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Real Estate Forecast for 2018: What to Expect!

Real Estate Forecast for 2018: What to Expect!

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Real Estate Forecast for 2018: What to Expect

As we head into a new year, the most common question we receive is, “What’s the outlook for GTA’s real estate in 2018?”

 

It’s not just potential buyers and sellers who care; current homeowners also want reassurance about the value of their investment. No one knows exactly what 2018 will bring, but we’ve outlined expert predictions on where the market is headed and how government interventions are expected to impact the Canadian housing market in the year ahead.

HOUSING PRICES WILL REMAIN HIGH IN URBAN CENTRES

Although the Toronto real estate market did experience a slowdown in 2017, housing affordability will remain a major issue in both Toronto and Vancouver in 2018. According to the Royal Bank of Canada’s most recent Housing Trends and Affordability Report, as of Q2 2017 it cost more than 75 percent (Toronto) and 80 percent (Vancouver) of median household income to cover the average cost of owning a home.1

In an effort to stabilize prices, both the Ontario and British Columbia governments enacted a 15 percent tax on foreign investments in housing. However, according to the PricewaterhouseCoopers report on Emerging Trends in Real Estate: Canada and the United States 2018, “Industry players are skeptical that recent tax moves … to curtail foreign investment will have a long term cooling impact on housing affordability in Toronto and Vancouver.”2

In its Canadian Regional Housing Outlook, TD Economics predicts ”The decline in sales activity in both Vancouver and Toronto has helped to redistribute the balance of power from a pure seller’s market, back towards buyers, as evidenced by the sales-to-listing ratios. But, first-time homebuyers sitting on the sidelines waiting for higher interest rates to trigger a market crash may be holding their breath for a while. Prices are likely to only reset back to levels that existed prior to a year of exorbitant gains.”3

The high cost of living has forced a growing number of millennials to seek alternatives to traditional housing. The 2016 census found 47.4 percent of young adults in Toronto and 38.6 percent in Vancouver live with a parent. PricewaterhouseCoopers predicts a rise in multi-generational and multi-family homes, a move towards larger condominiums to suit growing families, and a flight from urban cores as new public transit projects make commuting more feasible.2

What does it mean for you? If you’re a current homeowner, you can expect your investment to hold its value and continue to appreciate over the long term. And if you’re considering selling this year, contact us to request a free Comparative Market Analysis to find out how much you can expect your home to sell for under current market conditions.

If you’re a potential buyer who has been waiting for real estate prices to drop, don’t expect a fallout any time soon. Governmental bodies have taken steps to slow down skyrocketing prices, which has helped to balance the market. Now is a great time to buy. And if traditional housing options don’t fit your budget, we can help you find alternatives to meet your needs.

GOVERNMENT INTERVENTIONS WILL HELP TO STABILIZE THE MARKET

Skyrocketing real estate prices have caused Canadians to take on a growing amount of debt. The federal Parliamentary Budget Office (PBO) reports that the average household indebtedness is up to 174 percent of disposable income, and they predict it will reach 180 percent by the end of 2018. Coupled with rising interest rates, the share of income that will go towards debt payments is expected to reach historic proportions.4

Regulators at the Office of the Superintendent of Financial Institutions (OSFI) have attempted to curb the potential fallout with interventions, the latest of which went into effect on January 1. These new regulations raise the requirements for mortgage borrowers with down payments of 20 percent or more. They are now required to qualify for a mortgage at an interest rate two percentage points higher than their current rate to ensure they can manage payments when interest rates do inevitably rise.

A similar “stress test” was enacted in 2016 for borrowers who put down less than 20 percent, but that regulation impacted a much smaller percentage of buyers.

According to Jeremy Rudin, the head of OSFI, “We clearly see the potential risks caused by high household indebtedness across Canada, and by high real estate prices in some markets. We are not waiting to see those risks crystallize in rising arrears and defaults before we act.”5

All federally regulated financial institutions will be obligated to utilize these requirements for both new mortgages and mortgage renewal applications of borrowers applying to switch lenders. It is not mandatory to apply the test at mortgage renewal for existing borrowers. Since credit unions are regulated provincially, they are not required to follow the new OSFI rules, although some may choose to out of prudency.

