Should Prime Location Be Residential?

Battle in GTA for prime locations for condo apartment structures or office towers?
By Susan Pigg | Toronto Star
When Iain Dobson sees another condo or condo-hotel springing up on prime downtown land just steps from the subway, he becomes more convinced than ever that Toronto is risking its own future by trading off jobs for people.
Toronto is reaching a tipping point — a shortage of development-ready land for new office towers at the same time thousands of new financial services jobs are projected for downtown and more companies are looking to return to the city core from the suburbs, says Dobson.
The former commercial brokerage executive and co-author of a report for the Canadian Urban Institute warns that Toronto has allowed construction of so many condo towers on what were meant to be office building sites, there is only enough development-ready land for about 4 million square feet of new office space left in the downtown.
Even the old converted "brick-and-beam" buildings to the west and east of the core, now home to some 18 million square feet of commercial development, are close to being full, says Dobson.
"The area within 500 metres of the subway is prime get yourself to work and back again space and when it gets eaten up by a lot of residential development, you have to wonder where will the new offices go?," says Dobson.
He points to buildings like the 70-storey Trump Tower and 65-storey Shangri-La Hotel, both hotel and condo developments on land once slated for offices. They are among twelve new highrise condos, with 5,707 new units, under construction in the downtown core right now.
One-third of all jobs in the GTA are office jobs, notes the report, The New Geography of Office Location and the Consequences of Business as Usual in the GTA.Thirty years ago, 63 per cent of office space was located in the downtown financial district or directly along subway lines. But so many businesses have flocked to the suburbs, as of 2010, 54 per cent of office space was located in the road-dependent 905 regions.
That dramatic shift, thanks to plentiful land and cheap taxes, not only clogged major roads, it turned the core into a one-horse town dominated by the financial services sector.
"The 416 region has become the bedroom community for the 905 regions," says Dobson.
There is some evidence that’s starting to shift as environmentally conscious companies such as Coke and Telus consolidate suburban operations in the core to ease long commutes and be close to where employees live.
But governments need to do more to ease commercial taxes, integrate transit to growth areas and review land use policies for any developable land within a five-minute walk of subways with a focus on office rather than more condo development.
Commercial Realtors say they are managing to find sufficient office space for companies that are looking. Colliers International says, in fact, a number of financial district tenants are moving into new offices on the Railways Lands, which is freeing up hundreds of thousands of feet of prime space in the financial district.
Realtor Cushman & Wakefield notes that almost 4 million square feet of office space has come on stream downtown since 2009 and 5.2 million more is planned. It estimates that’s enough, given current demand, for about nine more years of growth.

October Newsletter

October Newsletter

Mark Schadenberg

Sales Representative

Royal LePage Triland Realty

757 Dundas St, Woodstock

Email:

mschadenberg@rogers.com

Site:

www.marksells.ca

www.markroyallepage.blogspot.com

www.royallepagetriland.com www.wesellwoodstock.com

Home Office: (519) 539-4319 Office: 539-2070 Fax: 539-4859
Office On The Go: (519) 537-1553 Or text: 537-1553
You may also find me on
Royal LePage Triland: 757 Dundas St, WoodstockFacebook Twitter (MarkRoyalLePage)
Topics- Local sales numbers depict interesting picture.
- Tale of numbers is same in London
- Want to own a Prime Minister homestead?
- Too many residential condos in some areas of GTA?
- Consider talking to Leanne, a local mortgage expert
- Cami is a productive & busy car plant
- Lots of resources on Internet for home owners/buyers


