A report from an equity research firm into the Toronto condo market raises serious questions about the possibility of irresponsible mortgage lending, and suggests that, with the market turning down, some investors could be risking their retirement nest-eggs by buying condos.

In an effort to determine what’s behind the big run-up in condo prices in Toronto in recent years, market analysis firm Veritas sent “mystery shoppers” to two unnamed Toronto condo projects still under construction.

To their surprise, the researchers found that “no mortgage pre-approval was needed to buy a unit. … Only a valid driver’s licence was required to purchase a unit, along with a down payment cheque.”

The report, obtained by The Huffington Post Canada, also noted: “At one sales centre, BMO was willing to lend half of the required 20 per cent down payment. Apparently, BMO is qualifying the prospective borrower on the full mortgage before approving the down-payment loan.”

The report said this was “indicative that the industry is bending over backwards to make it easy to take the plunge and buy.”

PHOTOS: THE MOST EXPENSIVE HOUSES FOR SALE IN CANADA

Veritas also noted that, at both condo projects, “sales staff stretched the truth (mightily).”

A salesman at one condo project tried to oversell the health of the city’s housing market by claiming that 70 per cent of Canada’s immigrants settle in Toronto. (The number is closer to 30 per cent.) At the other condo project, a saleswoman overestimated by 20 to 40 per cent how much condos in the area are renting for.

The report notes that not pre-approving buyers for mortgages at these condos may not be as risky for the developer or the bank as it sounds, because one of those condo buildings has already sold the 70 per cent or so of units needed to secure financing for the project, and the project is likely on stable footing. Sales staff at the other building said “financing is being provided by pension funds,” according to the report.

The study also found that buying a condo in current market conditions may be a bad investment.

Comparing rental and purchase prices at 64 Toronto condo buildings and 24 Vancouver buildings, the study determined that “investor owners are accepting returns well below, say, bank dividend yields, despite the illiquidity and operational risks of being a landlord.”

PHOTOS: THE COOLEST, CRAZIEST CONDOS GOING UP IN TORONTO

The report notes that some people who have bought condos as an investment have borrowed money against their existing homes to fund the purchase — a move the report says could be unwise.

“With condo prices inherently more volatile than house prices, and a demand/supply imbalance in the works, we believe the retirement nest egg of many condo investors is at risk,” the report states.

While the study raises the spectre of a U.S.-style housing crash coming to Canada, fuelled by easy lending and irrational optimism about future house prices, other market observers say this is an unlikely scenario.

CIBC chief economist Benjamin Tal last week issued a report saying that Canada will be able to avoid a U.S.-style meltdown because many of the factors involved in the U.S. crash don’t exist in Canada.

Tal pointed out that the use of adjustable-rate mortgages (ARMs) that offered very low introductory interest rates and then jacked up rates several years into the mortgage helped sink many U.S. homeowners.

He said the U.S. market was pushed down by homeowners who had little or no equity in their homes, making them particularly vulnerable when prices fell.

The CIBC economist concluded that, while Canada’s housing market is headed for a downturn, it won’t be on the scale seen in the U.S.

But the Veritas report would suggest that there may be more Canadians with no equity in their homes than previously thought.

Overall home sales in Canada were down 15.1 per cent, year over year, in September. Prices are still rising nationwide, but Vancouver is seeing price declines and Toronto’s house prices appear to be flattening.

THE MOST EXPENSIVE HOUSES FOR SALE IN CANADA

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  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

THE COOLEST, CRAZIEST CONDOS GOING UP IN TORONTO

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  • 12 Degrees

    This 11-story building near Toronto's Queen West, developed by BSäR Group Of Companies and Prince Bay Developments, is meant to reflect the "building-block" feel of other buildings in the neighbourhood, such as the Art Gallery of Ontario and the Ontario College of Art and Design. Expected completion date: January 2013.

  • 12 Degrees

    This 11-story building near Toronto's Queen West, developed by BSäR Group Of Companies and Prince Bay Developments, is meant to reflect the "building-block" feel of other buildings in the neighbourhood, such as the Art Gallery of Ontario and the Ontario College of Art and Design. Expected completion date: January 2013.

  • 12 Degrees

    This 11-story building near Toronto's Queen West, developed by BSäR Group Of Companies and Prince Bay Developments, is meant to reflect the "building-block" feel of other buildings in the neighbourhood, such as the Art Gallery of Ontario and the Ontario College of Art and Design. Expected completion date: January 2013.

  • West Harbour City

    Completed in 2010, this building on Toronto's western lakeshore gives the city a new Gothic touch. Developed by Plazacorp and designed by Quadrangle Architects, the 36- and 28-story condo towers are quickly becoming a city landmark.