What does it mean for you? With new rules in effect, if you’re a buyer, your purchasing power may be impacted. If you’re concerned you may not be able to meet these requirements, securing your mortgage through a credit union may be an option. We are following this issue closely. Give us a call so we can discuss how these new rules will affect your home search.

If you’re considering selling your home this year, these regulations could alter the type of buyer who will be willing and able to purchase your home. We have expertise in this area and know how to market your home to a changing demographic.

5 YEAR MORTGAGES WILL MAKE A COMEBACK

Expect interest rates to rise in 2018. Bank of Canada has indicated that borrowers should expect to see rate increases this year … and notably, nearly half of Canadian mortgage holders are set to renew their mortgages in the next 12 months. Combined with the new, more stringent “stress test” requirements, a greater number of homeowners will be opting for five-year-fixed rate mortgages over the historically popular variable rate mortgages.6

According to LowerRates.ca, “Since January 2014, 56% of Canadian borrowers who applied for a mortgage through LowestRates.ca have gone variable, compared with 43% of those who got a five-year fixed. But this past August, there was a shift, where the five-year-fixed rate mortgage saw a sharp increase in applicants, with 59% of users on the LowestRates.ca site opting for this option versus only 39% opting for the variable mortgage.”7

What does it mean for you? If you’re in the market to buy, act now. Rising interest rates will decrease your purchasing power, so act quickly before interest rates go up. Give us a call today to get your home search started.

And if you’re a current homeowner who is set to renew your mortgage, you may want to consider locking in a five-year-fixed rate. Contact us if you would like assistance navigating your options.

 

 

2018 ACTION PLAN

If you plan to BUY this year:

 

1.    Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly.

2.    Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What’s most important to you in a home? We can set up a customized search that meets your criteria to help you find the perfect home for you.

3.    Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget, all at no cost to you. Give us a call to schedule an appointment today!

 

If you plan to SELL this year:

 

1.    Call us for a FREE Comparative Market Analysis. A CMA not only gives you the current market value of your home, it’ll also show how your home compares to others in the area. This will help us determine which repairs and upgrades may be required to get top dollar for your property … and it will help us price your home correctly once you’re ready to list.

2.    Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. We can help you determine which ones are worth the time and expense to deliver maximum results.

3.    Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don’t use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage … and get you one step closer to moving when the time comes!

 

WE’RE HERE TO HELP

 

While national real estate numbers and predictions can provide a “big-picture” outlook for the year, real estate is local. And as local market experts, we can guide you through the ins and outs of our market, and the local issues that are likely to drive home values in your particular neighbourhood. If you have specific questions, or would like more information about where we see real estate headed in our area, please give us a call! We’d love to discuss how issues here at home are likely to impact your desire to buy or a sell a home this year. Please visit our website SnapHomes.ca for latest MLS listing and pre-construction Homes & Condos.

Can’t find what you are looking for? Contact us for Exclusive list of Pre construction Homes and Condos and our pocket listings for Land!
Sources:

1.     Royal Bank of Canada’s Housing Trends and Affordability Report –
http://www.rbc.com/newsroom/_assets-custom/pdf/20170929-ha.pdf

2.     PricewaterhouseCoopers Emerging Trends in Real Estate 2018  –
https://www.pwc.com/ca/en/real-estate/assets/Real_Estate_ETRE_2018_PDF.pdf

3.     TD Economics Canadian Regional Housing Outlook –
https://economics.td.com/canadian-regional-housing-outlook-aug-2017

4.     Office of the Parliamentary Budget Officer –
http://www.pbo-dpb.gc.ca/en/blog/news/HH_Vulnerability

5.     Financial Post
http://business.financialpost.com/personal-finance/stricter-osfi-rules-on-mortgage-lending-will-do-more-harm-than-good-fraser-institute

6.     Bank of Canada Financial System Review November 2018  –
https://www.bankofcanada.ca/wp-content/uploads/2017/11/fsr-november2017.pdf

7.     Maclean’s  –
http://www.macleans.ca/economy/money-economy/canadians-rushing-to-lock-down-five-year-fixed-rate-mortgages/

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The Upper Canada Condos

As Avenue Road stretches north, it approaches one of Toronto’s most prestigious and desirable neighbourhoods. It is here where a stunning new condominium residence is being created which offers truly exceptional value amidst the affluence which surrounds it.

