Toronto Storeys’ Property Project of the Year: Reina

Two years ago, Urban Capital’s director of development Taya Cook was incensed when she saw a magazine article that celebrated 17 of Toronto’s top city builders and listed only men. She reached out to Sherry Larjani, managing partner at Spotlight Developments and together, they assembled an all-female ‘dream team’ to create Reina, a mid-rise boutique condo in Etobicoke that takes its name from the Spanish word for ‘queen.’ (adsbygoogle = window.adsbygoogle || []).push({});> The development on The Queensway on the former site of the infamous strip club, House of Lancaster Gentlemen’s Club, was conceived as a project that would raise awareness of gender inequality and the roles females can play in the building industry. Women of Reina, take a bow. Your game-changing development is deservedly Toronto Storeys’ Project of the Year. Reina Condos The final design for the nine-storey, 197-unit building was unveiled this summer, after a year of in-depth consultation and…

Year-Over-Year Apartment Prices in Toronto Decline for the Very First Time Given That April

Toronto condo prices saw a year-over-year decline of 3% in November, according to the Toronto Regional Real Estate Board (TRREB). (adsbygoogle = window.adsbygoogle || []).push({});> TRREB’s November market report, released Thursday, showed the small drop in the average condominium apartment selling price for the ‘416’ area code. Since the onset of the pandemic in March, April is the only other month to have seen a decline in year-over-year condo prices (-4.0%) in the 416. Though October only managed a gain of less than 1%. Meanwhile, the month saw market conditions tightened in many single-family market segments, resulting in double-digit year-over-year increases in detached houses’, semi-detached houses’ and townhouses’ selling prices. “The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year,” said Jason Mercer, TRREB Chief Market Analyst. “However, this may be somewhat of a short-term phenomenon. Once we…

Mayor Tory Wants to Execute Vacant House Tax Obligation in Toronto

In response to Toronto’s need for increased affordable housing, a vacant home tax could soon be implemented in the city, according to Mayor John Tory. (adsbygoogle = window.adsbygoogle || []).push({});> The mayor announced on Thursday that a City of Toronto staff report will go to the Executive Committee next week, recommending a tax levy on vacant Toronto homes starting in 2022. A measure like this can boost the municipality’s housing supply by encouraging homeowners to sell or rent their unoccupied home. In cases where an individual chooses to keep their home vacant, the levied tax can be used to fund affordable housing projects, city officials say. “We knew before the pandemic that we needed to increase the supply of affordable housing and ensure the city remains a place where all members of the workforce can contemplate living. In the wake of the pandemic, this is more important than ever. I want to…