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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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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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101 Erskine

Tridel now introduces 101 Erskine. This smartly tailored glass condo residence with a contrasting tonal profile is strategically tucked away, mere steps from the energy of midtown Yonge and Eglinton in Toronto. Yet this venerable neighbourhood  Walkscore is also just moments from the subway, prestigious shops and superb dining.

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101 Erskine’s modernist sensibilities are echoed in its clean linear exterior design and refined interiors: charcoal grey, white and clear glass, copper clad front entry, stunning lobby, rooftop terrace with infinity pool and outdoor fireplace lounge, sublime entertainment spaces with private courtyard, alfresco dining lounge, sleek fitness amenities, even a linear park walkway creating a link between Broadway and Erskine.

Elegant Studio, 1 bedroom, 1 bedroom plus den, 2 bedroom and 2 bedroom plus den suites with 9′ ceilings and 10 signature townhomes feature distinctively modern styling and finishes one would naturally expect from this coveted address. 101 Erskine. Anything but ordinary.

101 Erskine will be Rising to 32 storeys high and will accamodate 421 Suites and 10 Townhomes. Estimated completion Summar  2015.

101 Erskine Condos follows the amazing success of The Republic, which launched in 2007. Only four days after phase one of the community was launched, at 25 Broadway Avenue, phase two was launched at 70 Roehampton.

101 Erskine Condominiums is just one block north of Broadway Avenue and the brand-new high school. There will be a park walkway between the two avenues, adding to the community feel of the neighbourhood. 101 Erskine is also a “walker’s paradise” with a Walk Score of 95 out of 100, meaning that almost everything you could need — groceries, restaurants, parks, banking and more — is within walking distance.

Amenities: Fitness centre, party room, billiards lounge, fireplace lounge, concierge, yoga studio, theatre, sauna, infinity pool.

101 Erskine. Celebrating the richness of life.

By indicating your interest in 101 Erskine Condos at this early stage, you’ll be among the first to be invited to view Price List and Floor Plans and take advantage of coming in to our member circle.

 

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FAD Condos

 

Arrive in style. FAD : Fashion District Condos. Coming to a runway in the Fashion District, where Spadina meets Queen West. Fusing the Garment District along Spadina with the trend setting fashion scene of Queen West. The result is a hip, fashion forward residence FAD : Fashion District Condos, a stunning residence where style is its core.

Introducing FAD Condos, located at 170 Spadina Ave. Presented by Tri-win International, FAD Condos will be a contemporary tower that will add some cool yet respectful architecture to the corner of Spadina and Queen Street West. Designed by Wallman Architects, FAD Condos will do something we love: take a small pocket of underused land and transform it into something of which the city can be proud. FAD will raise 19 storeys on what was once a low-rise commercial building. The project will include 210 units, with just 44 parking spots in an underground garage.

Suites are starting in the $200,000s.

By indicating your interest in FAD Condos at this early stage, you’ll be among the first to be invited to view Price List and Floor Plans and take advantage of coming in to our member circle.

 

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HighPark Residences Condos

HighPark Residences Condos – Where Urban Living Meets Mother Nature! Situated across from High Park and steps to Bloor West Village. HighPark Residences will offer Condominium Suites and Urban Townhomes.

Suites start from mid $300,000s.

Daniels Corporation Proposed to build a staggered 14 storey condominium building at 1844 Bloor St W that would have 364 units. The parts of HighPark Residences Condos adjacent to a street would be 6 storeys high with commercial units on the ground floor along Bloor Street. Higher floors would be stepped up along the back and centre of the building to a maximum of 14 storeys.

By indicating your interest in HighPark Residences Condos at this early stage, you’ll be among the first to be invited to view Price List and Floor Plans and take advantage of coming in to our member circle.

 

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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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Bloom Park Towns

 

An inspired masterplanned all townhome community takes root.

