HomeMy WebLinkAboutPD-127-96THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
DN: HOUSING.GPA ry
REPORT
Meeting: General Purpose and Administration Committee File #
Date: Monday, September 23, 1996 Res. #G
Report #: PD- 127 -96 File #: PLN 11.1
HOUSING • •- REPORT
FILE: PLN 11.1
Recommendations:
By-law #
It is respectfully recommended that the General Purpose and Administration
Committee recommend to Council the following:
1. THAT Report PD- 127 -96 be received for information.
1. The Clarington Official Plan states that the goal for housing is to provide a broad
range of housing within urban areas and rural settlements to meet the housing
needs of current and future residents as they evolve over time. To achieve this
goal, the Official Plan requires the preparation of an annual housing report to
monitor the progress made towards fulfilling the Municipality's housing objectives
of an adequate and affordable range of housing.
2. In previous years Clarington prepared annual housing reports to monitor the
housing activities in Clarington. However, during the term of the Official Plan
review process, separate reports were not presented to Council, but were
incorporated into the review process.
3. Now that the Official Plan has been adopted by Council, a 1995 Housing
Monitoring Report has been completed by the Planning and Development
Department. A copy of the 1995 Housing Monitoring Report is attached to this
REPORT NO. PD- 127 -96 PAGE 2
report. Since the 1995 Housing Monitoring Report is quite lengthy, an executive
summary has been provided at the beginning of the document to assist the
reader.
4. The 1995 Housing Monitoring Report concluded that compared to a few years
ago, the housing market in Canada and in Durham Region is doing poorly
because of a soft economy, volatile financial markets, falling levels of disposable
income and poor consumer confidence due to high unemployment levels caused
by continuous government and private sector cuts.
5. On the positive side however, the level of housing affordability is the best that it
has been in many years mainly due to lower interest rates and reduced house
prices. The level of affordability is expected to continue showing improvement
and may result in the housing market showing signs of recovery.
6. The levels of affordabilty have benefited the Municipality of Clarington since these
levels have enabled Clarington to meet its objective of providing a good variety
of housing types and tenure at an acceptable affordability range. The former
Ministry of Housing has announced that the affordable price of a house in this
area is $163,500 and that the affordable rent is $1,100. In the Oshawa Census
Metropolitan Area (Oshawa, Whitby, Clarington), the average price of a home is
approximately $142,000, while rent is $795 for a 3 bedroom apartment. Both
figures are well within the acceptable affordability range for this area.
7. While rental units were affordable in 1995 and will remain so for most of 1995,
they may well not be affordable in 1997. The present provincial government is
proposing to remove rent controls and is instituting a program which they state
will "protect tenants ". The government plans to cap rent increases for tenants in
their existing units but to allow landlords to increase rents to the market rate when
REPORT NO. PD- 127 -96 PAGE 3
a new tenant moves in. The cap would then be reinstated for the new tenant.
Another proposal is to abolish rent controls for new rental buildings. Under the
present rules, new buildings become rent controlled after five years.
Respectfully submitted,
Franklin Wu, M.C.I.P., R.P.P.,
Director of Planning
and Development
TH *DC *FW *cc
Attach.
September 13, 1996
Reviewed by,
W. H. Stockwell
Chief Administrative
Officer
EXECUTIVE SUMMARY
The major findings of the Municipality of Clarington 1995 Housing Monitoring Report are as follows:
• In 1995, the unemployment rate for the Oshawa Census Metropolitan Area was 8.5 %.
• Workers between the ages of 15 -25 were the hardest hit by unemployment which results in a
reduction in the formation of new households. Ultimately a reduction in new households causes
a slowdown in housing construction.
• Eventually as the housing market recovers, the greatest increases in demand will be for rental
housing rather than homeownership due to high levels of youth unemployment.
• Housing markets are increasingly driven by first -time buyers who are most affected by worsening
economic conditions and most affected by affordability levels.
• The 1995 bank mortgage and three year bank rates were 7.31% and 8.88 %. The decline in
interest rates and the expectations that rates will come down a bit further in 1996, should have
a favourable impact on housing sales and on new housing starts later in 1996 and in 1997.
• The national housing market, like the economy as a whole, is suffering from a collapse in
consumer confidence caused by high unemployment, continuing government cuts and declining
disposable income.
• Approximately 447 building permits were issued in Clarington in 1995.
• Between 1991 and 1995, 92.4% of the building permits issued were for units in Bowmanville and
Courtice. The majority (55.5 %) of these permits were for units in Bowmanville, while 36.5% of the
permits were for units in Courtice.
• In 1995, the value of residential construction in Clarington amounted in $39.14 million.
• The majority of residential units being provided in Clarington between 1991 and 1995 were semi-
detached /link and townhouse units. In 1995, these housing types comprised 59% of all units.
• Between 1991 and 1995, the number of residential demolitions carried out in Clarington remained
constant with an average of 17 demolitions per year.
• At year end 1995, Clarington had a total of 6,525 residential units which had some form of
approval. Of the 6,525 units, 928 (14.2 %) were registered or unbuilt lots, 5220 (80 %) units had
municipal or draft approval, and 377 (6 %) were active site plan applications.
• By the end of 1995, the Municipality of Clarington had a potential housing supply of 14,469 vacant
lots which provides a supply for the next 3.8 to 9.5 years.
• Clarington has a potential supply of singles units for the next 2.9 to 15.7 years.
• Royal LePage reports that the average price of a detached bungalow, standard two - storey house
and standard townhouse in the Oshawa C.M.A. was respectively $144,000, $140,000 and $97,000.
Generally, prices have dropped from 1991.
_2_
• The number of sales and listings declined by 5.4% and 8,9% from 1994 and 1995. The Oshawa
Real Estate Board estimates that the average selling price in the area also declined from $141,692
to $140,728.
• The decline in house prices has resulted in the average house price being below the affordable
house price of $163,500 set for this area by the former Ministry of Housing in 1995.
• Clarington did not have any completions of either private rental or assisted rental units in 1995,
but did have 39 assisted rental units started between January and October.
• The number of 2 and 3 bedroom apartments occupied has increased indicating a slowdown of
renters moving into homeownership.
• The rental vacancy rate experienced wide fluctuations while the rent increased for all bedroom
types. Between 1994 and 1995, rent for a 1 bedroom unit in Clarington increased 7.15% to $588;
for a 2 bedroom unit it increased 5.29% to $662, and for a 3 bedroom unit it increased 7.3% to
$795.
