L Tower - Construction Update

L Tower - Construction Update

Hines Canada - Their East Bay Front Proposal is Huge

This post is regarding the redevelopment of the East Bayfront of the Don Lands, and the mouth of the Don River. This is a huge development which will have a major impact on the size of downtown, as these current browfields are remade into idealic living settings for thousands of new residents to Toronto.

Hines Canada, a subsidary of the US Real Estate Giant Hines, is in the process of preparing a plan for subdivision applications for the East Bayside Lands. They will through the retention of various consultants and advisors to address issues such as traffic, infastructure servicing and community facilities. Part of this process will involve Hines and Waterfront Toronto meeting with City Hall Staff to ensure that the application addresses all issues that have immediate impact on those lands. In support of the Hines Application, Waterfront Toronto will retain consultants for enviromental consultants to ensure that all approvals are in place for the development when construction is set to commence.

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 Properties

And 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.