Welcome to where a vibrant, masterplanned community is growing into a collection of wonderful townhomes, next to the verdant parklands ofG. Ross Lord Park off Bathurst, north of Finch. Situated in the centre of an established neighbourhood in North York, Bloom Park Towns is the perfect setting for life’s milestones to be celebrated, and new memories to be created. The future is bright, and abloom with possibility. Come see.

Bloom Park Towns community features a private outdoor swimming pool and landscaped patio with covered loggia for lounging, reading a book, enjoying the warm weather and watching your children play in the water. The best part is, it’s all just steps from your home.

Located at Antibes Dr. just North of Finch and West of Bathurst, Bloom is a mix of only 64 Condo Townhomes, priced from $289,990 for a 2 bedroom townhomes to just $349,990 for a 2 bedroom + den, 3 level townhomes.

Bloom Finishing Touches
Woodland Towns

EXTERIOR FINISHES

  • Architecturally controlled and selected exterior elevations and colour packages.
  • Unique and innovative elevations utilizing genuine clay brick with coordinating coloured mortar, stone and precast surrounds, stucco and various exterior accent features.
  • Self-sealing roof shingles with a 20-year warranty from Vendor’s pre-determined colour schemes.
  • Low maintenance aluminum soffit, fascia, eavestrough, and downspouts, as per elevation.
  • Vinyl sliding patio doors with screen, as per plan.
  • Energy Star rated low maintenance vinyl casement or thermo-fixed glass windows throughout, as per plan. Muntin bars as per elevation and per applicable plan. Colours as per Vendor’s pre-determined colour schemes.
  • Transom windows, as per plan.
  • Screens on all operational windows.
  • Front entries to have walkways and steps as required due to grade.
  • Exterior front door with brushed nickel package including grip set and dead bolt.
  • Distinctively modern exterior lighting at front entry door, as per plan.

COMMUNITY AND LANDSCAPE FEATURES

  • One level, secured underground parking garage with visitor parking.
  • Private underground storage/bicycle parking.
  • Ground level visitor bicycle parking.
  • Professionally graded and landscaped grounds.
  • Secured privately controlled access to pool and outdoor amenity area with access for residents.

INTERIOR TRIM & FEATURES

  • 9ft ceilings throughout (not including dropped ceiling areas and sunken floors).
  • Carpeted stairs with elegant solid oak handrails and 1 ¾” spindles on oak nosing, in a natural finish, as per applicable plan. Interior entry stairs, to receive a durable tread finish as per plan.
  • Purchaser’s choice of painted 800 series colonial or classique style interior doors, as per plan.
  • Upgraded painted 2” casing for all windows/doors and 3” baseboards. (Sizing is approximate)
  • All interior door hardware to be levers in a brushed nickel with painted hinges.
  • All archways on main floor to be trimmed, as per plan.
  • Wire shelving in all closets.

KITCHEN

  • Granite countertops with breakfast counter as per plan from Vendor’s standard samples.
  • Ceramic tiled backsplash from Vendor’s standard samples.
  • Stainless steel ledge-back kitchen sink with single lever faucet, as per plan.
  • Stainless steel appliance package includes:
  • Self-clean oven
  • Frost free refrigerator
  • Built-in dishwasher
  • Over the range built-in microwave with integrated exhaust fan
  • Heavy-duty receptacle for stove.
  • Electrical outlets for refrigerator and at counter level for small appliances.
  • Quality cabinetry selected from Vendor’s standard samples with space for dishwasher, and one bank of drawers.
  • Rough-in plumbing and electrical for dishwasher.

BATHROOMS

  • White bathroom fixtures in ensuite, main bath and powder rooms as per plan.
  • Pedestal sink in powder room as per plan.
  • Vanity cabinets include choice of styles and colours from Vendor’s standard samples.
  • Marble countertops in bathrooms with white basin as per plan, purchaser to have a choice of 2 colours, from Vendor’s standard samples.
  • Mirrors in all bathrooms.
  • White ceramic accessories in all bathrooms.
  • Choice of decorator ceramic tiles for walls and ceilings in tub enclosures from Vendor’s standard samples.
  • Full height water resistant backer board in tub enclosures.
  • Single lever faucet in all vanities and tubs, as per plan.
  • Pressure balanced shower controls.
  • Exhaust fans in all bathrooms.
  • Privacy locks on all bathroom doors.