TABLE OF CONTENTS
1. INTRODUCTION ........................ ............................... 1
1.1 Outline of the 1995 Housing Monitoring Report ........................... 1
2. ECONOMIC INDICATORS ................ ............................... 1
2.1 Unemployment Rate ............... ............................... 1
2.2 Interest Rates ..................... ............................... 3
3. RESIDENTIAL DEVELOPMENT ACTIVITY ..... ............................... 4
3.1 Residential Building Permits Issued .... ............................... 5
3.2 Residential Building Permits Issued by Geographic Location ................. 6
3.3 Value of New Residential Construction .. ............................... 7
3.4 Various Dwelling Types Created ...... ............................... 8
3.5 Residential Demolition Activity ........ ............................... 8
3.6 Housing Starts for Selected Municipalities in the Greater Toronto Area ......... 9
4. HOUSING SUPPLY ...................... ............................... 11
4.1 Housing Supply by Status of Approval .. ............................... 11
4.2 Housing Supply by Housing Type ..... ............................... 11
5. LOCAL HOUSING MARKET ............... ............................... 16
5.1 Housing Prices ............................... I ............. I..... 16
5.2 Resale Activity .................... ............................... 19
6. RENTAL MARKET ....................... ............................... 19
6.1 Housing Completions by Tenure ...... ............................... 19
6.2 Housing Starts by Tenure ............ ............................... 20
6.3 Vacancy Rates and Average Rents ..... ............................... 20
6.4 Rental Market Outlook .............. ............................... 22
6.5 Affordability ...................... ............................... 22
6.6 Affordable House Price and Rent ...... ............................... 23
7. CONCLUSION .......................... ...........................I... 24
LIST OF TABLES
TABLE 1
Permits Issued By Geographic Location ............. ............................... 6
TABLE 2
Various Dwelling Types Created
(1991 -1995) .................................. ............................... 8
TABLE 3
Residential Demolition Activity
1987 -1991 (Number of Dwelling Units) .............. ............................... 9
TABLE 4
1994 and 1995 (January to December) Housing Starts for Single and Multiple Units in Selected Parts
of the Greater Toronto Area ...................................................... 10
TABLE 5
Municipality of Clarington Development Applications
YearEnd 1995 ................................ ............................... 12
TABLE 6
Potential Housing Supply ........................ ............................... 13
TABLE 7
Average Selling Price
Detached Bungalow ............................ ............................... 17
TABLE 8
Average Selling Price
Executive Detached Two- Storey ................... ............................... 17
TABLE 9
Average Selling Price
Luxury Condominium Apartment .................. ............................... 17
TABLE 10
Average Selling Price
Standard Two - Storey ........................... ............................... 18
TABLE 11
Average Selling Price
Standard Townhouse ........................... ............................... 18
TABLE 12
Average Selling Price
Standard Condominium Apartment ................. ............................... 18
TABLE 13
Average Selling Price
SeniorExecutive .............................. ............................... 18
LIST OF TABLES (Cont'd)
TABLE 14
ResaleActivity ................................ ............................... 19
TABLE 15
Housing Completions by Tenure (January- December 1994, January- October 1995) ........... 19
TABLE 16
Housing Starts by Tenure (January- December 1994, January- October 1995) ................ 20
TABLE 17
Vacancy Rates and Average Rents
by Bedroom Type
Oshawa CMA, October 1994, 1995 ................. ............................... 21
LIST OF FIGURES
FIGURE 1
Unemployment Rate Oshawa C.M.A. (1994 -1995) .............. I ...................... 2
FIGURE 2
Bank Rate /3 -Year Mortgage Rate Monthly (1994 -1995) .. ............................... 4
FIGURE 3
Number of Residential Units Created (1991 -1995) ...... ............................... 5
FIGURE 4
Permits Issued by Geographic Location ............. ............................... 7
FIGURE 5
Value of New Residential Construction (1991 -1995) .... ............................... 7
FIGURE 6
Approved Development Applications by Approval Status . ............................... 11
FIGURE 7
Supply of Singles - Durham Region ................ ............................... 14
FIGURE 8
Supply of Semis - Durham Region ................. ............................... 14
FIGURE 9
Supply of Townhouses - Durham Region ............ ............................... 15
FIGURE 10
Supply of Apartments - Durham Region ............. ............................... 16
NCO
1995 HOUSING MONITORING REPORT
1. INTRODUCTION
The Clarington Official Plan states that the goal for housing is to provide a range of housing to
meet the housing needs of current and future residents. To acheive this goal, the Official Plan
requires the preparation of an annual housing report to monitor the progress made towards
fulfilling the Municipality's housing objectives of an adequate and affordable range of housing.
1.1 Outline of the 1995 Housing Monitoring Report
The 1995 Housing Monitoring Report is organized in the following format. Section 2 examines
economic indicators that play an important role in determining housing demand and supply.
Section 3 focuses on specific residential activity such as new construction, demolition activity and
housing absorption. Section 4 profiles the current Clarington housing supply and Section 5
provides a picture of the local housing market. Section 6 focuses on assisted housing projects.
This report has been prepared by the Community Planning Branch of the Department of Planning
and Development. Any questions related to its contents should be directed to the Community
Planning Branch (905) 623 -3379. Please note, that the statistics reported in this document are
taken from 1995 year end data.
2. ECONOMIC INDICATORS
Economic indicators such as the unemployment rate, interest rates, and mortgage rates play an
important role in determining housing demand, supply, and affordability because they impact on
the economy in such a strong way. Overall, the Canadian economy slowed abruptly in 1995 - the
result of the combined impact of a slowing U.S. economy, higher Canadian interest rates early
in the year and fiscal restraint by the federal and most provincial governments aimed at lowering
their large budget deficits.
2.1 Unemployment Rate
In 1995, 80,000 jobs were created in Canada, and the national employment level increased from
2,043,000 to 2,123,000. Between 1994 and 1995, the unemployment rate in the Oshawa C.M.A.'
declined from an annual average of 9.9% in 1994 to 8.5% in 1995 (see Figure 1). The
' Oshawa Census Metropolitan Area (C.M.A.) is comprised of Whitby, Oshawa, and Clarington.
in
employment/population ratio remained around 63% for the entire year which means that only 63%
of the total population was employed.
