The News is Good

May 29, 2009 -- In Canada, there’s no doubt that real estate is one of the major engines driving our economy, generating more than $47,000 in spin-off spending per transaction.

Given that real estate is very much a local business, many Greater Toronto Area homeowners have been keeping a close eye on resale housing statistics for indications as to our city’s economic outlook.

As we are now at the height of the spring market, which is traditionally a very robust period, it is an opportune time to take a look at how resale housing in the Greater Toronto Area is faring.

I’m happy to report that the news is good.

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May. The average price of homes in the GTA is also within one per cent of the May 2008 average of $398,148.

Markets around the world may be struggling but in the Greater Toronto Area, resale housing is holding firm.

While these figures are encouraging, if you’re planning your next move it is important to set realistic expectations based on market averages. Currently for example, the average number of days that a property remains on the market is 35 compared to last May’s 31 days. As well, sellers are getting 97 per cent of the asking price compared to 98 per cent a year ago.

Good news for sellers is that the number of homes available for sale has tightened compared to a year ago. Nearly 23,000 properties are listed for sale on the TorontoMLS system, compared to more 27,000 properties that were available in May 2008.

Historically low interest rates also continue to benefit the market with respect to affordability.

From a broader perspective, the news is also encouraging. For example, in its most recently released March Interim report, the Organization for Economic Co-operation and Development restated the projection it asserted in November 2008, that Canada will lead the G7 nations in economic recovery in 2010.

While our nation’s unemployment levels are a concern, they are at least holding steady. According to Statistics Canada, the unemployment rate remained unchanged in March and April at eight per cent.

I have full confidence that in time, the world will return to its former economic strength. In the meantime, Greater Toronto Area residents can rest assured that our resale housing market continues to operate on an even keel.

For more detailed information on the Greater Toronto Area resale housing market I encourage you to talk to a REALTOR® and visit www.TorontoRealEstateBoard.com.

Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

New L-Tower Lofts Available For Sale

Loft units are now available for sale at the L-Tower for the first time. This is welcomed news after months of minimal activity and updates on this much-watched project. Space in the lower floors of that tower that had previously been reserved for the ArtsLab will be developed into residential condo lofts with 10' high ceilings.

There are also plans for the L-Tower to be connected indoors to the PATH system and Union Station. This will be a great added convenience for L-Tower residents. Those working in the adjacent Financial District and those commuting by TTC will be able to do so without having to walk outside.

Many buyers may have be wondering, "Is this a good time to purchase a condo?" The real estate buying frenzy has certainly calmed down significantly in recent months. New pre-construction condos prices are no longer surging up like that have been for years. Buyers should exercise more caution when considering most projects in Toronto. However, with the L-Tower, it is a very rare opportunity for buyers to own in a uniquely iconic building designed by world renowned architect, Daniel Libeskind, that is conveniently located (close to Financial District, PATH, Union Station, St. Lawrence Market areas). There simply is not anything like the L-Tower in all of Toronto. Almost all units previously offered, in the summer of 2007, were snapped up by buyers within days.

Special discount pricing is in effect for the first set of lofts sold. After that the prices will revert back to their regular pricing. For more information and to arrange a personal tour, please contact me at 416-450-0529 or email torontocondohomes@gmail.com

Fashion House Condos

From the FashionHouse website:

FASHIONHOUSE IS MORE THAN A CONDO.
IT'S A DESTINATION THAT SETS THE STAGE FOR
FASHIONABLE LIVING IN THE CENTRAL KING WEST.

WE'RE STARTING WITH A 160-YEAR-OLD HERITAGE
BUILDING. WHAT WILL FOLLOW IS SURE TO
REDEFINE THE HEIGHT OF FASHIONABLE LIVING WITH
AN INCREDIBLE MODERNIZATION OF SPACE, SHAPE
AND FORM.

FABULOUS RETAIL SHOPS RIGHT IN YOUR BUILDING.
COMMERCIAL, WORK LOFTS, BEYOND COOL LIVING
SPACES FOR THOSE WHO CREATE COOL - NOT JUST
CONSUME IT.

MAKE A STATEMENT

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FashionHouse is an exciting new condo project about to be released for VIP Broker sale. This latest project from Freed will be located at 560 King St W, in Central King West.

I personally think FashionHouse will be the ultimate cool place to live, right in the middle of the hip King West establishments such as Brant House, Cheval, Blowfish, Susur Lee's restaurant, and the new Spice Route Bistro Bar. King West has been a favoured hangout for the the hip crowd. With new residential projects such as the FashionHouse and fresh new restaurant lounges like Spice Route opening, this area will only become more popular.