LAUNDRY

  • Laundry area with connections for water and drain.
  • Heavy-duty receptacle with vent to the exterior for the dryer.
  • Stacked white washer and dryer.

ELECTRICAL

  • 100 AMP electrical service with breaker panel and copper wiring throughout.
  • White Decora switches and receptacles throughout.
  • All rooms to have a switch controlled ceiling light fixture except for the living room, which will receive a switch controlled wall outlet.
  • Smoke detectors provided as per Ontario Building Code.
  • Carbon monoxide detector provided as per Ontario Building Code.
  • All bathroom electrical duplex receptacles protected by ground fault interrupter.
  • Arc-Fault receptacles in bedrooms as per Ontario Building Code.
  • Electric door chime at main door entry.
  • Cable T.V. rough-in in any 2 locations as chosen by the Purchaser.
  • Telephone rough-in in any 3 locations as chosen by the Purchaser.
  • Rough-in security system for the S1-Linden & S2-Chestnut includes contacts on all windows and all exterior doors. The S3-Alder & S4-Balsam to receive contacts on all exterior doors only.

ENERGY SAVING FEATURES

  • High efficiency gas forced air high velocity heating system and central air conditioning system.
  • Forced air Hi-Velocity heating system with High Efficient boiler and hot water tank. (Rented as per Schedule “W”).
  • Metal insulated entry door and decorative glass insert and high quality weather stripping as per plan.
  • Upgraded foam insulation above porch ceilings with living areas above.
  • Attic space and exterior wall insulation to meet or exceed 2012 Building Code.

PAINTING

  • Exteriors are architecturally controlled to provide a visually pleasing streetscape with colours pre-selected by Vendor.
  • Purchaser to have choice of 1 paint colour throughout from Vendor’s samples in an environmentally friendly low VOC washable flat finish.
  • All trim and doors to be painted white with semi gloss finish.
  • Smooth ceilings throughout.

FLOOR COVERINGS

  • Laminate flooring for Living and Dining rooms, including hallways and Den as per plan on main floor only, in a natural finish.
  • Choice of quality 36oz. broadloom with 12 mm chip foam under-pad in all non-tiled and non-laminate floor areas, from Vendor’s standard samples.
  • 12” x 12” or 13” x 13” ceramic flooring from Vendor’s standard samples, as per plan.

QUALITY CONSTRUCTION

  • Acoustically engineered demising walls between all units to top of second floor, where applicable.
  • 5/8″ tongue and groove subfloor sheathing screwed and glued to engineered floor joists and 3/8″ roof sheathing.
  • Windows and exterior doors fully sealed with high quality caulking.
  • Quality 2” x 6” exterior wood frame construction.
  • Covered poured concrete porches as per plan.
  • Decorative columns and railings installed subject to grading requirements and as per plan.

VIP PROMOTION FOR BLOOM

  • SPECIAL “CASH BACK”

$5,000 on any single level unit $10,000 on any 2 level unit

  • Window Coverings included
  • Stainless Steel Kitchen Appliances
  • Cap on all Closing costs $2,500 (meters, hook ups, etc.)
  • Cap on Levies & Development charges $2,500
  • Assignment

1 free assignment allowed up to 90 days before occupancy.

  • Free Name Change

1 free name change allowed within the 10 day rescission period.

  • Deposit Structure
5% of purchase price with offer
Further 5% payable in 90 days
Further 5% payable in 210 days
Further 5% payable on Occupancy

The above promotional package is valid for sales done on the 2n and 3r of June, 2012 only.