16.0
• 14.❑
12.0
10,0
v
y 8,0
N
6.0
9.0
2.0
0.0
FIGURE 1
Unemployment Rate Oshawa
C.M.A. C1994 - 1995D
J'84 M M J S N J'85 M M J S N
F A J A O D F A J A O D
Month
Rate C %)
Source; CMHC - Local Housing Market Report, December, 1995
CMHC notes that the group hardest hit by unemployment was the youngest group of workers
between the ages of 15 - 24 who experienced the largest decline in employment of any age
group. Youth employment is particulary important to consider in the economy since high youth
unemployment has a negative impact on household formation and demand for housing. Fewer
younger people are able to enter the housing market because they cannot create their own
households and instead must share with parents or friends. CMHC has noted that the "headship
rate" or rate of household formation was lower in 1991 than in 1971. In fact, CMHC states that
the reductions in the headship rates for the youngest age groups is the main reason for the
slowdown in housing construction in the 1990's.
The problem of low housing construction is exacerbated by the fact that "move -up" buyers are
hesitant to take on larger mortgages and consequently, housing markets are increasingly driven
E!
by first -time buyers, First -time buyers are of course one of the groups most affected by worsening
economic conditions and most affected by affordability levels.
CMHC expects employment to grow in 1996, by about 55,000 jobs. In the local area, an
employment outlook survey from Canada Manpower found that in the last quarter of 1995, 22
employers in Durham Region had plans to hire while 52 employers stated no changes were to
take place. Approximately 13 employers indicated that they had plans to reduce their workforce
and a further 13 were uncertain of their hiring intentions for the same period.
For a more long term prediction, CMHC predicts that later in this decade, household formation
rates will stabilize and housing demand will rebound. Most of the initial growth in demand will
come from young people who suffered the most during the recession. However, young people
are more likely to rent than own and therefore as the housing recovery unfolds, the greatest
increases in demand will be for rental housing rather than for homeownership. This will be a
significant change from the first half of this decade when the demand for rental housing was weak
and the demand for homeownership was strong.
2.2 Interest Rates
Interest rates play a critical role in determining housing affordability. For each 1% increase in
interest rates, an additional 2.0% increase in household income must be allocated to
accommodation costs. Conversely, a 1% decrease in interest rates means a savings of 2.0% in
household income.
In the late 80's and early 90's, the average bank mortgage and three year bank rates were
unattractively high with numbers such as 13.03% and 13.33 %. These rates produced a negative
effect on housing demand and affordability. In recent years, the bank mortgage rates and three
year bank rates have fallen from the double digit rates of the early 90's. In 1994, the average
bank mortgage and three year bank rates were 5.80% and 8.82 %, while in 1995 the rates were
7.31% and 8.88% (see Figure 2). The Royal Bank of Canada has reported that despite the fact
that recent mortgage rates did not go anywhere near the high levels of 1989 and 1990 in nominal
terms, they soared in real terms. Real five -year rates actually moved above their 1990 peaks in
1994.
K
No W
FIGURE 2
Bank Rate/3-Year Mortgage Rate
12.00
10.00
8.00
N
+' 6.00
4.00
2.00
0.00
Monthly, 1994 -1995
J'94 M M J S N J'95 M M J S N
F A J A 0 D F A J A 0 D
Month
Bank Rate
3-Yr, Rate
Source: CMHC - Local Housing Market Report, December, 1995
The decline in interest rates through 1995 and expectations that rates will come down a bit further
in 1996, should have a favourable impact on housing sales and on new housing starts later in
1996 and in 1997.
3. RESIDENTIAL DEVELOPMENT ACTIVITY
Canada Mortgage and Housing Corporation (CMHC) estimated that in 1995, construction of new
housing in Canada had hit a 35 -year low despite a modest upturn in the final two months.
Analysts have said that the national housing market, like the economy as a whole, is suffering
from a collapse in consumer confidence caused by high unemployment, continuing government
cuts and declining disposable income.
4
'6.3 4
Michel Laurence,' a housing agency economist, cited other reasons for the dismal trends
including:
• population growth is slower in the mid- 1990's than it was in the two previous decades,
reducing the pool of potential home buyers;
• the current generation of young adults is turning away from home ownership possibly
because of limited job prospects which make owning a home less affordable; and,
• houses do not appreciate in value as they once did and consequently the incentive to
invest in a home is not there right now as it was in the '70s and '80s, when house prices
were moving up.
3.1 Residential Building Permits Issued in Clarington
The number of building permits issued for new residential units during the period 1991 - 1995 is
presented in Figure 3. In 1994, the number of building permits issued amounted to 834 while in
1995, this figure decreased to an all time low of 447 permits. Over the five year period, the
average number of building permits issued for new residential units was 684.
900
800
700
p 600
N
L
L 500
d
a
q 400
0
# 300
200
100
0
FIGURE 3
# of Residential Units
Created C1991 - 1995)
1991 1993 1995
1992 1994
Year
Source: Monthly Building Reports, Building Division
2 Article by Rob Carrick, Business Section, Toronto Star, Wednesday, January 10, 1996, Section
B -1.
5
SON
3.2 Residential Building Permits Issued bV Geographic Location
The total number of new residential units created during the period 1991 -1995 was 3422 (see
Table 1). An average of 380 permits per year were issued to Bowmanville, while Courtice and
Newcastle Village were issued 250 and 16 permits respectively.
In the rural areas, an average of 10 permits were issued annually for Wilmot Creek Retirement
Community. Approximately 5 permits per year were issued to the hamlets, whereas 20 permits
per year were issued for the rural areas. The total number of residential building permits issued
for the entire Municipality averaged 684 permits over the five year period.
TABLE 1
Permits Issued By Geographic Location
LOCATION
1991
1992
1993
1994
1995
TOTAL
Urban Areas
Bowmanville
433
532
301
406
229
1901
Courtice
255
204
232
388
170
1249
Newcastle Village
46
22
6
4
0
78
Orono
1
3
3
2
1
10
Subtotal..
735
761
542
800
400
3238
Rural Areas
Wilmot Creek
2
10
10
10
16
48
Hamlets
8
6
5
5
3
27
Other
26
20
16
19
28
109
Subtotal..
36
36
31
34
47
184
TOTAL
771
797
573
834
447
3422
Source: Monthly Building Reports, Building Division
Overall, during the five year period between 1991 and 1995, approximately 92.4% of the permits
were issued for units in Bowmanville and Courtice (see Figure 4). The majority (55.5 %) of these
permits were for units in Bowmanville, while 36.5% of the permits were issued for units in Courtice.
