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/

 

Things to know about disclosure and clauses

5 things to know about disclosure and disclaimer clauses

 

The basement floods after closing. Can the buyer sue the seller? The agreement contained wrong information about the property dimensions but also included a disclaimer clause. Can the buyer sue if there is a problem after closing? Do you need to disclose a murder that occurred in a home? These are not simple questions, but if you remember the following principles, you should be able to understand the law.

 

Here are 5 key lessons to remember:

1.    When there is a flood after closing, the buyer will have to prove that the seller knew about this defect and that it was serious or else that the seller actively concealed the defect from the buyer. It will also depend on whether the buyer conducted a home inspection and in the case of basement water, whether the seller actually finished the basement themselves. A buyer will have to prove that the seller must have known about the problem during their ownership. Buyers will have to take pictures of the damage and bring in an experienced contractor who will be able to look at the damage and then give an expert opinion, in court if necessary, that the seller either must have known about the problem or did work behind the walls to conceal the problem. If the buyer cannot prove this, they will likely not be successful.

2.    The defect must make the property uninhabitable or dangerous. This means that the defect must be so serious that the buyer may not be able to continue living in the property. This would include a foundation problem. It is not clear if this would include a disclosure that the property was previously used as a grow op, as it would depend on the extent of the operation and whether it was actually remedied according to accepted industry standards. It would also depend on whether the buyer could obtain insurance for the property. Suffice to say that if the seller does not disclose a minor basement leak, the buyer will not be successful suing about it after closing.

3.    The law is not settled as to whether a seller needs to disclose a property stigma, whether it is a murder, suicide or neighbourhood condition, such as a pedophile who lives next door. Most appraisers will tell you that this will affect a property’s value. However, it will still be hard to prove that this stigma would make the home uninhabitable and this is why many lawyers will tell you that you do not have to disclose property stigmas.

4.    If you advertise the boundaries of a property in a listing, can the buyer get damages or get out of the deal if it turns out the boundaries are incorrect? Will it make a difference if there is a disclaimer clause in the offer itself, saying that the information, while believed to be correct, is not guaranteed and should not be relied upon without independent verification? In most cases, if the disclaimer is there, the buyer will not be able to sue the seller for any damages and will need to make sure that they do their own proper due diligence in advance. The lesson for any buyer is to make sure that if there is a disclaimer present, that you check a survey of the property or make the deal conditional on your own independent verification of all boundary lines.

5.    If you have any concerns about disclosure, ask the sellers point blank if they have had any water in the basement, murders or grow houses on the property in the past, or insert a clause to this effect in your offer. The sellers then have to respond truthfully. Speak to the neighbours and ask if any repairs were done at the property during the past year or whether there are any other issues with the property that you should know about. Also ask the neighbours about anything peculiar going on in the neighbourhood, including asking about the neighbours on either side of the property you are interested in buying. A major reason sellers sell a home is simply to get away from a neighbour.

When you understand the rules about disclosure and properly protect yourself, you should be able to minimize any problems that could arise after closing.

Source: Mark Weisleder LLB

 

Musée Condos

 

Please Visit www.Newcondoes.com with more picture and detailed information.

 

Amidst a civilized, tree-lined pocket off Adelaide West, near the vibrant street scene along King Street West, is a cosmopolitan condominium like no other. Musée elevates the urban experience with places and spaces
that prompt surprise and delight.

The 21-storey building brings an unmistakable gravitas to the neighbourhood. The dark and dramatic, stone-like base is paired with a luminous glass tower. Brilliant splashes of colour are scattered throughout, much like an immense painted canvas of a field accented with bunches of bright wild flowers.

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The modern lobby with its long, low Zen fireplace invites the outside in. Dramatically long and deep sofas interrupt texts and tweets with a social space that encourages lounging and laughing with friends. With dramatic architecture, exquisitely detailed interiors and luxurious amenities, Musée presents an uncompromisingly sophisticated take on urban style.