September Sales Overlook
 Sales numbers for September of 2011 show a small increase over the past 2 years: 116 in 2011, 111 in 2010, and 102 in 2009, in the Woodstock-Ingersoll District real estate board area (WIDREB). Year-to-date numbers for the first 9 months of 2011 are 932 sales, versus 981 in 2010 and only 823 in 2009. Needless to say, a graph of these stats would show that the first half of 2010 was terrific, but numbers are lagging since. It is commonly blamed on the introduction of the HST into real estate fees (lawyers fees, inspections, etc) that drove the market up in early 2010 as consumers wanted to buy before this implementation.
As for September sales over the past 8 years, there is actually quite a show of consistency: 124 in '08, 105 in '07, 102 in '06, 107 in '05, and 111 in '04.
If you're curious why the 2005 total seems somewhat modest as it was the year the Toyota plant was announced, it can be noted that sales in April of 2005 were 175, then way up to 195 in May, and 182 in June of that year
To summarize, year-end sales totals for the past 8 years are as follows:
2010: 1215 2009: 1080
2008: 1176 2007: 1359
2006: 1278 2005: 1473 (correct)
2004: 1366 2003: 1153
The last 3 years have all ended up with final numbers (Avg of 1157 per year) lower than the average of the past 8 years (1263). Is there a built-in demand ready to appear based on those stats -- in all price ranges? You can spin numbers anyway you want, but houses properly priced based on current market conditions are usually the ones selling. These numbers are depicted to dispell rumours that Woodstock and Oxford in general has been thriving since the Toyota announcement to build here in May of 2005. On the flip side, attractive interest rates will keep consumers moving up in the residential world even though the federal government did tighten up rules for mortgages -- including amortization periods and the necessity for a down payment.
As for neighbouring markets, here's a story from the London Free Press last week, which indicates the market to our immediate west is seeing identical trends. Real estate sales surgeBy HANK DANISZEWSKI, October 4
　
After a slow start, the London-St. Thomas real estate market has rebounded this year, with year-to-date sales almost catching up to 2010.
The London-St. Thomas Association of Realtors (LSTAR) said 702 homes sold in September, up 19.2% over the same month last year. The sales included 589 detached homes and 113 condos.
So far this year, 6,512 homes have sold, slightly below the 6,567 sold in the same period last year.
"We had a bit of a slow start in 2011, but we're definitely on the right track now - and we expect this positive trend to continue," said LSTAR president Jack Lane.
The number of active listings was also up 9% in September.
"We're absolutely in a balanced market these days," said Lane, "which means a level playing field for both buyers and sellers."
The average sale price for a detached home year-to-date now stands at $244,307, 5.3% up from January 2011, while the average price for a condo was $182,758, down 3.4% up from January 2011. Year-to-date, the average price for a home (including condo sales) is $232,511, up 4% from January 2011.
House Of Former PM 'For Sale'

PM's home on auction block By Mike Beitz, Stratford Beacon-Herald
ST. MARYS - Location, location, location may be the mantra for real estate agents, but when it comes to auctions, history and uniqueness fit in there somewhere.
At least they do with the upcoming sale of a 170-year-old house in Anderson, just west of St. Marys.
The birthplace and homestead of Arthur Meighen will be sold by auction Oct. 29.
Auctioneer Brent Shackleton said he expects interest in the painstakingly restored and heritage-designated property, where Canada's ninth prime minister was born and spent his childhood years, will be high.
"It's just a gorgeous property," he said Monday.
Besides the outward charm of the country estate and surrounding three acres, the "Meighen factor" can't be discounted, said Shackleton.
Meighen, who was born in 1874 and grew up on the farm near Anderson, which is about 10 km west of St. Marys, served as prime minister from 1920-21 and again in 1926.
The 1840 fieldstone house has a heritage plaque recognizing its historical significance.
The current owner, Fred Lewis, has owned the property for more than 25 years, and has "spared no expense" in maintaining it and restoring it to its original form.
"He's been a real good steward of the property," said Shackleton, noting that the house was in such a state of disrepair that it was in danger of being demolished.
Lewis decided to sell it after his wife died in 2009.
Shackleton said in a case like this, where the property is unique and interest is expected to be strong, an auction makes sense.
"It gives everyone a fair opportunity to buy it. They all show up at the same time, they all have a chance to buy it, and it's a level playing field as far as the buyers go," he said. "From a seller's perspective, what better way to find out what a property is worth than to have a bunch of people show up on your front lawn bidding."
The sale will be held Oct. 29 at 11 a.m. on site at the property, #2274 Road 151 in Perth South.
Stratford Beacon Herald



