want to occupy. While this may not be unusual when building large-scale office accommodation for bigger clients, these new levels of input are being afforded to smaller tenants. Not too long ago, commercial real estate was stacked in favor of landlords and developers as space was tight, but experts now suggest it is turning more towards tenants calling the shots. Read the full story.
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