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Wednesday, 22 February 2017
Toronto Condo Bidding Wars Make Appraisals Difficult Says Condo Specialist Casey Ragan
Toronto Skyscraper and Condo Blog Toronto Skyscrapers and Skyscraper Construction. (Database Search) Monday, 20 August 2012 Four Seasons Brings Yorkville Glamour East! Four Seasons viewed from Yorkville Four Seasons moving Yorkville Cache East of Bay Well, I have some good news, and I have some bad news, The Four Seasons Hotel and Residence (Condo) in Toronto is bringing some of the fabulous luxury of the old hotel to the east side of Bay Street. The sad part or the bad news is, the East side of Bay Street, does not yet have quite the same amenties and cafes as the Yorkville Village we are all accustomed too.
Have no fear, that once this hotel opens there will be a land grab and rush to develop all the parking lots in the nearby vicinity to hoist even more cafes and super tall hotel and condo towers. The first on the block is Menkes, with their purchase of the Parking Authority lot for over $76 million dollars, and plans to erect one tower of 69 floors and 239 meters, and a second towerof 48 floors and 180 meters. Then there is the Cumberland Revelopment plan which calls for the demolition of the exisitng Cumberland Terrace Mall, and it to be replaced with a single condo tower roughly 200 meters tall. Last but not least, in no shape or form is the Holt Renfrew Tower, which will become the tallest tower (condo Residence) in Canada when complete at an ashonishing 277 meters and 83 floors. Yorkville, as they say is on the up and up.
Looking forward to bringing you guys more developments on these sites as they progress in the future. Secrets of Toronto's Development Success: Toronto is a true international city, it has drawn hundreds of thousands of people from all over the world, seeking to make a better life. It's people are industrious and entrepreneurial, which along with some great geographic luck has made Toronto's economy one of the world's most dynamic finance, trading, exporting and manufacturing centers. Over the past 15 years there has been a dramatic shift in the population patterns of the Greater Toronto Area (GTA) as the population begins to concentrate into the downtown core, for reasons ranging from transport without a car, to low condo pricing, for young people. Over the last decade an average of 10,000 new condos per year have been sold in the core, in the past 5 to 7 years this average has been over 15,000 new condos. and in the past 3 years there have been over 20,000 new condo sales per year
. There is a flare associated with downtown living in Toronto, that the suburbs can't match. It's attracting more people everyday, and so far, there seems nothing set to change it. Getting a Mortgage and Mortgage Insurance through Allstate Insurance Company of Canada for financing a loan to purchase at Aura is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at Allstate Insurance Company of Canada include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from Allstate Insurance Company of Canada is actually one of the major financing costs on home loans. Bradley Evelyn at 15:52 Share No comments: Post a Comment Links to this post Create a Link ‹ › Home View web version Powered by Blogger.
TORONTO, ON--(Marketwired - December 12, 2016) - Toronto condo and loft specialist Casey Ragan, a sales representative with RE/MAX Hallmark Realty Ltd., Brokerage, and owner of the Toronto condominium real estate website (www.TheCondoLife.com), says that bidding wars are making it hard for realtors to appraise Toronto condo and loft properties with accuracy. According to Ragan, condo bidding wars, now commonplace in the frenzied Toronto loft and condominium market, are driving up prices across the city. And, rapidly escalating condo prices are making it difficult to place a precise value when appraising lofts and condominiums for sale. "Toronto continues to be a strong buyer's market, with condo prices hitting new highs each month. With prices reaching new levels monthly, setting a condo's value using the most recent comparable sales (units sold within the last 90 days), no longer gives an accurate picture, and a price that is in-line with current price offers," states Ragan.
"The Toronto loft and condominium market has been going strong for several years now, with no sign of slowing down. This year has been the busiest ever, with units selling almost as fast as I can show. With more buyers in the market than there are listings, increased demand for Toronto condos and lofts is pushing prices ever higher. Major factors that are contributing to the buying frenzy include immigration, low inventory, a weak Canadian dollar, and people buying before new mortgage rules make it more difficult for many Canadians to purchase a home," reports Ragan.
"The new mortgage rules, which come into effect on Oct 17, 2016, will require all high-ratio mortgages to qualify for 5-year mortgages using the Bank of Canada's qualifying rate (currently set at 4.64%), instead of the actual (much lower) mortgage rate. This means that buyers with a down payment of less than 20% must now qualify for a more expensive loan, even if they don't have to make higher payments. The new rule will prevent some buyers with low down payments from qualifying for the home they want and delay some first-time buyers from entering the market. There are some who predict that the new rules will cause Toronto housing prices to tumble. While, initially it may cause a few ripples, there are just too many other factors at play to slow the market. If anything, Toronto condominiums will be more popular than ever, with the average price of a single detached home in Toronto is 1.2M, Toronto condos are still a relative bargain and much more affordable for first-time buyers who want a home in the city," claims Ragan.
Bradley Evelyn at 04:25
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