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Developed by State Building Group and Madison Homes, The Upper Canada is an 18-storey condominium tower soon to rise at Avenue Road and Lonsdale Avenue, offering affordable elegance just steps from the stately mansions and tree-lined streets of one of Toronto’s most exclusive neighborhoods – Forest Hill.

Here one is mere minutes from the charming shops and cafes of Forest Hill Village, as well as the exclusive stores and restaurants Bloor/Yorkville.

Long one of the city’s most prestigious streets, Avenue Road will welcome the addition of The Upper Canada Condominium and its modern architecture, with a look reflecting the fresh design thinking of its development team and featuring a distinguished selection of suite designs that have been thoughtfully designed for the most discerning of purchasers.

Behind its sleek and contemporary façade of timeless precast, classic brick and expansive tinted glass, The Upper Canada Condominiums will comprise a total of only 93 exceptional suites. Spacious and practical in their design, suites will range in size from approximately 1,000 to 3,000 square at prices ranging from the $700,000’s to $2 million respectively.

Standard luxury features in the well-appointed suites include 9’ and 10’ ceilings, bright expansive windows, large designer kitchens and eating areas, premium built-in appliances, private ensuite retreats, and more. Moreover, each two-bedroom residence incorporates both a den and an oversized balcony or a highly sought-after terrace offering fabulous views of the city and the mature treetops of the surrounding neighbourhoods.

Just past the intricacy of the brick driveway and the richness of the front landscaping, residents and guests will enter The Upper Canada under a gracious glass-faceted canopy. With classic granite walls flanking either side of the stately entrance, a world of refinement awaits within.

Upon entering The Upper Canada Condominium, you and your guests will be greeted by a 24-hour concierge and a lobby that captures the exquisite design aesthetic of The Upper Canada. The focal point is the fireside seating area that is set under an elliptical coffered ceiling whose curved lines are echoed in the choice of both furnishings and artwork.

Just beyond the lobby, The Upper Canada provides all, the amenities one would expect from a residence of this extraordinary level of quality – an array of social, fitness and recreational facilities which contribute greatly to the appeal of its leisurely, maintenance-free lifestyle.

Imbued with the ambiance of a grand hotel, the party room and lounge are ideal for entertaining, with kitchen/dining facilities, and opening onto the lush greenery of a beautifully landscaped expansive private outdoor terrace. An inviting swimming pool evokes a spa-like atmosphere where one can enjoy a swim, relax on a chaise lounge chair, or bask in the soothing comfort of the hot tub. A professionally equipped exercise room welcomes residents for their daily workout while an elegantly furnished guest suite is available to accommodate their overnight guests.

Adding considerably to the advantages of its location at the gateway to Forest Hill, The Upper Canada Condos is also just minutes from Yonge Street – both the tony retail environs of Bloor-Yorkville and the trendy corner of Yonge and St. Clair – as well as offering easy access to the TTC and major highways.

The Upper Canada Condos’ design team has been augmented by the talents of award-winning architects EI Richmond, responsible for many of the GTA’s most desirable condominium addresses, along with respected interior design firm, Tomas Pearce Interior Design Consulting. Handling sales for the condominium residence is the renowned Sotheby’s International Realty.

State Building Group prides itself on offering some of Toronto’s finest developments, both in new single family homes and condominium. Recognized for its exceptional floor plan and space designs, as well as outstanding customer service, State Building Group has demonstrated its long standing commitment to satisfying the needs of the discerning home buyer for over 40 years.

