If you bought a condo in the downtown core for $500,000 on Dec 31, 2018 it would be worth $513,000 today! It’s hard to keep up especially if you are a first time buyer. It’s hard to save $13,000.00 in two months. What can you do? If you really want to get into the market, adjust your expectations if you have a limited budget. Once you are a homeowner it’s easier to size up in the future. The other thing you can do is petition your MP to have the stress test percentage reduced from 2%. If you would like more information on the stress test please contact me.
St. Lawrence area is an excellent part of downtown Toronto. For being in the core of the city it has a real laid-back feel to it. A very strong community spirit. There are a number of co-op buildings along with older and some new condominiums. Urban planner Jane Jacobs and former mayor David Crombie revisioned this area in the 1970’s. There is a big change coming call Time and Space. Time and Space Is not a sci-fi movie. It is a very large condo development. Front street south to The Esplanade. Princess street west to Lower Sherbourne Street.
Forget the blustering winds and cold snaps of winter! January can be a good time to buy! A lot of buyers plan to buy in spring when the weather is warmer but January, February and March are great months to buy in. There are less buyers which means there is less competition. Being a strategic buyer has it’s advantages! If you are interested in buying, the first step is to get mortgage approval. You need to know what you can afford. I am happy to help you get the “snowball” rolling.
This is a game changing development at Spadina Avenue and Front Street. This development is nearly 7 acres in size and will boast 7 buildings ranging from 38 storeys to 15 storeys. 1 building will be an office building and the remaining 6 will be mixed use condos. There will be roughly 1600 condo units in this development, also, there will be some rentals. The retail space will be significant, just under 500,000 sqft. with high end shopping and dining.
The Toronto (Distillery) Christmas Market is a “must” for those who want to get into the Christmas spirit. Lots to do for the whole family! There is plenty to eat and drink while strolling. The Grilled Cheese hut seemed to have the largest lineup! Soma Chocolate is a must! As far as I am concerned the best chocolate in Toronto. If you need to take a break and have a beer there are a few places to do that! Make sure you take the time to look at all the creative gift ideas at each hut, really great present ideas! Highly recommended for next year!
December 11, 2018 11:45 amPublished by Stephen Pryce
Live on the waterfront next to HTO Park! Beautiful bright, quiet suite! Huge living/dining/kitchen – Over 1117sqft! Excellent layout. Locker located on same floor. Convenient parking space. Outdoor pool and use of Radisson Hotel services! 24hr concierge! Night life and restaurants minutes away! Running trails and parks at your door step! All the conveniences of downtown living! $2750 per month! https://condos.ca/toronto/admiralty-point-251-queens-quay-w/unit-205-C4311707 C4311707
Originally I was 100% in favour of the stress test and I still am to a certain degree. Maybe 2% on-top of a lenders mortgage rate is too much for a first time home buyer! I have a number of buyers who are losing out because of this stress test and climbing prices. Normally I would be able to find them a first home but this has become a challenge and a disappointment for my buyers! Considering downtown condo prices have increased 12.4% year over year, the stress test is adding pressure to the low $500,000 market. The downtown condo market on average is over $1000 per square foot. You may ask what is a stress test? The federal government is concerned that raising interest rates will catch property owners with mortgages off-guard when they renew their mortgages at higher... View Article
There is a new (luxury) condo project heading for King Street West. It will be a beautiful gorgeous project that will be the envy of many buildings around it. Information for the public hasn’t been released yet but the project will start selling at $1400-$1500 per square foot. Condo prices are headed up and they will continue to grow as long as demand is there. There is plenty of demand! Where is the demand coming from? It’s coming from local investors who rather put their money in real estate than the stock market. It’s people looking to move to our city from other places around the world. It’s first time home buyers trying to get into the market. For first time buyers sitting on the fence and waiting is not a strategy! It might mean you will be priced out of the... View Article
