As status symbols go, they don’t have as much flash as a sports car, but high-end househunters are looking for a different kind of luxury in Toronto’s top neighbourhoods these days — two laundry rooms.

The well-heeled are also seeking out swimming pools — no matter how tiny — as well as home-office/homework rooms where they can catch up on work while keeping an eye on the kids.

Wine cellars are being downsized, but not expectations, says Paul Maranger, senior vice president of sales for luxury realtor Sotheby’s International Canada.

“We’re seeing very charming but much smaller wine cellars. Most people still like wine,” Maranger said in an interview after speaking on a BMO Financial Group panel Thursday about the state of Canada’s housing market.

And in bigger homes, the basement laundry room is being augmented by a second — but not too close to the kids’ rooms because of the noise. Instead, they’re being tucked into closets or off the master bedroom.

“We’ve seen a significant uptick in sales over $2 million this year,” Maranger told the panel, noting that some 128 luxury properties have sold in Toronto during the first three months of this year, compared to 95 during the same period last year.

Increasingly the wealthy want to be close to subways so they can leave the Lexus in the driveway and walk to restaurants, schools and other amenities, he added.

“The difference with ‘luxury’ in Toronto now is that it’s not defined necessarily by size, but by appointments,” Maranger said in an interview.

“We’re seeing better and better appointments in smaller houses and greater demand for those. Oddly, in Toronto the luxury buyer is not looking for value, they are looking for convenience.”

That’s why higher-end buyers now seem willing to pay a substantial premium — he cited one home in the Summerhill area of central Toronto that recently sold for $370,000 over asking price — to be near the subway, and especially the Yonge St. line.

Maranger anticipates substantial renovations, retrofits and teardowns of older properties within walking distance of subway lines over the next few years as higher-end homeowners abandon luxurious suburban homes to ease their commute to downtown jobs but look to replicate the lifestyle they afforded.

It’s not unusual to see these homebuyers spend $125,000 to $250,000 on small, but elegant, backyard renovations to create an oasis in the city, he said.

One couple even installed an in-ground dipping pool that was just 4 feet by 4 feet by 5 feet deep and heated.

The high-end market, and condo sales in particular, continue to be driven by wealthy international buyers from China, the Middle East and elsewhere, looking to park capital in the city or take advantage of this “elite education hub.”

Many, like one Japanese couple who recently bought a high-end house, are looking for properties, usually condos, where their kids can live while going to private or post-secondary school here.

There are two luxury markets in the city, Maranger stressed — single family homes priced at $2 million-plus and condos, especially in the tony Yorkville area, that are selling for $1,200 per square foot and up.

The high-end condo market sales — newcomers include the Ritz-Carlton and Trump International and the soon-to-be-opened Shangri-La and Four Seasons Hotel properties — are softer so far this year than last, he noted.

Source: The Toronto Star

Builder: SigNature Communities
Architects: Graziani and Corraza
Building Size: 7 storeys with 170 units total
Amenities: Party room, gym, entertainment centre, pet spa, private dining room
Completion Date: Spring 2015

Introducing Tao Condos, a boutique condominium. This mid-rise condo is located on Bayview Avenue & High Tech Road in Richmond Hill. Tao Condos is close to everything, yet far away from anything like it. Full of calming amenities like a yoga studio and manicured gardens, Tao Condos is the antidote to the clutter and chaos of Yonge Street.

Designed by a Feng Shui Master for the best energy, Tao is a boutique condo that offers a tranquil lifestyle. Built on a beautiful ravine property with mature trees, you’ll discover all that nature has to offer while walking or jogging along manicured paths. When it’s time for some excitement, you’re only a short walk away from great dining and shopping in Richmond Hill’s downtown core. Minutes from Markham and a short trip away from Toronto, Tao is connected to everywhere you want to go by GO Transit and YRT/Viva. With only 170 units, Tao offers a neighbourhood feel, unlike the multi-building, mega-projects on Yonge Street.

