Aura Condo Construction Update
Live blog update from just now. We wait for the tower to rise up with the new setback having been formed. The tower is built by Canderel out of Montreal and will eventually rise 78 floors and 273 meters high. It will also be the tallest residential tower in Canada when complete.
Condo Sales Down 7% from Historic Average for November 2012
RealNet.ca stated that condo sales in the GTA were down just 7% in November, from their historic average compared to the long term sales of condos in the GTA. However compared to last year, which was a record year for condos, sales were down 59%. Although last year one must remember that there were a record 28,0000 condo sales in the Toronto area for the year. Condo Sales in the GTA were raised by the almost sellout performance of Tridel's Ten York development which has rocked the condo community back into action with it's sales performance. They sold 85% of the 694 units they made available to the public upon release of the development
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.
Condo Sales Down 7% from Historic Average for November 2012
RealNet.ca stated that condo sales in the GTA were down just 7% in November, from their historic average compared to the long term sales of condos in the GTA. However compared to last year, which was a record year for condos, sales were down 59%. Although last year one must remember that there were a record 28,0000 condo sales in the Toronto area for the year. Condo Sales in the GTA were raised by the almost sellout performance of Tridel's Ten York development which has rocked the condo community back into action with it's sales performance. They sold 85% of the 694 units they made available to the public upon release of the development
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.
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
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