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Category Archives: Port Union Rd

Urban Townhomes

Rouge Townhome

It is a new townhouse development currently under construction. The development is scheduled for completion in 2018. Sales for available units range in price from $504,990 to over $674,990 and the unit sizes range from 841 to 1300 square feet.

Click Here To Register To Get Pricing & Floor Plans

All information, prices, terms and conditions subject to change without notice. E. and O.E.

 

 

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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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Gramercy Park Condos Phase I, II

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A Private Oasis

Amidst the steel and concrete of New York is a beautiful private oasis called Gramercy Park Condos. A tranquil green space designed and built for the exclusive enjoyment of a privileged few.

Inspired by that one-of-a-kind experience, Toronto now has its own Gramercy Park Condos, an exquisite condominium residence designed around an immaculately landscaped private park.

A beautiful space where body, mind and spirit can commune with gorgeous nature. A garden of Eden, where residents can escape the strident demands of a bustling metropolis and enjoy a moment of peace and serenity.

Welcome to Gramercy Park Condos. Your private oasis in the city.

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Though tucked away in a serene setting. Gramercy Park Condos is just a short walk from the Wilson subway station. From here, residents are conveniently connected to every part of Toronto. An evening date in the theatre district? Just hop on the subway and you’re there within minutes. Shopping at an east end mall? Let “The Better Way” take you there with ease and comfort. Apart from the subway, you have numerous bus routes, highway 401 and a GO Transit bus stop-all within ten minutes of home. At Gramercy Park, you’re well connected with everything the city has to offer.

Features & Finishes

Suite Features

  • The suite entry door is solid core with elegant lever hardware and privacy viewer
  • The suite’s interior doors are semi-solid with the same elegant lever hardware
  • Door casings are wood, with 4” baseboards
  • Interior walls are painted off-white
  • Lavish, 35 oz carpeting adorns bedrooms and dens
  • Laundry area floor is graced with lovely ceramic tile
  • 8’ ceilings in principal rooms on typical floors
  • Spacious 9’ ceilings in principal rooms in ground floor suites in both buildings, along with 9th floor suites in the east building, plus the 10th, 11th and 12th floors in the west building

Foyer Features

  • Ceramic tile flooring*
  • Mirrored sliding closet doors**
  • Quality ceiling fixture

Kitchen Features

  • Stylish custom cabinets*
  • Elegant granite countertop and ceramic backsplash
  • Ceramic tile flooring*
  • Double stainless steel sink** with a single lever chrome faucet
  • Choice of exquisite black or white appliances, including 18 cu. ft. refrigerator, electric range with self-cleaning oven, multi-cycle dishwasher, and over-the-range microwave oven with fan. Plus, white full-size stacked washer/dryer.
  • Three-head track halogen lighting

Bathroom Features

  • Plenty of storage in custom bathroom vanity with full-width lower storage drawer*
  • Lovely laminate counter top* with drop-in sink and chrome sink faucet
  • Vanity mirror with elegant light fixture
  • Ceramic tile flooring with full-height ceramic surroundings for shower and tub*
  • Chrome framed glass shower door in the shower stall**
  • Pressure-balanced chrome tub and shower valve
  • White fixtures

Mechanical, Electrical & Wiring Features

  • Individual season-controlled heating and cooling system
  • Individual remote suite hydro meter
  • Elegant light fixture in the hall and walk-in closet**
  • Dining room features a capped switched ceiling outlet
  • Switched wall outlet in living room, den and bedrooms
  • White Decora-style light switches and receptacles
  • Suites are conveniently pre-wired for TV outlets in the living room, bedrooms and den (where applicable)
  • Also conveniently pre-wired for telephone outlets in the kitchen, living room, bedrooms and den (where applicable)
  • The entire building is pre-wired for high-speed Internet access
  • Hardwired smoke and heat detectors are included in every suite