Features & Finishes

DESIGN AND DECOR FEATURES
•Solid core suite entry door, contemporary hardware, deadbolt lock, keyed entry, through-door viewer •Modern designer selected interior doors with lever door hardware in satin nickel finish throughout •Painted baseboard trim with matching door casings and jambs throughout •Hard surface flooring* or 60 oz. carpet* or Berber/Sisal style broadloom* in entrance area (if any), kitchen, living/dining area, bedroom(s) and den as per Vendor’s plan; white ceramic tile flooring in laundry area •Horizontal white mini-blinds on all exterior windows •Rocker style white light switches and matching white receptacles •Ceiling light in walk-in closet; bedroom(s) and den as per Vendor’s Plan •Capped ceiling outlet in the dining area as per Vendor’s plan •White designer selected windows and sliding door sills as per Vendor’s plan

COMFORT AND CONVENIENCE FEATURES
•Individually controlled year-round heating and air-conditioning systems (heat pump) with thermostat to suit Purchaser’s personal comfort levels •All water (for drinking, bathing, washing and cooking) filtered by the Building’s central-source water filtration system •Pre-wiring and outlets for telephone/cable television/internet access in living room, bedroom(s) and den as per Vendor’s plan •Individual consumption meter for electricity to reflect Purchaser’s personal consumption; separate billing from the Corporation or its service provider •Thermally isolated double-glazed windows throughout with operable sections as per Vendor’s plan •Intrusion alarm rough-in for suite entry door(s) and for windows on Level 1, which rough-in shall be provided for Purchaser’s own remote monitored individual intrusion alarm system •Built-in heat detector(s) as per Building Code •Stacked full-sized white front-loading washer and dryer vented to the outdoors •Sliding glass door or swing door with full glazing for access to Balcony,Terrace or Patio as per Vendor’s plan •Balconies have waterproof electrical outlet •Terraces and Patios have outdoor wall light, waterproof electrical outlet and hose bib as per Vendor’s plan

KITCHEN FEATURES
•Solid granite slab countertop* or quartz countertop* as per Vendor’s plan •Kitchen cabinets* with a full bank of drawers as per Vendor’s plan •Engineered laminate flooring* in kitchen where applicable as per Vendor’s plan •Light valances under upper kitchen cabinets as per Vendor’s plan •Small format halogen track lighting fixture as per Vendor’s plan •Ceramic tile* or glass tile* backsplash, all as per Vendor’s plan •Stainless steel undermounted kitchen sink as per Vendor’s plan •Single-lever kitchen faucet with integral pull-out vegetable spray •Slide-in glass cooktop and self-cleaning oven; built-in multicycle dishwasher; frost-free double door refrigerator with bottom mount freezer; built-in combination microwave over/range hood vented directly to the outdoors (stainless steel facing for each appliances)

WASHROOM FEATURES
•Solid marble slab vanity countertop* with undermounted square format sink and square format faucet •Vanity cabinet* with space saver drawer as per Vendor’s plan •Ceramic or porcelain tile flooring* and tile baseboard as per Vendor’s plan •Small format halogen pot lighting in dropped washroom ceiling as per Vendor’s plan •Full-height, full-width fitted mirror above vanity countertop as per Vendor’s plan (decorative mirror in powder room) •Wall-mounted square format temperature balance controls and rainshower shower head •Privacy lock on washroom door •Washroom ventilation fan vented directly to the outdoors

 

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.

 

The Hub Condos

 

 

 

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Live Life on Tomorrow’s Fast Lane. Make the Switch. With its uptown edge, this new residential development by award-winning Empire Communities will play a key role in this Eg-West area’s entire renewal. With condo suites, new neighbourhood-friendly shops, services, and the Eglinton Crosstown LRT right at your front door, where else would you rather be? First in can take advantage of the good-value combination of a yet-to-be-discovered neighbourhood. Get connected to The Hub.

Price list and Floor Plans Available Upon Request!

The Hub Condos located at the corner of Eglinton and Oakwood, 1603 Eglinton is currently the site of a single-storey commercial building. Empire Communities is planning build a 16-storey condominium with some retail space integrated into the ground floor.

Starting from the low $200’s

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 Hub 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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Grand Palace Condominiums

Grand Palace Condos is a new condo project in Richmond Hill by Guizzetti Corporation located at Yonge St. & Weldrick Rd. and available in the mid $300,000’s. Taste the Luxury life at Grand Palace Condos, 15 floors towers with great views of Richmond Hill… The surrounding fine shops and restaurants make this the perfect neighbourhood for a soothing stroll. Become part of a superb and established community featuring beautiful estates, golf courses, and luxury living amenities! Your neighbourhood is one of prestige, safety and splendor.