The rural areas were issued 5.4% permits which is slightly more than those issued for Newcastle
Village (2.3 %).
W
M
Rural Areas C5,
Newcastle Village C2.3)
FIGURE 4
Permits Issued by
Geographic Location
Orono (0.3)
Source: Municipality of Clarington Planning & Development Department
3.3 Value of New Residential Construction
The value of residential construction in the Municipality of Clarington fell to a low of $49.7 million
in 1993 and then rose to $69.47 million in 1994. In 1995 the value of construction dropped by
43.7% from the year before to a low of $39.14 million in 1995 (see Figure 5).
u
0
E
v
to
$100.00
$9o,00
$80.00
$70.00
$60.00
$50,00
$40,00
$30.00
$20.00
$10.00
$0.00
FIGURE 5
Value of New Residential
Construction C1991 - 1995)
1991 1993 1995
1992 1994
Year
Source: Municipality of Clarington Planning & Development Department
,637 7
3.4 Various Dwelling Types Created in Clarington
Table 2 shows that the majority of residential units being provided in Clarington between 1991 and
1995 were semi - detached /link and townhouses. The percentage of single detached units created
over the five year span ranged from 35% to 37 %. In 1995, semis and townhouses comprised 59%
of all units. Interestingly, in previous years the predominant dwelling type created in Clarington
was single detached units.
TABLE 2
Various Dwelling Types Created
(1991 -1995)
1991
1992
1993
1994
1995
Single Detached
286
280
200
287
167
Semi - Detached /Link
304
222
282
352
137
Townhouse
179
259
80
179
125
Multiple
-
26
0
5
0
Mobile
2
10
11
11
16
DFD (apartments in houses)
0
0
0
0
2
[TOTAL
771
797
573
834
:44:7
Source: Monthly Building Reports, Building Division
Overall the trend in housing has been to increased density of housing types. This trend is due
to a number of factors including:
• increased demand for affordable housing (especially by young families);
• poor economy, forcing people to buy smaller homes;
• declining household size; and,
• increasing proportion of the elderly in the population.
3.5 Residential Demolition Activity
Table 3 shows the number and type of dwelling units demolished in the Municipality of Clarington
between 1991 and 1995. The number of demolitions has remained relatively constant over the
5 year period with 20 single detached units demolished in 1991 and 17 in 1995. The demolitions
have occurred primarily in urban areas and is attributed to commercial and residential
redevelopment of existing properties.
8
TABLE 3
Residential Demolition Activity
1987 -1991 (Number of Dwelling,Units)
HOUSING TYPE
1991
1992
1993
1994
1995
Detached Dwelling
20
11
17
20
17
Semi - Detached Dwelling
0
0
0
0
0
Row Housing
0
0
0
0
0
Apartment
0
0
0
0
0
TOTAL
20
11
17
20
17
Source: Monthly Building Reports, Building Division
3.6 Housing Starts for Selected Municipalities in the Greater Toronto Area
Canada Mortgage and Housing Corporation defines housing starts as units where construction
has advanced to a stage where full (100 %) footings are in place. In cases of multiple unit
structures, this definition of a start applies to the entire surface.
The Royal Bank has noted that high interest rates put a damper on housing start activity early in
1995. Later in the year interest rates fell and construction increased, but the total number of starts
for the year was quite weak. Housing starts in 1996 are projected to continue on a roller coaster
ride as they remain sensitive to changes in interest rates and consumer confidence.
As presented in Table 4, the Greater Toronto Area experienced a 12.3% decrease in 1995 from
the previous year in housing starts for both single and multiple units whereas Durham Region
experienced a larger decrease of 37.2 %. Other regions such as York Region, Peel Region, and
Halton Region also experienced decreases in the number of housing starts from the previous year.
In terms of Durham Region, all of the municipalities within it experienced a decline in the number
of housing starts from the previous year with Pickering experiencing the greatest decrease at
56.6% and Clarington with a decrease of 39.7 %. Oshawa, Whitby and Ajax had decreases in
housing start activity of 13.8 %, 32.9% and 14.6% respectively.
While most Regions experienced a decline in the number of starts produced between 1994 and
1995, Clarington in comparison to other municipalities in Durham Region, is still doing fairly well.
9
In actual numbers, Clarington had the second highest number of starts in Durham Region with
828 accounted for 1994, while Ajax had the lowest number of starts at 240. In 1995, Clarington
again had the second highest number of starts in Durham Region with 499 starts compared to
the lowest for Ajax at 205.
TABLE 4
1994 and 1995 (January to December) Housing Starts for Single and Multiple Units in Selected Parts
of the Greater Toronto Area
Area
Single Units
Multiple Units
Total
�/0
%
%
1994
1995
Change
1994
1995
Change
1994
1995
Change
Greater
Toronto
11,962
7,878
-34.1%
8,417
9,986
18.6%
20,379
17,864
-12.3%
Area
Metro-
Toronto
916
742
- 19.0%
2,599
4,757
83.0%
3,515
5,499
56.4%
York
Region
3,801
2,664
- 29.9%
1,398
1,516
8.4%
5,199
4,180
- 19.6%
Peel
Region
3,617
2,222
- 38.6%
2,405
2,664
10.8%
6,022
4,886
- 18.9%
Halton
Region
1,195
734
-38.6%
988
391
-60.4%
2,183
1,125
- 48.5%
Durham
Region
2,433
1,516
-37.7%
1,027
658
-35.9%
3,460
2,174
- 37.2%
Clarington
666
331
-50.3%
162
168
3.7%
828
499
- 39.7%
Oshawa
245
275
12.2%
118
38
-67.8%
363
313
- 13.8%
Whitby
574
429
-25.3%
198
89
-55.1%
772
518
-32.9%
Ajax
177
103
-41.8%
63
102
61.9%
240
205
-14.6%
Pickering
520
223
-57.1%
480
211
- 56.0%
1,000
434
-56.6%
Source: Canada Mortgage and Housing Corporation (CMHC) Local Housing
Market Report Toronto Branch, December 1995
Singles - includes single family detached units and link dwellings
joined below grade
Multiples - includes all other dwellings
10
6 `"h1' lW
4. HOUSING SUPPLY IN CLARINGTON
4.1 Housing Supply by Status of Approval
At year end 1995, there were a total of 6,525 residential units which had some form of approval.
