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RBC Chief Sounds Alarm on Flood of Foreign Cash in Canadian Real Estate

Many Canadian Residents can’t qualify for mortgage to buy a home while the foreign investors enjoy profit in Canadian Real Estate Market. Full story below:

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  • ‘No thank you,’ McKay says to unproductive capital in homes
  • Intensive bidding is beginning to ease as prices stabilize

Foreign inflows are distorting Canada’s already constrained housing market and aren’t the kind of investment the country needs, the chief executive officer of Royal Bank of Canada said.

 “We do not need foreign capital using Canadian real estate as a piggy bank,”  David McKay, said Tuesday at a bank conference in New York hosted by the Toronto-based lender. “If capital is coming in to sit in a home, unproductively, and is distorting your marketplace and the livelihood of your residents — no thank you.”

McKay, whose bank is Canada’s largest mortgage lender, says he’s supportive of government taxes and other measures targeting foreign buyers, as well as other regulatory efforts to cool the country’s housing market. He’s seeing some impacts from these rule changes, with “a little bit more healthy dynamics.”

 “Demand is down and house prices have been stable,” McKay said. “There’s still intensive bidding, but to a lesser degree.”
Toronto, Canada’s biggest housing market, has been correcting over the past few months amid a slew of regulations put in place to steady booming prices and increasing debt. Toronto home sales fell 35 percent in February from a year earlier, marking the weakest month of sales in nine years, though benchmark prices were up 3.2 percent on the year, according to data released Tuesday by the Toronto Real Estate Board.

Added Gasoline

Canada’s housing market has been on edge this year as mortgage guidelines came into effect, making it harder for prospective buyers to qualify for loans.

A surge of foreign money into Canadian housing had been adding “gasoline” to markets in Vancouver and Toronto, McKay said. He identified a “cocktail of factors” that led to unconstrained growth of Toronto and Vancouver home prices, including a growing population, land constraints, lack of supply and highly stimulative interest rates that caused people to funnel more disposable income into their homes in addition foreign money.

Source: Bloomberg.com

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Posted by on April 15, 2018 in City of Toronto, Commercial Real Estate, Condominiums, New Announcement, New Condominiums, New Condos, New Construction, New Development, New Homes, Toronto Housing, Toronto New Condos

 

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Urban Townhomes

Rouge Townhome

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

Click Here To Register To Get Pricing & Floor Plans

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

 

 

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Guildwood Condominiums

Guildwood Condominiums is a new condo development by Scollard Development Corporation currently in preconstruction. The development is scheduled for completion in 2018. Sales for available units range in price from $299,900 to $699,900. Guildwood Condominiums has a total of 112 units, sizes range from 511 to 1432 square feet.