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Home is where the heart is, and in the heart of Richmond Hill stands a refuge for the refined. Welcome to the future of condominium living, where superior construction meets elegance and function meets luxury. It’s all here in one architectural marvel on the West side of Yonge – convenience, creature comforts and all the lavish trimmings.

Grand Palace Condos’ suite is a haven of stately grace. Floor-to-ceiling glass walls provide natural daylight and your window to the world. Every detail is of the finest quality, including deluxe appliances, fixtures and imported granite, marble and ceramic finishes. Within this contemporary design the final touches are uniquely yours. Select a design package for an ambiance that reflects your own inimitable sense of style

Luxury Features & Finishes

Imported Stone Countertops

• No two cuts of stone are ever alike. The elegant centerpiece of your future kitchen and bathrooms is guaranteed to be one-of-a-kind.
• Choose from an exquisite array of granite countertops for the kitchen (including breakfast bar where applicable) and bathrooms.

Fisher & Paykel refrigeration

• The Grand Palace is proud to present the elite Energy Star certified Fisher & Paykel EZKleen stainless-steel “Active Smart” refrigerator, a brand long synonymous with style and cutting-edge innovation.

Water Saving Fixtures

• In the kitchen, premium fixtures include a double sink and single-level faucet with pull-out vegetable sprayer for double the convenience.
• In the bathrooms, enjoy temperature-and pressure-balanced fixtures throughout plus under-mount sinks and a 5’ soaker tub.

A Grand Entrance

• The foyer features a 9’ ceiling and mirrored closet doors. *

Sense of Greatness

• Smooth-finished 9’ standard ceilings create an enhanced sense of spaciousness in the kitchen and all bathrooms.

Prestigious Floor Coverings

• Luxury at your feet. Your suite features premium laminate flooring in the bedroom, living room, dining room, den – even the kitchen in all open-concept layouts.
• Should you desire, carpeting can be substituted in the bedroom.
• Premium porcelain tiles complete the picture in all bathrooms and kitchen (when layout permits). Your choice of porcelain or ceramic in foyer.

Gourmet Kitchens

• Stylish entertaining begins and ends in your gourmet Grand Palace kitchen, tastefully designed for your convenience and culinary pleasure.
• Custom-designed contemporary kitchen cabinetry features 42” uppers with extra depth over the Fisher & Paykel refrigerator, with cabinet doors available in your choice of 6 dramatic door profiles and 3 exciting colours.
• Get more done with the power of Whirlpool appliances. Designer Whirlpool kitchen appliances include an Energy Star® stainless-steel high-efficiency time-delay dishwasher, stainless-steel self-clean built-in combination oven, 30° electric ceramic glass cook top, and a 30”wall-mount glass canopy hood or a 20 cubic-foot stainless-steel microwave/hood fan combo.
• Attractive backsplash options include your choice of modern mosaic or ceramic tiles.
• Under-mount sink offers a clean countertop to showcase the designer stone to dramatic effect.
• Under valence & lighting.

Laundry

• Whirlpool full-sized stacked front-loading dryer and Energy Star® high-efficiency front-loading washer.
• Premium ceramic flooring.

Spa-Like Retreats

• Elegant full bathrooms offer modern luxury features including built in deep soaker tubs with a full-height ceramic surround.
• Ensuites include a separate shower with recessed lighting and frameless tempered glass enclosure.
• Custom double-door vanity, granite countertop and a medicine cabinet with mirrored door above.
• Convenient light in the shower.
• Dual-flush high-performance toilet saves water.

Design & Comfort Details

BASEBOARDS & CASINGS (PSC Certified)

• Architecturally designed modern 5” baseboards.
• Painted casings on interior doors.

HARDWARE

• Lush brushed-metal hardware.

PAINT

• Walls, baseboards, trim and doors to be professionally painted with primer and finished with two coats of off-white eggshell wall paints (no-or low-VOC).

WINDOWS

• Architecturally designed aluminum window frames with thermally insulated low-e coated double-pane sealed glazed window units that conserve energy.

COMFORT SYSTEMS

• Year-round in-suite individual climate control ensures your suite is heated or cooled to your personal comfort.

COMMUNICATION SYSTEMS

• Pre-wired cable, television and telephone outlets throughout offer modern communication convenience. *

LIGHTING

• Artfully designed ceiling-mounted halogen track lighting and under-cabinet task lighting in the kitchen.
• Distinctive ceiling light fixtures in foyer, kitchen, den, hallways and walk-in closets. **
• White Decora light switches and electrical outlets.
• Capped outlets in the dining room and bedrooms.