Location

Contact me for floor plans and price list

Sky City is an exciting new condominium project by Pemberton Group launching this March 2012 in Richmond Hill, close to Highway 7 and Yonge. It’ll be built in an already established community that’s walking distance to the GO Train, VIVA, restaurants, shops, the Silver City movie Theater, a community centre, and schools. With the proposed plan to extend the TTC Subway line up North to Highway 7 and the Richmond Hill Centre renovation, the area will be a great location to live in the suburbs while having access to convenient public transit.

Amenities for Sky City will include a party room, rooftop terrace with BBQ areas, gym, indoor pool, media room, and 24/7 concierge service. The exact location will be on Oneida Crescent, next to the current building 39 Oneida Crescent.

Contact me to get information on all the bonus incentives I can provide for Sky City along with prices and floor plans!

Here are some high quality renderings for the project:

The gains were highest in detached houses, but condos were also still higher in price than a year ago, according to the Toronto Real Estate Board’s January Market Watch report. Overall sales were also up 8.8% from a year ago.

The average price of a detached home was $586,098 in January, up 8% from a year ago. A condo apartment average price was $321,475, up 5%. Townhouses showed the largest gain, up 9% to reach $359,467.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year,” said Jason Mercer, the TREB’s senior manager of market analysis. “Strong price growth is expected to attract more listings.”

As the listings grow, price growth will slow its increase, especially by the second half of 2012, he said.

Condos have already started to show some decline, as the average price dropped 2.6% from December. At the same time, houses and townhouses continued to see price gains over the last month.

But even as prices rise, they haven’t pushed buyers out of the market, as sales remain brisk, said the TREB report.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said TREB President Richard Silver.

The TREB will be taking part in a new way of reporting price increases, led by the Canadian Real Estate Association. The new MLS Home Price Index will be announced on Feb. 6 and is being touted as a less volatile measure of home prices and home price changes than the traditional median and average price measurements.

Source: Canadian Real Estate Magazine

Sky City is an exciting new condominium project by Pemberton Group launching this Spring in Richmond Hill, close to Highway 7 and Yonge. It’ll be built in an already established community that’s walking distance to the GO Train, VIVA, restaurants, shops, the Silver City movie Theater, a community centre, and schools. With the proposed plan to extend the TTC Subway line up North to Highway 7 and the Richmond Hill Centre renovation, the area will be a great location to live in the suburbs while having access to convenient public transit.

Amenities for Sky City will include a party room, rooftop terrace with BBQ areas, gym, indoor pool, media room, and 24/7 concierge service. The exact location will be on Oneida Crescent, next to  the current building 39 Oneida Crescent.

Register with me today and get notified when floor plans and prices are available.

Old Town Hall in Newmarket Ontario

Detached homes in Newmarket sell faster than any other region in the Greater Toronto Area, according to data released by the Toronto Real Estate Board.
Once listed, homes in Newmarket are on the market for an average of just 25 days before being sold. Homes sell just one day slower – at an average of 26 days – in the quickly expanding city of Milton.

The quick pace of home sales in Newmarket and Milton may be attributed to the diversity of the communities, according to Jason Mercer, senior manager of Market Analysis for the Toronto Real Estate Board. “These are areas that have a pretty diverse array of housing opportunities, whether it be single, detached, town homes, condominium apartments or what have you, so now you’re starting to attract a potentially big segment of the population,” Mercer said.

Mercer also warns that communities with a slower pace of home sales doesn’t necessarily mean they aren’t an attractive place to live, but instead, simply cater to a small segment of the population. The Bridle Path for example, where homes generally take longer than other areas to sell, is by no means an undesirable neighbourhood. “You’re seeing an average price that’s well above what you’ve seen for the GTA as a whole. You can’t say that this neighbourhood not ‘hot’ or not ‘sought after’ it’s just that the housing types are catering to a fairly small segment of the population,” Mercer said.

The price of homes seems to be increasing as well as demand seems to outpace supply. According to the Toronto Real Estate Board, the average price of a home is growing. “The low months of inventory over the past two years resulted from very strong sales relative to the number of homes listed. In 2011 in particular, there was a shortage of listings in the GTA. We continue to experience tight market conditions and considerable upward pressure on the average selling price,” said TREB President Richard Silver. Though the price of a home is expected to grow approximately 4 per cent in 2012 – to $485,000 – the Toronto Real Estate Board says it will still be affordable for the average person.

