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/

 

365 Church Condos

365 Church St Condos will be a 30-storey residential building comprised of a 3-storey podium and a 27-storey tower. The building would include 322 residential units consisting of 28 studio units (9%), 184 one-bedroom units (57%) and 107 two-bedroom units (33%). The remaining 3 units (1%) are 2-storey, two-bedroom grade related townhouse units along McGill Street. 365 Church Condos also includes 218 square metres (2,346.5 square feet) of ground floor retail space.

365 Church will include 161 car parking spacing in five levels of underground parking, and 225 bicycle parking spaces with 180 for residents and 45 for visitors.

365 Church Condos includes 601 square metres (6,469 square feet) of indoor amenity space on the third floor of the building, with an adjoining 122.6 square metres (1,313 square feet) of outdoor amenity space on the roof of the west side of the podium along Church Street.

Register for Floor Plans and Price List. It will be Available Soon!

 

Karma Condominiums

At Yonge & College

Karma Condos is a 52 storey building located at the prime Yonge & College intersection. CentreCourt Developments has partnered with Lifetime Developments to co-develop a multi-use high-rise residential condominium at 21 Grenville Street.

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The Karma Condos is centrally located in downtown Toronto and is within walking distance of Toronto’s major employment districts, Ryerson University, Yonge Street shopping and numerous restaurants. The city’s major hospitals and University of Toronto are also within close proximity. Public transportation is in immediate proximity with the Yonge subway within one block of the site.

FEATURES & FINISHES

It’s all good. Living at the center of the city, happens to come with style. This statement if perfect urban living is designed by the vulnerable architectural firm aA. The lobby, amenities and modern interior designers at Cecconi Simone. Enter KARMA Condos.

KARMA AMENITIES

• Fitness Centre/Steam Rooms: weight rooms, cardio equipment, yoga area and a spa-inspired change room facility with his and hers steam rooms
• The Social: A Party room with a bar, projection screen, modern fireplace, and private dining room with a servery
• Players Club: a pub-like bar with felted poker table, billiards and table-tennis
• Rest Rooftop Terrace: an open-air outdoor terrace with lounge, canopy seating and BBQ facilities
• Additional Amenities: Screening Room, Sound Room, Station K – Gaming Room

KARMA THE BUILDING

• 24 hour, 7 day a week concierge
• Security coded access fob for all residents
• Concierge monitored underground parking
• Two guest suites provided for residents’ use
• Individual suite hydro metering
• Environmentally controlled rainwater harvested for irrigation
• Underground parking with security monitoring from concierge station
• 4 custom-designed high-speed elevators serving all amenity and residential floors
• Mailroom conveniently located beside front lobby

KARMA SUITES

• A wide variety of unit types and sizes with ceiling heights of 9’ (excluding areas with dropped bulkheads)
• Floor-to-ceiling glazing/window systems
• Choice of designer selected engineered wood flooring in entry, corridor, kitchen, living/dining areas and bedrooms, from builder’s standard samples
• Custom designed solid core entry door with security view-hole
• Smooth finished ceilings throughout.
• Contemporary sliding doors and/or swing doors to balcony, as per plan
• TV/Telephone outlets in principal rooms
• Thermostat controlled heating and cooling
• Built-in smoke/heat detectors and in-suite water sprinkler system
• In-suite controlled energy efficient air-conditioning   and energy recovery ventilation system
• All suites protected under the TARION Warranty Coporation
• Front loading stacked washer and dryer

KARMA KITCHENS 

• Contemporary kitchen cabinetry custom designed by Cecconi Simone in a variety of materials and colours, from builder’s standard sample
• Choice of natural or composite stone countertops from builder’s standard samples
• Choice of glass backsplash from builder’s standard samples
• One capped ceiling outlet, as per plans
• Stainless steel under-mount sinks with integrated pull-out faucet head
• Energy Star hidden cabinet covered refrigerator
• Energy Star 24″ smooth top drop-in electric cook top
• Energy Star 24″ stainless steel oven
• Stainless steel microwave oven
• Hidden cabinet covered dishwasher
• Stainless steel hood fan with integrated halogen lights