Live in Absolute Comfort & Peace of Mind

• Courteous concierge service will be available 24 hours a day, 7 days a week in the residential lobby.
• Easy-use security card access at all entrances keeps the building safe from unwanted visitors.
• Closed circuit television monitoring in underground parking for greater peace of mind.

The Height of Elegance

• All penthouse suites feature soaring 10’ ceilings.

Relax Outside

• Spacious balconies and terraces are perfect for outdoor entertaining.

*As per plan.

**As per vendor’s standard samples. All dimensions, including ceiling height and area, if any, are approximate and may change. Actual living area may vary from any stated floor plan. References to model types or model numbers refer to current manufacturer’s models. If these types or models shall change, the Vendor shall provide an equivalent model and the Purchaser is bound to accept the same. The Vendor shall have the right to substitute other products and materials for those listed in this Schedule or described in other plans and specifications provided to the Purchaser by the Vendor, provided that the substituted products and materials are of a quality equal to, or better, than the products and materials so listed or so provided. The Purchaser acknowledges that some items displayed in the presentation centre of the Vendor may not be standard features and finishes and may (if available) be purchased from the Vendor at an extra cost. Selections of all features and finishes, where the Purchaser is given the option to select the model, style and/or colour, shall be made from the Vendor’s predetermined standard selections. All features and finishes may vary from suite to suite. Prices and specifications are subject to change without notice. E.&O.E. May 2011

 

TOWER A

Number of Suites: 168

Number of Levels: 15

PRICING:

Floor Increments vary depending on views and locations.

See Sales Representatives for details, H.S.T. included in all prices.

PARKING:

One Parking Space Included. Additional Parking Space $25,000 + HST

LOCKER:

Available at $2,500 per Locker + HST.

MAINTENANCE FEES:

Approximately $0.54 per square feet per month.

Includes: Building Insurance and the upkeep of common areas, heat/air conditioning.

Excludes: Hydro, water, parking, locker, cable, phone, internet plus applicable taxes.

DEPOSIT STRUCTURE:

$5,000 with Offer

5% less $5,000 in 30 Days

5% in 90 Days

5% in 120 Days

5% in 365 Days

PROPERTY TAXES:

Estimated at 1.25% of the Purchase Price per annum.

Tentative Occupancy

Summer 2014

Prices & Specifications subject to change without notice. E&O.E. May 02, 2012. Admin Last Updating May 12, 2012

TOWER B

Number of Suites: 168

Number of Levels: 15

PRICING:

Floor Increments vary depending on views and locations.

See Sales Representatives for details, H.S.T. included in all prices.

PARKING:

One Parking Space Included. Additional Parking Space $25,000 + HST

LOCKER:

Available at $2,500 per Locker + HST.

MAINTENANCE FEES:

Approximately $0.54 per square feet per month.

Includes: Building Insurance and the upkeep of common areas, heat/air conditioning.

Excludes: Hydro, water, parking, locker, cable, phone, internet plus applicable taxes.

DEPOSIT STRUCTURE:

$5,000 with Offer

5% less $5,000 in 30 Days

5% in 90 Days

5% in 120 Days

5% in 365 Days

PROPERTY TAXES:

Estimated at 1.25% of the Purchase Price per annum.

Tentative Occupancy

Summer 2014

Prices & Specifications subject to change without notice. E&O.E. May 02, 2012. Admin Last Updating May 12, 2012

 

Price List and Floor Plans  are available upon request.

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 Grand 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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IT Lofts

IT Lofts is a boutique loft residence, located in Little Italy where it meets Little Portugal and Dufferin Grove.

Say ciao to la dolce vita in downtown’s favourite neighbourhood. Rising seven storeys above the stylish streets of Toronto’s Little Italy, IT Lofts put you at the centre of vibrant city living. Great nightlife, beautiful residential streets, and charming shops, cafes and restaurants offer a modern European vibe you won’t find anywhere else in Toronto. IT’s the ideal place to live, work and play, all within blocks of home.

In fact, IT’s the perfect place to call home.

With architecture that’s geometric, angular and remarkably varied, this is no cookie-cutter construction project. IT Lofts is an artful blend of design and function that merges glass and concrete with striking marble accents, dark with light, recessed spaces with jutting elements. It all works together to create a harmonious structure that’s unexpected, exciting – and remarkably beautiful.