Of the total 6,525 units with some sort of approval, 928 (14.2 %) were registered or unbuilt lots,
5220 (80 %) units had municipal or draft approval, and 377 (6 %) were active site plan applications.
FIGURE 6
Approved Development Applications
By Approval Status
Town or Draft Approved (5220)
Active Site Plan Applications (37i
-ed /Unbuilt [928)
Source: Municipality of Clarington Planning & Development Department
4.2 Housing Supply by Housing Type
Table 5 indicates that at the end of 1995, the Municipality of Clarington had a potential housing
supply of 14,469 vacant lots. This amounts to a potential supply of lots for housing for the next
3.8 years to 9.5 years.
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The Provincial Land Use Planning for Housing policy statement recommends a 3 year minimum
level of supply for draft approved and /or registered lots in plans of subdivision. This supply is
deemed necessary to allow for future population growth and to ensure that sufficient quantities
of housing are made available. The potential supply of housing in Clarington is comprised of
single family (46.7 %), semi - detached (26.6 %) and townhouses (21.4 %) (see Table 6).
TABLE 6
Potential Housing Supply
Unit Type
Number of Units
% of Total
Single Family
6,754
46.7
Semi - detached
3,883
26.8
Townhouse
3,097
21.4
Apartment
735
5.1
Total
14,469
100.0
Source: Municipality of Clarington Planning and Development Department
As shown by Figures 7 to 11, the inventory of lots and the duration of supply for various housing
types differs for each municipality in Durham Region. The bar charts show three different
absorption scenarios - low, medium and high. Low absorption is based on the average actual
demand during 1994 and 1995. The medium scenario inflates this low scenario by 50 %, whereas
the high scenario is based on population growth forecasts adopted as the regional growth rates
for planning in the Greater Toronto Area.
As demonstrated in Figure 7, the supply of lots for singles ranges from 2 to 21 years in Ajax, yet
ranges from 0.6 to 1.5 years in Uxbridge. Clarington has a good supply ranging from 2.9 to 15.7
years.
13
N
L
}
FIGURE 7
Supply of Singles
Durham Region
24
22
20
18
16
. 14
12
10
8
6
4
2
n
MI O
■.■. ...
Ajax Oshawa Whitby Brock
ClarTngton Pickering Scugog Uxbridge
Municipality
Source: Canada Mortgage & Housing Corporation, Ontario Ministry of Housing,
1995 GTA Residential Land Inventory Survey
Figure 8 indicates that Clarington has a short duration of supply for semi - detached units ranging
from only 0.2 to 0.4 years whereas Oshawa's range is between 0.7 and 37.8 years.
FIGURE 8
Supply of Semis
Durham Region
40
35
30
25
u
L
m 20
a
}
15
1D
5
Low
Medium
High
Ajax OshawaWhitby Brock
ClarTngton Pickering Scugog Uxbridge
Municipality
Source: Canada Mortgage & Housing Corporation, Ontario Ministry of
Housing, 1995 GTA Residential Land Inventory Survey
644 14
Clarington meets the prescribed requirements of the Land Use Planning for Housing Policy
Statement for townhouse units. Clarington's supply of lots for townhouse units ranges from 7.8
to 19.8 years. In comparison, the Town of Ajax has a supply ranging from 19.8 to 39.7 years (see
Figure 9).
FIGURE 9
Supply of Townhouses
Durham Region
40
35 Low
30 Medium
25 High
a
m 20
r
15
10
5
0
Ajax Oshawa Whitby Brock
Clarington PlckerIng Scugog Uxbridge
Municipality
Source; Canada Mortgage & Housing Corporation, Ontario Ministry of
Housing, 1995 GTA Residential Land Inventory Survey
Since no building permits were issued for apartment units in 1993, it was not possible to estimate
the duration of the supply for apartments in Clarington. The duration of supply for other
municipalities in Durham Region is illustrated in Figure 10.
15
FIGURE 10
Supply of Apartments
Durham Region
35
30
25
q 20
L
a
r 15
10
5
n
9�
Ajax Oshawa Whitby Brock
Clarington Picker Ing Scugog Uxbridge
Municipality
Source: Canada Mortgage & Housing Corporation, Ontario Ministry of
Housing, 1995 GTA Residential Land Inventory Survey
5. LOCAL HOUSING MARKET
5.1 Housing Prices
Royal LePage surveys Canadian home prices quarterly for various housing types (see Appendix
A for a Glossary) in cities across Canada. The average selling prices given in Tables 7 - 13 are
based on new and resale houses in the City of Oshawa only. Royal LePage does not survey the
Municipality of Clarington but, based on past observations, it can be stated that Courtice housing
prices are similar to Oshawa's, while Bowmanville's and Newcastle Village's housing prices are
approximately 5% below those of Oshawa.
The average price of a detached bungalow, standard two - storey, standard townhouse and
standard condominium apartment in Oshawa / Courtice is as follows:
• detached bungalow - $144,000
• standard two - storey - $140,00
• standard townhouse - $97,000
• standard condominium apartment - $91,000
16
m
Tables 7 to 13 show the average selling prices, estimated taxes, and rental costs for the following
housing types: detached bungalow, executive detached two - storey, standard two - storey, standard
townhouse, senior executive, standard condominium apartment, and luxury condominium
apartment. Generally, prices have either remained the same or have dropped from a year ago.
Luxury Condominium
Apartment
TABLE 9
Detached
Price
Fall 1995
Bungalow
TABLE 7
Two - Storey
Price
Price
Price
% Change
Estimated
Est.
Area
Fall 1995
3 mos. ago
1 yr. ago
1 year
Taxes
Monthly
Taxes
Monthly
$1,700.
Ajax
Rental
Oshawa
$144,000.
$145,000.
$146,000.
-1.4%
$2,345.
$ 800.
Whitby
$144,000.
$150,000.
$150,000.
0.0%
$2,600.
$1,000.
Ajax
$150,000.
$150,000.
$165,000.
-9.1%
$2,100.
$1,100.
[Pickering
$160,000.
$160,000.
$160,000.
0.0%
$2,300.
$1,050.
Luxury Condominium
Apartment
TABLE 9
Executive
Price
Fall 1995
Detached
TABLE 8
Two - Storey
Estimated
Taxes
Est. Monthly
Rental
Price
Price
Price
% Change
Estimated
Est.
Area
Fall 1995
3 mos. ago
1 yr. ago
1 year
Taxes
Monthly
$1,700.
