Markham real estate. OPEN HOUSE - BRAND NEW MARKHAM TOWNHOUSE

 

Open house  in Markham Cornell neigbourhood!

Address: 769 CORNELL ROUGE BLVD - Markham Bypass/16th

Visit our Open House on September 22 and September 23 from 2 to 5.

BRAND NEW TOWNHOUSE, NEVER LIVED IN!
Only $334,900 for a Forest Hill beauty - 3-storey town facing park.
4 Bedrooms or 3 Bdr + second floor Family room (easy to convert to 4th Br)
Feels like semi - 1,725 SqFt! Quality construction, good spacious layout.
Modern country kitchen with an island. Parquet floors. Neutral decor.
Eight foot high ceiling on main & second floors. Sprayed, strippled ceilings.
Covered porch, detached garage.
Beautiful views from huge living and family room windows.
Lots of storage space. Sliding glass thermopane patio door.
Oval tub & shower with light, breakfast bar.
Easy access laundry room on second floor, all rough-ins throughout.
High efficiency natural gas furnace.
Cold storage room in a big unfinished basement. Quality ceramics in wet areas.
Quality low maintenance white casement windows.
Asphalt roof shingles under 20 year warranty. 7 years new home warranty.
Two steps to school & park. Enjoy the convenience of the Cornell community!
Very motivated vendor.

For details call listing agent Alexandre (Alex) Malkhassiants at (416) 723-9383
or go here - http://www.torontogreathomes.com/Markham/Ontario/Homes/N11_-_UnionvilleMarkham/Cornell/Agent/Listing_980357.html

TORONTO REAL ESTATE. NEW HOMES MARKET IN FALL

Sales of new homes in the Toronto area remain healthy, but that isn’t being reflected in current housing starts, according to Canada Mortgage and Housing Corp.

Starts edged down in August to a seasonally adjusted and annualized 32,000 from 35,100 in July, the federal housing agency reported yesterday.

One problem has been that developers are having trouble getting work crews, which are too busy with single detached housing to work on condominiums.

“While pre-construction sales of condominium apartments remained at record levels over the past year, condominium apartment starts have been lower,” said CMHC senior market analyst Jason Mercer.

“The answer to this conundrum lies with the fact that builders have completed fewer condominium projects this year and have not been able to shift as many resources to new projects.”

The current slowdown could cause capacity problems in the future, said Brian Johnston, who heads the Ontario Home Builders’ Association and is president of Monarch Corp., one of the largest Canadian builders.

“Right now you’ve got a situation where the pipeline is filled and you’ve got a potential blockage,” said Johnston.

Everyone from builders to architects and city hall staff is probably running flat out to deal with demand, said Johnston.

With the record number of condominium sales in the last year, the worry if problems continue is about the potential for a record number of delays down the road for condominium purchasers taking possession.

As of the end of July, sales of new condos in the Toronto area hit 13,365, compared with 10,722 at the same time last year. CMHC is expecting this to be a record year, with 18,000 condo sales.

Nevertheless, condo starts were off 48 per cent in the first eight months of the year, compared with a year earlier.

“We are a little surprised that this is still continuing, but obviously the system is experiencing some capacity issues,” said Johnston.

While the Toronto area experienced a drop, housing starts across Canada rose to 226,500 seasonally adjusted and annualized units in August from 215,600 in July. Much of the increase came in condominiums, up 10 per cent from the prior month.

CMHC has said condos are selling so well because they provide a choice for some would-be homeowners priced out of the single detached home market.

“While detached home construction weakens next year, a stronger apartment sector will support new construction activity in the back half of this year and into 2008,” said CMHC economist Ted Tsiakopoulos.

In a separate report released yesterday, Statistics Canada said the pace of growth in prices for new homes across the country slowed for the eleventh-straight month in July. Selling prices were up 7.7 per cent from a year earlier. In June, the year over year growth was 7.8 per cent.

That’s probably small consolation to some would-be purchasers across Canada, including those in Saskatoon, where housing prices posed a record increase of 51.4 per cent year over year. Regina’s increase was 23 per cent.

Price increases for new homes in Toronto and Oshawa were much more moderate, up by about the rate of inflation, or 2.3 per cent.

thestar.com

HOUSING AFFORDABILITY IN CANADA

You have to go back more than a decade to find housing affordability eroding as quickly as it is now, according to a new study from one of the country’s major chartered banks. All major housing classes have been impacted by the combination of rising interest rates and rising prices.

“In the second quarter, Canada’s housing affordability experienced one of the largest and most broadly based quarterly deteriorations since the mid-1990s,” said Derek Holt, assistant chief economist with Royal Bank. “Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”

The Canadian Real Estate Association said last month that the average price of a home sold in July was $311,495, a 12.6% increase from a year earlier. It was the strongest year-over-year increase in 14 months.