Bloom Park Towns Price List

End unit premium: $10.000

SPECIAL FEATURES INCLUDE:

  • 9 ft. smooth ceilings throughout
  • Four Stainless Steel Kitchen Appliances
  • Granite Countertop in Kitchen
  • Marble Bathroom Counter
  • Laminate flooring for Living and Dining rooms
  • Vertical Blinds
  • Central Air Conditioning

All prices, figures and materials are preliminary and are subject to change without notice E. & O. E.  May 22, 2012 Including hallways and den as per plan on main floor only, please see a Sales Representative for details.
Admin Last Updating May 24, 2012
 

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Edition Richmond Residences

 

Edition Richmond is a collection of 20 tailored residences in Toronto that elevate real estate to art.

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The Edition Richmond Residences are three storey; two and three bedroom homes, each living space is its own masterpiece, designed by Audax Architecture, a boutique firm and recipient of the 2011 Toronto Urban Design Award. Renowned interior designers, Cecconi Simone have cultivated homes that are aesthetically stunning and highly functional and which reference the clean geometrics of 20th century cubism. Cecconi Simone have strived to make these residences so exclusive in their design, that they have ventured through the painstaking details such as creating custom blend stains for the hardwood flooring that will be featured as a standard in each home and will be exclusive only to Edition Richmond Residences. Custom designed kitchens expand into the dining area and living room for a contiguous main floor that is perfect for entertaining. Homes feature 10 ft. ceilings for a voluminous living space that feels airy and comfortable to come home to. Sky yards offer magnificent views of the skyline, providing you your own urban oasis (most homes). And what makes this all so appealing is that these luxury residences are nestled in a quiet enclave just south of Queen West where the amenities of urban living are coupled with a peaceful streetscape.

Edition Richmond Residences embodies the spirit and liveliness of Queen West and is at the epicenter of some of Toronto’s greatest neighbourhoods – Trinty Bellwoods, Ossington Strip, Dundas West and Liberty Village. These areas offer the best in shopping, dining, culture, nightlife and recreation.

The opportunity to live the clean lines and crisp beauty of an Edition Richmond by Cecconi Simone can be your everyday reality – world-class design that may otherwise be out of reach.

By indicating your interest in Edition Richmond Residences at this early stage, you’ll be among the first to be invited to view Price List and Floor Plans and take advantage of our insider’s member club.

 

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SkyCity Condominiums

 

Where urban living rises above the ordinary, gorgeous amenities nourish the soul, and the best things in life are moments away. Welcome to SkyCity Condos, the bold new vision of urban condominium living in the heart of Richmond Hill.

BE PART OF A BOLD NEW VISION

SkyCity Condos; a spectacular new master planned community is coming to Yonge & Highway 7 in Richmond Hill City Centre. A phenomenal new address that will reach for the sky to offer the ultimate in elegant living.

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Features & Finishes

QUALITY KITCHEN FEATURES

  • 5 ½” wide laminate flooring from Vendor’s samples
  • Convenient pass-throughs in kitchen as per plan
  • Undermount stainless steel double sink with single lever chrome pull down faucet
  • Contemporary designed cabinetry with 40″ high upper cabinets from Vendor’s samples
  • Under cabinet lighting with valance
  • Choice of ¾” Caesar Stone or ¾” granite countertop with square edge from Vendor’s samples
  • Choice of ½” x ½” glass or marble mosaic back splash from Vendor’s samples
  • Contemporary ceiling light fixture

LUXURIOUS BATHROOM FEATURES

  • Contemporary design vanity cabinet from Vendor’s samples
  • 12″ x 24″ porcelain floor tile from Vendor’s samples
  • 4″ x 16″ glazed ceramic wall tile for shower/bath enclosure from Vendor’s samples
  • ½” x ½” glass or marble mosaic accent tile for bath/shower enclosure from Vendor’s samples
  • Under mount vanity sink
  • Chrome single lever faucet
  • Choice of ¾” Caesar Stone or ¾” granite counter top with standard square edge and matching 4″ up stand from Vendor’s samples
  • Contemporary mirrored medicine cabinet
  • Exhaust fan in all bathrooms vented to outside
  • Privacy locks on bathroom doors
  • Pressure balanced valve for bathtub and shower
  • Soaker bathtub as per plan
  • Walk in shower with frameless glass enclosure and door as per plan