Click Here To Register To Get Pricing & Floor Plans

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BUILDING FEATURES Smooth ceilings throughout with 9’ ceiling heights on floors 2-6 and 10’ ceiling heights on ground and 7th Floor Low E double pane windows Selected suites feature balconies and terraces as per plan Virtual concierge service In suite sprinkler system Smoke and carbon monoxide detectors in each unit where required by Ontario Building Code. Closed circuit security cameras throughout parking garage and at access doors for added safety. Enterphone system in lobby vestibule for visitors to contact residences directly to gain admittance. Controlled door access throughout common areas with computer access key fobs. Personal remote transmitter for parking garage access provided with each parking space. Underground parking and locker storage with security cameras in the garage area along with parabolic mirrors in the underground parking areas. Heated parking ramp to prevent icing. Underground garage is ventilated and protected by a fire sprinkler system for added safety and protection. Fire safety system in accordance with the current Ontario Building Code for safety. Underground garage lit with fluorescent lighting and light painted walls. Wall mounted “panic” button installed in various locations throughout the underground garage. Waste management and recycling system with garbage tri-sorter chute access on each floor. Professional landscaped grounds on site property. Move-in area with direct access to elevator for convenience. 2 elevators servicing all parking and residential levels. UNIQUE SUITE FEATURES Solid core suite entry door with lever handle lockset, dead-bolt lock and guest viewer with metal frame and wood casings and paint finish. Contemporary laminate flooring in foyers, hallways, living room, dining room, kitchen, den and bedrooms from Vendor’s finish packages, including transitional strips in doorways as per plan. Interior doors with brushed nickel-finish lever hardware as per plan. 4’ baseboards with corresponding 2’3/4 casings painted with Vendor’s semi-gloss latex white paint. Interior walls and ceilings primed with off-white paint. Semi-gloss off white paint on all trims. Bathrooms, Kitchen and Laundry areas are painted with latex white semi-gloss paint. White painted smooth ceilings in all areas with Vendor’s standard white paint. White decora style switches and receptacles where applicable as per plan. Ceiling light fixtures in foyer and/or hallways, kitchen and dining room as per plan. Sliding closet doors or slab swing door in bedrooms and foyer as per plan. Poured concrete finish to all balconies; terraced units to receive patio pavers. Painted underside to all balconies. Outdoor balcony or terrace with one electrical outlet as per plan. Sliding glass doors or swing door to outside balcony or terrace as per plan. Aluminum awning windows as per plan. CHEF-INSPIRED KITCHENS Choice of contemporary style cabinets and quartz countertops from Vendor’s finish packages. Glass tile backsplash. Oversized single stainless steel undermounted kitchen sink. with single lever chrome pull down faucet with pull out spray. Exhaust fan in kitchen over the stove. Overhead lighting in kitchen. APPLIANCE PACKAGE Counter depth stainless steel bottom freezer fridge. Slide in stainless steel self-clean range. Built-in stainless steel dishwasher Full size stackable washer/dryer including heavy duty wiring and receptacle for dryer. Stainless steel microwave oven with exhaust over the range. *Size details to be added based on plan. BATHROOM FEATURES Custom designed cabinets from Vendor’s finish packages. Porcelain tiles for bathroom floors with ceramic tiles for bathtub and shower enclosures from Vendor’s finish packages. Acrylic soaker tub as per plan. Shower stalls completed with full height ceramic tile surround and semi frameless glazed shower door as per plan. Vapour proof ceiling mounted pot light over tubs and showers. White bathroom fixtures throughout. Single lever chrome faucets in vanity sink. Quartz vanity tops with undermount basins Vanity mirror and decorative light fixture. 2 Pot lights. Dual-flush, white ceramic water closet. Exhaust fan in all bathrooms vented to the outside. Privacy locks on all bathroom doors. Temperature balance valves for tub and shower. MULTI-MEDIA Pre-wired outlets for cable TV in living room, bedrooms, and den as per plan. Hi-speed internet connectivity in every suite. Telephone outlets in living room, kitchen, bedrooms, and den. Wi-Fi connectivity in selected amenity areas. MECHANICAL / ELECTRICAL / WASTE MANAGEMENT Dedicated heat pump unit(s) as per plan with a dedicated heated/cooling thermostat. Individual climate control suite heating and air-conditioning. Individual metering of in-suite electrical consumption. Domestic water meters dedicated for hot and cold water. Dedicated electrical meter. Pre-wired for personal encoded stand-alone intrusion alarm system. Suite equipped with emergency voice communication system. Switch controlled split outlets in living room and bedroom as per plan.* Electrical copper wiring with circuit breaker service panel. HOMEOWNERS LEVELS OF PROTECTION One year warranty on the workmanship and materials. Tarion Warranty Corporation New Home Warranty Protection, as per Tarion Guidelines. Manufacturer’s warranty on appliances.

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

 

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The Step Condos

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The Step Condos. With entry-point pricing, low monthly running costs, Terranata’s residential condominium, The Step, is the affordable and utterly desirable option that allows you to say goodbye to renting and say hello to owning a home overlooking the Humber River’s lush greenspaces. One of the highlights of living at The Step Condos is an easy access to highway 400 and 401. It is also close to Humber College and York University.

First launch is not available to public or other agents. First access Guaranteed, Register today.