It has done so consistently at projects ranging from the luxurious single family homes of The Bridlepath of Thornhill to the upscale condominiums of Hillside at Yonge and York Mills. Superior interiors, upgraded finishes and exceptionally well-proportioned room sizes are integral features of all State-built new homes and condominiums, and The Upper Canada Condos will continue to reflect this commitment.

With its coveted location, stunning design and superb value, The Upper Canada brings affordable elegance to Toronto’s most affluent of neighbourhoods.

Features & Finishes

The Upper Canada Condos is located steps from Toronto’s most prestigious Neighbourhood of FOREST HILL

THE UPPER CANADA SPECTACULAR ARCHITECTURAL FREATURES

  • A classic elegant 18 storey building.
  • Premier location at Avenue Road and Lonsdale Road close to transit, shopping, cafes, parks, nature and fitness trails, and the City’s major thoroughfares and highways.
  • Beautifully landscaped circular driveway with interlocking stone and gracious glass canopy.
  • Expansive double glazed windows throughout offering an abundance of natural light and panoramic views.
  • Spacious outdoor Balconies and Terraces.
  • Elegant finishing details in corridors and at suite entrance doorways.

THE UPPER CANADA’s STUNNING LOBBY

  • Grand Hotel-style lobby with central marble-clad fireplace, cornice mouldings, elegant furnishings and appointments.
  • 24/7 concierge station with separate secured storage area for owner’s deliveries.
  • Conveniently located mail room.

The UPPER CANADA’s BUILDING AMENITIES

  • Indoor swimming pool with hot tub.
  • Separate men’s and women’s change rooms with saunas. lockers, washrooms and showers.
  • Equipped fitness area with windows into the pool area.
  • Outdoor Terrace area fully landscaped area for dining and lounging located off the indoor Lounge and the indoor Pool area.
  • Private dining room with Caterer’s kitchen.
  • Party room/lounge area.
  • Conference room.
  • Furnished guest suite for overnight guests.
  • Visitor parking available underground.
  • Storage locker and bicycle storage underground available for purchase.

THE UPPER CANADA’s LUXURIOUS SUITE FEATURES

  • 9’0″ ceiling height on floors 2-14 and lO’O” ceiling height on floors 15-19.**
  • 8’0″ high solid core suite entrance door with lever hardware.
  • Designer selected pre-finished engineered 3″ wide hardwood flooring with cork underlay throughout (except tiled areas).
  • 5’A” contemporary-style baseboards with 3″ matching door-casings with backhand.
  • Plaster cornice moulding in foyer.
  • Architecturally designed, double-pane windows with operable awning window.
  • Smooth ceiling finish throughout suite.
  • 7’0″ interior door height with lever hardware.
  • All interior walls and trims to be painted off white.

TECHNICAL AND ELECTRICAL

Year round fan coil heating and cooling system.Individually controlled Programmable thermostats in each suite to allow residents to choose the temperature setting and schedule their own heating and cooling. Individual metering of in-suite electricity. Individual service panel with in-suite circuit breaker. White Decora style switches and receptacles throughout. Capped ceiling light outlet in dining room, kitchen, breakfast area, bedrooms and den. Cable TV outlets located in living room, bedrooms and den. Telephone outlets in kitchen, bedroom and den. Pot lights-one per 100 sq.ft. of suite area, located at owner’s direction (where permitted by structure, ducting. piping, obstructions and existing drop ceilings).

SAFETY AND SECURITY

  • Personally encoded suite intrusion alarm system.
  • Brightly painted and illuminated underground garage with sprinklers containing several strategically located cameras monitored by the front desk concierge and connected to a central digital recording device.
  • Emergency call stations strategically located on each parking level to enable two-way communication with the front desk concierge.
  • Concierge monitored two-way communication in selected key common areas.
  • Stand by generator to provide emergency lighting in common areas.
  • Each suite equipped with smoke and heat detector.
  • In-suite sprinkler system and hard-wired fire alarm speaker.
  • Electronic access control system for parking garage and amenity areas.
  • Partially glazed underground parking lobby entries.