  • West Harbour City

    Completed in 2010, this building on Toronto's western lakeshore gives the city a new Gothic touch. Developed by Plazacorp and designed by Quadrangle Architects, the 36- and 28-story condo towers are quickly becoming a city landmark.

  • Hive Lofts on the Queensway

    Designed by Teeple Architects and developed by Symmetry Developments, this six-story low-rise will change the feel of Toronto's Queensway neighbourhood. Construction expected to be completed by May, 2013.

  • Hive Lofts on the Queensway

    Designed by Teeple Architects and developed by Symmetry Developments, this six-story low-rise will change the feel of Toronto's Queensway neighbourhood. Construction expected to be completed by May, 2013.

  • TCHC Block 32

    OK so this isn't exactly a condo tower -- it's a rental building being developed by the Toronto Community Housing Corporation. The 41-story apartment building is set to be completed in late 2012, and the building makes two important points: That rental aprtment buildings can have character; and that if designed properly, buildings can look cool in winter.

  • TCHC Block 32

    OK so this isn't exactly a condo tower -- it's a rental building being developed by the Toronto Community Housing Corporation. The 41-story apartment building is set to be completed in late 2012, and the building makes two important points: That rental aprtment buildings can have character; and that if designed properly, buildings can look cool in winter.

  • 190OZ

    190OZ, to be located on Ossington Street in the city's west side, is another example of the "building block" style that is becoming popular in Toronto. Developed by Reserve Properties, the six-story building should be online in 2014.

  • 190OZ

    190OZ, to be located on Ossington Street in the city's west side, is another example of the "building block" style that is becoming popular in Toronto. Developed by Reserve Properties, the six-story building should be online in 2014.

  • King West Condominiums

    This monstrous, three-pronged condo tower isn't slated to open until mid-2013, but its shadow is already changing Toronto's landscape. Developed by Plazacorp and designed by Quadrangle Architects, the building features a 20,000-square-foot fitness club and no fewer than two bowling alleys.

  • King West Condominiums

    This monstrous, three-pronged condo tower isn't slated to open until mid-2013, but its shadow is already changing Toronto's landscape. Developed by Plazacorp and designed by Quadrangle Architects, the building features a 20,000-square-foot fitness club and no fewer than two bowling alleys.

  • King West Condominiums

    This monstrous, three-pronged condo tower isn't slated to open until mid-2013, but its shadow is already changing Toronto's landscape. Developed by Plazacorp and designed by Quadrangle Architects, the building features a 20,000-square-foot fitness club and no fewer than two bowling alleys.

  • Edge on Triangle Park

    This 15-story building from Plazacorp and architects Tact Design brings European modernism to Toronto's Liberty Village neighbourhood. The big empty spaces in the building (note the gap on the right side of the main facade) create a "shine-through" effect that gives the building more than the usual amount of lighting. Completion slated for January, 2014.

  • Edge on Triangle Park

    This 15-story building from Plazacorp and architects Tact Design brings European modernism to Toronto's Liberty Village neighbourhood. The big empty spaces in the building (note the gap on the right side of the main facade) create a "shine-through" effect that gives the building more than the usual amount of lighting. Completion slated for January, 2014.

  • Studio on Richmond

    Aspen Ridge Homes is planning this futuristic (some would even say Blade Runner-ish) building complex for Toronto's repidly gentrifying downtown east side. Once completed, the complex will feature two towers -- one 41 stories, the other 31 stories. Another project from Quadrangle Architects, this one is slated for completion in January, 2015.

  • Studio on Richmond

    Aspen Ridge Homes is planning this futuristic (some would even say Blade Runner-ish) building complex for Toronto's repidly gentrifying downtown east side. Once completed, the complex will feature two towers -- one 41 stories, the other 31 stories. Another project from Quadrangle Architects, this one is slated for completion in January, 2015.

  • Studio on Richmond

    Aspen Ridge Homes is planning this futuristic (some would even say Blade Runner-ish) building complex for Toronto's repidly gentrifying downtown east side. Once completed, the complex will feature two towers -- one 41 stories, the other 31 stories. Another project from Quadrangle Architects, this one is slated for completion in January, 2015.

  • Fashion House

    Fashion House incorporates a heritage building on Toronto's King Street West into a modern condo and retail complex. Designed by Core Architects and developed by Freed Developments, the building is one of Toronto's most unique restorations of a historical building.

  • Fashion House

    Fashion House incorporates a heritage building on Toronto's King Street West into a modern condo and retail complex. Designed by Core Architects and developed by Freed Developments, the building is one of Toronto's most unique restorations of a historical building.