KARMA BATHROOMS

• Contemporary bathroom cabinetry, custom designed by Cecconi Simone, in a variety of colours and materials, from builder’s standard samples
• Choice of natural or composite stone countertops, from builder’s standard sample
• Choice of porcelain flooring, from builder’s samples
• Designer top-mounted sink
• White soaker tub with chrome faucets, as per plan
• Glass shower stall with chrome fixtures, as per plan
• Chrome accessory package including towel bar and toilet paper holder, where applicable.

Karma Condos Price List

*As per plan from Vendor’s Samples. Please see a Sales Representative for details.

*Prices and promotions are subject to change without notice.

 

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

 

Condo Prices Grow at Moderate Pace in Q2

Condo Prices Grow at Moderate Pace in Q2

July 18, 2012— Greater 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

 

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

 

5200 Yonge Street

 

5200 Yonge Street is a New Condo Project by Sorbara Group which has submitted an application to the City to develop a great looking condominium property at 5200 Yonge Street in North York City.

 

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5200 Yonge designed by Wallman Architects will be a 37 storey Condominium tower with up to 450 units and a 3 -storey podium with retail uses along the Yonge Street frontage and suite of social facilities/community uses located within the base building, including childcare centre space and community based retail market. The site is currently designated “Mixed Use Area B” in the North York Centre Secondary Plan which permits a maximum 50% residential uses.

By indicating your interest in 5200 Yonge 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 our insider’s member club.

 

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

 

Tux Condos

 

Tux Condos is a new condominium development located at 357 King Street West. At the intersection of King Street West and Blue Jays Way, Great Gulf Homes builds state of art buildings in great locations and amenities.

Welcome to Great Gulf Homes’ Tux Condos

The ultimate fusion of Style & Substance! The masterful design by the talented Quadrangle Architects incorporates 242 suites in a modern 40-storey silhouette that captures the spirit of Toronto’s Entertainment District.

Step out your door and enjoy the fabulous shops and restaurants on King Street West; take in the sights and sounds of Toronto’s Show District or enjoy a short walk to the City’s best sports venues and sights. Like a beautifully tailored European Tuxedo, immerse yourself in the ultimate indulgences that Toronto has to offer! The art of condo living, redefined.

TUX CONDOS FEATURES + FINISHES

The building

• Great Gulf Tux is a new approach to architectural design in the heart of the entertainment district, at the southwest corner of King Street West and Blue Jays Way, Toronto. The main entrance is off of Blue Jays Way.
• Spectacular double-height lobby and extensive amenities designed by internationally-renowned and award-winning interior design firm, Figure 3. Amenities will be located on the 7th and 42nd floors. The 7th floor will include a juice bar, yoga room, weight room, cardio room and fitness room, his and her change-rooms, ping pong room, media lounge, private lounges known as “The Seven”, and an outdoor lounge equipped with seating. The 42nd floor will include the “Skytop Lounge” equipped with indoor seating, a dining room, bar, and washrooms. This floor also features an outdoor cabana deck with Highwater Pools, lounge seating, dining areas and barbeque.
• 24 hour, 7 day a week concierge.
• Executive porter.
• Underground parking with security monitoring from concierge station.
• Groundbreaking and innovative automated parking garage.
• 3 custom-designed high-speed elevators.
• Bicycle parking for residents and visitors.
• Mailroom conveniently located beside front lobby.

