Page 120 - ESCARPMENT MAGAZINE | Winter 2013

120 Escarpment Magazine Winter 2013
MARKET WATCH | real estate market updates
While a sale price to list price ratio is ideally between 90-100
percent, many of the recent high end sales have seen sale to list ratios
in the low 80 per cent range. There are currently 108 properties on the
market with price tags above $1 million, and 51 of these listing have
price tags above $1.5million. With four sales this year over $1.5million
[versus seven in 2011] and 22 between $1 and $1.5 million, it will
take significant time to absorb this inventory, and for many buyers of
these homes, such expenditures are discretionary, and these potential
buyers are taking stock of the global fiscal economy. There is also a sig-
nificant lack of quality product for residents downsizing into Colling-
wood or Thornbury.
It is Official Plan five year review time and all the area municipalities
are in the throes of consultation with both the public and their staff.
Collingwood - Construction values have totalled $55,505,300 to
the end of October, compared to $66,317,790 for the same period in
2011, a banner year. [The breakdown included $39+ million for resi-
dential, $9+ million for commercial, $192,000 for industrial and $7+
million in institutional construction.] Major permits in September andOc-
tober were for restoration and renovations of the former Connaught
School, four townhouses in Silver Glen Preserve, six Sunvale homes and
four homes in Pretty River Estates- YTD permits totalled 460 versus 654
in 2011. New units totalled 188 in 2012 and 367 in 2011.
Collingwood and Clearview municipal councils have both
voted against theOLGproposal for a casino- a gaming facility with 300
slot machines. Wasaga Beach, however, has voted in favour. On the
weekend prior to the Collingwood vote, Georgian Manor CEO John
Simmonds held an open house to present a proposal to include slot ma-
chines at Georgian Manor with an expansion of the hotel - 180 addi-
tional rooms, two night clubs, a new restaurant and a performing arts
centre.
Collingwood council has asked staff to look at developing a
transit link with The Blue Mountains similar to the agreement it has with
the Town of Wasaga Beach. Perhaps the biggest difficulty with this pro-
posal is the fact Collingwood is in the County of Simcoe, Blue Moun-
tains, and the County of Grey- different jurisdictions. An online petition
for this service is now being circulated.
The Mountain View/Globe Hotel is officially “no more” and
the land now offers a great view of the bay at the foot of Hurontario!
The town purchased the property allowing for the widening of the
Hurontario and Huron Street intersection and has made an application
to the Ministry of Transportation for funding. The MTO funded a large
portion of the First Street reconstruction as part of the Highway 26 Con-
necting Link program.
Balmoral Village, a master planned adult lifestyle community
destined for the former Cranberry driving range, which received official
plan amendment approval in 2010, recently presented a modification
of its original the proposal to council. At a public meeting last fall, a
number of residents expressed concern about the proposed seven-
storey height. The makeover of the project has lowered the building
heights to a maximum of four stories. The intent of the project is to create
a development that will allow people to ‘age in place’ graduating from
a single family or townhouse, to an apartment and eventually a retire-
ment suite complete with medical and health care facilities, shopping
and leisure activities located within the village.
The Victoria Annex development (between 5th and 6th on
Maple) recently received approval by the Town of Collingwood for a
Zoning By-Law Amendment and Plan of Subdivision.
Though subject to appeal, these most recent approvals pro-
vide the developers with the green light to move forward after six years
of planning and consultation with the Town. The response from potential
buyers, realtors and the general public has remained strong through
this period with excitement and interest peaking again with the latest
news. The Victoria Annex represents an opportunity for buyers looking
for superior quality new construction in the centre of an established
downtown Collingwood neighborhood within easy walking distance
of amenities. The developers are gauging the current strength of the mar-
ket to determine if it will bear the increased cost to develop the project.
With a slogan “Heritage meets Chic” the Duke Lofts at 125
Napier Street in the former Duke of Connaught School will feature four
loft residences in amaintenance free condominium living lifestyle in what
is defined as a historically correct restoration. The three-storey, 35 unit
condominium at Creekside, Dwell, is now under construction with occu-
pancy expected in December 2013.
The Collingwood Youth Centre has opened at 76 First Street,
the TimHorton’s First Street property is being reconfigured so customers
will access the store and drive through on Oak, alleviating the traffic
jam on First Street. A new 2-storey Medical Building on Erie Street has
received site plan approval.
The Town now owns Fisher Field after purchasing the 25 acres
from the FW Fisher Foundation for $760,000 with $260,000 being
paid up front and the balance through $10,000 annual payments.
Collingwood has invested $1.5 million in the soccer fields on the site.
Plans are underway for a Hospice Georgian Triangle six-bed hospice
on a site on the rear portion of the Sunset Manor land. The Consulate
development in the Silvercreek area has received zoning and draft sub-
division approval for the eastern portion of the project, and the west side
has been referred to the OMB by the owner. Helen Court Homes has
received draft plan approval for The Trails, a 225-unit development.
The Blue Mountains - Building permits in The Blue Mountains
were at the $45 million mark by the end of October just $5 million shy
of last year’s figure. The figure for 2010 stood at $54million. The 2012
October figure included ten new dwellings and multiple renovations
and additions. In total, 354 permits were issued YTD compared to 377
in 2011with 54 new dwellings [58 in 2011]. Properties currently under
construction are Lora Bay and Keeper’s Cove, theMill Pond waterfront
loft bungalows, in-fill and rural properties and new homes. Often peo-
ple will buy a teardown and reconstruct. The average construction value
is in the $600,000 range.
New projects include Georgian Gate, now called Windfall, with 609
dwellings, 351 detached singles and 258 semi-detached units. Servic-
ing for Phase 1 [37 units], will start in the spring. Eden Oak’s Blue Trails
project in Craigleith is going through an official plan amendment, zon-
ing bylaw amendment and draft plan application for its reconfigured
project. Terrasan, another Craigleith property is currently for sale under
power of sale for $13,5 million. The prime lender has filed a draft plan
of subdivision application to create a block plan which would be subject
to future planning applications.
Craigleith Development Limited/MacPherson Homes have proposed
a land exchange with the TBM for the 10-acre old schoolhouse site in
exchange for 70 acres of buffers, hazard land and the Plater-Martin
property [known for its archeological significance]. Home Hardware
has a huge addition, currently under construction, a testament to all the
building in our area!