Pinnacle International is launching the second phase of its mixed-use Pinnacle One Young development, the 95-storey SkyTower condo tower which will dominate a significant portion of the city’s skyline.
SkyTower will rise 1,027 feet in height the company says, which would make it the tallest building in Toronto and the second-tallest structure, behind only the world-renowned CN Tower.
“An iconic address like One Yonge demands an iconic architectural statement,” said Pinnacle’s vice-president of sales and marketing, Anson Kwok, in a release. “We knew this location demanded something elegant and distinctive.”
Designed by Hariri Pontarini Architects, SkyTower will include more than 800 condominiums in a variety of layouts. They will range from 520 to 2,300 square feet, with prices starting from just over $800,000.
“Our approach to this phase, and the other elements of this master-planned development, was predicated on a commitment to not just merely add yet another condo to the downtown core,” Kwok said in the release. “Instead, we recognized the unique privilege provided by this site to forever reshape the Toronto skyline.”
SkyTower and Pinnacle One Yonge
Suites in the SkyTower will offer “unparalleled views across Lake Ontario and over the surrounding GTA” according to the release. The units were designed by award-winning Tanner Hill and Associates, offering spacious and light-filled living spaces.
Amenities within SkyTower will be in line with those provided at other luxury residences, including a pool, yoga studio, games centre and party-space, as well as outdoor barbecues and lounge areas.
SkyTower will be the second of three tall condo towers at Pinnacle One Yonge. Its launch follows the release of The Prestige, a 65-storey condominium tower that launched last year and is now under construction.
Details of the third tower have not yet been released, although in a previous interview with RENX, Kwok said the structure would be 80 storeys.
With more than 2,200 condominiums planned between the three buildings, the residential towers will anchor the master-planned, 4.4-million-square-foot development of Pinnacle One Yonge.
The master-planned community will also include two other office towers containing 1.5 million square feet of office space, 160,000 square feet of retail, a 250-room hotel, a 50,000-square-foot community centre and a 2.5-acre public park.
Toronto’s tallest buildings
If completed today at 1,027 feet, the SkyTower would be among the top-20 tallest high-rises in North America according to Wikipedia. It would place 16th on the list, between the New York Times Building (1,045 feet) and the Bank of America Plaza in Atlanta (1,023 feet).
SkyTower would usurp Toronto’s First Canadian Place, an 83-storey skyscraper standing 978 feet high, as Canada’s tallest building. The CN Tower would remain Canada’s tallest structure at 1,815 feet.
Two other Toronto buildings will also top First Canadian Place on completion, Mizrahi’s The One (1,007 feet) and Cresford’s YSL Residences (981 feet). Both those buildings will stand 85 storeys, and are currently under development.
Vancouver-based Pinnacle has been involved in the development, design, construction and management of condos, hotels and commercial buildings for more than 40 years.
It has been involved in major developments in Greater Vancouver and Toronto as well as in San Diego, where it built the city’s tallest residential building, Pinnacle on the Park.
Northwest Healthcare Properties Real Estate Investment Trust Announces August 2020 Distribution – Canada NewsWire
TORONTO, Aug. 14, 2020 /CNW/ – NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (the “REIT”) announced today that the Trustees of the REIT have declared a distribution of $0.06667 per unit for the month of August 2020, representing $0.80 per unit on an annualized basis. The distribution will be payable on September 15, 2020, to unitholders of record as at August 31, 2020.
About NorthWest Healthcare Properties Real Estate Investment Trust
NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT provides investors with access to a portfolio of high quality international healthcare real estate infrastructure comprised of interests in a diversified portfolio of 183 income-producing properties and 15.2 million square feet of gross leasable area located throughout major markets in Canada, Brazil, Europe, Australia and New Zealand. The REIT’s portfolio of medical office buildings, clinics, and hospitals is characterized by long term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 230 professionals across nine offices in seven countries to serve as a long-term real estate partner to leading healthcare operators.
This press release contains forward-looking statements which reflect the REIT’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The REIT disclaims any obligation to update these forward-looking statements.
SOURCE NorthWest Healthcare Properties Real Estate Investment Trust
For further information: Paul Dalla Lana, CEO at (416) 366-8300 x 1001.
Record-smashing, historic July for local real estate – CollingwoodToday.ca
Not only has the local real estate market come back from a COVID lull, last month brought more sales for the Southern Georgian Bay region than any month ever.
According to the Southern Georgian Bay Association of Realtors (SGBAR), sales this July were 57.6 per cent above sales recorded in July 2019.
