Gairloch Developments founder and president Bill Gairdner is “curiously optimistic and excited” about launching a Toronto condominium during a pandemic-induced economic shutdown.
The Toronto development company kicked off sales for 1414 Bayview this month.
“The boutique nature and scale of this building really lends itself to a COVID-style, one-on-one sales appointment strategy,” Gairdner told RENX. “We have been really surprised with the massive interest in this project thus far.”
The eight-storey building on the west side of Bayview Avenue just north of Merton Street will feature nine one-bedroom, 31 two-bedroom and four three-bedroom suites ranging in size from 459 to 2,125 square feet and in price from $650,000 to $1.95 million.
1414 Bayview’s features
Landscaped terraces will offer privacy to tenants, who will have access to: a concierge; a multi-purpose lounge/library space with a small kitchen preparation area; an outdoor lounge; and 56 resident, nine visitor and 65 bicycle parking spaces.
Gairloch hopes to start construction in 2021 and complete 1414 Bayview in 2023.
The building will have double-height retail frontage on Bayview. Its location provides easy access to schools, daycare operations, restaurants, parks, recreation facilities and shopping.
Gairloch is banking on interest from a range of purchasers: seniors who already live in one of the nearby affluent neighbourhoods and are looking to downsize; families looking for a starter home; first-time buyers; and investors.
“We continue to focus on what we are good at,” said Gairdner. “High-design mid-rise in great neighbourhoods.”
Gairloch’s early years
Gairdner got into the real estate business in a bit of a roundabout way. He studied political science at Western University in London, Ont., and was working at Cervelo Cycles in Toronto’s Liberty Village neighbourhood after graduating.
He bought a small suite at Freed Developments’ 66 Portland condo and coincidentally met company founder Peter Freed, who lived in the penthouse.
Gairdner expressed interested in the profession and, after about six months of lobbying, Freed hired him. He spent six years there, rising up the ranks to become vice-president of development.
“I’ve got nothing but fond memories of my time at Freed,” said Gairdner. “Peter gave me a massive opportunity and a great crash course in the dos and don’ts of Toronto development. I wouldn’t be where I am today without his influence.”
When Gairdner felt he’d acquired the knowledge and tools needed, he ventured out on his own to try to carve out a niche in building boutique Toronto condos with fewer than 200 units.
This resulted in 383 Sorauren, a 10-storey, 142-unit condo designed by architectsAlliance and completed in the fall of 2016. It’s located between the Roncesvalles and Brockton Village neighbourhoods west of downtown Toronto.
Other Gairloch projects
While Gairloch’s primary interest is in building condos, Gairdner said the company might move into the purpose-built rental sector down the road.
In the meantime, in addition to 1414 Bayview, Gairloch’s other current focus is the Junction Point condo at 2625 Dundas St. W., just south of Dupont Street. The eight-storey building will have 111 one-, two- and three-bedroom suites. It’s designed by architectsAlliance, with interiors by Commute Design Studio.
A sales presentation centre is being built at 2688 Dundas St. W. If all goes as planned, the development will go on sale this fall.
Another Gairloch project is 3200 Dundas, a bit farther west in the heart of the Junction neighbourhood. It is proposing an eight-floor, 88-unit condo and is working on rezoning the site.
Gairloch is partnering with KingSett Capital and Harlo Capital on 29-39 Pleasant, a 220,000-square-foot condo just east of Yonge Street and south of St. Clair Avenue East. They’re working through the rezoning process after submitting an application in December.
While there’s apparently more in Gairloch’s acquisition and development pipeline, Gairdner isn’t giving away any details.
“You’ll have to wait and see,” he said. “Right now we’re hyper-focused on 1414 Bayview and Junction Point.”
Kamloops real estate market shows some improvement after slow spring – Kamloops This Week
June real estate sales figures appear to show the market returning to normal, but the president of the Kamloops and District Real Estate Association said the figures may just show a catch-up after a slow spring.
June saw 291 residential units sold in Kamloops and the surrounding region. That’s an 8.2 per cent increase over June of last year, and a 66 per cent increase over May’s sales, according to data released by KADREA president Wendy Runge.
“The sales in June signify that if we keep doing what we are doing, the impact of the pandemic on the real estate markets could be softened through the rest of the year,” Runge said in a media release.
The average price of a home sold in Kamloops has also increased, from $438,242 in 2019 to $459,504 in 2020, a 4.8 per cent increase.
But with a slowed market in April and May due to COVID-19, the number of homes sold in Kamloops so far this year is down 24 per cent.
“Although June numbers have improved, numbers may be indicative of the sales completing in June because of a slow spring,” Runge said.
Runge called the rally a “muted recovery” in the market and said she expects the trend to continue, with better days ahead.
Niagara real estate sales increasing after COVID-19 slowdown – StCatharinesStandard.ca
Niagara’s real estate market is continuing to rebound, after sales were initially curtailed as a result of the COVID-19 pandemic.
