Yonge Street at Aura Condo
Toronto’s condo boom continues with the construction of the Aura Condo tower, at the corner of Gerrard and Yonge. The tower which is being developed by Canderel of Montreal has reached the 48th floor of construction. Soon the curve will begin and the curtainwall will give the tower it’s most distinctive look. Yonge Street at this intersection is not an attractive place at the current moment it is quite rundown and has lower level retail such as Billiards Halls, like VIP Billiards, Times Square Billiards, there are also strip clubs like Remington’s Men of Steel and Zanzibar. The Stores in the Shops of Aura, should and could bring a turnaround in the fortunes of this section of Yonge Street. With Bed Bath and Beyond, Marshall’s and the Bank of Montreal and more mid-range stores to follow, there is a hope that Yonge Street could see something of a rebirth, akin to what has been happening around Yonge and Dundas. While some deride the condo boom, there are benefits in the form of redevelopment of under-used and prime real estate. 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.
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