  • Fashion House

    Fashion House incorporates a heritage building on Toronto's King Street West into a modern condo and retail complex. Designed by Core Architects and developed by Freed Developments, the building is one of Toronto's most unique restorations of a historical building.

  • Emerald Park

    Yes, people will be living in the curvy parts at the top, and what a downward view they'll have. This condo complex in north Toronto (401 and Yonge St.) will feature twin 42- and 43-story towers, and is slated for completion in August, 2013. It was developed by Metropia, Pure Plaza, and the architect is Roy Varacalli.

  • Emerald Park

    Yes, people will be living in the curvy parts at the top, and what a downward view they'll have. This condo complex in north Toronto (401 and Yonge St.) will feature twin 42- and 43-story towers, and is slated for completion in August, 2013. It was developed by Metropia, Pure Plaza, and the architect is Roy Varacalli.

  • Emerald Park

    Yes, people will be living in the curvy parts at the top, and what a downward view they'll have. This condo complex in north Toronto (401 and Yonge St.) will feature twin 42- and 43-story towers, and is slated for completion in August, 2013. It was developed by Metropia, Pure Plaza, and the architect is Roy Varacalli.

  • X The Condominium

    Designed by architectsAlliance for Great Gulf Homes, this building is recognizable to many Torontonians as an homage to the smoky black TD Bank tower on the city's skyline. Interesting as the building is, we're hoping the trend doesn't catch on, or the city will become a forest of black rectangles.

  • X The Condominium

    Designed by architectsAlliance for Great Gulf Homes, this building is recognizable to many Torontonians as an homage to the smoky black TD Bank tower on the city's skyline. Interesting as the building is, we're hoping the trend doesn't catch on, or the city will become a forest of black rectangles.

  • X The Condominium

    Designed by architectsAlliance for Great Gulf Homes, this building is recognizable to many Torontonians as an homage to the smoky black TD Bank tower on the city's skyline. Interesting as the building is, we're hoping the trend doesn't catch on, or the city will become a forest of black rectangles.

  • The Schoolhouse Lofts

    The Schoolhouse is an example of creative urban land use. Once known as Loretto College, the building has been transformed from a school into a five-story loft and condo complex in the heart of Toronto's Annex neighbourhood. Designed by 3rd Uncle for Empire Communities, the building opened in March, 2010.

  • The Schoolhouse Lofts

    The Schoolhouse is an example of creative urban land use. Once known as Loretto College, the building has been transformed from a school into a five-story loft and condo complex in the heart of Toronto's Annex neighbourhood. Designed by 3rd Uncle for Empire Communities, the building opened in March, 2010.

  • The Schoolhouse Lofts

    The Schoolhouse is an example of creative urban land use. Once known as Loretto College, the building has been transformed from a school into a five-story loft and condo complex in the heart of Toronto's Annex neighbourhood. Designed by 3rd Uncle for Empire Communities, the building opened in March, 2010.

  • Seventy5 Portland

    Another building from Freed Developments and Core Architects, this low-rise near King and Bathurst has garnered a lot of attention for its irregular rectangular patterns. The 10-story condo building opened in 2010.

  • Seventy5 Portland

    Another building from Freed Developments and Core Architects, this low-rise near King and Bathurst has garnered a lot of attention for its irregular rectangular patterns. The 10-story condo building opened in 2010.

  • Market Wharf

    Architect Peter Clewes' project near St. Lawrence Market on the east side of downtown has gotten a lot of attention for blending a style that evokes the surrounding historic buildings, while throwing a modernist tower -- complete with crazy, wavy balconies -- into the city skyline. Developed by Context Developments, the building opened in 2012.

  • Market Wharf

    Architect Peter Clewes' project near St. Lawrence Market on the east side of downtown has gotten a lot of attention for blending a style that evokes the surrounding historic buildings, while throwing a modernist tower -- complete with crazy, wavy balconies -- into the city skyline. Developed by Context Developments, the building opened in 2012. (Photo: Tact Design)

  • Market Wharf

    Architect Peter Clewes' project near St. Lawrence Market on the east side of downtown has gotten a lot of attention for blending a style that evokes the surrounding historic buildings, while throwing a modernist tower -- complete with crazy, wavy balconies -- into the city skyline. Developed by Context Developments, the building opened in 2012. (Photo: Tact Design)

  • Theatre Park

    One of the coolest aspects of this very noticeable building is how not noticeable at all it is at ground level -- it appears to be just another small building on King Street West. Designed by architectsAlliance for Lamb Developments, the building is slated for completion in 2013.

