thursday, november , a forest hill retreathome metronews.ca thursday, november , real news. toronto...

home 57metronews.caTHURSDAY, NOVEMBER 10, 2011

Real news. Toronto

Midtown

Condo, Open

House, 1121 Bay St.,

Unit 809, Nov. 12

from 2-4 p.m.,

Call 416-321-

3800

Grand Opening,

Ivory at 406

Adelaide St. E.,

Call 416-862-0888

or visit

pureplaza.com

Open House,

Willowdale Condo

at 18 Everson Dr.,

Unit 605, Nov. 12

from 1-4 p.m.,

Call 416-391-

3232

New River City

2, King and River

streets., Call

416-862-0505

or visit

rivercitytoronto.

com Some-thingsaid at

the Canadian Mortgageand Housing Corporation’sannual housing outlookconference last week hasgot me thinking. Thestrength in the GTA’s con-dominium market and thehigh levels of constructionbringing more units tomarket than ever beforehas alleviated some pres-sure on vacancy rates inthe rental market.

With more than 20,000condo units sold this yearbetween January and Sep-tember, the GTA is thelargest condominium mar-ket in North America. It’snot surprising that many

renters aged 25-34 are find-ing the new, modern verti-cal communities awelcome option. Thesebuildings are often situatedin great locations, neartransit and places to workand play, and usually havegreat amenities like aconcierge service or aswimming pool.

So, this got me thinking.The city’s condo units havealready been identified asan affordable option forfirst-time buyers looking toleap into the real estatemarket. Now, it would alsoappear that those sameunits, purchased by in-vestors, are helping to fill agap in the rental market.

According to CMHC’ssenior market analyst forthe GTA, Shaun Hilde-brand, there are 10,000new renters every year andthe rental listings are onthe rise.

Recognizing that in-vestors are significant buy-ers of new condominiums,

Hildebrand questionedwhether investors wouldcontinue to buy units justto rent them out.

In my view, the GTAcondo market is a secureinvestment and there is sosign of a dip in demand.

Our recent numbersfrom RealNet Canada Inc.tell us that September wasanother record-breakingmonth for condo sales.

Taking the condo unitsthat are currently availableto rent and the sales num-bers that represent futureunits, some of which willcome on the rental marketsoon, I believe that it’s allgood news for affordability,since studies have shownthat when there is lessrental stock available anddemand outpaces supply,rents tend to rise.

PAUL GOLINI JR. IS CHAIR OF THEBUILDING INDUSTRY AND LAND DEVEL-OPMENT ASSOCIATION (BILD) AND CANBE FOUND ON TWITTER(TWITTER.COM/BILDGTA), FACEBOOK(FACEBOOK.COM/BILDGTA), AND BILD’SONLINE BLOG (BILDBLOGS.CA).

AFFORDABILITY IN THEGTA’S RENTAL MARKET ROOFTOP

SURFING

PAUL GOLINI JR. HOME@METRONEWS.CA

DUNCAN MCALLISTER

The projectoverviewRISE offers that rare com-bination of affordability ina desirableneighbourhood.

The 25-storey towerwith 320 units has a grandlobby designed by II BY IVDesign Associates.

Surrounded by parksand ravines that windthrough to Forest Hill, theproject is scheduled forcompletion in 2015.

DUNCAN MCALLISTER

BuildingamenitiesThis building offers pur-chasers the ultimateamenity wish-listcovering an expansive18,000 sq. ft.entertainment space withdining and cooking areas,fire pits and privatecabana lounges.

Outdoor amenities fea-ture a seductive infinitypool on a rooftop terrace.

Condo fees are estimat-ed at $0.52 per ft.

Location andtransitCool location on thesoutheast corner ofBathurst and St. Clair,RISE is on the edge of For-est Hill, steps from the St.Clair West subway stationand St. Clair streetcar.

Commuters can be inthe downtown core with-in fifteen minutes.

Meet the condo

WHAT: RISE condominiumsBUILDER: Reserve Proper-tiesLOCATION: 501 St. ClairAve., West.WEBSITE: risecondos.comPHONE: 416-546-7399SIZES: From 437 to 865 sq.ft.PRICING: From 189,000 tojust over $600,000

Five-yearmortgage rates

FIXED VARIABLE

5.29% BMO 3.00%

5.29% CIBC 3.00%

5.39% HSBC 3.00%

3.69% ICICI 3.00%

3.64% ING 3.00%

5.29% RBC 3.00%

5.29% SCOTIA 3.00%

5.29% TD 3.00%

3.19% BROKER 2.65%

RATES MAY VARY BY PROVINCE. RATESUPERMARKET.CAFOR THE BEST RATES IN YOUR AREA.

In theneighbourhoodYou’ll enjoy the eclecticstretch of the new St.Clair West, famous for itsculinary hot-spots.

Easy access to fineshopping and Loblaws’Forest Hill Market.

Close to the historicCasa Loma and the biketrail through Sir WinstonChurchill Park.

RISE condominiums are surrounded by parks and ravines that wind through to Forest Hill.

CONTRIBUTED

A Forest Hill retreat

Condo Open

House, 20 Gothic

Ave., Unit 307,

Nov. 12-13 from

2-4 p.m.,

Call 416-769-

1616