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The dreary six-story apartment block in Toronto’s north end was nicknamed “Divorcee Towers” after the newly single who lodged at its short-stay units. moved in.[np_storybar title=”Big banks boost condo financing even as unsold units in Toronto hit 21-year high” link=” The Bank of Nova Scotia is among lenders boosting loans to condominium developers as regulators become less vocal about housing-market risk, according to Canada’s third-biggest bank [/np_storybar]The real estate investment company installed new hardwood floors, stainless steel appliances, energy efficient windows and preserved 1930s art-deco details such as a steel-cage elevator, boosting the rent to about the same as a modern downtown condominium.
Timbercreek is at the forefront of the next boom in Toronto’s supercharged housing market: rental apartments.
It is divided into a series of colleges: Champlain, Lady Eaton, Catharine Parr Traill, Otonabee, Peter Gzowski, and Julian Blackburn. The campaign for a post-secondary institution in Peterborough coincided with the Ontario government’s policy of creating new universities and expanding existing institutions to respond to population pressure and the belief that higher education was a key to social justice and economic productivity for individuals and for society.
Prices for new high-rise units have leveled off since their 2011 peak, according to data compiled by Real Net Canada Inc., a Toronto-based real estate data provider.
High-rise prices gained about 4% to $450,014 at the end of September 2014 from the prior year, the data show.“Condo development is still cyclical and we’re coming from an environment where you announced the project and you sold it out in two days and you just built it out,” Corrado Russo, managing director of investments at Timbercreek, said in the interview last month.
Home prices in Toronto, which have surged 60% from 2006 and gained 7% to an average $581,000 last year alone, according to the Canadian Real Estate Association, prompting people to hunt for cheaper alternatives.
The average monthly rent for a 1-bedroom apartment unit rose 17% to $1,609 over the same period.“Affordability is a big reason,” for rising rental demand, said Sam Crignano, president of Cityzen Development Group in Toronto.
The CGE donation included a functioning hydroelectric power plant dating from the 1890s, which still generates a substantial portion of the university's electricity and produces income for the university; the power plant underwent a $22.8-million upgrade in 2013.