The Finishing Details

Suite Features

• ceiling height in principal rooms is 9ft or 10ft†
• floor to ceiling windows†
• sliding doors open onto the balcony† and terrace†
• exposed concrete ceilings and in all areas except the bathroom, powder room†, washer/dryer room and foyer†
• exposed round concrete columns†
• white painted interior walls
• 4” baseboard and 2 1/2” door casing
• slab style bathroom, closet and washer/dryer room doors with brushed chrome hardware
• glass sliding door(s)† to bedroom
• vinyl coated wire shelving in all closets and storage areas†
• full-size stacked Energy Star™ washer and dryer
• individually controlled heating and air conditioning system utilizing a heat pump system
• gas BBQ connection provided on all terraces† and balconies†
• hose bib provided on all terraces†

Kitchen

• custom designed kitchen cabinetry with island† in a selection of finishes*
• quartz surface counter top*
• back-painted glass backsplash*
• single bowl under-mount stainless steel sink
• single lever deck mounted faucet set with pull-out spray
• integrated and stainless steel appliances – Energy Star™ frost free refrigerator, Energy Star™ dishwasher, gas cook top, and electric built-in oven
• integrated exhaust hood and microwave oven

Bathrooms

• custom designed bathroom cabinetry in a selection of door finishes*
• rain style shower head
• full width mirror
• porcelain wall tile* on all wet wall surrounds (bathtub and shower†) and vanity wall
• white bathroom fixtures
• deep soaker bathtub† with tiled skirt
• pressure balanced mixing valve in the bathtub and shower†
• exhaust fan vented to the exterior

Floor Coverings

• engineered wood floors* throughout with the exception of the bathroom(s) and washer/dryer room
• porcelain floor tile* in bathroom
• ceramic floor tile in washer/dryer room

Safety and Security

• pre-wired for a personally encoded suite intrusion alarm system
• electronic communication system located in the secure main entry vestibule. guests in the main entry vestibule can be viewed on the resident’s television
• surveillance cameras in the lobby, and main entry vestibule
• key fob controlled access system at all main building entry points and parking garage
• smoke and carbon monoxide detectors provided in all suites

Electrical Fixtures

• individual electrical panel with circuit breakers
• white ‘decora style’ receptacles and switches throughout
• ceiling mounted track lighting in kitchen
• ceiling mounted light fixtures in foyer† and hallways†
• pot lights in bathroom(s) and powder room†
• capped ceiling light fixture outlet in dining room†
• switch-controlled split outlets in living room, den† and bedroom(s)

Multi-media Technology

• structured high speed wiring infrastructure with network centre to support the latest entertainment and high speed communications services
• pre-wired telephone, cable television and communication outlets. category 6 telephone wiring to all telephone outlets. rg-6 coaxial cable to all cable television outlets. each cable television and telephone outlet connects directly to the suite network centre

† – as per plan

– from the vendor’s samples

natural products (i.e. granite, wood and marble) are subject to natural variations in colour and grain. tile is subject to pattern, shade and colour variations

if the unit is at a stage of construction which will enable the Vendor to permit the Purchaser to make colour and material choices from the Vendor’s standard selections, then the Purchaser shall have until the Vendor’s date designated by the Vendor (of which the Purchaser shall be given seven (7) days prior notice) to properly complete the Vendor’s colour and material selection form. If the Purchaser fails to do so within such time period, the Vendor may irrevocably exercise the Purchaser’s rights to colour and material selections hereunder and such selections shall be binding upon the Purchaser. No changes whatsoever shall be permitted in colours or materials so selected by the Vendor, except that the Vendor shall have the right to substitute other materials and items for those provided in this Schedule provided that such materials and items are of quality to or better than the materials and items setout herein

the Purchaser acknowledges that there shall be no reduction in the price or credit for any standard feature listed herein which is omitted at the Purchaser’ request;

references to model types or model numbers refer to current manufacturers models. If these types or models change, the Vendor shall provide an equivalent model;

all dimensions, if any, are approximate. Actual useable floor space may vary from the stated floor plans, if so stated;

all specifications and materials are subject to change without notice E. & O.E.;