INTERIOR FEATURES

  • Individual seasonally controlled heating and air conditioning (vertical fancoil(s) complete with electric duct heater)
  • Outdoor balcony or patio as per plan
  • Emergency voice communication system, smoke detector and heat detector per O.B.C.
  • Laundry area complete with washer/dryer hook-up and white ceramic tile floor
  • Suite entry alarm connected to 24-hour-a-day monitoring located at concierge desk. Windows and sliding doors monitored for ground floor suites only
  • Copper electrical wiring with circuit breaker service panel
  • Individual hydro meter

LIVING AREA FEATURES

  • 5 ½” laminate flooring for living room, dining room, den, bedroom(s), hall and foyer from Vendor’s samples
  • Mirrored sliding closet door at front foyer as per plan. Balance sliding closet doors to be finished in a white laminate.
  • Contemporary interior doors with chrome lever hardware
  • 2 ¼” door casing
  • 4 ½” base board
  • Walls, ceilings and bulkheads to be painted with white latex paint. Smooth finished ceiling
  • Floor to ceiling height 9′ in principal rooms excluding bulkheads
  • Wood trim and doors to be painted with semi-gloss white latex paint
  • Pre-wired telephone outlets in living room, master bedroom, 2nd bedroom or den
  • Pre-wired outlets for cable TV in living room, master bedroom, 2nd bedroom or den
  • Capped ceiling outlet in dining room only
  • Ceiling light fixture in foyer
  • Electrical outlet located on balcony or patio

APPLIANCES

  • 17 cubic-foot frost-free refrigerator, counter depth, bottom mount freezer, stainless steel finish
  • 30″ self-cleaning range, slide in with glass top, stainless steel finish
  • 24″ built-in dish washer, stainless steel finish
  • Built-in combination microwave range hood, stainless steel finish
  • Stacked combination washer and dryer, colour white

PLEASE NOTE: The Vendor shall have the right to make reasonable changes in the opinion of the Vendor in the plans and specifications if required and to substitute other material for that provided for herein with material that is of equal or better quality than that provided for herein. The determination of whether or not a substitute material is of equal or better quality shall be made by the Vendor’s architect whose determination shall be final and binding. The Purchaser acknowledges that colour, texture, appearance, grains, veining, natural variations in appearance etc. of features and finishes installed in the Unit may vary from Vendor’s samples as a result of normal manufacturing and installation processes and as a result of any such finishes being of natural products and the Purchaser agrees that the Vendor is not responsible for same. The Vendor is not responsible for shade difference occurring in the manufacture of items such as, but not limited to, finishing materials or products such as carpet, tiles, bath tubs, sinks and other such products where the product manufacturer establishes the standard for such finishes. Nor shall the Vendor be responsible for shade difference in colour of components manufactured from different materials but which components are designed to be assembled into either one product or installed in conjunction with another product and in these circumstances the product as manufactured shall be accepted by the Purchaser. Purchaser acknowledges and agrees that carpeting may be seamed in certain circumstances and said seams may be visible. Purchaser acknowledges and agrees that pre-finished wood flooring (if any) may react to normal fluctuating humidity levels inducing gapping or cupping. The Purchaser acknowledges that marble (if any) is a very soft stone which will require a substantial amount of maintenance by the Purchaser and is very easily scratched and damaged. Plan and specifications are subject to change without notice. E. & O.E.

YOUR NEW HOME IS PROTECTED BY FOUR LEVELS OF GUARANTEES

  • One Year Guarantee on the workmanship and materials of your new home, a guarantee backed by the TARION* New Home Warranty Program (the new name for the trusted Ontario New Home Warranty Program).
  • Full 2 years coverage on electrical, plumbing, heat delivery & distribution system.
  • The TARION* New Home Warranty Program 7 Year Structural Guarantee on major structural components of your new home.
  • Individual components in your new home are guaranteed by the manufacturer. Warranties provided by these reputable brand-name manufacturers are all passed on to you.