“Sales activity increased dramatically across the Southern Georgian Bay region in July.” said Mike Scholte, president of SGBAR. “This past month had the highest number of home sales since June 2016, setting a new single-month record. New listings increased slightly year over year, posting the largest number added in the month of July in more than five years.”
Based on MLS data compiled by SGBAR, there were 594 homes sold in the region last month.
Of those, 369 were sold in the western part of the region, which includes Wasaga Beach, Collingwood, Clearview, The Blue Mountains, Meaford, and Grey Highlands.
July 2020 sales for the west increased by 70 per cent over July 2019 sales.
The boom last month has also brought year-to-date totals up to 1,219 units, or 6.9 per cent higher than this time in 2019. At the start of the pandemic, those year-to-date numbers started to fall behind.
The eastern part of the region, including Midland, Penetanguishene, Tay, Tiny, Severn, and Georgian Bay also saw an increase with 225 units sold in July 2020, a near 40 per cent increase over July 2019. Year-to-date- sales are up 11 per cent in the east.
So far this year there have been 2,094 units sold in the entire region, an increase of 8.6 per cent compared to the same period last year.
Active residential listings remain below 2019 levels with 910 units listed at the end of last month, which is down by 37 per cent compared to July 2019.
According to the stats compiled by SGBAR, home sales for July 2020 in the region totalled $384.6 million, which is double (101.3 per cent) the value of homes sold in July 2019.
“This was a new record for the month of July and was also the largest dollar value of homes sold for any month in history,” stated a press release from SGBAR.
Canada Doubled Down On Real Estate In 2005. Now It’s The Biggest Bubble The G7 Has Ever Seen, and It’s Getting Bigger – Better Dwelling
Canadians know real estate prices have grown quickly, but most have no idea how it compares to the world. US Federal Reserve Bank of Dallas (US Fed) data shows how home prices evolved since the Financial Crisis. While most countries scrambled to balance home prices with local economic growth, Canada doubled down on housing. The result is Canadian real estate prices have grown at nearly triple the pace of any G7 country, since 2005.
Canadian Real Estate Prices Increased Over 3% Last Year
Canadian real estate prices have seen growth slow recently, but not much. Canadian prices at the national level have increased 3.39% in Q1 2020, in real terms when compared to a year ago. To contrast, the US follows with a lower 3.29% over the same period. Canada is currently right in the middle of the G7, with Germany (+4.9%) and France (+3.9%) being the two markets above. It doesn’t seem like a big deal, until you realize this is very high growth after the run Canadian prices have made.
G7 Real Estate Prices – 12 Month Change
The inflation adjuted 12 month change in G7 real estate prices for Q1 2020.
Source: US Federal Reserve Bank of Dallas, Better Dwelling.
Canadian Real Estate Prices Grew At Nearly 3x The Rate of The Next G7 Country
Since the Global Financial Crisis (2007-2008), Canada leaned on the housing economy, and it shows. Canadian home prices increased a whopping 88.0% from 2005 to 2020. The next closest G7 country is Germany, with prices having increased 32.3% over the same period. Yes, that’s nearly just a third. For context, US real estate prices have only increased 3.0% over the same period.
G7 Real Estate Price Index
An inflation adjusted index of G7 real estate prices.
Source: US Federal Reserve Bank of Dallas, Better Dwelling.
Canadian Real Estate Prices Increased Rapidly Before 2015
Most of the price growth narrative starts around 2015, but we can see the horse already left the barn at that point. Canadian real estate prices increased 50.5% from 2005 to 2015. The next closest G7 country was France, which saw price growth increase only 4.8% over the same period – less than one-tenth. To contrast, US real estate prices were down 15.1% at the time. Rather than accept a market inefficiency against labour, Canada doubled down on credit expansion.
G7 Real Estate Price Change From 2005 to 2015
The inflation adjusted percent change in real estate prices across G7 countries from 2005 to 2015.
Source: US Federal Reserve Bank of Dallas, Better Dwelling.
Since the Global Financial Crisis, Canada has leaned on non-productive investment, and it shows. The rate of residential investment to GDP more than doubled from 2000 to 2020. Last year, real estate transactions were generating almost half of all GDP growth. This isn’t just a Toronto and Vancouver thing either. The national index outpaces growth for every other G7 country, and is more than double the next one. With the government currently dedicating an unusual amount of resources to driving home prices during this recession, they’re shooting to go all-in or for failure.
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