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Toronto Condo Market Remains Steady into 2013
Oxford Properties, the Toronto based Real Estate Developer and one of the largest in the world, has released plans for it's redevelopment of the Metro Toronto Convention Centre which includes plans for two new supertall towers, which will be over 1000 feet, in addition there will also be two hotel towers, and a casino. Too much to note in a single post, but the biggest news is probably the rebuilding of the Metro Toronto Convention Centre itself.
Key points on the Oxford Redevelopment include:
A decking over of the railway tracks, that have long been seen as a barrier to the connection of downtown Toronto (the core) to the lake and the waterfront. This decking over, will include a topside public park, and could possibly be Oxfords public constribution to the city in exchange for building the mammoth proposal.
The twin towers, which will rise 326 meters or 1070 feet, will be designed by Norman Foster, famous in Canada for his most recent work, "The Bow" Tower in Calgary. That tower was designed for Encana, a resourced based company in Alberta. These towers, take "the Bow" Concept and raise it to another level, if we get this there will be no envious eyes ever turned towards Calgary for whatever reason, we'll have them cleanly beat here as well.
The hotel towers seem to follow a circular design, and appear far more intricate than the original placeholder designs we saw on the initial release of the project. All the towers here are going to be over 200 meters, and the hotel space will likely be required regardless of whether City Hall approves the casino or not. Toronto is a bustling town, and additional hotel space is always welcome. Now more than ever Toronto is becoming a top teir global city. This ground breaking design is proof of that.
Busy Condo Market Boosts Toronto Home Sales
With fewer homes in the detached category available in Toronto, new home buyers seem to be opting for new condos, with sales heading forward at a rocket pace last month. Sales of Existing Homes in the Toronto area moved up by a whopping 2.1% in February 2014, and that is compared to the same time period last year. That was mainly due to a 12.5% increase in the sales of condos within the city so stated by the Toronto Real Estate Board. That will contrasts with the sales declines that occurred in townhomes, detached and semi-detached housing during the month, which was mainly due to a constrained supply of those housing types.
The Canadian Home Mortage Corporation (CMHC) set to alter Mortgage Insurance Rates
The federal agency which regulates mortgage insurance in Canada is set to alter the rates which is charges new home buyers to insure their mortgages against the risk of default. These premiums which new homeowners must pay to get CMHC insurance may also impact the ability of homebuyers to purchase their homes. The federal government has been trying for quite some time to reign in the Toronto and Vancouver Housing markets where the average cost of a single family detached home has now reached over $1 million dollars.
RBC Financial Group Warns, that Rising Mortgage Rates will Make Home Ownership Unaffordable for Most Canadians.
The Royal Bank of Canada is warning that the tide of rising interest rates will make home ownership for most Canadians unaffordable. This will be very true in Toronto and Vancouver where home prices have recently climbed over $1 Million dollars for a single family detached home. Servicing of interest related to home ownership such as mortgage rates, as well as mortgage insurance are set to rise, or have been rising over the past year. The longer term interest rates are moving at such a pace that the incomes of most Canadians will not be able to keep up. The good news however is that the rising interest rates foretell a improving economy for most Canadians looking to improve their financial situation
New Report States: Alberta to Lead Canadian Construction Through the Next Decade
The Alberta Home Construction Industry is set to become the new leader on the Canadian scene as states a new report from BuildForce Canada 2014-2023 Construction and Maintenance Looking Forward Forecast which sees the pace of expansion in the western province expanding at an exponential rate. Home construction in Alberta has now passed the 2008 peak and is set for further growth. Also on the Alberta front outside of homebuilding, the Oil and Gas Sector looks set to power Alberta’s economy into the next decade. The Alberta Construction Industry has adapted well to conditions on the ground and looks set for future growth.
Sotheby’s Agent Tells Tales of the Toronto Real Estate Market
One agent, points out a 1500 square foot condo near the High Park area, it is already asking for a price well over $1.5 million dollars. This is the time we live in the agent states, as the supply of single family detached homes slows, and the supply of condos increases, so too do the prices which these properties command on the open market. Toronto is no different than New York City in a sense, the agent bemuses. He tells tales of homes listed for 735,000 dollars going over 1 million dollars and above. These homes appeal to a certain demographic, one that wants the convenience of downtown living, as well as having a detached or semi detached home close to the core.
Calgary's Real Estate Market is Creating Bidding Wars For PropertiesAnd Calgary’s Market for Real Estate is becoming an example of the fact demand for housing in increasing as nearly 20 per cent of MLS residential sales in the city in February were for above list price. A Bank of Montreal Housing and Home Buying Report said 34% per cent of Canadians are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21 per cent, from a year ago. The report, conducted by Pollara, said that in major city centres, the appetite for competitive bids is the highest in Toronto and Vancouver (44 per cent and 41 per cent respectively). In Calgary, it is 38 per cent and in Alberta, it is 30 per cent.
Hamilton ON Housing Market Continues to Show Signs of Improvement
Statistics from the Canada Mortgage and Housing Corporation and Realtors Association of Hamilton-Burlington support Alexander's prediction of a slower increase in the local housing industry next year. The realtors' association forecast average prices in the area will rise 3.5 per cent this year after rising an average 6.7 per cent for all of 2013. The average price of a home in the region hit $395,445 last year, up 9.3 per cent from 2012. The association is also calling for 14,000 sales next year and 19,500 listings.
Prices in the Montreal Market Stabilize for February and January 2014
According to the real estate brokers' Centris® provincial database, 2,054 residential sales transactions were concluded in January 2014, a 2 per cent decrease compared to January of last year. Sales of single-family homes increased by 1 per cent in January 2014, while sales of condominiums and plexes fell by 4 per cent and 8 per cent, respectively.