The Royal Bank, in its affordability index, measures the proportion of pre-tax household income needed to service the costs of owning a home. Condos remain the most affordable alternative, requiring only 29% of income.

A standard townhouse takes up 33% of income, a detached bungalow 41% and a standard two-storey home 46%.

The bank says Saskatchewan, Alberta and British Columbia saw the greatest erosion of housing affordability in the country. Prices have been rising faster in Saskatchewan than any other province, with the average price of a house sold in Saskatoon now up 53.7%  from a year ago.

The increased costs have been pushing more and more Canadians to amortize their mortgages over 40 years, as opposed to the traditional 25 years. The increase loan time lowers monthly payments but jacks up interest costs. Some in the mortgage industry say half of new business is now in the 40-year amortization class.

“The new-found ability to extend amortization up to forty-year mortgages temporarily offsets affordability pressures by rolling the clock back to late 2005 and early 2006 affordability conditions,” said the bank in a release.

Financial Post

Toronto real estate. INTEREST RATE STAYS THE SAME

The Bank of Canada kept its key overnight interest rate unchanged at 4.5 per cent Wednesday, September 5.  The cautious move was the result of uncertainty over where the economy and inflation are heading.

Bank of Canada governor David Dodge increased the key interest rate to 4.5 per cent in July — from 4.25 per cent — in a bid to keep inflation under control and to cool a hot economy.

At the time, most analysts were predicting that another rate hike was likely in September.

However, after a month of turmoil in financial markets — fuelled by a credit crunch in the U.S. subprime mortgage market — the Bank of Canada decided to stand on the sidelines Wednesday.

“Near-term prospects for economic growth outside North America appear to be slightly stronger than anticipated… while near-term economic prospects for the United States are weaker than expected,” the central bank said Wednesday in a press release.

“It now seems likely that the adjustment in the U.S. residential housing sector will be more pronounced and protracted, exacerbated by recent developments in financial markets.”

“There is a possibility that household demand in Canada could be stronger than anticipated, while on the downside the ongoing adjustment in the U.S. housing sector could be more severe and spill over to the U.S. economy more broadly,” said the bank.

The Bank of Canada’s next scheduled date to announce the overnight rate target is October 16.

For other mortgage articles go here - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html

York Region real estate. MARKHAM BRAND NEW TOWNHOUSE FOR SALE!

Only $337,000 for a Forest Hill beauty - 3-storey town facing park.
4 Bedrooms or 3 Bdr + second floor Family room (easy to convert to 4th Br)
Feels like semi - 1,725 SqFt! Quality construction, good spacious layout.
Modern country kitchen with an island. Parquet floors. Neutral decor.
Eight foot high ceiling on main & second floors. Sprayed, strippled ceilings.
Covered porch, detached garage.
Beautiful views from huge living and family room windows.
Lots of storage space. Sliding glass thermopane patio door.
Oval tub & shower with light, breakfast bar.
Easy access laundry room on second floor, all rough-ins throughout.
High efficiency natural gas furnace.
Cold storage room in a big unfinished basement. Quality ceramics in wet areas.
Quality low maintenance white casement windows.
Asphalt roof shingles under 20 year warranty. 7 years new home warranty.
Two steps to school & park. Enjoy the convenience of the Cornell community!
Very motivated vendor.http://www.torontogreathomes.com/Markham/Ontario/Homes/N11_-_UnionvilleMarkham/Cornell/Agent/Listing_980357.html

To see property call Alexandre Malkhassiants, Sales Representative with Right At Home Realty Inc., Brokerage
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/

Toronto real estate. YONGE STREET ROCKS!

Average detached home prices in north central Toronto, particularly along the Yonge Street corridor, nudged above the million-dollar mark in the first half of 2007, according to Toronto Real Estate Board.The area - which encompasses such tony neighbourhoods as Forest Hill, Chaplin Estates, Deer Park and Cedarvale - saw average home prices increase by nearly 17 per cent, from $895,000 to $1,046,500, the largest such jump among 62 Toronto Real Estate Board districts. The increase could be attributed to the three Ls of real estate: location, location, location.

The demand is evident along Yonge Street from Bloor up to Hwy. 7. It’s right on transportation lines, with the subway and trains, so the demand will always be there.

The increase in demand in midtown Toronto indicates a reversal of a recent trend that saw many in the city looking for larger or cheaper homes in the 905 area code.

A lot of people have been looking to get into the central core, perhaps realizing that if they don’t jump in now, within a couple of years, it may be out of reach. 