pursuant to this Agreement or this Schedule or pursuant to a supplementary agreement or purchaser order, the Purchaser may have requested the Vendor to construct an additional feature within the unit which is in the nature of an optional extra. If, as a result of building, construction or site conditions within the Unit or Building, the Vendor is not able to construct such extra, then the Vendor may, by written notice to the Purchaser, terminate the Vendor’s obligation to construct the extra. In such event, the Vendor shall refund to the Purchaser the monies, if any, paid by the Purchaser to the vendor in respect of such extra, without interest and in all other respects this agreement shall continue in full force and effect;

the Vendor shall have the right to substitute other products and materials for those listed in this Schedule, represented to the Purchaser or provided for in the plans and specifications provided that the substituted products and materials are of a quality equal to or better than the products and materials so listed or so provided. The determination of whether or not substituted materials and products are of equal or better quality shall be made by the Vendor’s architect

all suites protected by the Tarion New Home Warranty Program

IT Lofts Price List Will Become Available Soon

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Housing starts will slow; resales of existing homes will remain steady in 2013

Construction of new homes in Canada was higher than expected in 2012, but is expected to slow in 2013 according to a forecast released today by the Canadian Mortgage and Housing Corporation.

The CMHC’s fourth quarter 2012 outlook also noted that resales of existing homes should remain steady. This is expected to lead to house price growth that is roughly in step with or slightly below inflation.

Housing starts appeared to slow in September, but through a significant chunk of 2012 economists have been surprised by the number of starts. The high number has been attributed to the large number of condos being built.

“A weaker outlook for global economic conditions and the waning of the effect of pre-sales from late 2010 and early 2011, which contributed to support multi-family starts this year, will bring moderation in housing starts next year,” Mathieu Laberge, deputy chief economist at CMHC, explained in a press release.

“Nevertheless, employment growth and net migration will help support housing starts activity going forward.”

Here are a few more essential points from the CMHC’s quarterly report:

• The CMHC forecasts that there will be 193,600 housing starts in 2013 and estimates that the 2012 number will total 213,700
• The CMHC forecasts there will be 461,500 resales in 2013 and 457,400 by the year end of 2012
• Total starts in 2013 are expected to decline as a result of lower multi-family starts
• Resales are expected to rise due to employment growth and low interest rates

 

The Britt Condos

Introducing The Britt Condos- designed for those with a passion for the finest things in life, British-inspired architecture, with interior design and amenities that surpass European standards. The Britt Condos is where classy meets classic and historic meets epic. Situated at Bay and Wellesley, and injecting new life into the legendary Sutton Place Hotel, The Britt is steps from Bloor Street with its world famous “Mink Mile“, and the allure of Yorkville with its restaurants, boutique shops and services. The financial district and downtown core and only a bus ride down Bay, and the subway is just around the corner.

The Britt Condominium Residences will ultimately consist of a soaring 41 storey residential tower along Bay Street with a separate 8 storey wing that fronts on Wellesley St. Munge Leung-designed amenity spaces include the elegant 2 level lobby with grand staircase providing many lounging opportunities over looking Bay Street.

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Features & Finishes

BUILDING FEATURES

• Grandly designed two storey level entry lobby
• Second storey lounge areas
• Seven elevators. Each floor served by at least two elevators
• One shuttle elevator providing service between the entry lobby and the parking levels
• Indoor Amenities on Second Floor:

1. Multi-purpose party room with kitchen facilities
2. Home Theatre Room
3. Sundry Lounge Areas
4. Management Office
5. Furnished Boardroom
6. Storage Room

• Outdoor amenities on the Second Floor

1. Furnished Lounging Areas with Barbeque Services
2. Exterior Fireplace

• Fitness/Spa Facilities on the Second Floor

1. Equipped Fitness Centre
2. Men and Women Washrooms and Change Rooms,
3. Yoga/Aerobic Studio
4. Spa Facility with Hot-Tub Spa, Dry Sauna, Bathrooms, Showers, and Relaxing Lounge
5. Lounging Outdoor Terrace

• Ninth Floor Amenity Facilities:

1. Outdoor Pool, Hot-Tub and Lounging Areas
2. Party Room and Kitchen facility
3. Outdoor private lounging area with individual Barbeque stations, central fire place and landscaped lounging areas

• 24 Hour Concierge
• Pet Spa
• Individual storage/bicycle lockers**
• Auto share parking spaces

