1100 King Street West Condos

New Project Begins at 1100 King Street West (Kings Club Condos)

 The project is being developed by UrbanCorp and First CapitalDesign Firm: Tact Architecture

Project will be close to the Fuzion King West Condos

King Street West, is the latest hot area of the Toronto downtown core with it’s eyes on taking over where Yorkville Started. A lot of it began with the Entertainment District in the early 90’s with the Theatres and the Club District. But that was just the beginning, of something that probably no one saw coming. And foretold of the condo boom, that is now reshaping the area, and with it, bringing in hundreds of new residents to the King West Strip. Major Hotels in the area include, the Ritz Carlton, and the Shangri-la Hotel. The area is also home to the Mirvish-Gehry Proposal which includes 3 towers reaching almost 300 meters in height.

New Trends in Condo Buying Emerging in the Toronto Area

 A few new trends to watch out for in the Toronto area when it comes to buying homes as well as buying condos. When it comes to buying homes, the latest tactic is to put a property which had previously been listed on the MLS system, on a bidding site, or list through an auction house to get buyers, sending the price of single detached homes soaring.

 As for condos the latest buying technique is the new trend with regards to micro housing, or micro condo living. And we’re seeing now, specifically designed condos to meet that purpose. Another new trend to look out for is the lack of supply in the purpose built rental housing market in Toronto. Even as new condos come online there remains a shortage of apartments built specific to that purpose, so condo rentals have increased even as vacancy climbs, rentals rates do as well.

 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.