The suites

• Ceiling heights of approximately 9 ft. Ceiling heights are exclusive of bulkheads, which are required for mechanical purposes such as heating, cooling ducts, and sprinklers, as well as dropped ceilings in bathrooms.
• Choice of designer-selected pre-finished engineered flooring throughout, except in bathroom and laundry areas, as per builder’s standard samples.
• Laundry areas to be porcelain floor tile.
• Solid core entry door with security view-hole.
• Sliding or swing closet doors in bedrooms, as per plans.
• Satin chrome lever door handles and hardware.
• White wire shelving in all closets.
• Insulated double-glazed, aluminum windows.
• Stacked brand-name energy efficient washer and dryer with exterior venting in all suites, as per plans.
• Emergency voice communications system, smoke, and carbon monoxide detector where applicable.
• Pre-wired for cable TV and telephones.
• Pre-wired for high-speed internet access provided with future ready technology features in all suites.
• White “Decora” switches and outlets throughout.
• Integrated Media Niche as per plan.

Cook

• Contemporary kitchen cabinetry custom designed by Figure 3, in a variety of colours, from builder’s standard samples.
• Solid surface stone kitchen countertop, from builder’s standard samples.
• Glass backsplash, from builder’s standard samples.
• S ingle bowl stainless steel under mounted sink with contemporary design faucet with integrated pull-out head.
• Ceiling mounted track lighting.
• Integrated counter-depth refrigerator, stainless steel slide-in electric range with convection oven, stainless steel microwave and integrated dishwasher.
• Integrated hood fan insert.

Wash

[main wash in one bathroom suites]

• Contemporary washroom vanity in a selection of colours from builders standard samples, featuring a white solidtech countertop basin.
• Polished chrome side mounted faucet.
• Full width mirror above vanity.
• Recessed ceiling light(s).
• Choice of porcelain floor tiles, from builder’s standard samples.
• Frameless glass shower enclosures, as per plan.
• Accessory package including towel bar and toilet paper holder, where applicable.
• Full height white ceramic wall tiles in shower enclosure, from builder’s standard samples.
• White toilet, and shower base as per plan.
• ERV exhaust fan vented to exterior.
• Pressure balance valve shower.
• Wall mounted polished chrome rain shower as per builders plan.
• Integrated wall accent featuring coloured glass.

Master Wash

[or second bathroom in two bathroom suites]

• Contemporary washroom vanity in a selection of colours from builders standard samples, featuring a white solidtech countertop basin.
• Polished chrome side mounted faucet.
• Full width mirror above vanity.
• Recessed ceiling light(s).
• Choice of porcelain floor tiles, from builder’s standard samples.
• Soaker tub, as per plan.
• Accessory package including towel bar and toilet paper holder, where applicable.
• Full height white ceramic wall tiles in tub enclosure, from builder’s standard samples.
• White tub, and toilet as per plan.
• ERV exhaust fan vented to exterior.
• Pressure balance valve for tub.
• Wall mounted polished chrome rain shower as per builders plan.

The builders

Great Gulf is a member of BILD (Building Industry and Land Development Association) of Toronto.

All suites protected under the Tarion Warranty Corporation.

Interior design consultation at Décor Centre on all finishes and colour packages included in purchase price.

All interior floor, wall finishes and materials are to be chosen with the assistance of the Builder’s Interior Design Consultant. All materials and other selections for which the Purchaser is entitled to make a selection are to be chosen from Builder’s samples, and are as per Builder’s specifications. Purchaser shall only be entitled to make such selections provided that the items are not already ordered or installed. All renderings are for illustrative purposes only and do not necessarily reflect actual finishes to be provided.

Sizes and specifications are subject to change without notice. E. & O.E.

Tux Condos Price List

*(Subject to availability). Premiums apply to floors, balconies, terraces and views. Please see a Sales Representative for details. ** Valid only on sales made on or before April 29, 2012

Suite Features

Ceiling heights of approximately 9 feet.*** Choice of designer-selected pre-finished engineered flooring throughout except in bathrooms and laundry areas. The Kitchens include contemporary kitchen cabinetry custom designed by Figure 3, in a variety of colours with solid stone kitchen countertops and glass backsplashes. Integrated counter-depth refrigerator, stainless steel slide-in electric range with convection oven, stainless steel microwave, integrated dishwasher and stacked brand-name energy efficient washer and dryer with exterior venting in all suites. In the bathrooms, contemporary washroom vanity in a selection of colours from builder’s standard samples, featuring a white solidtech  countertop basin, polished chrome side mounted faucet and choice of porcelain floor tiles.****