Building Amenities – The Gramercy Club

  • A beautiful, 2-storey glass-enclosed building filled with incredible conveniences and luxuries
  • 24-hour concierge to cater to your needs
  • Well-equipped fitness room and yoga room
  • Indoor oasis with pool and whirlpool, overlooking an outdoor sun terrace
  • Men’s and women’s change rooms feature steam rooms, showers and lockers
  • Entertain in a well-equipped party room with catering kitchen
  • Enjoy a lovely meal in the private dining room
  • Be entertained in complete comfort in the theatre
  • Enjoy your leisure time in a fantastic games room
  • Pamper your pets in the pet spa
  • Pamper your guests in the two guest suites
  • The community features a live-in superintendent
*Choice from Vendor’s standard samples
**As per plan Vendor shall have the right to substitute other products and materials for those listed provided that the substituted materials are of a quality equal to or better than the products and materials listed

BONUS WITH PURCHASE

Saffron: 1 parking space, $10,000 cash back AND $5,000 in upgrades

Marigold: 1 parking space, $5,000 cash back OR $8,000 in upgrades

Penthouses: 2 parking spaces and $25,000 in upgrades

Suite Features

Pre-engineered wood veneer flooring throughout (except in kitchen, bathrooms and laundry closet). Electric fireplace with wood surround in living room/dining room, as per plan. Kitchen to include choice of stainless steel, black or white appliances and glass, smooth top self-cleaning range. Pantry or pantry shelving, as per plan and granite countertop with under mount sink. Laundry room to feature full size, side by side washer and dryer. Master ensuite features marble countertop with under mount sink and chrome sink faucet. Powder Room or Main Bathroom (if no powder room) to feature marble countertop with under mount sink and chrome sink faucets.

Multi-media Technology

Pre-wired for cable TV outlets in living room, bedroom and den. Pre-wired for telephone outlets in kitchen, living room, bedrooms and den. Building pre-wired for high-speed internet access. Hardwired smoke and heat detectors in every suite.

The Gramercy Club

2-story glass-enclosed amenity building. 24-hour concierge. Equipped Fitness room and Yoga room. Indoor pool and whirlpool opening onto an outdoor sun terrace. Men and Women’s change rooms with showers and lockers. Party room with catering kitchen. Private dining room. Theatre. Games room. Pet spa. Two Guest suites. Superintendent suite. Private, extensive, landscaped park.

*All prices, figures and materials are preliminary and are subject to change without notice E &O.E. Note: All areas and stated room dimensions are approximate. Floor area measured in accordance with Tarion Bulletin #22. Actual living area will vary from floor area stated. May 19, 2012.
 

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Origami Lofts

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There’s drama unfolding at Queen and Bathurst. Origami Lofts by Symmetry Developments is an exciting new condominium development with 23 sculpted loft residences.

Inspired by the intricate forms of ancient Japanese paper folding, the building is a beautiful series of angular folds and sleek cutouts that hide and reveal, soothe and provoke. Each angle reveals a different shape, a new experience.

It’s design unlike anything Toronto has seen before – architecture that reflects the unique rhythm and pulse of the Queen West neighbourhood.

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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 this project Condos Platinum VIP Preview Sales Event please Register, we can only bring limited customers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

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30 Ordnance Condos

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A new project featuring innovation and sustainability. Proposed 30 & 35 storey residential condominium towers with an industrial component. This innovative project incorporates work space in the podium of the north tower, and connects to future open space and linkages to the east. Unsurpassed views and all you need to live, work, and play.

30 Ordnance Condos will be a 500,000 square foot mixed use development with a podium containing the 26,000 square feet of office / studio use, and street related townhouses that will animate a new pedestrian walkway that will connect Ordnance Street Condos to the new park and bridge. Two residential towers will provide a wide range of unit types, most with uninterrupted views of the downtown skyline and Lake Ontario.

