One Bloor Condos

Here we are on Hayden Street facing North to the One Bloor site, were a gleaming 80-storey Condo Tower was to be built.

A Toronto lender that advanced a $46 million loan is going to ask a court to have the project put into receivership and sell off the above land that once was described as the "best address in the world."

According to news reports about $70 million in deposits from 490 Condo buyers remain in a law firm's Toronto trust account.

One Bloor Condo buyers who had agreements for Condo units from floor 68 to 80 were told by the builder they will get their money back as the height of the Condo project will now be only 67 floors to reduce some of the $542-million construction costs.

No construction has taken place, see photo above, but the site has been cleared.

Bazis International bought the land for $63-million financed by French Bank Societe Generale but stopped making payments last December. Three Canadian companies, Tricon Capital Group, the Minto Group and KinsSett Capital bought the loan from the French Bank.

The downturn in International Finance and the world wide recession are having an impact on this and other Condominium projects throughout North America.

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National Home Prices Soar

Home sales across Canada soared in June, up 17.9 per cent from one year ago to 54,416

The Canadian Real Estate Association also reported that the national average sale price reached new heights on a monthly basis, rising 3.6 per cent year over year.

Canada's rebound in the housing market took a lot of analysts by surprise making this market an economic record for 2009.

Lower mortgage rates contributed to the current real estate boom with buyers locking in 5 year rates. Lack of inventory and a small bump in real estate demand put pressure on prices as well.

The Canadian Real Estate Association has a forecast of a 5.2 per cent decrease in the price of homes in 2009 compared with 2008 but based on the current conditions now expect home sales in the second half to exceed the first half of 2009.

Demand in both the Toronto Real Estate Market and the Vancouver Real Estate Market is contributing to higher resale numbers for the entire country.

The very best Toronto Condo Listing can be found here. If you are in the market for Toronto Real Estate in various downtown, waterfront and North York locations you can find them at www.torontorealestatehome.com

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Since January 2009, the average Toronto MLS price has increased month over month.

Yes, the Toronto Real Estate Market Watch stats are now up on our website. (Look around on other Toronto Real Estate websites, you will not find many with updated Market Watch statistics.)

In fact, on most Blogs you will not find a Toronto Real Estate or Condo picture, maybe that's one reason we are in the top ten Google generic searches for "Toronto Condos Blog"

That being said, I did almost forget the Record June resales, I am feeling like the LA comedian Craig Ferguson..how could I?

Oh yes..we also run an informative Toronto Real Estate and Condo Newsletter every month.

Here are the Toronto Real Estate average prices since January 2009.

• January-$343,632
• February-$361,305
• March-$362,052
• April-$385,609
• May-$395,609
• June-$403,972

There we have it, a good start to Real Estate in Toronto for 2009 (March almost spoiled the advance).

Really, there are a lot of different Toronto Real Estate statistics, by Bankers, large Residential and Commercial Real Estate companies, CMHC, News media and on and on.

The Toronto Real Estate Board, I am a member, does a great job in getting out their latest resale figures mid month and month end. They haven't missed yet and when you go back and re-read their comments on the current market, they are pretty good on calling the direction.

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Affordability Spurs Toronto Condo Market

Affordability drew in new Toronto Condo and Home buyers and set the best ever June results for the Toronto Real Estate Board.

Over 11,000 homes were sold up 27 per cent from June 2008.

The average Toronto resale price was $403,972 an increase of 2 per cent from one year ago.

A recent Royal Bank report showed improved affordability in the Home and Condo market across Canada. This in itself was the biggest quarterly improvement ever recorded.

The biggest influence on the new strength of the Toronto Real Estate Market was declining costs of home ownership and significant cuts to home mortgage rates.

In the first quarter according to the Royal Bank, monthly mortgage payments for a typical bungalow fell 17 per cent from a year earlier.

The pre-tax household income to buy various types of Canadian homes were as follows:

• Detached Bungalow-39.4 per cent


• Standard Townhouse-31.9 per cent


• Standard Condo-27.1 per cent


• Standard two-storey home-44.7 per cent

The largest Canadian cities home affordability, for detached bungalows were as follows:

• Vancouver-62.6 per cent


• Toronto-45.9 per cent


• Ottawa-39.1 per cent


• Montreal-36.5 per cent


• Calgary-35.1 per cent

Pre-tax household income improved across all housing segments in Canada and this plus lower mortgage rates has set record resale increases from the weaker markets of early 2009.

Toronto downtown Condos in June had and average price of $340,895 in the ( C01 ) Real Estate district, down 5 per cent from June 2008.

Toronto North York Condos in June had an average price of $317,748 in the ( C15 ) Real Estate district, up 21 per cent from June 2008.

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Toronto Real Estate Record June Sales

Toronto Home and Condo sales in June were a record 10,955, up 27 per cent from June last year.

It was the best June for sales since the Toronto Real Estate Board started tracking the monthly statistics from the mid 1960s.

Home sales right across Canada are amazingly strong:

• Calgary home sales up 27 per cent for May 2009

• Toronto home sales up 27 per cent for June 2009


• Edmonton home sales up 38 per cent for June 2009


• Vancouver home sales up 75.6 per cent for June 2009

This compares to declines of 50-70 per cent in late 2008, early 2009.

Prices will soon start to pick up with the high amount of sales that are going on in these different Real Estate Markets.

Toronto has become North America's largest Condo market, with more new Condo projects than Chicago or New York.

One reason for the strength in the Toronto Condominium demand is Toronto's rise as a Global City that has seen 67,984 Condo units constructed in over 300 buildings since 2004.

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Toronto Real Estate Buyers Line Up

Several Toronto Real Estate Projects had lineups for their town homes and Condominiums despite new home sales slowing in general.

Price discounts and the fact that some buyers can see the real product helps build the confidence to go ahead and purchase even in a slowing market.

• U Condominiums 65 per cent sold since November
• Fly Condos more than half sold by end of May
• FirtsHome Eglinton West sold out in one day
• Aspen Ridge's Macleod's Landing. lineups as well
• Castlemore Crossing 70 per cent sold in six weeks
• Cardinal Point Stouffville 80 per cent sold
• OneCole Condominiums sold 90 per cent in a month and a half

Both increased marketing efforts and most important, price reductions, are definitely helping to sell many of these Toronto Real Estate projects in GTA.

Current Toronto Condos, Homes, and Townhouses for sale can be found on our Toronto Real Estate website.

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Toronto Condo Resales Hot In June

The new Toronto Condo Market is slowly building up strength but the Toronto Resale Condo Market is very hot in some buildings.

Partly there are fewer listing for these Toronto resale Condos and more anxious buyers, resulting in multiple offers, once again.

The Condo selling price is now more than the listing price with more desirable condos sold fast.

One of the biggest factors in this hot Toronto Condo resale market, is current mortgage rates resulting in low, low monthly payments.

There are a lot of young professionals now living in Toronto who do not have to worry about their jobs and are now ready to buy Condos in locations like downtown or North York.

According to the Toronto Real Estate Board, "There's likely to be continued strong demand for resale Condos and probably higher prices."

The strongest month on record for REMAX in sales of luxury homes and condos over $1 million was May, 2009.

All in all, the Toronto Real Estate is heating up in the early summer market.

One could consider Waterfront Living here in Toronto rather than the Muskokas and with all the Condo pools and patios, the hot weather might just cool down a little!

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