Niagara Association of Realtors reported a 59 per cent increase in sales in June compared to a month earlier, with 767 homes sold.
“There a lot of people who have outgrown what they have and were planning to move earlier when this hit and now they just can’t wait any longer,” said association president Terri McCallum.
She said there is high demand for properties “in the starter and move-up ranges, which is decreasing the days on market and moving the homes price index up” in all but one area covered by the association.
Prices for Niagara homes increased by 11.4 per cent compared to June 2019.
The real estate market initially experienced significant decreases in sales as the pandemic hit the region — with sales dropping by 38 per cent in the last week of March.
But in the months since, McCallum said, local realtors have begun implementing initiatives making it easier for people to shop for new homes online.
“Realtors have really embraced virtual showings, virtual tours. They’re putting the floor plans online so that people can actually visualize” the homes they’re considering.
“Those kinds of add-ons in the listings have certainly helped to eliminate some in-person showings, because people don’t need them.”
Meanwhile, she said, stringent realtors are also doing a lot to ensure the safety of clients when they physically visit properties, such as wearing masks, disinfecting surfaces, leaving doors and windows open and using COVID-19 “declaration forms” to help track people who have visited a home, just in case any illness is detected among them.
“I think that sellers and buyers are feeling more confident that with these safety protocols in place it’s OK to go about their business,” McCallum said.
She said many of the protocols put in place during the pandemic will likely remain when its over.
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After years of seeing increasing real estate prices in Niagara, McCallum said she expects the trend to continue.
“I think it’s safe to say that with the lack of inventory, it only drives prices up. It’s supply and demand and it always has been.”
It’s a seller’s market in Nova Scotia real estate right now – TheChronicleHerald.ca
Real estate activity in Nova Scotia took a nosedive during the early days of the pandemic, but surprisingly, there’s been a strong rebound.
Stats from the Nova Scotia Association of Realtors (NSAR) show residential sales activity, recorded through the MLS® System of the NSAR, numbered 1,428 units in June 2020. This was an increase of 10.4 per cent from June 2019 and was also a new sales record for the month of June.
The total dollar value of all residential home sales in June 2020 was $408.7 million, rising 21.6 per cent from the same month in 2019.
This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history.
NSAR past president Matt Honsberger says July is also shaping up to be an exceptionally strong month province-wide.
An interesting pattern that realtors noticed during the pandemic period is that rural areas of the province experienced less of a downturn in sales.
“People who are maybe in denser populated areas are trying to find a little bit more space,” says Honsberger.
“It kind of makes sense if you were holed up over the past three months in a one-bedroom apartment, you might be interested in finding someplace that has a little bit more room to roam.”
He adds that it appears the normal spring market has been shifted into the summer a bit.
It’s yet to be determined what the fall will bring.
The average price of homes sold in June 2020 was $286,227, rising 10.1 per cent from June 2019. There were 1,769 new residential listings in June 2020. This was down 6.8 per cent on a year-over-year basis but marked a considerable rebound from levels in the previous two months.
Overall supply (of homes for sale) is running at the lowest levels in more than 15 years and continues to fall. Active residential listings numbered 4,398 units at the end of June. This was a large decline of 35.5 per cent from the end of June 2019.
There were 3.1 months of inventory at the end of June 2020, down from the 5.3 months recorded at the end of June 2019 and below the long-run average of eight months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Honsberger says people are working with their agents to try and find homes and are sometimes competing with five, 10, or 20 others for hot properties in Halifax Regional Municipality (HRM).
Sellers often end up with all the control because there are less of them and they can demand a little more.
There’s not as much competition outside HRM but even in places like the Valley and South Shore, you’ll see competition for the good listings that come on,” he adds.
“That’s simply a measure of supply and demand. More buyers than sellers,” he says.
Will the situation carry over to Spring?
“It’s really hard to look that far ahead right now. So much of it depends on what happens – any resurgence of COVID-19 and the impact on employment, for example,” says Honsberger.
“I would say at worst we would see a balancing of our market by next spring, where there’s the right number of buyers for the right number of houses.”
Three years ago, there were more sellers than buyers. Today, a property that sells for $300,000 might sell for $295,000 or for $350,000. That’s a big difference when you’re trying to get advice in terms of what to offer. Agents are doing their best to provide guidance, he says.
He sees the supply of homes catching up to the demand in the next six to 12 months.
Honsberger shared that he is one of the many who started looking for a more rural property at the peak of COVID-19.
“We bought a cottage in the Valley because we really don’t see ourselves travelling for a few years and we have a young family, so the idea of sitting home all summer didn’t make a lot of sense to us.”
For them, daydreams of sunny days and a lake where the kids could run around, jump in for a swim or go kayaking, won out over sitting in a home next to the Armdale Rotary during social distancing protocols.
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