The demand in North Toronto and midtown communities was virtually unparalleled.

Closer to the downtown core, an area including South Hill and Yorkville ranked third in terms of price increase among detached homes, with the average price rising 14.3 per cent to $883,869. That district also saw the second-largest increase in condo prices, with a 28.44 per cent jump, to $663,688.

Jane Renwick of condominium market research firm Urbanation added that the volume of condos being built represented a shift in real estate buying trends, both among first-time buyers and previous homeowners.

“(Condo ownership) would definitely be the trend in midtown if you just look at the number of new units being built there,” she said. “In a residential area, condos used to be an alternative to (detached) home ownership, but now it’s a first choice.”

Renwick said the Yonge Street corridor, especially in North Toronto and North York, is popular among condo builders and buyers because of its easy access to public transit and Hwy. 401.

“It’s a real transportation hub, which is a key because of all the job growth in the 905,” she said.

Renwick added that condo ownership in North Toronto also allows buyers to live in a community setting in the heart of a major city, which adds to the unprecedented demand for units.

“It’s like a machine,” she said. “No matter how many (condo) buildings open along parts of that corridor, they’re still soaked up.” (mirror-guardian.com)

If you want to know the prices and availablity of Yonge condos, check out this link -

http://www.torontogreathomes.com/CONDOMINIUMS/page_1532104.html

or call Alex Malkhassiants at (416) 723-9383 with all your questions.

GTA real estate. NEW TOWNHOMES SALES IN MISSISSAUGA WAS A GREAT SUCCESS!

Just one more sign that the real estate development has gone mad in the GTA: Hopeful buyers were waiting up to three days to buy new property in Mississauga.

Lining up overnight for real estate is becoming a regular sight in Toronto, so much so that hopeful buyers are perfecting their own first-come, first-served etiquette.

This time, about 100 people slumped in lawn chairs near the corner of Winston Churchill Boulevard and Erin Centre Boulevard in Erin Mills, a Mississauga burb that is rapidly filling with townhouses and big-box shopping plazas.
The rules were simple: Showers took a back seat to roll calls that weeded out the uncommitted. Sleep, if any, was taken in the car, and boorish behaviour was left outside. Peanuts, sudoku and a sense of humour seemed to help.

Picket Fences II is the latest community to rely on word of mouth at these types of events for publicity and sales. The prices also help: Three-bedroom townhomes go from $284,900 to $309,000. The developer, the Daniels Corporation, specializes in affordable housing, and the 107 units are all expected to go this weekend.
Unlike Beyond the Sea, the Lake Shore condo that will not be constructed until 2010 but nonetheless had 150 real estate agents lined up this week, Picket Fences II is fully built and set for residents as early as 30 days, a dream for parents who want to get settled before school year starts.

Don Pugh, vice-president of Daniels’ low rise housing, touted the location: There are schools, access to two highways and even a bus stop, right outside the fence, which by the way, is not picket.

It all made the deal a little bit sweeter to the mothers and fathers who took a day (or three) off work to camp out in between the neat brick homes yesterday. As far as the “self-policing” lineup was concerned, it certainly made things fiercer.
Besides portable toilets, water and moral support, Daniels reps butted out of the lineup, mostly to avoid charges of favouritism.

To see all Mississauga condos for sale go here -

http://www.torontogreathomes.com/Mississauga_houses/page_1528688.html

Toronto real estate. NEW CONDO DEVELOPMENT IN ETOBICOKE

Condominium sales are at a record high in Toronto with 40 per cent of new home sales coming from condo purchases.

According to the Toronto Real Estate Board, 2,173 units sold in the city last month representing a 23 per cent increase in sales compared to June of last year. Ontario’s housing market continues to perform beyond industry expectations.

Stronger-than-expected consumer confidence has fuelled extraordinary demand for properties this year.

Residential real estate sales in the first five months of the year are higher in 28 of 33 markets surveyed. Average prices also soared higher.

On July 26 new condo development sales was started in Etobicoke. The Empire Communities development won’t be finished for another three years but is considered a popular spot because of its proximity to Lake Ontario, the Etobicoke Yacht Club and public transportation.

Located at the Etobicoke shoreline at Lakeshore Blvd. W., west of Parklawn and just minutes from the Gardiner Expressway, Beyond the Sea Condominiums offers spectacular, unobstructed views of the lake and the Toronto city skyline from each of its 27 and 36-storey buildings. With Marina Del Ray across the street and the Martin Goodman Trail at your front door, the beauty of nature and the relaxation of the waterfront will never be beyond your reach.

