RSS

Monthly Archives: November 2012

Developers turn landlords as sales slow

Those high-rise builders are now bypassing the condo investors and renting out units that would otherwise languish on the market.

“No one wants to hold onto real estate, but this is a natural because the rental market is so crazy,” condo developer Paul Golini, with Empire Communities, told the Toronto Star.

He’s not alone with other condo builders moving to capitalize on a hot market as their own cools.

While condo sales in the GTA flatlined with the introduction of new tighter mortgage rules, occupancy rates have continued to edge skyward as the city struggles to meet demand from new migrants and others looking to the downtown core for shelter.

Their eagerness continues to spur rental price growth, a lure for developers trying to shift units as as an increasing number of buyers adopt a wait-and-see position.

The newfound interest of developers may ultimately lower the heat under the rental market of rental inventory spikes in the short-term.

Still, that kind of phenomenon in the long-term is unlikely, say analysts, pointing to rental demand that is forecast to dwarf the thousands of units under construction.

Source: CREW
Advertisements
 

Tags: , , , , , , , , , , , , ,

Credit unions identify new B20 perils

The  national trade association of credit unions is offering  fresh criticism of OSFI lending guidelines, suggesting the rules unfairly limit mortgage access for  immigrants, low-income, rural and Aboriginal Canadians.

“By codifying a set of underwriting expectations, the guideline could also be construed as a step towards standardizing mortgage contracts,” the Credit Union Central of Canada said in its assessment of OSFI’s B-20 guidelines. It’s “something that could harm the system’s ability to provide mortgages to the ‘non-conforming’ borrowers … i.e., low-income individuals, immigrants, rural Canadians (where incomes tend to be more volatile), Aboriginal people, or simply members the credit union knows well but for whom income documentation is hard to come by, including ‘asset-rich, income poor’ individuals.”

Earlier this year, OSFI said it would compel federally regulated lenders to implement a series of lending changes by their fiscal year-end (October 31 for most banks). Among those changes were the reduction of HELOC loan-to-value from 80 per cent to 65 per cent and the elimination of 100 per cent financing.

In recent months, brokers and borrowers have flocked to credit unions viewing them as a sort of a safe haven from the storm of B-20.

OSFI cannot impose the guidelines on provincially regulated credit unions, the CUCC said, but the guidelines can apply to lenders owned by federally regulated companies.

 
Comments Off on Credit unions identify new B20 perils

Posted by on November 9, 2012 in Bil B20, New Canadian Mortgage Rule, New Canadian Mortgage Rules, New Construction, New Development, RBC, Residential, TD

 

Tags: , , , , , , , , , , , , ,

Kleinburg Crown Estates

                                

42′, 50′, 60′ & 70′ lots 

Kleinburg Crown Estates is a new housing community currently in preconstruction at Nashville Rd & Stevenson Ave in Vaughan.
The natural beauty of the surrounding vistas is further complimented by an extensive landscaping package available with your new home. Kleinburg Crown Estates is where you can enjoy outdoor living at its best. With backyards large enough to accommodate a pool, hot tub, BBQ area, trampoline, jungle gym and kids just running  around – theres room enough for your family to grow indoors & out.

Builders SkyHomes Corporation, Caliber Homes, Mosaik Homes and Monarch

 
Comments Off on Kleinburg Crown Estates

Posted by on November 8, 2012 in Kleinburg Crown Estates, Vaughan, vaughan condos, vaughan mills mall, vaughan's new hospital, Woodbridge

 

Tags: , , , , , , , , , , ,

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, November 3, 2012 – Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.

*NOTE: The majority of transactions are entered into the TorontoMLS system on business days. There was a mismatch of two business days in September and October of 2012 compared to the same months last year. This is why sales on a per business day basis were noted in releases dealing with these months. The business day anomaly between the two months has now balanced out Summary of TorontoMLS Sales and Average Price – October 1 – 31
2012 2011
       Sales  Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,730 $539,188 5,568 3,044 $518,248 5,166
Rest of GTA (“905”) 4,166 $480,078 7,486 4,381 $443,664 7,140
GTA 6,896 $503,479 13,054 7,425 $474,241 12,306
TorontoMLS Sales & Average Price By Home Type – October 1 – 31, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 931 2,417 3,348 779,484 573,598 630,850
Yr./Yr. % Change -7% -1% -3% 5% 8% 7%
Semi-Detached 347 458 805 575,618 390,459 470,273
Yr./Yr. % Change -4% -9% -7% 7% 5% 6%
Townhouse 286 775 1,061 453,477 357,237 383,179
Yr./Yr. % Change -10% -1% -3% 2% 5% 3%
Condo Apartment 1,141 427 1,568 358,741 286,138 338,969
Yr./Yr. % Change 14% 20% -16% -2% 4% 0%
 