THE UPPER CANADA’s KITCHEN FEATURES

  • Dcsigner-selcctcd kitchen cabinetry and hardware.
  • Designer-selected granite or engineered stone countcrtops with polished square edge.
  • Matching granite or engineered stone kitchen backsplash.
  • Cabinetry with extended height upper cabinets and under-cabinet valance lighting.
  • Double bowl stainless steel undermount sinks with pull out faucet.
  • ENERGY STAR® stainless steel refrigerator.

THE UPPER CANADA’s BATHROOM FEATURES

  • Designer-selected porcelain floor tiles.
  • Designer-selected porcelain shower wall tiles.
  • Designer-selected marble or engineered stone countertop with undermount sink(s).
  • Frameless glass shower enclosure as per plan.
  • Master ensuite with separate shower stall features white
  • acrylic soaker tub.
  • Separate shower stall with pot light as per plan.
  • Pressure-balanced temperature controlled shower faucet.
  • Full height and width vanity mirror.
  • Exhaust fan vented to exterior.
  • Rough-in for wall sconce and ceiling surface mounted
  • fixture.
  • Privacy lock on all bathroom doors.
* ALL SELECTIONS ARE FROM VENDORS STANDARD SAMPLES. FEATURES AND FINISHES VARY BY SUITE DESIGN AND PLAN.
** Height of ceiling may vary due to height of floor finishes and noise attenuation features. Some areas will have dropped ceilings or bulkheads to accommodate HVAC, mechanical, insulation and structural requirements and will result in lower ceiling heights.
Plans and specifications arc subject to change without notice. Builder may substitute materials provided such materials are of equal or better quality than the material provided in the plans and specifications. Purchaser shall only be entitled to make selections provided that the items are not already ordered or installed. Decorative upgrade items displayed in sales office or furnished model arc for display purposes only and arc not included in the purchase price. E. & O.E. July 18, 2012

BUILDING AND SUITE FEATURES

  • Premier location at Avenue Road and Lonsdale Road close to transit, shopping, cafes, parks, nature and fitness trails
  • Spectacular architectural features
  • Landscaped entrance with circular driveway and glass canopy
  • Elegant hotel-style lobby with marble-clad fireplace
  • 24-hour, 7-day-a-week concierge
  • Expansive windows offering panoramic views
  • 9’0″ ceiling height on floors 2-14 and 10’0″ ceiling on floors 15-19
  • 8’0″ high solid core entry door
  • Exceptional suite designs with superior finishes
  • Indoor swimming pool with hot tub
  • Professionally equipped fitness centre
  • Men’s and Women’s change facilities with saunas
  • Private dining room with caterer’s kitchen
  • Party room and lounge area
  • Beautifully landscaped outdoor terrace retreat
  • Conference room
  • Furnished guest suite height
  • Bicycle storage available underground
  • Visitor parking available underground

Prices, terms, specifications and floorplans subject to change without notice. Floor Area measured in accordance with Tarion Bulletin 22.
Note: Actual usable floor space may vary from the stated floor area.
* See condominium documents and sales representative for details and complete schedule of charges. Please see a Sales Representative for a full list of standard features as provided in Agreement of Purchase and Sale. Special offers may be withdrawn without notice. E. & 0. E. Brokers Protected.
Last Updating August 09, 2012
 

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No sharp dive in housing market says CIBC economist

According to a top CIBC economist, suggesting the anticipated housing decline will not be as sharp or as long as earlier projected because of immigration.

“It turns out fears of a long and sharp downturn in the housing market, are highly exaggerated and very premature,” said Benjamin Tal, deputy chief economist at CIBC. “In fact demographic forces will be supportive to real estate markets in the coming decade.”

Tal predicts immigration, which is responsible for most of the population growth, will be a major force impacting housing demand.

“What’s more, there is significant jump in the home ownership rate among immigrants as they pass the three-year mark,” said Tal. “In fact, after 10 years in Canada, the propensity among immigrants to own a house is higher than among native Canadians.”

While there will be a decline in the number of Canadians under the age of 25 and those between 45 and 54, those age groups account for a relatively small portion of home buyers, Tal writes in his latest Consumer Watch report.