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Posted by on December 30, 2015 in Condominiums

 

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Harmony Village Condos

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An innovative and dynamic life-changing concept, Harmony Village Condominiums are designed to satisfy all of your day-to-day needs – from health and wellness to pleasure and leisure. A place where senses are luxuriously satisfied, lives enriched, pleasures fulfilled and cares tended. Where all the joys of every day come together in a place with a full lifestyle blend of facilities. Enjoy shops, restaurants, specialty boutiques, cafés and Harmony Village’s own on-site all-year round leisure and event programming.

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Harmony Village Condos at Sheppard and Warden Avenues, offering buyers the opportunity to become part of a lifestyle concept that will revolutionize the real estate sector. Every element of architecture and design is focused on delivering living spaces that exceed all expectations for people looking to simplify their real estate needs with no compromises. Downsizing never felt so good.

Harmony Village Condos will set new standard in amenities and services. All residents will be part of a robust community with all the comforts of home and much more. Residents of Harmony Village Condominiums will also be invited to join the various fitness and lifestyle activities offered through the on-site St. Paul’s L’Amoureux Centre. This award winning facility specializes in providing services to encourage active physical and social lives.

 

Important Message: In order for an investor to take advantage of Buying Pre-construction Condos is to buy before it is 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 Register, we can only bring limited number of buyers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

 

 

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Bristol Condos

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Live with flair at Bristol Condominiums and enjoy freedom, untethered by the ordinary.

Bristol Condos has been artfully designed, blending contemporary and traditional elements of architecture setting the stage for remarkable living.

Inside, you’ll find polished interiors that flow seamlessly from one room to another, with the hues of the sky as your backdrop. Roof top amenities that inspire good living: a modern, well-equipped fitness studio, a sophisticated lounge with fireplace and cozy seating. Appointed with full kitchen and bar, dining area and games room that opens out to a private terrace.

Bristol Condominiums has a superlative location in Richmond Hill, one of Canada’s fastest-growing cities, where there are plenty of hip

Condo living is all about pleasure and the freedom to pursue a life lived with flair!

CONDOS STARTING from the mid $200’s

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downtown boutiques, café and restaurants, parks and recreation, accessible public transit, and a host of places to work and play.

With a location as desirable as this, opportunities must be grasped before they’re gone. Take a moment to register now for your place at our grand opening event coming soon.

Experience a beautiful life where convenience and excitement come together in gorgeous Richmond Hill, famously, ‘a little north, a little nicer’.

This community has everything you need and more. Bustling downtown Richmond Hill offers abundant shopping choices, restaurants catering to a variety of savoury and sweet palettes. Take in some live theatre at the Richmond Hill Centre for the Performing Arts or see the latest blockbuster at one of the many movie plexes. Tee off at a nearby award winning golf course such as Bathurst Glen, The Summit, Maple Downs or Bloomington Downs. Recreation facilities abound for leisure and enjoyment at the Richmond Green Sports Complex or the Elvis Stojko Arena. Visit Lake Wilcox to experience kilometers of nature trails. Stay connected to wherever you want to go with VIVA’s excellent transportation system and routes.

Important Message: In order for an investor to take advantage of Buying Pre-construction Condos is to buy before it is 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 Register, we can only bring limited number of buyers into the Platinum VIP Sales Event, so pre-register now for priority access:

 

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83 Sorauren Condos

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383 Sorauren Condos is a new, modern, stunning, and well-designed condominium project by Gairloch and Centrestone Urban Developments Inc. located at 383 Sorauren Avenue. This 11-storey boutique condo is coming to Roncesvalles. It’s a fresh approach to the traditional warehouse-style, with many unique private outdoor spaces. It’s a short walk to the best retail, restaurants and parks including Sorauren and High Park. And with easy access to the Gardiner, Bloor subway, and downtown core, 383 Sorauren Condos is sure to fit your urban lifestyle.

From The Mid $200,000s

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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 83 Sorauren Condos Platinum 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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