Tags: , , , , , , , , , , , , ,

King Blue Condos

In the epicentre of King West, priced from the mid 200’s, King Blue Condos depict the lifestyle & culture of true urban sophistication.

Sophistication for city dwellers along with the best of king west shopping, design and fashion. It’s all here at King Blue Condos.

This slideshow requires JavaScript.

Get in the groove at concerts, clubs and the hottest lounges that flaunt an elite social scene frequented by A-list celebrities and players. Thriving in the hub of Toronto’s trendiest cafés, restaurants and markets, you are steps from the cities most sought after food, drink and tastes that define you. The boldness of sleek architecture combined with the rich history of the city defines culture with film, galleries, theatre, ballet, and festivals. Stay on top of your game with Toronto’s best as a team player, a pro or a patron. A metropolis of fun is just a hop, skip or jump away. Walk the talk. Live the good life. Parks, paths and plenty of places to get fit, get away, get outside and play.

King Blue Condominiums designed by Page + Steele / IBI Group Architects and will feature two residential / commercial hotel towers standing 48 storeys (North Tower)& 44 storeys (South Tower) and house 807 suites.

The suites, designed by Munge Leung, range from 400-square-foot studios to 1,100-square-foot three-bedroom units. Ten per cent of the units will be three-bedroom, family-sized suites, and 10 per cent will be barrier-free. Prices start in the mid $200,000s.

King Blue Condos will have two seven-storey podiums at its base. The north podium, at the corner of King and Blue Jays Way, will incorporate the north and west walls of the 1929 Westinghouse Building that currently sits on the site. There will be a rooftop bar on top of the north podium that will be open to the public.

On King Blue Condos’ sixth floor there will be a pool with doors that open onto an outdoor patio with a bar (for residents only).

King Blue Condos’ south podium, along Mercer St. – a brand new building to be clad in charcoal brick – will house the Theatre Museum of Canada on its entire second floor. The five floors above will be condos and there will be a 5,800-square-foot rooftop garden on the seventh floor.

King Blue Condominiums will boast 13,000 square feet of retail space at the ground level.

Summery

  • Location: 355 King St. W.
  • Developer: Easton’s Group of Hotels, Remington Group
  • Architect: Page + Steele IBI Group of Architects
  • Interior design: Munge Leung
  • Size: A 48-storey north tower and a 44-storey south tower
  • Units: 807
  • Price: From the mid $200,000s

Features & Finishes

IMPRESSIVE BUILDING AMENITIES

  • Grand Porte Cochere Courtyard for car and limo pick-up and drop-off
  • Private lobbies for each tower with elegant seating, ambient lighting and exquisite  wall inlay fireplace
  • 24/7 Private Concierge
  • ‘Urban Room’ Central Courtyard connects both towers
  • Guest Suites for residents’ overnight guests
  • On-site retail shops for residents’ convenience
  • The Theatre Museum of Canada with beautiful exhibits and displays on site

ENTICING ENTERTAINMENT FACILITIES

ROOFTOP TERRACE

  • Rooftop Terrace featuring multiple private seating areas equipped with outdoor fire pits and bar for residents’ use
  • Central seating area features stunningly lit artistic metal arches that soar above a  beautiful water feature
  • Landscaping, trees and water features create a magical ambience

THE SOCIAL ZONE

  • Multi-function Party Room complete with bar, fireplace and kitchen
  • Multi-media Theatre Room

FOR BODY & SOUL

  • Seventh floor swimming Pool with adjacent access to outdoor deck
  • Separate male and female change rooms and showers
  • State of the art full Fitness Centre featuring the latest equipment
  • Weight training and cardio areas
  • Relaxing lounge area adjacent to Fitness Centre
  • Yoga Room