By contrast, the number of Canadians between the ages of 25 and 35 – the age group that makes up the vast majority of first-time home buyers – will continue to rise, the report said.

“From a housing market perspective, what counts is not only the change in population of a given age group, but more importantly, the level of housing market activity among these groups,” said Tal. “In other words, the group that is most likely to buy a house will grow faster in the coming decade.” Source: Brokernews.ca

 
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Condo Prices Grow at Moderate Pace in Q2

Condo Prices Grow at Moderate Pace in Q2

July 18, 2012Greater Toronto REALTORS® reported 6,435 condominium apartment transactions during the second quarter of 2012 – down by 2.6 per cent compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19 per cent in comparison to 2011.

“The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers,” said Toronto Real Estate Board President Ann Hannah. “The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”

The average price for second quarter condominium apartment sales was $342,212, representing a 3.2 per cent increase over the same period in 2011.

“Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98 per cent of the asking price in less than a month’s time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. 6,435 6,609 Second Quarter 2012 Second Quarter 2011

 

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East Village Leslieville

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A modern interpretation of conventional towns creates a clean crisp form that speaks to today’s savvy urbanities.

The two building complex will contain 31 residential units with a number of underground parking spaces. Over half the townhome residences at East Village Leslieville have rooftop terraces with skyline views that overlook at green roof. Outdoor terraces facing south overlook lush greenery. An intimate passage way is created between blocks that define East Village Leslieville Towns.

The modern esthetic of East Village Leslieville Townhouses defines the living/dining and kitchen environments.

Townhouse style living from the low $200’s

 

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Important Message: In order for an investor to take the most advantage of Buying Pre-construction Condos is to buy before its open to the public. Prior to opening day of a new condo sales office to the general public, prices may have gone up. This will be an opportunity for you to invest in a unit at the lowest price possible before its open to the public. You can be one of the first purchasers to be invited to Platinum VIP Preview Sales Event long before the presentation centre opens to the public. This gives you an opportunity to have the first access to inventory, best pick at unit levels, floor plans, lowest price not available to the public and the ability to take advantage of Platinum VIP Condo Incentives the builder may offer.  This is a perfect opportunity at the Platinum VIP Price.

 

For more information and to register now for the  VIP Preview Sales Event please fill out the form below, we can only bring limited customers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

 

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Victoria Common

 

 

 

Victoria Common is located in downtown Kitchener in Technology Triangle, near King Street, minutes from downtown and Farmer’s Market. It is walking distance to GO Transit and new LRT. Close to University of Waterloo, University of Laurier, and colleges. Victoria Common will be a brand new community of 5 condominiums and townhomes. Phase 1 is currently under way. 15 acre community will be built. As an investor this is time to invest in this project. Buy low and by the time the other 4 condominiums are built the price will go up. Waterloo where all the Tech joints are like RIMS, GOOGLE and other strong employers like Toyota, Manulife..and many more. This building is using green energy (Geothermal, Solar Panel). The price starts from 177,900 including one under ground parking.

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Is your kid planning to attend a Kitchener-Waterloo university or college? This could be your best investment ever.

 

OCCUPANCY: 2014 Spring

Special One day Sale on June 21st. Please RVSP, ASAP as there are only 77 units in total. The first 40 buyers will get gauranteed rental agreement from the builder for one year. The rent will cover your mortgage payment, maintenance, and taxes. The exact amount will be announced on June 21st 2012.

 

 

GENERAL FEATURES

 

Laminate floor throughout unit, polished granite countertops, option for European style kitchen cabinets. Stainless steel appliances included and range hood. One parking space and private balcony per unit. Party rooms, fitness studio, yoga area, outdoor bbq and lounge.

DEPOSIT STRUCTURE

$3500 upon signing of Agreement of Purchase and Sale;

5% 30 days after Date of Agreement,

5% 60 days after Date of Agreement,

5% 120 days after Date of Agreement,

5% 270 days after Date of Agreement.

 

 

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