This page contains a Flash digital edition of a book.
38 | CANADA OUTLOOK


BUSINESS


www.opp.org.uk |MARCH 2012


This article was written by OPP’s Canadian correspondent, Nicola Way of www.BestHomesBC.com and www.AssignmentsCanada.ca. You can contact Nicola by phone at: 001 604 781 9279 ... or by email at: nicola@besthomesbc.com. She specialises in off -plan and resale properties throughout British Columbia and Canada.


WORDS | Nicola Way Toronto looks strong


When a Toronto developer hosted a global competition to design a new condominium tower on the outskirts of the city recently, it did not look to well-known architects. Out of the 600 entries that came forward, it awarded a relatively unknown Chinese company that came away with the top prize - which has since projected both the project and the winning fi rm onto the world stage. But how has this winning move helped to fuel Asian interest in Canada ... and how does the land lie now? Why are Chinese buyers moving east from Vancouver?


by Ma Yansong, a founding partner at MAD Architects in Beijing, was quickly dubbed the “Marilyn Monroe” building due to its curvy outline formed by a 290-degree twist from the base to the top. The landmark building is the fourth tower in the Absolute World development in Mississauga. “It certainly put them - as well as


T


the city - on the map,” explains Sam Crignano, president of Toronto-based Cityzen Development Group which ran the contest.


he end-result of the


competition was a wonderful building. The chosen design


This headline news naturally spiked Asian interest in the Absolute tower. “It defi nitely brought awareness to the project and brought in purchasers,” Crignano continues. ”The design itself attracted people, of course. It’s not an average building and it’s not built at an average cost. The market was under $400 per square foot and we managed to sell at a price approaching $475 per square foot so not only did we fetch a premium but we fetched a very high one.” And on the resale market, these units are now re-selling at a higher price than the initial fi gure paid:


“[These units are] well above what the average is in the community so they continue to fetch a premium,” he adds. While the majority of purchasers in this market are domestic, explains Ben Myers, editor and executive vice president of market-research company Urbanation, which scrutinizes and tracks the new, resale, and future condominium market, but “they are also being fuelled by money from China and other Asian countries.” Canada’s 2006 census showed that approximately 2.5 million people call Toronto home with those of South Asian and Chinese origin accounting for almost


a quarter of that total. It’s no wonder that Toronto has such cultural diversifi cation as about half the population was born outside Canada. “There are people buying for their kids as they intend for them to go to university here or they want to move here themselves, or they currently live here but they want to bring their mother or their father over so they’re buying for them,” adds Myers, who produces the company’s 500-page quarterly reports that are the defi nitive guide for those that have a stake in the Toronto condo market. “It’s a pretty wide swathe in terms of


who’s buying and what their intentions are,” he adds.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68