Loft Living
By on Apr 03, 2008
By Kim Kuhteubl
Loft living is de rigueur among 30 something urbanites who think and live outside of the box. In New York and Chicago, lofts have been in demand for over 50 years but it's only in the last five that Toronto's loft market has started to mature. With more than 100 developments city wide, lofts have arrived as a bona fide segment of the market that can make a smart investment.
"The loft market is a niche market so supply and demand is a lot more balanced," says Edwin Brdlik, broker/owner of Toronto Lofts Realty Corporation. "They're such different spaces." According to the Toront Real Estate Board, lofts comprise four per cent of the condominium market, one per cent higher than 2003 and growing.
By real estate definition, lofts are architecturally distinct apartments in two categories: hard and soft. Hard lofts are conversions of existing factories, warehouses, churches, and other buildings, incorporating their structural components like: oversized windows, tall or vaulted ceilings, exposed brick, concrete, duct work, solid wood beams, and original hardwood into their design. Maintenance fees are cheap because with few exceptions, conversions have less than 50 units and offer no outdoor space or facilities. The Brewery Lofts, Candy Factory Lofts, and Merchandise Building are examples of Toronto's widely known hard lofts.
A hybrid of hard lofts and condominiums, soft lofts are brand new buildings featuring open concept apartments with loft characteristics like tall ceilings, large windows, and exposed duct work. Many have patios or balconies and upgrades allow buyers to add exposed brick on key walls or concrete on ceilings. Maintenance fees are higher than their hard counterparts because most include utilities and the upkeep of condo facilities like underground parking, workout rooms, or rooftop gardens. King West is filled with soft lofts like the Tecumseth lofts, Electra Lofts, and West 833.
"I wanted to be in a loft, to be different than the status quo which does present some problems," smiles 39-year old Karen Calder, a learning consultant, who relocated from Calgary to Toronto two years ago and purchased a soft loft. "There is no storage so I had to get really creative. I have two small closets and a locker. Everything has to be neat and tidy. In a loft you really notice clutter. In my condo I had a room where I could put all my stuff and close the door. It's kind of fun. It drove me crazy at first, but then you settle in."
Eighty-five per cent of Toronto's hard lofts are located south of Bloor. While these conversions do rejuvenate former industrial neighbourhoods like Roncesvalles and Leslieville, hard lofts are built inside of existing edifices, and therefore ineligible for Tarion, previously known as Ontario New Home Warranty Program. Soft lofts, however, do fall under Tarion.
Today the average loft costs $271,000, with maintenance between $275 and $400, but Brdlik believes it?s possible to get into the market for less. "For $175,000 or $200,000 you can get a loft. You'd be amazed with higher ceilings, bigger windows?a 550 square foot loft doesn't feel like that all."