Ajax
--
Rental
Oshawa
$175,000.
$175,000.
$175,000.
0.0%
$3,290.
$975.
Whitby
$185,000.
$185,000.
$185,000.
0.0%
$3,500.
$1,200.
Ajax
$198,000.
$198,000.
$192,000.
3.1%
$3,100.
$1,200.
Pickering
$220,000.
1$220,000.
$195,000.
+12.8%
$3,200.
$1,100.
Luxury Condominium
Apartment
TABLE 9
Area
Price
Fall 1995
Price
3 mos. ago
Price
1 yr. ago
% Change
1 year
Estimated
Taxes
Est. Monthly
Rental
Oshawa
$222,000.
222,000.
$222,000.
0.0%
$4,650.
$1250.
Whitby
$230,000.
$230,000.
$220,000.
+4.5
$3,900.
$1,700.
Ajax
--
--
--
Pickering
$150,000.
$150,000.
$156,000.
-3.8%
$2,300.
$1,100.
-- Information was not available
NM
17
Standard
Two - Storey
TABLE 10
Area
Price
Fall 1995
Price
3 mos. ago
Price
1 yr. ago
% Change
1 year
Estimated
Taxes
Est. Monthly
Rental
Oshawa
$140,000.
$141,000.
$141,000.
-0.7%
$2,075.
$ 850.
Whitby
$160,000.
$160,000.
$160,000.
0.0%
$2,900.
$1,100.
Ajax
$163,000.
$163,000.
$170,000.
-4.1%
$2,500.
$1,100.
Pickering
$175,000.
$175,000.
$168,000.
+8.0%
$2,500.
$1,000.
Standard
Townhouse
TABLE 11
Area
Price
Fall 1995
Price
3 mos. ago
Price
1 yr. ago
% Change
1 year
Estimated
Taxes
Est. Monthly
Rental
Oshawa
$ 97,000.
$ 97,000.
$ 98,000.
-1.0%
$1,335.
$775.
Whitby
$110,000.
$110,000.
$115,000.
-4.3%
$2,250.
$900.
Ajax
$115,000.
$115,000.
$120,000.
-4.2%
$1,550.
$950.
Pickering
$120,000.
$120,000.
$108,000.
+11.1%
$1,700.
$800.
Standard Condominium
Apartment
TABLE 12
Area
Price
Fall 1995
Price
3 mos. ago
Price
1 yr. ago
% Change
1 year
Estimated
Taxes
Est. Monthly
Rental
Oshawa
$ 91,000.
$ 92,000.
$ 93,000.
-2.2%
$1,335.
$750.
Whitby
--
--
--
--
--
--
Ajax
$ 95,000.
$ 95,000.
$ 90,000.
+5.6%
$1,300.
$900.
Pickering
$100,000.
$100,000.
$102,000.
-2.0%
$1,700.
$800.
Senior
Executive
TABLE 13
Area
Price
Fall 1995
Price
3 mos. ago
Price
1 yr. ago
% Change
1 year
Estimated
Taxes
Est. Monthly
Rental
Oshawa
$222,000.
$222,000.
$222,000.
0.0%
$4,650.
$ 1,250.
Whitby
$230,000.
$230,000.
$220,000.
4.5%
$3,900.
$1,700.
Ajax
$250,000.
$138,000.
$250,000.
0.0%
$3,800.
$1,300.
Pickering
$230,000.
$230,000.
$240,000.
-4.2%
$3,600.
$1,200.
18
:648 8
5.2 Resale Activity
The condition of the resale market is important to examine because it is a key determinant for the
course of the rental market as there is continued movement of households between rental and
homeownership.
Table 14 shows the resale activity in Clarington for 1994 and 1995. As shown by Table 14, the
number of sales and listings declined by 5.4% and 8.9% respectively from 1994 to 1995. The
average selling price also declined from $141,692 to $140,728.
TABLE 14
Resale Activity
Year
Number of
Listings
Number of Sales
Dollar
Value
Average Selling
Price
1994
1878
899
$127,381,690.
$141,692.
1995
1776
819
$115,256,302.
$140,728.
% +/-
-5.4%
-8.9%
-9.5%
-.6%
Sources: Oshawa and District Real Estate Board
6. RENTAL MARKET
6.1 Housing Completions by Tenure
A key determinant for the course of the rental market is the amount of new construction in the
area. The completion of rental units affects the supply side, while completion of ownership units
affects the demand side.
As shown by Table 15, the Oshawa CMA and Durham Region as a whole saw only 4 private rental
units completed in the rental market in the first 10 months of 1995. Clarington did not have any
completions of either private rental or assisted rental units.
TABLE 15
Housing Completions by Tenure (January- December 1994, January- October 1995)
YEAR -TO -DATE/
PRIVATE
ASSISTED
YEAR
FREEHOLD
CONDO
RENTAL
RENTAL
TOTAL
Oshawa City
Jan -Dec 1994
220
0
0
83
303
Jan -Oct 1995
258
0
4
102
364
Whitby
Jan -Dec 1994
727
28
0
0
755
Jan -Oct 1995
445
36
0
0
481
Clarington
Jan -Dec 1994
928
0
0
0
928
Jan -Oct 1995
369
0
0
0
369
Oshawa CMA
Jan -Dec 1994
1,875
28
0
83
1,986
Jan -Oct 1995
1,072
36
4
102
1,214
Source: CMHC Rental Market Report, October 1995
,'6 / 19
Overall, the rental market has had no significant development in years. With the surge of assisted
housing completions in the early 90's, the vacancy rate has been at high levels. The rate has
since decreased. However, 1996 is not expected to see any improvements in rental market
construction.
6.2 Housing Starts by Tenure
High interest rates put a damper on housing activity early in 1995. When interest rates fell later
in the year, construction increased but total starts were relatively low. CMHC predicts that
housing starts in 1996 will continue on a roller coaster ride as they remain sensitive to changes
in interest rates and consumer confidence.
Table 16 shows the housing starts by tenure. Clarington had 39 assisted rental units started
between January and October 1995 and zero private rental units. During this same period, the
Oshawa CMA had only 39 assisted rental units started, all of which were directly attributable to
Clarington. Neither the City of Oshawa nor the Town of Whitby had any private rental or
condominium starts during this period.
