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Developers and Buyers Go Green Toronto Condo Responds to Burgeoning Market Trends
April, 2007
By Andrea Civichino
Attractive design, decked-out interiors, proximity to theatres and restaurants are not the only key factors that are attracting potential condominium buyers.
According to an Ipsos Reid survey conducted on behalf of TD Canada Trust, Canadians considering buying a condominium as their primary residence are indicating that living in an environmentally friendly, energy-efficient building is an important factor in their choice.
The online survey asked respondents to rate the importance of a number of amenities that might factor into their decision to buy a condominium. It was conducted among 725 adults aged 18 and older living in Toronto, Vancouver, Montreal, Calgary and Halifax. Out of the respondents, 90% indicated that an environmentally friendly, energy-efficient building is either very important (45%) or somewhat important (45%) to their choice. A mere 9% said it is not really important and 1% says it is not at all important.
"For many Canadians, energy efficient features can also appeal to their desire to reduce monthly expenses," says Joan Dal Bianco, Vice President, real estate secured lending, with TD Canada Trust. "As green choices save them money, Canadians will increasingly look for energy efficient features and ready access to public transit when shopping for a condo. It's a win-win situation for condo-owners and the environment."
CONDO SALES INCREASE
Since June 2006, the likelihood of residents in the major Canadian cities to purchase a condominium as their primary residence has increased by 4%.
A greater proportion of women than men say energy-efficient buildings are very important (50% versus 40%). As well, the propensity to say it is very important increases with age (41% for the 18 to 34 year old age bracket, 43% for the 35-54 year olds, and 50% for those aged 55 and older).
When asked about factors that would dissuade potential condominium owners from buying a particular condo, participants listed no parking (79%), followed by insufficient building security (67%). A lack of energy efficiency was high on the list; with 63% of respondents stating it would influence their decision.
"I think more people want to do something to help the environment," Dal Bianco says. "It's now in the media, particularly in Canada with focus from the federal government as well."
Dal Bianco admits that the survey results pertaining to greening were a little surprising, however, she is pleased to see that individuals will consider whether a property is energy efficient as part of their decision.
"As people consider purchasing condos, price is still an important factor and it's still relatively inexpensive compared to buying a home," she says. "Energy efficiency is now very much in the forefront of people's thinking about anything they do know. Would they spend an additional $100,000 on a condo because it's going to be built by a green-focused builder? Maybe not. But, in terms of efficiency in terms of windows, heating, lighting, and that sort of thing, I think people take that into consideration."
PIONEERING ENERGY-EFFICIENT CONDOMINIUMS
Toronto developer Shane Baghai Group of Companies is definitely taking energy efficiency into consideration. Created with an eye for luxury loft living, One Avondale represents a the emerging trend in condominium design.
With its wind and solar power generator, it is the first building dedicated to energy conservation. It just not only saves energy, but generates it through renewable sources.
Located in uptown Toronto, One Avondale is just steps away from a new subway line. The tower features 96 full-height condo lofts, without the downtown experience.
All suites feature floor-to-ceiling windows, terraces with sliding doors, gas barbeque hook-ups and appliances. Two floors of the tower are occupied with office space and retail tenants are found on the ground level.
Unique features are its rooftop solar panels and wind turbines (16 of them) and super-size generators, designed to keep the development's common areas functioning in case of a blackout or brownout. The windmill is discreet, with two-metre blades capable of generating one kilowatt an hour. The solar panels cover approximately 50 square metres of the rooftop mechanical shed and generate another one kilowatt an hour.
"There are many special features in this building, including the underground parking," says Nathalie Zupanovic, a Property Manager with Del Property Management Inc. "Our underground parking has carbon monoxide detectors, which is a huge savings because one of the biggest strains on energy consumption are P1 fans that run 24/7. The fans are not on unless one of the carbon monoxide detectors is activated."
The developer admits his vision at One Avondale was "only an experiment," but argues that buildings should be created as "environmentally friendly as possible."
"The builder has tried to use the most energy efficient equipment in the building," Zupanovic reiterates. "I think it's the wave of the future. I think all buildings are starting to advertise energy efficiency features."
Andrea Civichino is the Editor of CondoBusiness. The preceding article is reprinted from the March 2007 issue.
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