  • Theatre Park

    One of the coolest aspects of this very noticeable building is how not noticeable at all it is at ground level -- it appears to be just another small building on King Street West. Designed by architectsAlliance for Lamb Developments, the building is slated for completion in 2013.

  • Theatre Park

    One of the coolest aspects of this very noticeable building is how not noticeable at all it is at ground level -- it appears to be just another small building on King Street West. Designed by architectsAlliance for Lamb Developments, the building is slated for completion in 2013.

  • The Printing Factory

    Another example of creative land use, this time in Leslieville on the city's east side. Architects Chandler Graham and Montgomery Sisam redesigned this defunct factory into modern lofts for Beaverbrook Homes, adding a tower that rises from the centre of the old print shop. The condo complex opened in 2010.

  • The Printing Factory

    Another example of creative land use, this time in Leslieville on the city's east side. Architects Chandler Graham and Montgomery Sisam redesigned this defunct factory into modern lofts for Beaverbrook Homes, adding a tower that rises from the centre of the old print shop. The condo complex opened in 2010.

  • Picasso

    This may well become the most iconic of Toronto's new generation of "building block" condos, rising above Richmond Street West, near similarly lego-shaped buildings like OCAD. Teeple Architects designed this for Monarch and the Goldman Group, and the building is slated to finish construction in January, 2015.

  • Picasso

    This may well become the most iconic of Toronto's new generation of "building block" condos, rising above Richmond Street West, near similarly lego-shaped buildings like OCAD. Teeple Architects designed this for Monarch and the Goldman Group, and the building is slated to finish construction in January, 2015.

  • Pier 27

    Four 14-story buildings, connected by skywalks, are at the heart of what may be the most bold and unique condo development in Canada -- Pier 27, which is currently under construction and is already changing the face of Toronto's grimy eastern lakeshore. Designed by architectsAlliance for Cityzen and Fernnbrook Homes. Watch for this building to win awards.

  • Pier 27

    Four 14-story buildings, connected by skywalks, are at the heart of what may be the most bold and unique condo development in Canada -- Pier 27, which is currently under construction and is already changing the face of Toronto's grimy eastern lakeshore. Designed by architectsAlliance for Cityzen and Fernnbrook Homes. Watch for this building to win awards.

  • Pier 27

    Four 14-story buildings, connected by skywalks, are at the heart of what may be the most bold and unique condo development in Canada -- Pier 27, which is currently under construction and is already changing the face of Toronto's grimy eastern lakeshore. Designed by architectsAlliance for Cityzen and Fernnbrook Homes. Watch for this building to win awards.

  • The L-Tower

    Designed by world-renowned architect Daniel Liebeskind, this 58-story condo tower will rise above the Sony Centre for the Performing Arts on Front Street. Being so close to the business district, the building's unique shape (it grows wider at the top, leaning out onto the street) will alter the city skyline permanently. The original design for the building called for a large open hole at the base of the "L" shape, but more recent illustrations suggest that part of the plan has been scaled back.

  • L-Tower

    Designed by world-renowned architect Daniel Liebeskind, this 58-story condo tower will rise above the Sony Centre for the Performing Arts on Front Street. Being so close to the business district, the building's unique shape (it grows wider at the top, leaning out onto the street) will alter the city skyline permanently. The original design for the building called for a large open hole at the base of the "L" shape, but more recent illustrations suggest that part of the plan has been scaled back.

  • L-Tower

    Designed by world-renowned architect Daniel Liebeskind, this 58-story condo tower will rise above the Sony Centre for the Performing Arts on Front Street. Being so close to the business district, the building's unique shape (it grows wider at the top, leaning out onto the street) will alter the city skyline permanently. The original design for the building called for a large open hole at the base of the "L" shape, but more recent illustrations suggest that part of the plan has been scaled back.

  • L-Tower

    Designed by world-renowned architect Daniel Liebeskind, this 58-story condo tower will rise above the Sony Centre for the Performing Arts on Front Street. Being so close to the business district, the building's unique shape (it grows wider at the top, leaning out onto the street) will alter the city skyline permanently. The original design for the building called for a large open hole at the base of the "L" shape, but more recent illustrations suggest that part of the plan has been scaled back.

  • Absolute World

    The Absolute Towers at Mississauga's Square One (also known as the "Marilyn Monroe" towers) are arguably the most celebrated new buildings in the Toronto area, having won an award for "Best Tall Building in the Americas" for 2012. Designed by MAD Architects for Cityzen and Fernbrook Homes, the twin buildings were completed in late 2011. So it appears that Mississauga's long struggle to climb out of Toronto's shadow may have borne some fruit at last.