Located just east of Liberty Village, 30 Ordnance Street is located adjacent to one of Toronto’s most vibrant new neighbourhoods. Within walking distance of the lakeshore and the entertainment/shopping/gallery districts of West Queen West, Trinity Bellwoods Park, King Street West and Ossington, 30 Ordnance Street is also a quick bike or streetcar ride away from the downtown core and financial district. The site faces the new parks being added to the Fort York precinct and will thus have protected views of the dramatic downtown skyline to the east.

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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 this project Condos Platinum VIP Preview Sales Event please Register, we can only bring limited customers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

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129 St Clair Condos

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Grounded in history and superb design at Avenue Road and St. Clair

129 St. Clair Condos is a new condo project by Diamondcorp located at St. Clair Avenue West at Avenue Road, Proposed high rise residential condominium with street related townhouse units.

129 St. Clair Condos located in a prestigious community, the former Deer Park United Church will be creatively re-used and incorporated into this elegant building design.

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 this project Condos Platinum VIP Preview Sales Event please Register, we can only bring limited customers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

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Seven costly mistakes of property investment

Would-be buyers are often scared by hellish income property stories. But if you want to stay out of property purgatory, writes investment expert Paul Kondakos, avoid the following 7 Deadly Sins of income investing:

1. Poor Property Selection – This one can weigh on anyone’s soul as purchasing the wrong investment property can have long lasting repercussions that can range from high vacancy rates to exorbitant maintenance/repair costs. You need to ensure that you educate yourself and do your homework before you jump into any investment. Start by learning the criteria that make for a good income property investment.

2. Lazy Expense Tracking – Income property investing is a business, and as such, you need to be doing one of two things. Increasing revenue or decreasing expenses. Failure to track expenses is a costly mistake as patterns may reveal opportunities for cost savings. One such example is utilities which are one of the biggest expenses in operating an investment property. Often times water leaks can go undetected and cost BIG money. Simply tracking your bills will alert you to any activity that is out of the norm and allow you to act immediately.

3. Inadequate Tenant Screening – If you want to truly experience income property Hell don’t do any tenant screening at all. This is the one of the biggest sins you can commit as a property owner as you leave yourself open to unpaid rent, property damage, disruption of other tenants, additional unwelcomed tenants and a whole slew of other bad things which can cost thousands of dollars. To avoid this certain Hell, ensure you (A) Check Credit (B} Check Employment References and Pay Stub (C) Check Previous Landlord References (D) Check Personal References (E) Check Photo ID and (F) Ensure you Get First and Last Month’s Rent Up-Front.

4. Negligent Superintendent Supervision – Failure to supervise can be a costly mistake as the downside can range from missed efficiencies or savings opportunities to outright fraud or theft. No matter how great your superintendent or property manager, you still need to actively manage them as no one has your best interests at heart like you do. To ensure everyone is on the same page have regular meetings with your superintendent or property manager to review repairs, expenses, tenants and protocol.

5. Sloppy Accounting – Not keeping track of your income and expenses will not only put you on a fast track towards major headaches at tax time, it will leave you in the dark about potential inefficiencies and costs savings opportunities. Using an accounting program such as Quick books or a simple Excel spreadsheet will help keep you out of CRA’s Inferno.

6. Deferred Property Maintenance/Repairs – There is a special place reserved in Hell for the Slum lord. This one is a double whammy for those that are eager to experience income property Hell. While no one likes to shell out money for maintenance and repairs, failure to do so will inevitably lead to 2 other certainties (A) good tenants will leave and (B} repair and maintenance expenses will begin to grow exponentially the longer they are ignored. Keep your inner Slum lord at bay by putting aside funds to carry out regular maintenance and repairs.

7. Complacency on Rents – As mentioned in Sin #2 (Lazy Expense Tracking), income property investing is a business. Failure to keep up with going market rents will keep you from achieving maximum potential income (and keep you from maximizing the market value of your income property). Ensure that rent increase notifications are being handed out every anniversary as per the prescribed guidelines and that any newly vacant units are being priced according to going market rents.

Avoid these 7 Deadly Sins of income property investing and you will find that income property investing can be a heavenly experience. Source: Canadian Real Estate Wealth

 

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