TABLE 16
Housing Starts by Tenure (January- December 1994, January- October 1995)
YEAR -TO -DATE/
I
PRIVATE
ASSISTED
YEAR
FREEHOLD
CONDO
RENTAL
RENTAL
TOTAL
Oshawa City
Jan -Dec 1994
176
0
4
102
282
Jan -Oct 1995
262
0
0
0
262
Whitby
Jan -Dec 1994
640
36
0
0
676
Jan -Oct 1995
465
0
0
0
465
Clarington
Jan -Dec 1994
762
0
0
0
762
Jan -Oct 1995
383
0
0
39
422
Oshawa
Jan -Dec 1994
1,578
36
4
102
1,720
CMA
Jan -Oct 1995
1,110
0
0
39
1,149
Source: CMHC Rental Market Report, October 1995
6.3 Vacancy Rates and Average Rents
In the early 90's affordability was the driving force in the resale market as first time buyers - most
of which were renters - bought in record numbers. Renters of upper end units, such as two and
three bedroom units, shifted into homeownership as it became more affordable.
20
Nil
Although affordability remains strong, the lack of consumer confidence appears to be weighing
heavily on the willingness to buy. The number of 2 and 3 bedroom apartments occupied has
increased indicating a slowdown of renters moving into homeownership.
Table 17 indicates that the rental vacancy rate experienced wide fluctuations while the rent
increased for all bedroom types. CMHC speculates that after years of low rent increases and
even some rent decreases, the landlords are reacting to a tightening rental market by increasing
the rent since they have more negotiating power.
TABLE 17
Vacancy Rates and Average Rents
by Bedroom Type
Oshawa CMA, October 1994, 1995
LOCATION
Bachelor Vacancy
Rate
Bachelor
Rent
1- Bedroom
Vacancy Rate
1- Bedroom
Rent
1994
1995
1994
1995
1994
1995
1994
1995
Oshawa City
8.0%
8.7%
$458,
$470.
3.7%
3,0%
$573.
$588.
Whitby
3.2%
6.1%
$552.
$556.
1.7%
2.0%
$619.
$653.
Clarington
0.0%
0.0%
$437.
it
2,8%
6,5%
$546.
$588.
Oshawa C.M.A.
5.9%
7.6%
$468.
$608.
3.1%
2,9%
$584.
$605.
LOCATION
2- Bedroom
Vacancy Rate
2- Bedroom
Rent
3- Bedroom
Vacancy Rate
3- Bedroom
Rent
1994
1995
1994
1995
1994
1995
1994
1995
Oshawa City
2.9%
2.6%
$654.
$682.
1.8%
1.5%
$725.
$773.
Whitby
2.5%
1.4%
$684.
$728.
22.8%
1.2%
$788,
$761.
Clarington
1.8%
2.5%
$627.
$662.
0.0%
0.0%
$737.
$795.
Oshawa C,M,A.
2.8%
2.4%
$659.
$689.
7.6%
1.4%
$742,
$770.
* Data not available because sample size is too small.
Source: CMHC - Rental Market Reports, October 1994, 1995
Between 1994 and 1995, rent for a 1 bedroom unit in Clarington increased 7.15% to $588; for a
2 bedroom unit it increased 5.29% to $662, and for a 3 bedroom unit it increased 7.3% to $795.
Generally, the lowest rents in the Oshawa C.M.A are reported in Clarington and Oshawa.
21
Wo
6.4 Rental Market Outlook
CMHC predicts that the Oshawa CMA rental market will experience a decline in the vacancy rate
for October of 1996. However, the drop will be moderate, with the vacancy rate falling to 2.2 %.
The declining vacancy rate is supported by the following factors.
Employment in service sector will fall
The manufacturing base in the Oshawa CMA will keep employment at current levels. However,
consumer confidence will remain weak with continued fiscal restraints. As a result, home buying
will be low, therefore decreasing the vacancy rate. The magnitude of the drop in the vacancy rate
will be limited as household formation among younger renters continues to decline.
Limited change in the rental stock
Construction of private rental units will be limited and it is expected that no new assisted
construction will take place in 1996. As the vacancy rate decreases, rents will respond and
increase further in 1996.
Interest rates continue their descent
Affordability will improve in 1996 as interest rates continue to decline. However, as was seen in
the second half of 1995, other factors are influencing people's decisions to buy, such as
consumer confidence and employment expectations.
6.5 Affordability
While employment is the key factory that influences the level of housing demand, the choice
between owning and renting is largely based on affordability.' Affordability has improved since
1990, but a sharp increase in interest rates in 1994 offset the favourable impact of weaker house
prices and led to a significant deterioration in affordability.
The reduced affordability levels resulted in falling sales of existing homes and a collapse in new
starts in 1995 even as interest rates resumed their downward trend. Home ownership costs in
1995 were close to their lowest level since 1985. However, while housing prices have remained
fairly stable across the country in the past five years, the levels of affordability have fluctuated up
and down because of volatile financial markets.
' The former Ministry of Housing defines affordable housing as housing which would have a market
price or rent that would be affordable to a household of low or moderate income. Households
of low or moderate income are within the lowest 60 percent of the income distribution (60th
income percentile).
22
652
6.6 Affordable House Price and Rent
The former Ministry of Housing identified affordability benchmarks for ownership and rental
housing for the Oshawa CMA in a 1995 information bulletin. The affordable price and rent for the
Oshawa CMA for 1995 is as follows:
House Price Affordable to the 60th Percentile
$163,500
60th Percentile Household Income
$65,000
Affordable Rent at the 60th Percentile
$1,100
60th Percentile Tenant Household Income
$43,990
The 1995 house price and rental benchmarks based on a 60th percentile household income were
calculated using the following assumptions:
a) a 30% gross debt /service ratio;
b) a 10% down payment;
C) a monthly tax rate equal to 0.125% of house value;
d) a mortgage interest rate of 10.88% amortized over 25 years; and,
e) rent based on 30% of gross monthly household income.
The decline in house prices since late 1990 has resulted in the average house price being within
the affordable house price of $163,500 set by the former Ministry of Housing in 1995. All house
types appear to be affordable except for the executive single detached homes.
Average apartment rental rates in Clarington in October 1995 were:
• 1 Bedroom $588
• 2 Bedroom $662
• 3 Bedroom $795
These rental rates are well below the Provincial affordable rental benchmark for the Oshawa CMA
of $1,100 set in 1995.
The 1995 average income for renter households in the Oshawa CMA was $54,585 ($57,185 for
family renter households and $47,947 for non - family renter households).