SUITE FINISHES

• Approximately nine foot ceilings in exterior part of units facing Bay Street from Floors 3 to 31
• Approximately nine foot ceilings in units on floors above 31 ****
• Approximately nine foot ceilings in units facing Wellesley Street from Floors 2 to 8****
• Exterior glass sliding doors***
• Solid core entry door with hardware and security viewer
• Choice of multi strip engineered hardwood flooring, porcelain or ceramic in entry foyer
• Multi strip engineered hardwood flooring in den, living rooms, dining rooms and halls***
• Individually controlled heat pump heating and cooling system
• 40 Ounce broadloom and upgraded under pad in bedrooms***
• Sliders or hinged doors on closet doors***
• In-suite smoke detector
• In-suite carbon monoxide detector
• Laundry with stacked washer/dryer vented to exterior
• Ceramic flooring in laundry area
• Interior walls painted off-white quality latex*

KITCHEN

• Choice of multi strip engineered hardwood flooring, porcelain or ceramic flooring*
• Selection of designer series kitchen cabinetry*
• Granite countertop*
• Designer series ceramic tile backsplash*
• Stainless steel sink with single lever faucet and pullout vegetable spray***
• Integrated refrigerator and dishwasher, cooktop, stainless steel wall oven, stainless steel built-in microwave and stainless steel integrated slide-out exhaust hood
• Ceiling mounted lighting fixture

MASTER ENSUITE BATHROOM

• Choice of marble, porcelain or ceramic flooring* ***
• Medicine cabinet **
• Marble countertop with ceramic basin*
• Safety pressure-balancing valve in tub**
• 5’ soaker tub or shower with glass panel with chrome faucets***
• Designer selected white plumbing fixtures**
• Designer selected cabinetry*
• Choice of marble, porcelain or ceramic wall tile in tub or shower area ***
• Exterior vented exhaust fan
• Entry privacy lock

MAIN BATHROOM

(Note: In units with one bathroom, the bathroom will be outfitted with ensuite bathroom finishes.)

• Choice of ceramic or porcelain flooring* ***
• Laminate countertop with ceramic basin*
• Safety pressure-balancing valve in tub**
• 5’ soaker tub or shower with glass panel with chrome faucets***
• Designer selected white plumbing fixtures
• Designer selected cabinetry*
• Choice of porcelain or ceramic wall tile in tub or shower area ***
• Exterior vented exhaust fan
• Entry privacy lock

ELECTRICAL FEATURES

• Rough in ceiling light outlets in dining room
• Lighting fixtures in bathrooms**
• Lighting fixture in hallway
• Cable television outlets in den, living room and master bedroom**
• Telephone outlets in living room and master bedroom**
• Service panel with circuit breaker

SECURITY FEATURES

• 24-hour Security cameras in select garage/parking areas
• Concierge
• Closed circuit camera monitoring at select building entry points
• Electronic communication system in lobby vestibule permits visitors to communicate with suite from building entrances

ENERGY EFFICIENCY FEATURES (3)

• Energy Star appliances
• Dual flush toilets
• Energy efficient light bulbs
• Water conserving faucets
• Individually metered hydro

GENERAL

Please see provisions in Schedule A relating to Purchaser’s rights to select finishes and Vendor’s rights to install substitute materials and finishes

* Colours and/or materials to be selected from Vendor’s standard sample packages, as provided for below. Vendor shall not be responsible for shade differences occurring from different dye lots.

** If applicable

*** As per plan

**** Except bathrooms, laundry, bulkheads and drop ceilings for mechanical systems, as required

(1) The Vendor shall have the right to make alterations to the selection and specifications relating to Energy Efficient Features. Dated: June 5th, 2012

PLATINUM VIP AGENT INCENTIVES:

1% Discount off the Suite Price

$2000 Cash off Certificates

$2000 towards Upgrades

$0 Assignment Fee – Regularly $5000

Prices Starting from $274,900

Deposit Structure

• $2,000 with the offer
• Balance to 5% in 30 days
• 5% in 120 days
• 5% in 270 days
• 5% on occupancy

Off-Shore Deposit Structure

• $2,000 with the offer
• Balance to 7.5% in 30 days
• 7.5% in 120 days
• 7.5% in 270 days
• 7.5% on occupancy

Projected Occupancy Date: Spring 2016

Estimated Taxes: Approx. 1% of Purchase Price

Maintenance: Approx. $0.60 per sq.ft. + Hydro

Parking: $45,000 (available for suites 790 sq.ft. or larger)

Locker: on waiting list only

The Britt Residences Price List & Floor Plan Available only upon request.