It is within walking distance to the Financial District and most everything else downtown. The King streetcar passes right by the front door and the Spadina streetcar is just steps away too.

Aside from the obvious cool styling and fashionable looks, this building will have great amenities. The unique styling is not only artistically pleasing, but also allows for a huge rooftop terrace garden that will be a great place for residence and guests to relax. The set back from the street for the upper levels will create more space and privacy.

Once in a while you get a really good vibe from a project. This is one of those rare times. I fully expect FASHIONHOUSE to become a highly desirable residence.

Suites go on sale to VIPs soon. Contact me at 416-450-0529 or email torontocondohomes@gmail.com for more information.

Goodherham at The Distillery Special Preview Sales Event

Update: Gooderham condo Sales continue on Thursday, May 21st. The following bonus incentives are offered. Call 416-450-0529 to register for this sales event.
* Full selection of all suite types
* Special Preview Pricing
* Additional $5,000 OFF preview pricing for 1 bedroom and 1 bedroom + den suites
* Additional $10,000 OFF preview pricing for 2 bedroom suites
* Free Engineered wood flooring throughout

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Come to this One Day Sale as my client on May 13th and Get up to $10,000 off your pre-construction condo purchase. This is the third and final condo tower in the historic Distillery District. The Distillery is a walking neighbourhood with many fine boutique shops, restaurants, cafes, galleries, and town squares like those in Europe for outdoor concerts, meetings, and events. There will not be anything else like this again in Toronto.

For more info about The Distillery: http://www.thedistillerydistrict.com/

Living at The Distillery is like living in another country yet it is just minutes from downtown Toronto. A new TTC route will service The Distillery District.

SPECIAL PREVIEW SALES EVENT - GOODERHAM AT THE DISTILLERY ONE DAY ONLY - MAY 13th
* $5,000 OFF preview pricing for 1 bedroom and 1 bedroom + den suites
* $10,000 OFF preview pricing for 2 bedroom suites
* Magnificent 130 year old fir from original Distillery Rack Houses will be recycled to create "historic" wood flooring throughout!

Please contact me now at 416-450-0529 to reserve your spot.

GTA resale housing market down but still healthy

The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down five per cent from the same time period last year, Toronto Real Estate Board President Maureen O’Neill announced today.

“The first half of April brought sales activity within five per cent of mid-April 2007,” said Ms. O’Neill.

In the City of Toronto sales are down 11 per cent compared to a year ago, with 1,514 transactions taking place. Inthe 905 suburbs, sales are down just over one per cent to 2,441 for mid-month April 2008 from 2,477 sales midmonth April 2007.

Throughout the GTA prices have risen seven per cent compared to the same timeframe last year, to an average of $399,117. In the City of Toronto the average stands at $454,211 up 10 per cent over mid-April 2007. The 905 Region has seen a six per cent increase compared to a year ago, with a current average price of $364,939.

The number of listings on the market is one per cent greater than last year with current inventory sitting at 22,985.

This indicates that inventory is on the rise. The positive news is homeowners are selling their homes with an average of 28 Days on Market compared to 30 a year ago. The slight increase in inventory levels and house prices are encouraging factors.

A number of GTA neighbourhoods showed strong sales activity during the first half of this month.

Willowdale (C07) saw a 75 per cent overall increase in transactions, driven by strong, detached, condo-apartment, and condo-townhouse sales.

In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared to mid-April 2007, as a result of strong detached home sales.

Strong detached home sales also drove Brampton East (W24) to 37 per cent compared to the same timeframe a year ago.

In Riverdale (E01) transactions are up 10 per cent, also as a result of strong detached home sales.

“We’re also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago,” said Ms. O’Neill. “April’s numbers point to a stable, healthy market for the Greater Toronto Area this spring. However TREB still remains wary of the Land Transfer Tax in Toronto.”

Charlie - condos that love you - Agents' Sales Event

Condos that love you.

Charlie is more than just a place.
It’s a vibe that defines the way you
live. Fashionable. Elegant. Unique
and undeniably sexy. You can feel
it the second you walk through
the door. Surrounded by irresistible
design, deliciously rich details and
extraordinary space that takes
style to the next level. Call it love.
Call it home. Call it Charlie.