*See the TARION New Home Warranty Program for full warranty details

Special Incentives:

$10,000 OFF ON ALL SUITES

Plus

EXTENDED DEPOSIT STRUCTURE

25% Total — 20% within a Year, 5% on Occupancy

Plus

OPTION TO ASSIGN ONLY $1,500

(Condition of Construction start and the Roof on the building)

Plus

CAP ON DEVELOPMENT LEVIES

$1,500.00 on all Suites

Luxurious Suite Finishes

  • 5 ½” wide laminate flooring throughout *
  • 9-foot high ceilings in principal rooms
  • 4 Stainless steel appliances including: fridge with bottom-mount freezer, slide-in range, microwave range hood and dishwasher
  • Washer and dryer (white)
  • Choice of Caesar stone or granite counter top in bathroom and kitchen*
  • Under-mount sink in bathroom and kitchen **
  • Under upper cabinet lighting with valance
  • Smooth ceilings throughout
  • 40” high upper cabinets *
  • ½” x ½” Glass or marble mosaic kitchen backsplash & accent tile for bath/shower enclosure *
  • Individual suite entry alarm system

* As per vendor’s standard samples **As per plan

Building Amenities

  • 24-Hour concierge service
  • Fitness room with change rooms and steam showers
  • Swimming pool with double sided fireplace
  • Roof-top sun deck with outdoor fireplace and BBQ area
  • Beautifully landscaped grounds
  • Two Party rooms with kitchen facilities and bar
  • Two video game rooms
  • Dining Room
  • Theatre Lounge
  • Yoga/Pilates studio
  • Two Guest Suites

OCCUPANCY SPRING 2015

Prices, terms and conditions subject to change without notice. E. and O.E. MARCH 26, 2012. Limited time offer. Some units subject to additional premiums. See a Sales Representative for full details.

Admin Last Updating April 20, 2012

 

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The Palm Condos

The Palm Condos – conjuring images of the exotic, the sultry, and the mysterious – an oasis rising from the torrid heat of the desert to the verdant cool of a tropical island. The Palm, the international symbol of resort living rich in Mediterranean élan. Such is the inspiration behind The Palm Condos; a residential condominium building of unique architectural stature resplendent with purposeful artistry.

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Here in the heart of Canada’s largest city, The Palm Condominiums will rise – a stunning architectural tribute growing like a magnificent palm tree steps from Finch subway. The building itself incorporates the vision of a palm into its very architecture – through the fusion of magnificent pre-cast, stucco and lightly tinted glass. Enter this fabulous place through a curving fore court, resplendent in rich materials. Here life takes on new beauty, new possibilities – where the fragrant breeze that kisses the gentle fronds of the palm, will bring a breath of fresh air to your life.

ARCHITECTURE WITH A SULTRY SPIN

  • Tropically inspired exterior with interwoven forms of pre-cast, stucco and lightly tinted glass cladding the soaring tower
  • A curvaceous fore court, resplendent in rich materials, offers a welcoming first-impression to residents and visitors
  • Private outdoor garden terrace and secluded landscaped garden rife with lush plantings and the soft sounds of the rippling water from the Hydra Spa Pool, offers an oasis of calm in an urban environment
  • Elegant art glass entrance canopy casts subtle light patterns highlighting the path to the modern custom-built front doors
  • Elegantly created designer lobby, enhanced with professionally detailed grand fountain and lushly furnished décor seating area
  • An Executive Concierge to take care of your every day needs and to properly greet your esteemed guests
  • Three tastefully decorated high speed elevator cabs waiting to whisk you to your private suite
  • Luxuriously appointed finishing details in corridors and suite entrance doorways
  • Private access to secured residential and visitor underground parking
  • Energy saving efficiency lighting throughout the common areas
  • Light filled windows and balconies created from artistically fashioned pre-cast and glass, offering dramatic views of the downtown core
  • All new construction secured by Tarion