The waterfront theme continues inside, beyond the front doors. Both Beyond the Sea towers are joined by a spectacular shared limestone and paneled lobby showcasing a majestic two-story waterfall on the portico, a magnificent aquarium filled with exotic sea life and coral, plus the convenience of 24-hour concierge service and a host of other amenities.

It’s a world beyond your wildest dreams. Never before has Toronto been offered such an exciting recreational and lifestyle experience in a condominium setting. Its 40,000 square feet of style and substance split equally between the interior Blue Water Club and the extensive exterior facilities. Entertaining becomes a pleasure that you can share with friends in the private dining room - a cozy enclave for up to 12 guests. Prepare refreshments in the onsite kitchen while selecting the perfect wine from your private collection in the adjacent wine cellar. Entertaining on a larger scale is just as easy in the incredible party room which can facilitate up to 120 guests with a full catering kitchen and bar. When it’s time to wind down, Beyond the Sea offers a host of options including a billiards room, two fitness centres, a theatre room, guest suites, a hobby room, student library with wireless Internet access, and even a Doggie Spa to wash down your pampered pet after long strolls on the boardwalk.

Priced from just $169,900, Beyond the Sea stays within reason when it comes to pricing these exceptional waterfront homes. Why pay the high prices of downtown Toronto?  Move just slightly west and Beyond the Sea offers an affordable waterfront option saving you thousands of dollars.

Click here to see more condos in Etobicoke - http://www.torontogreathomes.com/Etobicoke_houses/page_1522293.html

Toronto real estate. DECISION ON NEW PROPERTY TAXES

Toronto Mayor David Miller suffered his biggest political defeat on July 16th as council narrowly voted to delay any decision on bringing in two controversial new taxes until at least October.

In a 23 to 22 vote, council decided that any decision on new taxes on land transfers and vehicle registration should wait until after the provincial election.

Miller dodged questions after the vote about whether this was a personal defeat, and instead warned massive service cuts and huge property tax increases are now likely.

“It’s not been my style to create a crisis,” he said. “But we’ve reached a point where the city’s budget is not sustainable.”

Coun. Case Ootes said the vote is a stark wake-up call to Miller that citizens want more control on spending at City Hall.

“He lost big today. And he better start listening to the people of this city. They’re not happy with the way this place is run,” he said.

Miller had argued that the new taxes were essential if the city is to prosper.

As debate got underway Monday on the controversial taxes, Miller told council the city must follow other cities such as New York, Berlin and Shanghai, and break away from dependence on property taxes.

“If we do not invest, this city of Toronto will be left behind,” said Miller.

Admitting the taxes are not popular, Miller said if introducing them were easy, that would have been done already.

The measures are an annual vehicle registration fee of $60 for most passenger vehicles and $30 for motorcycles and a tax to match the provincial land transfer tax on house purchases. The taxes are expected to raise more than $365 million per year.

The house purchase tax would add over $4,000 to the cost of a $400,000 home.

Groups such as the Toronto Real Estate Board and the Canadian Federation of Independent Business have condemned the proposed plan, but the mayor and supporters say the taxes are needed to prevent either large service cuts or big property tax increases.

“This has struck a chord, so the members of council are getting lots of calls from the residents, and there’s pure anger,” Coun. Denzil Minnan-Wong told CBC News before the debate began.

“And on the other side is David Miller doing his arm twisting on the council floor.”

For more info on Toronto property taxes go to http://www.torontogreathomes.com /* */

Luxury real estate. MARTHA STEWART SELLS ESTATE

 

Martha Stewart sold her Westport, Conn., estate for $6.7 million — 26 percent below the asking price.

The four-acre property, known as Turkey Hill, includes a 3,168-square-foot, three-bedroom farmhouse, built in the 19th century, a converted carriage house and a “party barn” that she used to entertain guests. The property also includes a pool and gardens. Records show that Stewart and her then-husband, Andy Stewart, bought the property in two parcels in the early 1970s for a combined $80,750.

Stewart, 65, launched her career in the house, starting a catering business out of the basement more than 25 years ago. She put the property on the market last year for just under $9 million. Earlier this year, she offered the main house on two acres for $4.5 million, though she never cut the price on the full estate. The sale was recorded on June 15. Stewart owns several other properties, including a 153-acre Katonah, N.Y., estate, which she said last year she planned to make her full-time home.

The buyer is a limited liability corporation with Charles G. Berg as its principal. Berg was chief executive of Oxford Health Plans Inc. until the Connecticut-based insurer was acquired by UnitedHealth Group Inc. in 2004. “We’re not planning on doing very much to it,” he says. Stewart “spent 35 years making it beautiful.” Susan Warburg, of William Raveis Real Estate, had the listing.