Charlie defines mile high style.
An urban ornament designed by
Diamond + Schmitt Architects, Charlie
represents the latest in architectural
innovation. Contemporary clear
glass stretches along the tower’s
aluminum frame, while heritage
brick, reminiscent of historic
neighbourhood emporiums, secure
the foundation. Elegant and
evocative. Classic and contemporary.
Drenched in designer details inside
and out. More than just steel and
stone – Charlie sets the stage for
fashionable living in the city.

Charlie’s neighbourhood is happening.
It’s an eclectic destination that
never sleeps. Front and centre to
the entertainment district, you’re
just minutes from Rogers Centre,
The Air Canada Centre and
Harbourfront. Check out the nightlife.
Hit the streets and discover an
exciting array of stylish restaurants,
lounges, bars and clubs. For those
who like to shop – no matter what
direction you turn – you’re surrounded
by some of the trendiest fashion
scenes in the city. Trust Charlie
to know where it’s at.

Charlie is all about having a good
time. Whether looking for a work out,
socializing or poolside R&R, drop
by The Zone and discover fabulous
amenity spaces just waiting
for the fun to begin. Stretch your
options at the state-of-the-art
fitness centre featuring all the latest
equipment. Take five and relax
at Charlie’s very stylish lounge
where you can check out a game,
shoot billiards or host a party.
For the outdoor enthusiast – hit the
roof – and enjoy the beauty of a
gorgeous fully-landscaped garden
patio complete with a pool, plenty
of cozy seating, a bbq and dining
area perfect for meeting, mixing
and mingling with friends. Leave it to
Charlie to create the ultimate Zone.

The Great Gulf Group is an international
group of companies whose activities
span the entire real estate spectrum,
from land acquisition and assembly, to
the design and construction of high-rise
condominiums, resorts and single family
homes in master-planned communities
throughout North America. Here in Toronto,
the following properties reflect our diverse
approach to condominium design.
The luxury of The Saint James at King &
Jarvis and The Regency at Bloor & Royal
York. The polished stone and art deco
detailing of The Morgan at Spadina &
Richmond. The towering contemporary
icon at 18 Yorkville. The urban elegance
of The Hudson at King & Spadina and
the exciting design development of
X The Condominium at Charles and Jarvis.
All are testaments to our commitment
to design and construction excellence.
Charlie, Great Gulf’s new condominium
community at King and Charlotte will
soon share the spotlight.

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Charlie is a fabulous new condominium at King and Charlotte (one block east of Spadina). Centrally located: at the intersection of two streetcar lines, in King West and Entertainment district, walking distance to financial district and all that downtown Toronto has to offer.

Be one of the first to purchase a unit at the exclusive agent's sale. Priced from $219,990. Contact me for floor plans and additional info and to be invited to this exclusive sale. Buyers attending this sale as my client will also receive a certificate for $5,000 off the purchase price of the condo at closing.

Deposit Structure: $5,000 with offer, Balance of 5% in 30 days, 5% in 60 days, 2.5% in 180 days, 2.5 % in 270 days

Occupancy: Fall 2011

Maintenance: $0.45 per square foot
(including heat, air conditioning, water, building insurance and the upkeep of common areas)
Hydro metered separately

Parking: $37,500 per parking space (not available for purchase with all units)
Locker: $3,500 per locker

Please contact me at 416-450-0529 or email torontocondohomes@gmail.com for more info and to attend the sale!

cube Lofts in Little Italy

La Dolce Vita

An architectural marvel, six stories with only 21 decadent residences in Toronto's premier neighbourhood, Little Italy. This is cube -- every loft, unique from the next, individually designed to create one-of-a-kind spaces. Offering expansive sheets of glass allowing natural light to enlighten the interior space, cube is a rare entity in a market place filled with mundane so called lofts. Experience cube for yourself and you will find nirvana...where beauty is not just skin deep, rather the contrary. Open concept living with stunning european kitchens and sexy spa-like bathrooms. A fusion of italian zest with modern design, this is truly 'the sweet life'.

Located at in the Little Italy at College and Shaw, this funky loft building is a really cool and substantial alternative to highrise condo living. With each unit being distinct, these living spaces really do make a lifestyle statement. South side units offer fantastic views of the downtown skyline and a green canopy of mature trees. On the north side are unobstructed city views overlooking College Street. High end finishes and details complete these truly unique lofts.

Contact me at 416-450-0529 or email torontocondohomes@gmail.com for more info and to be invited to the VIP Broker sales event. Get first pick of the unique loft units and save thousands before the sale opens to the public.