Condo boom eating up office spaceBy Susan Pigg | Toronto Star
When Iain Dobson sees another condo or condo-hotel springing up on prime downtown land just steps from the subway, he becomes more convinced than ever that Toronto is risking its own future by trading off jobs for people.
Toronto is reaching a tipping point — a shortage of development-ready land for new office towers at the same time thousands of new financial services jobs are projected for downtown and more companies are looking to return to the city core from the suburbs, says Dobson.
The former commercial brokerage executive and co-author of a report for the Canadian Urban Institute warns that Toronto has allowed construction of so many condo towers on what were meant to be office building sites, there is only enough development-ready land for about 4 million square feet of new office space left in the downtown.
Even the old converted "brick-and-beam" buildings to the west and east of the core, now home to some 18 million square feet of commercial development, are close to being full, says Dobson.
"The area within 500 metres of the subway is prime get yourself to work and back again space and when it gets eaten up by a lot of residential development, you have to wonder where will the new offices go?," says Dobson.
He points to buildings like the 70-storey Trump Tower and 65-storey Shangri-La Hotel, both hotel and condo developments on land once slated for offices. They are among twelve new highrise condos, with 5,707 new units, under construction in the downtown core right now.
One-third of all jobs in the GTA are office jobs, notes the report, The New Geography of Office Location and the Consequences of Business as Usual in the GTA.Thirty years ago, 63 per cent of office space was located in the downtown financial district or directly along subway lines. But so many businesses have flocked to the suburbs, as of 2010, 54 per cent of office space was located in the road-dependent 905 regions.
That dramatic shift, thanks to plentiful land and cheap taxes, not only clogged major roads, it turned the core into a one-horse town dominated by the financial services sector.
"The 416 region has become the bedroom community for the 905 regions," says Dobson.
There is some evidence that’s starting to shift as environmentally conscious companies such as Coke and Telus consolidate suburban operations in the core to ease long commutes and be close to where employees live.
But governments need to do more to ease commercial taxes, integrate transit to growth areas and review land use policies for any developable land within a five-minute walk of subways with a focus on office rather than more condo development.
Commercial realtors say they are managing to find sufficient office space for companies that are looking. Colliers International says, in fact, a number of financial district tenants are moving into new offices on the Railways Lands, which is freeing up hundreds of thousands of feet of prime space in the financial district.
Realtor Cushman & Wakefield notes that almost 4 million square feet of office space has come on stream downtown since 2009 and 5.2 million more is planned. It estimates that’s enough, given current demand, for about nine more years of growth.
Dominion Lending Centres
Now that the hockey season is underway, you may recognize the name Dominion Lending Centres from the TV ads starring Don Cherry. At Royal LePage Triland Realty, we recognize Dominion Lending Centres -- Great Lakes as part of our office. You could say it's a crew of inhouse mortgage experts. From time to time, I've listed in my newsletter mortgage reps that I would recommend, here's one that grew up in Woodstock and is working full-time in financing of homes.
Leanne Schonberger
Cell: (519) 532-7084
Email: lschonberger@dominionlending.ca
From the company website:
+ Canada’s largest and fastest-growing mortgage brokerage!
+ Have more than 2,000 Mortgage Professionals from more than 350 locations across the country!
+ Mortgage Professionals are Experts in their field and many are ranked among the best nationally.
+ Work for you, not the lenders, so your best interests will always be our number one priority.
+ Have more than 100 mortgage programs, making it easy to choose the best fit for your unique situation.
+ Close loans in all 10 provinces and 3 territories.
+ Can process your mortgage in as few as 7 days.
+ The preferred mortgage lender for several of Canada’s top companies.
Dominion Lending Centres’ Mortgage Professionals are available anytime, anywhere, evenings and weekends – and they’ll even come to you!　
Good News Drives Oxford Economy
Crossovers push Cami to maxAUTO SECTOR: Ingersoll automaker can't keep up with demand for Equinox and Terrain, company set to hire 100 more workers
By NORMAN DE BONO, The London Free Press / October 4
　
INGERSOLL -- The hot-selling Chevrolet Equinox and Terrain are, again, boosting hiring and production at Cami Automotive in Ingersoll.
The automaker plans to hire another 100 workers by year-end to keep pace with growing demand for the crossover utility vehicles.
"It is great news. The products are selling well and we need to hire more people," Faye Roberts, communications director for GM Canada, said Tuesday. "We are increasing production to get as many units as we can. They are very popular."Cami will employ about 2,800 in totalThe plant is preparing to speed up its production line, so it will start to assemble 1,150 vehicles a day early in 2012, added sources close to the plant.
It's the fifth time GM has increased production of the crossovers since 2009.
The new hires will boost total employment among hourly and salaried workers at Cami to about 2,800, Roberts said.
"There is still a recession on in the U.S. and these vehicles keep selling, they are popular and that is great news for the plant," said Mike Van Boekel, chairperson of Canadian Auto Workers Local 88. "We can't keep up."
Three shifts operate at the plant and unionized workers have worked overtime on Saturdays for two years.
Equinox sales are up 33% from September 2010 and 145,035 units have moved this year. Terrain sales totalled 6,910 last month, up 45%, according to figures released by the Automotive News.
GM had a 33-day supply of the Equinox and a 42-day supply of the Terrain - two of the thinnest stocks among GM's high-volume vehicles, the automotive publication says.
GM Canada is also shipping about 300 Equinox bodies to its plant in Oshawa for final assembly.










Offices Vs Condos In GTA  (I can always use more friends) &