Source: GlobalToronto.com

Toronto house prices dipped by 2.4 per cent in December over November, putting the average price at $466,540.

Toronto house sales are slowing, but economists are not predicting a crash in the real-estate market.

The latest statistics from the Canadian Real Estate Association, released Monday, show that Toronto house prices dipped about 2.4 per cent in December over November, putting the average house at $466,540 when adjusted for seasonal fluctuations. Even with that slight decline, Toronto house prices were up in December by four per cent, year over year, CREA notes.

Buyers are becoming “increasingly cautious,” but house sales are expected to continue making a “significant contribution to Canadian economic activity” this year, CREA says.

Economists believe the “distinct signs of moderation” in late 2011 suggest that Toronto is headed not so much for a fall as for a cooling-off.

“We look for both sales and prices to be roughly flat this year,” said BMO deputy chief economist Douglas Porter. “That could be just what the policy doctor ordered, allowing incomes to catch up to higher prices.”

Source: MetroNews.ca

The federal agency said Friday that the market has shifted to a more balanced position as listings have increased and prices are expected to remain flat to the end of 2012.

Low mortgage rates, the domestic economy and immigration remain positive factors for the real estate market.

“These factors will continue to support Canada’s housing sector in 2012,” said Mathieu Laberge, deputy chief economist for CMHC.

Uncertainty in the global economy and U.S. economic recovery pose threats as the CMHC said it expected new housing starts to come in around the 191,000-unit mark this year and level off next year to about 186,750 units.

The agency said existing home sales will be come in this year at between 423,600 and 470,100 units, rising only “modestly” to between 406,100 and 509,000 units next year.

The average home price in Canada for 2011 is expected to be $363,900 in 2011 and reach $368,200 in 2012.

CIBC economist Benjamin Tal said the market next year will likely be “boring” compared with the double-digit gains seen in recent years. However, that may be good for the market.

“I think the next year will be a very telling year. If we stabilize and see prices stabilizing or even falling a very little bit, that would be a very good thing actually for the future health of the market,” he said.

Tal noted that if the forecast is wrong and 2012 turns out to be another strong year for home prices, his concerns about a possible crash in the housing market will only increase.

“If we talk next year and house prices are another 10 per cent up and mortgage activity has accelerated, then I will be more nervous,” Tal said.

The increase in home prices in 2011 has come despite the turmoil on the financial markets and a slower than expected economic recovery in the United States.

However mortgage rates are lingering near record lows and economists are predicting that the Bank of Canada’s key rate — which affects variable rate mortgages — will remain on hold until 2013.

A report last month by the Canadian Real Estate Association found that Canadian home sales were up 1.2 per cent in the first nine months of this year compared with 2010.

A strong September drove the number of homes sold on the Canadian Real Estate Association’s Multiple Listing Service in the first nine months of 2011 to 361,749, compared with 357,305 for the same 2010 period.

The national average price for a resale home in September was $352,600, up 6.5 per cent from September a year ago.

The report by CMHC came as Statistics Canada said contractors took out $5.6 billion worth of building permits in September, a 4.9 per cent drop from August and the third straight monthly decline.

The value of residential permits declined one per cent to $3.6 billion, while non-residential sector permits fell 11 per cent nationally to $2 billion.

Construction intentions fell in six provinces, with lower construction intentions for both residential and non-residential sectors in British Columbia, and the non-residential sector in Alberta, leading the way.

The value of permits increased in Ontario, Manitoba, Saskatchewan and Nova Scotia.

Source: CityTV.com

Tridel is introducing its new condominium project located at Sheppard and Highway 404 called ALTO At Atria. Location-wise it’s excellent, being close to Fairview Mall, a lot of restaurants, entertainment, and the Don Mills subway station for those with no cars. To the savvy drivers out there, it is close to Highway 404 and the 401, the two main Highways. From the renders, the building looks to have a very sleek and modern design. Tentative occupancy is early 2015.

The building will be a 43 storey glass tower nestled in a park setting, accessed along a tree-lined street leading to a private courtyard entry.