SENSATIONAL AMENITIES TO ENHANCE YOUR TROPICAL GETAWAY

The Palm Condominiums Club Lounge

  • A restful lounge area that offers sumptuous seating inspired by a warm, tropical environment

The Palm Condominiums Waters & Fitness Club

  • A magnificently designed, year-round Hydra Spa Pool offering an oasis of calm and peace in a stress-soothing environment that opens to over 1,000 sq. ft. terrace with sun tanning deck and barbecue area in a verdant surrounding
  • A sensational Steam Room that offers the opportunity to relax, unwind, de-brief from your busy city lifestyle
  • Lavish Fitness Centre includes a well equipped exercise room
  • Beautifully appointed His and Her Change Rooms

The Palm Condominiums Gathering Centre

  • Well appointed multi-purpose room sumptuously decorated and designed for entertaining family and friends. The space opens onto the luxurious terrace
  • Catering kitchen and fully functional bar located beside the Executive Private Dining Room, which also turns into a professional board room and business centre

EXOTIC SUITE FEATURES

  • Attractive solid suite entry door with upgraded lever hardware, deadbolt lock and security viewer
  • Thermally insulated energy efficient windows
  • Convenient screen operable window(s), as per plan
  • Euro slab interior doors with brushed chrome hardware
  • Beautiful sliding doors to balconies, as per plan
  • Individually controlled seasonal heating and air conditioning
  • Coloured laminate flooring in living room, / dining room, as per plan in Purchasers choice of colour from Vendor’s samples
  • Designer burber broadloom with under pad throughout in Purchaser’s choice of colours from builder’s samples
  • Contemporary baseboards in paint grade finish
  • Ceilings to have a stipple white finish, except kitchen, laundry and bathrooms
  • All walls painted in flat latex paint, except bathrooms and kitchens to be painted in semi-gloss white paint
  • Ceiling or wall light fixtures in kitchen, bathroom(s), foyer and hallway, as per plan
  • Suite pre-wired for one telephone outlet in the living room, kitchen, bedrooms, or den, as per plan
  • Provision for Internet ready and cable television outlets
  • Spacious closets with contemporary ventilated wire shelving, as per plan
  • Capped ceiling outlets in dining area, as per plan
  • Decorative white light switches throughout
  • Ceramic floor tile in laundry area

ELEGANT DESIGNER KITCHEN FEATURES

  • Bright open concept kitchen with extended breakfast counter, as per plan
  • Imported European floor tile in kitchen as per plan,
  • Purchaser’s choice from Vendor’s samples
  • Euro styled cabinetry, featuring contemporary doors in the latest exotic finishes, Purchaser’s choice from Vendor’s samples
  • Attractively styled granite countertop, Purchaser’s choice from Vendor’s samples
  • Imported European tile backsplash from builder’s samples
  • Double stainless steel sink with upgraded single lever chrome faucet with vegetable spray
  • Convenient electrical outlets installed at counter level for counter-top appliances
  • Beautiful full size oven with range hood vented to the exterior; frost free large capacity refrigerator; multi-cycle dishwasher; and full size stacked washer and dryer (vented to the exterior) all in white

SPA-INSPIRED BATHROOM FEATURES

  • Lavish bathrooms with combination deep soaker tub/shower, or stand up shower stall, as per plan
  • Distinctive cultured marble vanity counter tops with integrated rectangular sink with Premium
  • Designer chrome finished faucet tap set
  • Full height ceramic tile surround on all walls around tub; choice of colour and tile from builder’s samples
  • Designer selected chrome finished faucet tap set
  • Attractive mirror with designer light fixtures in all bathrooms
  • Exterior vented exhaust fans in all bathrooms
  • White panel entry door with privacy lock
  • Temperature controlled pressure balance valve in showers

STATE-OF-THE-ART SECURITY FEATURES

  • Security system with enterphone facility at building entrance with in-suite monitoring capabilities
  • Proximity key fob access system for residents
  • Video surveillance of main lobby entrance, in-door visitor and residential parking
  • In-suite smoke detectors as per code