Building Features

Located in Toronto’s vibrant Entertainment District, Gulf TUX is 42 storeys of contemporary elegance. Designed by Quadrangle Architects in black and white with a passionate stroke of copper-hued detailing. A spectacular double-height lobby with 24/7 concierge and extensive amenities designed by internationally renowned and award-winning design firm,

Figure 3. The “42nd floor “Skytop” Amenities include the “Skytop Lounge” with indoor seating, a dining room and bar, outdoor cabana deck with hot and cold plunge pools, lounge seating, dining areas and barbeque. “The Seven” is where you workout, hangout and play games. Amenities on the 7th floor include juice bar, yoga room, weight room, cardio room,fitness room, media lounge, ping pong room, private lounges known as “The Seven” and outdoor lounge.

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. April 17, 2012

*Please see a Sales Representative for details. ** Valid only on sales made on or before April 30, 2012.

***Ceiling heights are exclusive of bulkheads, which are required for mechanical purposes such as heating, cooling ducts and sprinklers, as well as dropped ceilings in bathrooms. **** As per plan from Vendor’s standard samples.

Admin Last Updating April 18, 2012

 

 

E Condos

E Condos would consist of two towers, a 64-storey one at the northeast corner of Yonge and Eglinton and a 44-storey one at the north end of the site on Roehampton Avenue.

E Condos is proposed to contain 1166 condominium units across the two towers with another 30 rental units to replace those in a building at 25 Roehampton which would come down. The south tower rises from a three-storey podium containing space for offices and retail. The complex would be connected to Eglinton subway station, and therefore the Canada Square and Yonge /Eglinton Square complexes.

Direct access to the subway / Starting from the mid $200’s

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E condos. Two daring and dramatic buildings of inspired architecture, envisioned by renowned architect Rosario Varacalli. e8 and e15 will soar over the corner of Yonge and Eglinton, elevating the status of Midtown, while connecting it with the city through unparalleled underground access to the Yonge subway and Eglinton LRT. From this coveted address, everything is within easy reach.

Surrounded by endless shopping, dining and entertainment choices, you’ll live in a building that anticipates your lifestyle with dazzling suites and glamorous amenities.

E condos will reflect the energy and style of the city’s most vibrant neighbourhood with designer inspired amenities that elegantly cater to all forms of fitness and leisure. Host friends in the luxurious party lounge or in the dining room complete with separate kitchen. Barbeque and dine al fresco, against stunning views of the city skyline. Slip into the tranquility of the yoga studio. Sunbathe on an oversized terrace. Or, swim in a spectacular glass pool that cantilevers out over Toronto.

e8 & e15

The bold creative stamp of the internationally acclaimed and award winning firm, Mike Niven Interior Design, can be seen in the striking lobbies and extensive amenities located on the 4th, 5th and 31st floors.

The 4th and 5th floor amenities include party lounges, dining rooms with separate kitchens, yoga areas and fitness rooms. Additionally, e8 will have an International gourmet kitchen and boxing studio. Other amenities include technology lounges, guest suites, wrap around outdoor terraces with barbeques, dining tables, sunbathing beds and lounge seating. The two centerpieces of the 31st floors will be glass pool lounges with endless views of the city, intimate seating areas, a bar and men’s and women’s change rooms. Residents can enjoy endless amenities in both buildings.

Features & Finishes

The Suites

• Extended ceiling heights of approximately 9 ft. in principal rooms, exclusive of bulkheads for mechanical and structural requirements.
• Attractive and secure solid core entry door with distinctive designerselected lever hardware and security door viewer.
• Decorator baseboards selected by interior designer.
• Sliding and/or swing doors to balcony, as per plan.
• A fashionable range of easy care, designer-selected, pre-engineered flooring creates a contemporary look in the foyer, kitchen, dining and living areas, den and bedroom(s), as per Vendor’s standard samples.
• Full-size stacking washer/dryer with exterior venting.
• Walls, baseboards, trim and doors will be painted with primer and finished with two coats of latex paint for extra durability.
• Ceilings to have white, smooth paint finish.
• Architecturally designed, environmentally conscious aluminum window frames with double pane sealed glazed units.