Suite Features

• 9′ ceilings from 4th-20th floors and from the 22nd-42nd floors
• 10′ ceilings on the 21st floor. Premium: $5,000 for 1 bedroom and $7,500 for 2 bedrooms
• 10′ ceilings on the penthouse floor. Premium: $25,000 for 1 bedroom, $30,000 for 2 bedrooms
• Plank laminate floor in kitchen, living room, dining room, den, hallways, foyer, and bedroom(s)
• Kitchen cabinetry with deep upper cabinet above fridge
• Granite kitchen countertop with polished square edge and drop-in stainless steel sink
• Space saving, ENERGY STAR diswasher in stainless steel finish
• Counter-depth, ENERGY STAR bottom mount refrigerator in stainless steel finish
• Stainless steel exhaust fan
• 24 inch built-in Oven with stainless steel finish
• 24 inch built-in cooktop with ceran top
• Stacked washer & dryer

Amenities

Since this is Tridel, expect nothing but the best of the best for amenities. Featured at Alto:

• 24 hour concierge
• Fireplace lounge
• Private dining room
• Billiards lounge
• Theatre room
• Library
• Party room
• Exercise pool
• Fitness centre
• Yoga studio
• Rooftop terrace with BBQ area

Deposit Structure

• 5% due on signing
• 5% due 90 days after signing
• 5% due 180 days after signing
• 5% due 270 days after signing

VIP Special – Expires October 29th, 2011

• $3,000 discount on 1 bedroom and 1 bedroom + den units
• $5,000 discount on 2 bedroom and 2 bedroom + den units
• One parking space included in purchase price ($35,000 value)
• Free assignment
• Be one of the first to pick units before the general public

Preview Prices

Prices start at $243,000 for a 499 square feet one bedroom unit. One bedroom + den units start at $264,000 for a 545 square feet size. Two bedrooms start at $370,000 for a 740 square feet size. Two bedroom + den units start at $384,000 for a 754 square feet size. All prices include one parking spot.

For price list and floor plans contact me now

Canadian home sales climbed 2.7 per cent in September from a month earlier, illustrating what economists see as a balanced market with no signs of a bubble about to burst.

“September’s increase reflects strengthened activity in a number of major markets, led by Toronto,” the Canadian Real Estate Association said today. “The monthly increase pushed national sales to its highest level since recently tightened mortgage regulations dampened sales earlier this year.”

Average prices didn’t change all that much, but now sit 6.5 per cent above where they were a year ago. That’s down from a 9.3 per cent pace in July, largely because of the “downshift” in Vancouver, said Robert Kavcic of BMO Nesbitt Burns.

Price growth in Vancouver has been running at 10.6 per cent year-over-year, Mr. Kavcic said, less than half the rate of a few months ago.

“Toronto, however, has seen a steady 9 per cent year-over-year pace since April, and could well jump ahead of mighty Vancouver next month,” he said in a report.

“There are a few reasons for the relative shift: Vancouver valuations (relative to income) had blown well ahead of those in Toronto; sales have cooled more sharply since the spring in Vancouver; supply is much tighter in Toronto.”

For Mr. Kavcic’s research, see the accompanying infographic or click here.

Overall, the market continues to appear healthy as low mortgage rates and lower unemployment offset consumer uncertainty and tighter mortgage rules, Mr. Kavcic said, adding sales and prices should cool off the next year, but homeowners should still expect a soft landing.

Economist Sonya Gulati noted that so far this year, sales hit their peak in January, and sales are down 2.6 per cent since then. New mortgage rules, heightened economic uncertainty and a “growing saturation” of first-time buyers have had a dampening effect, offset by continued low interest rates.

“Going forward, we anticipate a tug-of-war action to take hold in the Canadian real estate market between low interest and mortgage rates and only modest economic, income and employment growth,” Ms. Gulati said. ” With both push and pull momentum, we expect both prices and sales to hold fairly steady, relative to current levels, over the next year.”

Michael Babad – The Globe and Mail

Read more: http://www.ctv.ca/generic/generated/static/business/article2203903.html#ixzz1b5ZBaxZs