THE GREEN ADVANTAGE

  • Additional carbon monoxide monitoring system in parking garages to increase energy efficiency of fans used for fresh air distribution
  • Energy efficient timed air-supply system in common area hallways
  • Separate meters to accommodate responsible hydro usage
  • Participation in recycling program with Toronto’s recycling system
  • Energy saving efficiency lighting throughout the common areas

WARRANTY

  • All suites are protected under Tarion. Coverage consist of: One (1) year work and material warranty; Two (2) YEAR “Power Train” Warranty; Seven (7) year Major Structural Defect Warranty Deposit coverage (set limit).
Please note: Prices and specifications are subject to change without notice. All areas and stated room dimensions are approximate. Floor area measured in accordance with ONWHP bulletin #22. Actual living area will vary from floor area stated. Builder may substitute materials for those provided in the plan and specifications provided such materials are of quality equal to or better than the material provided for in the plans and specifications. Decorative and upgraded items displayed in the sales office are for display purposes only and are not include in the purchase price.
Floors and specific finishes will depend on vendor’s décor package as selected.

The Palm Condominium Residences Price List

Prices increase approximately $1,000 per floor. Exceptions Apply. Speak to a Sales Representative for details.

Building Features

The Palm Condominiums – a stunning architectural tribute growing like a magnificent palm tree, steps to the Finch subway. An Executive Concierge welcomes you to an elegantly created designer lobby with a grand fountain and lush décor. There will be a private outdoor garden terrace and the Palm Club Lounge. The Palm Waters and Fitness Club features a year round Hydra Spa pool that opens onto a sun tanning deck and barbecue area, a steam room, a fully equipped fitness area and his and hers change rooms. The Palm Gathering Centre is a great multi-purpose room for entertaining and includes a full catering kitchen and bar beside the Executive Private Dining Room/Board Room/ Business Centre.

Suite Features

All suites feature attractive laminate flooring in the living/ dining rooms and designer loop carpeting in the bedrooms. Kitchens will feature European cabinetry, granite countertop and European tile backsplash. Five appliances include a full size oven, frost free large capacity refrigerator, multi-cycle dishwasher and full size stacked washer and dryer. Lavish bathrooms include distinctive cultured marble vanity countertops with integrated rectangular sink and full height ceramic tile surround on all walls around the tub, and a security system with enter phone facility at building.

All prices, figures and materials are preliminary and are subject to change without notice. November 30, 2011

The Palm Penthouse Price List

Prices increase approximately $1,000 per floor. Exceptions Apply. Speak to a Sales Representative for details.

Building Features

The Palm Condominiums – a stunning architectural tribute growing like a magnificent palm tree, steps to the Finch subway. An Executive Concierge welcomes you to an elegantly created designer lobby with a grand fountain and lush décor. There will be a private outdoor garden terrace and the Palm Club Lounge. The Palm Waters and Fitness Club features a year round Hydra Spa pool that opens onto a sun tanning deck and barbecue area, a steam room, a fully equipped fitness area and his and hers change rooms. The Palm Gathering Centre is a great multi-purpose room for entertaining and includes a full catering kitchen and bar beside the Executive Private Dining Room/Board Room/ Business Centre.

Suite Features

These exclusive suites feature 9ft smooth finish ceilings, upgraded pre-engineered hardwood in the living/ dining rooms and designer Berber broadloom in the bedrooms. Kitchens will feature European cabinetry, granite countertop and European tile backsplash with under valance lighting. The five Stainless Steel appliances include a full size oven, frost free large capacity refrigerator, multi-cycle dishwasher and full size stacked white washer and dryer. Lavish bathrooms include distinctive cultured marble vanity countertops with integrated rectangular sink and full height ceramic tile surround on all walls around the tub, and a security system with enter phone facility at building.

All prices, figures and materials are preliminary and are subject to change without notice. E&OE P2 / November 30, 2011
 

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