House Prices Steady, New Development Approved

Since my last report in May, house prices in both Toronto and Cobourg have been steady although the Real Estate people will point out that prices in August 2018 were 19% higher than August 2017 (see chart below).  Inventory is below average but there is no frenzy happening like there was in the spring of 2017.  Listings and sales are relatively slow – sales are down 30% from this time last year. However, they are better than earlier in the year. In August, the average price in Toronto was $765k and the average in West Northumberland (mostly Cobourg) was $479K.  This is significantly up from 2 years ago when it was around $360K and way up from 9 years ago… Read complete articleHouse Prices Steady, New Development Approved

Major Upgrades Planned for Mall

On July 1, 2018, Timbercreek Assets Management took over ownership of Northumberland Mall – they then appointed Sandalwood to take over management.  New money, new senior management. This promises to completely change the future of the mall. Timbercreek is “well financed” and they want to put a significant investment into the mall. They are looking at all options which range from (as a minimum) a facelift with many overdue repairs being done, to possibly a complete revamp. They are currently reviewing the options and hope to start work on the chosen changes in January although the work would likely proceed in phases.  Mall Manager Paul Kiidumae, who now works for Sandalwood, told me about some of the options which would possibly mean… Read complete articleMajor Upgrades Planned for Mall

More CIP Grants and Loans Approved by Council

Surveys conducted as part of the Downtown Vitalization Study showed that citizens were critical of the state of repair and appearance of many Downtown buildings.  This is also no doubt one of the reasons that many of the apartments above stores remain unoccupied. To help address these issues, Council tonight approved the spending of $136,822 of the 2018 budget of $150,000 on Community Improvement Plan (C.I.P.) grants.  There were seven applications in the 2018 intake – of these, 6 were approved and one deferred pending completion of outstanding work.  Several of the applications indicated that they plan to make apartments available on the second and third floors of their properties.  Critics of Cobourg’s Downtown have said that the addition of… Read complete articleMore CIP Grants and Loans Approved by Council

New Window Wrap on King Street

Carol McCann, Chair of the Downtown Coalition, this morning “unveiled” a window wrap for another empty store. On June 27, the Town launched the “Start here program” to help attract businesses to Downtown so that they would occupy empty stores and together with the C.I.P. program, the Downtown Coalition hopes that Downtown, particularly King Street, will become more attractive and thriving. Carol feels that already we are getting more visitors from Toronto and the wraps certainly do improve the look of empty stores. She also said that the quality of Community Improvement Program applications is improving and that the size of the grants is increasing (see link below).  Carol reported progress to Council last March and expects to make another… Read complete articleNew Window Wrap on King Street

Downtown Real Estate Update – July 2018

With the sale of the old Curling building on Queen and the plans to build Condos there (see link below), I asked myself, what else is for sale in Downtown Cobourg?  Quite a number of buildings are on the market – many with tenants – so in that case, there may not be any visible change when they are sold.  In my survey, the first thing I noticed is that the building at 101 King West, which was the Milestone Boutique, has now changed hands: Milestone moved to Port Hope and a Port Hope business took their place in Cobourg.  The new business is Raw Animal Diet Inc. and they sell raw pet food which they believe is better for… Read complete articleDowntown Real Estate Update – July 2018

Housing Developments in Northeast of Cobourg

Two public meetings were held on June 25 to discuss adjacent housing developments in Cobourg’s North-East.  One was an update of a 1700 unit sub-division first proposed in 2004 then approved in 2009. Called the Villages of Central Park and located at the north end of Brook Road, it was last presented to Council three years ago (2016) – since then only minor details have changed (see link below).  The other is more immediate and is called the Nickerson Woods subdivision with 23 bungalows located between Nickerson Drive and Midtown creek.  This proposal drew comments from nearby residents who were concerned about their view of the forest and drainage issues.  In the subsequent Committee of the Whole council meeting, both proposals… Read complete articleHousing Developments in Northeast of Cobourg

Housing Prices and Developments

With the price of houses in Cobourg steady at about $100K more than in 2016, new housing developments in Cobourg are well under way.   There is the high end Cedar Shores project on King West (14 new detached homes), the West Park Village expansion (72 units) and the Harbour Breeze Condos on the Legion property (53 units) as well as rental units (e.g. on Munroe Street).  Although prices have leveled off, the recent price increases would motivate developers.  Prices for residential homes are steady at an average of around $425K – much like Toronto prices which are now level at around $775K.  That $350K difference means that a lot of GTA residents see Cobourg as a bargain. Averages hide the… Read complete articleHousing Prices and Developments

Vandyk moves forward with West Park Village expansion

In the summer of 2014, Council gave initial approval to a Vandyk development expansion west of Canadian Tire (see map below).  Then in the Summer of 2016, Vandyk put 62 Townhomes and 10 semi-detached homes up for sale.  By the end of 2016 they were sold out and now they have asked council for approval of a “Pre-Servicing Agreement”.  That allows them to start work – finally.  Since the development is sold out, their sales office and model home are closed but their web site gives contact information (see links below).  Vandyk is a large developer with a presence in Brampton, Etobicoke, Sarasota, Mississauga, Shelburne and Oakville as well as Cobourg. The development is bordered by Canadian Tire, Carlisle Street… Read complete articleVandyk moves forward with West Park Village expansion