The Kitchens

• Beautiful kitchen cabinetry designed by Mike Niven exclusively for these residences is available in a variety of contemporary materials and colours, from Vendor’s standard samples.
• State-of-the-art European-style 24” kitchen appliance package, includes integrated fridge and dishwasher, integrated exhaust fan, electric cooktop, oven and microwave.
• Your choice of elegantly durable quartz countertops designed to complement the exquisite kitchen cabinetry, from Vendor’s standard samples.
• Choose from ultra-fashionable backsplash materials and colours, from Vendor’s standard samples.
• Single bowl stainless steel, under mounted sink with sleek, designer selected faucet.
• Under cabinet lighting.
• Designer-selected ceiling mounted pendant lights.

The Bathrooms

• Exclusively-designed under mounted sink with attractive quartz countertop and Mike Niven-selected vanity, from Vendor’s standard samples.
• Designer-selected vanity mirror.
• Choose from a variety of decorator porcelain floor tiles, from Vendor’s standard samples.
• Convenient shower light, as per plan.
• Relaxing, built-in deep soaker bathtub with a flat top edge and a single-lever faucet, as per plan.
• For total comfort and safety, a temperature-controlled and pressure balanced shower faucet and energizing shower head, as per plan.
• Separate shower enclosures have a glass swing door, as per plan.
• Select from a contemporary selection of designer wall tiles for shower enclosures and tub surround, as per plan.
• Designer inspired accessory package.

Lighting, Technology, Comfort and Safety

• Individual service panel with circuit breakers.
• Designer series receptacles and switches throughout.
• Contemporary light fixtures in foyer, hallway(s), walk-in closet(s), bedroom(s), kitchen and den.
• Central building water filtration system.
• Individual metering of electricity.
• Pre-wiring for high-speed internet.
• Pre-wired cable outlet in living room, bedroom(s), and den.
• Pre-wired telephone outlet in living room, bedroom(s), den and kitchen.
• One multi-port outlet (telephone and cable connections located on the same faceplate), location determined by Vendor.
• Category 5 telephone wiring for all telephone outlets and multi-port.
• RG-6 coaxial cable to all cable outlets and multi-port.
• Individual thermostat will provide year round control of heating and air conditioning within the suite.
• Emergency in-suite voice communication system, smoke and heat detectors create additional peace of mind.
• Emergency response panel within the parking garage provides immediate contact with the concierge.
• Smoke and carbon monoxide detector provides an audio warning within the suite.
• An in-suite heat detector will be monitored by the building’s fire alarm panel, which will also control the in-suite fire alarm and voice communication system.
• Complete in-suite sprinkler system.

Sustainability

• High performance thermal envelope minimizes solar gain and heat loss.
• Selection of high efficiency building mechanical equipment.
• Daylight sensors in selected common areas to reduce electricity costs.
• Selection of in-suite light fixtures to fit long-lasting energy-saving lamps.
• Energy saving appliances to reduce electricity use.
• Paints and finishes with low levels of volatile organic compounds.
• Hard surface flooring for easy maintenance to remove dust and allergens.
• Minimized water use through the design of low waste systems and a selection of water wise fixtures and appliances.
• Architecturally designed aluminum window frames with double pane sealed glazed units.
• An energy conscious approach to construction and site management.
• Tri-sorter disposal/recycling system.

*From Vendor’s standard samples. All Floorplans and specifications are subject to modifications from time to time at the sole discretion of the Vendor. The Vendor has the right to substitute materials of equal or better value. The Vendor reserves the right to change the foregoing specifications without notice. E. & O.E.

All prices, figures and materials are preliminary and are subject to change without notice E. & O. E. January 15, 2013 *Please see a Sales Representative for details.

Last Updating  May 17, 2013