As of December 1995, the average maximum house price affordable to the average family renter
household in the Oshawa CMA was $175,273; for the average non - family renter household this
figure was $146,959. Overall, the maximum affordable house price for all renter households was
23
Now-
$167,301. The maximum affordable house price is based on a 10% down payment and a 8.2%
mortgage interest rate.
The average price of a starter home (new and resale) in the Oshawa CMA for January to June
1995 was $140,151 and from July to December 1995, it was $142,215. Only renter households
between the ages of 20 and 44 were considered as potential first -time buyers.
In the Oshawa CMA, 32.7% of all renter households could afford to buy a starter home during the
period January to June 1995. This translates into 43.4% of all family renter households and 24%
of non - family renter households. By July to December 1995, 37.7% of all renter households could
afford to buy a starter home (source: CMHC Canadian Housing Markets, First Quarter 1996).
Generally, the Oshawa CMA and Clarington in particular has a good variety of housing types and
tenure at an acceptable affordability range.
7. CONCLUSION
The 1995 Housing Monitoring Report was prepared to satisfy the requirements of the Clarington
Official Plan to monitor residential activity in the Municipality. Generally, the Municipality of
Clarington is meeting the targets for housing types, level of affordability and land supply.
Unfortunately, compared to a few years ago, the housing market in Durham Region is doing
poorly because of a soft economy, volatile financial markets, falling levels of disposable income
and poor consumer confidence due to high unemployment and continuous government cuts.
On the positive side however, the level of housing affordability is the best that it has been in many
years mainly due to lower interest rates and reduced house prices. The level of affordability is
expected to continue showing improvement and may result in the housing market showing signs
of recovery,
While rental units were affordable in 1995 and will remain so for most of 1996, they may well not
be affordable in 1997. The present provincial government is proposing to remove rent controls
and is instituting a program which they state will "protect tenants ". The government plans to cap
rent increases for tenants in their existing units but to allow landlords to increase rents to the
market rate when a new tenant moves in. The cap would then be reinstated for the new tenant.
Another proposal is to abolish rent controls for new rental buildings. Under the present rules, new
24
0
buildings become rent controlled after five years.
Many tenant and consumer groups are worried that the proposed rent control changes will force
many tenants to pay exorbitant rents or that some tenants may even be coerced into moving out
in order for the landlord to increase the rents. Removing rent controls may produce some
increased demand for housing units, but it may also force more people onto the streets,
particularly in Toronto where rents are already at high levels.
As noted in this report, employment levels are a critical factor in determining the future housing
supply. While employment levels have been low, CMHC states that employment is likely to
increase in 1996 in response to lower interest rates and a higher demand for Canadian products
abroad. Employment gains will be concentrated in the manufacturing sector and may lead to
increased sales in the automotive parts industry. Modernization at the GM Truck Plant in Oshawa
will benefit the trades industry in the area. Although increased productivity is expected at the
Oshawa GM Plant, this will be met with improved productivity and not necessarily employment
increases. Unfortunately, the magnitude of employment growth will be dampened as government
and the private sector continue to streamline and push forward spending cuts. In addition, young
people who play a critical role in creating new households and consequently housing demand,
will continue to find limited employment opportunities.
Employment levels directly impact on the level of consumer confidence which in turn is the main
driving force in the market. Low interest rates will continue to entice consumers in 1996; however,
given the soft economy, low wage growth and debt - ridden consumers, spending on large ticket
items such as cars, houses, household furnishings and appliances will remain weak.
25
2 656
APPENDIX A
Glossary of Housing Types
Detached Bungalow
A detached, three - bedroom single storey home with 1 112 bathrooms and a one -car
garage. It has a full basement but no recreation room, fireplace or appliances. Using out-
side dimensions (excluding garage), the total area of the house is 111 sq. metres (1,200 sq.
ft.) and it is situated on a fully- serviced, 511 sq. metre (5,500 sq. ft.) lot. Depending on the
area, the construction style may be brick, wood, siding or stucco.
Executive Detached Two - storey
A detached two- storey, four - bedroom home with 2 1/2 bathrooms, a main floor family
room, one fireplace, and an attached two -car garage. There is a full basement but no recre-
ation room or appliances. Using the exterior dimensions (excluding garage), the total area
of the house is 186 sq. metres (2,000 sq. ft.), and it is situated on a fully- serviced, 604 sq.
metre (6,500 sq. ft.) lot. Depending on the area, the construction style may be brick, wood,
aluminum siding, stucco or a combination like brick and siding.
Standard Two - storey
A three - bedroom, two- storey home with a detached garage. It has a full basement but no
recreation room. Using outside dimensions, the total area of the house is 139 sq. metres
(1,500 sq. ft.) and it is situated on a fully - serviced, city -sized lot of approximately 325 sq.
metres (3,500 sq. ft.). The house may be detached or semi - detached and construction style
may be brick, wood, siding or stucco.
Standard Townhouse
Either condominium or freehold, the townhouse (rowhouse) has three bedrooms, a living
room and dining room (possibly combined) and a kitchen. Also included are 1 1/2 bath-
rooms, standard broadloom, a one -car garage, a full unfinished basement and two appli-
ances. Total inside area is 92 sq. metres (1,000 sq. ft.). Depending on the area, the
construction may be brick, wood, siding or stucco.
Senior Executive
A two- storey, four- or five - bedroom home with three bathrooms, main floor family room
plus atrium or library. Two fireplaces, a full unfinished basement and an attached two -car
garage. The house is 279+ sq. metres (3,000+ sq. ft.) and is situated on a fully - serviced 627
sq. metre (6,750 sq. ft.) lot. Construction may be brick, stucco, siding or in combination.
Standard Condominium Apartment
A two- bedroom apartment with a living room, a dining room (possibly combined) and a
kitchen, in a high -rise building with an inside floor area of 84 sq. metres (900 sq. ft.).
Amenities include standard broadloom, 1 1/2 bathrooms, 2 appliances, a small balcony and
1 underground parking space. Common area includes a pool and some minor recreational
facilities.
Luxury Condominium Apartment
A two - bedroom apartment with a living room, a dining room (possibly combined) and a
kitchen, with family room or den, in a high -rise building with an inside floor area of 130 sq.
metres (1,400 sq. ft.). Amenities include upgraded broadloom, 2 full bathrooms, ensuite
laundry and storage areas, 5 appliances, a large balcony and 1 underground parking space.
Common area includes a pool, sauna and other major recreational facilities.