Learn from the best! Real Estate Advice for 2017

Jan 5, 2017

Today, you’ll gain exclusive insights from three innovative industry leaders; Zev Mandelbaum of Marlin Spring, Kelly Cray of U31 and Joe Bozzo of Spectrum Realty. Each section is designed to give you a closer look at their unique observations, educated advice and overall predictions for the real estate market and where they believe it will be heading in 2017.

Zev Mandelbaum

Marlin Spring

Looking into the year ahead, we foresee an increasing disparity between low-rise homes and condominiums in the GTA. We believe that the affordability factor has become one of the main barriers for purchasers. The result is a trend towards larger condominium footprints with price points that balance the unaffordable-detached dwellings and the micro-condo units that are currently on the market. We predict the market to grow in all areas, but specifically in the mid-rise condominium sector. I know that millennial’s are akin to locations that are transit orientated with complimenting retail and a vibrant city life. To meet the demands of their lifestyle, they are willing to pay more in exchange for a larger living space. To feed this demand, we are launching WestBeach Condominiums, a mid-rise project in Toronto’s sought after Beaches neighbourhood, which features larger units with expansive terraces that have a stunning view of Woodbine Beach and Park. It will be surrounded by a plethora of amenities including many parks, café’s, restaurants and more!

In addition, I anticipate that townhomes in the GTA will move toward a smaller footprint than the conventional two story 2,200 sq. ft. home. We are seeing townhomes that are designed as rear loaded or front loaded with three stories at approximately 1,800 sq. ft. as the new norm.  I believe that these new townhomes should be created with stylish architecture and interior design that mimics the innovation of a condo unit that promotes optimally designed spaces and sophisticated technology.

Kelly Cray

Marlin Spring

It is amazing how design continually evolves in condominium living along with the experience it provides residents since I started in 1998! The public has become more educated and design savvy over the years, and as such, we have noticed that interiors are becoming more unique and customized – creating an experience much like visiting a boutique hotel or a great resto-lounge/trendy restaurant.

It should come as no surprise when we say that condominiums have become a very competitive business – it gives us the opportunity to experiment with different styles/approaches. As designers, we are always in friendly battle to try and outdo one another, which keeps us on our toes to constantly be unique and innovative with our designs.

In addition to the ever changing interior design, we have noticed that there is an increased focus on having quality amenities. It is becoming more important to urban dwellers to have spaces where they can conveniently visit and retreat to outside of their suite. Such amenities include more options for residents, like: fully equipped gyms, spas, and private dining rooms. In addition, more outdoor amenities are being offered including pools, cabanas, and fire pits to promote communal living and interaction with others. These spaces need to be flexible to satisfy individual needs and large groups. For example, sliding panels can be used to divide various functions, but easily be opened/transformed when required for large gatherings.

The internet is undeniably an indispensable tool for the masses – ideas cross all boundaries allowing for new ideas to be shared instantaneously. This creates a very exciting time as a designer to be very fluid in our creative process, allowing us to create endless possibilities when planning and designing a condominium.

Joe Bozzo

Marlin Spring

We at Spectrum Realty strongly believe that low-rise detached homes are becoming increasingly scarce, and as such, prices will continue to climb upwards as the demand will continue to grow. However, we believe that the townhome product will eventually level off in pricing and demand. The industry has been so oversaturated with the townhome product over the last few years, pushing prices so high that they’re no longer seen in many cases as an affordable living option.

Townhomes will continue to sell and sell well but, at the same time, the public will become more demanding to create single detaches communities. This will undoubtedly create a price increase on townhome product as purchasers are given less and less opportunity for single detached homes.

Looking forward into 2017, we at Spectrum Realty anticipate that the low-rise market will continue to be as buoyant and strong as ever!

In conclusion, 2017 is looking like a great year for buyers and sellers alike – which gives us room for exciting growth and innovation. We’re looking forward to the year ahead, and hope you turn to Marlin Spring for all your real estate needs and advice.