MAGNIFICENT SUITE FEATURES

  • Secure, solid core suite entry door with dead-bolt and guest viewer
  • Engineered oak hardwood floors throughout
  • Floor to ceiling windows with 4” aluminum mullions in living and dining areas offering panoramic views above the urban canopy
  • Rough in for wall mounted TVs
  • Suites feature a sleek, modern, urban design and complementary neutral colouring

GOURMET KITCHENS

  • Each suite features a gourmet kitchen with polished granite countertops and  kitchen island
  • Stainless steel and integrated*appliances and stainless kitchen sink
  • Laminate wood cabinetry and glass uppers
  • Tile backsplash and polished hardware

PRIVATE SPA BATHROOMS

  • Bathrooms feature laminate wood cabinetry with polished marble countertops and backsplash and top quality hardware
  • Master ensuite features honed marble tile throughout, including the shower and wall tile
  • Designer vanity mirror including light feature
  • Private locks on all bathroom doors

*Where applicable. Sizes & specifications subject to change without notice. E.&O.E.

LIMITED TIME OFFER

EXTENDED DEPOSIT STRUCTURE

PARKING DISCOUNT

FREE ASSIGNMENT FEE OF $5,000 VALUE

Plus

CAP DEVELOPMENT CHARGES & LEVIES
$3,500 for bachelors, 1 bedroom & 1 bed plus dens
$5,000 for 2 bedrooms plus

**Purchasers Incentive Program is for a limited time ONLY and expires on November 6, 2012 at 6pm. Programs and Incentives are subject to change without notice. E. & O.E. See Sales Representative for details. October 18th, 2012.

KING BLUE CONDOMINIUMS EXCLUSIVE VIP AGENT PREVIEW PRICE LIST

(Subject to availability)

All prices, figures and materials are preliminary and are subject to change without notice E. & O. E. Oct. 18, 2012
Last Updating October 19, 2012
 

Tags: , , , , , , , , , , , , ,

New Toronto condo sales decline in Q3 2012 due to lack of new launches

There were 3,317 new condominium apartment sales in Toronto in Q3 2012 according to the new Urbanationmarket overview released today.

This represents a 30 per cent decrease from the second quarter figure.

“With slowing sales and a record level of unsold inventory in the market in the second quarter, condominium developers reacted quickly by delaying their project launches, especially in the ‘416’ area,” explained Ben Myers, Urbanation’s Executive Vice President, in a press release.

“Just five projects launched in Toronto in Q3-2012, as developers choose to review their pricing assumptions and unit mix.”

The report also noted the average price of an unsold unit in the Toronto CMA  is sitting at $573 per square foot, an increase of 2 per cent year-over-year. In Toronto proper, the price was $670 per square foot, up from $668 a year ago.

The low number of new launches led to a decrease in unsold inventory in the Toronto CMA from a record high 18,123 in Q2 2012 to 17,182 in Q3.

How will the Toronto market fare in Q4? We’ll have to wait until the new year to find out the official numbers.

Source: Urbanation
 

Tags: , , , , , , , ,

Housing starts will slow; resales of existing homes will remain steady in 2013

Construction of new homes in Canada was higher than expected in 2012, but is expected to slow in 2013 according to a forecast released today by the Canadian Mortgage and Housing Corporation.

The CMHC’s fourth quarter 2012 outlook also noted that resales of existing homes should remain steady. This is expected to lead to house price growth that is roughly in step with or slightly below inflation.

Housing starts appeared to slow in September, but through a significant chunk of 2012 economists have been surprised by the number of starts. The high number has been attributed to the large number of condos being built.

“A weaker outlook for global economic conditions and the waning of the effect of pre-sales from late 2010 and early 2011, which contributed to support multi-family starts this year, will bring moderation in housing starts next year,” Mathieu Laberge, deputy chief economist at CMHC, explained in a press release.

“Nevertheless, employment growth and net migration will help support housing starts activity going forward.”

Here are a few more essential points from the CMHC’s quarterly report:

  • The CMHC forecasts that there will be 193,600 housing starts in 2013 and estimates that the 2012 number will total 213,700
  • The CMHC forecasts there will be 461,500 resales in 2013 and 457,400 by the year end of 2012
  • Total starts in 2013 are expected to decline as a result of lower multi-family starts
  • Resales are expected to rise due to employment growth and low interest rates
 

Tags: , , , , , , , , , , , ,

 
%d bloggers like this: