Just Listed for $7,000,000: 50 Yorkville Ave 4603, Toronto

Live On Top Of The Four Seasons Hotel! The Best Condominium In Toronto!
Price $7,000,000

Yorkville_Estate_Page_02Description:   Almost 3,500 Sq. Ft Unit, 10 Ft. Ceiling, No Bulkheads. Breathtaking South, East And West Views Of Downtown Toronto And Lake Ontario. Huge Open Concept Living And Dining Room, Amazing Quality Downsview Kitchen. Located In The Most Prestigious Area In Toronto. Steps To The Top Designers Boutiques, Best Cafes And Restaurants, Spas And All Life Services.

Enjoy 4 Seasons Hotel Amenities, Valet Parking, Concierge Services, Full Health Club Membership, Sub Zero Fridge, Wolf Range Stove, Miele Coffeemaker, Wine Fridge, Miele Steamer, Oven, Automated Blinds Throughout Apartment.

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If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.

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Just Listed for $1,100,000: 3403-33 Charles Street East, Toronto

Luxurious Casa Condominium At Yonge and Bloor
Price $1,100,000

Building-2Description: 46 Storey Glass Tower W/State-Of-The-Art Amenities! 2+1 Bedrooms Venezia Corner Unit 947 Sq Ft + 237 Sq Ft Wrap Around Balcony. Beautiful S/E View Of The City And Lake. New 7,5′ Wide Hardwood Floors Throughout, Freshly Painted, All New Beautiful Light Fixtures And New Balcony Floors. 9′ Ceilings. Scavolini Kitchen With Granite Counter Tops, Center Island.

Stainless Steel Fridge, Stove, Dishwasher, Microwave. Washer And Dryer. Parking #118, Locker P2#101 Steps From Subway Line, Yorkville High Fashion Boutiques And Best City Restaurants, University Of Toronto,

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If you would like to discuss options please call us at 416-927-9898 or email at tkonkina@rogers.com and we will get back to you within the next 24 hours.

PHOTO GALLERY

Home construction picks up in July, driven by buildings, condos, CMHC says

 

OTTAWA — Home construction in Canada picked up last month, driven by British Columbia and Alberta, defying expectations that homebuilding activity would cool down.

The seasonally adjusted annual rate of housing starts rose to 222,324 units in July, up from 212,948 in June, Canada Mortgage and Housing Corp. said Wednesday.

The ramp-up likely reflects strong demand for new housing from the end of last year into the start of this year, TD Bank economist Diana Petramala said, adding that the new construction market tends to lag real estate demand, which has started to fall.

Last month, the Canadian Real Estate Association reported that national home sales figures in June posted their largest monthly drop in seven years. CREA is expected to release July sales data next week.

The annual pace of urban home construction increased by 5.5 per cent last month to 206,122 units, driven by a rise in multiple urban starts — generally apartment buildings, townhouses and condominiums — while single, detached home starts slowed.

Multiple urban starts increased by 10.4 per cent to 141,950 while single-detached urban starts fell by 3.9 per cent to 64,172. Rural starts were estimated at a seasonally adjusted annual rate of 16,202 units.

Regionally, the annual pace of housing starts in B.C. surged 20 per cent compared with June while Alberta saw an eight per cent increase. The annual pace of starts in Ontario was up one per cent.

“Much of the recent strength has been concentrated in B.C., where starts have rebounded back close to record highs after slowing late last year,” Royal Bank senior economist Nathan Janzen wrote in a report.

The housing start data came as Statistics Canada also reported the value of building permits issued in June rose to $8.1 billion, up 2.5 per cent from May and the second highest value on record.

The overall increase came despite a 0.9 per cent drop to $5.0 billion in the value of residential building permits in June. The value of permits for single-family dwellings fell 12.5 per cent, while plans for multi-family dwellings rose 12.5 per cent in June to $2.7 billion.

The value of building permits for non-residential structures in June rose 8.8 per cent to $3.0 billion.

The Canadian Press
Source: ctvnews.ca

Commercial Investment Property Sales Set Record in the GTA

GTA Commercial ReportA new record has been set for Greater Toronto Area’s commercial investment property sales.

The second quarter saw a total of 736 sales for investment properties over $1 million, for a total of $6 billion, according to a new report from Altus Group.

That represents a 34% increase over the previous quarter.

And it seems developers are still bullish on the residential housing sector, despite a recently cooled market as a result of recent housing measures and Ontario’s Fair Housing Plan.

Residential land was the strongest sector for the GTA’s investment property sales, accounting for 25% of overall activity.

The office sector saw a total of 66 sales at a total volume of $1.4 billion – that was up 130% over the previous quarter.

“The most notable sale of the quarter was 700 University Avenue, sold by Ontario Power Generation to Kingsett Capital for $433 million, representing a price per square foot of $355 and a cap rate of 5.9%,” Altus Group said in its report.

A total of 140 transactions in the industrial sector were reported in Q2, an increase of 21%. The sector reached its second-highest quarter in terms of dollar volume, reaching $971 million.

“Consistent with the theme for the quarter, a record was also set for the number of GTA retail transactions with 175 sales totalling $831 million, up 99% from last quarter and 15% from the same quarter last year,” Altus Group said. “The most notable transaction of the quarter was the sale of Promenade Mall in Vaughan, from Cadillac Fairview to Liberty Development Corporation & Serruya Private Equity, for a total of $249,000,000, representing a cap rate of 5.5%.”

Source: mortgagebrokernews.ca

Interest rates to hit 1.75% by summer 2019

The latest forecast from CIBC Capital Markets is for Canadian interest rates to increase again in December this year.

In its forecast summary released this week, CIBC calls for a hold steady until then with the 1% rate coming in just before Christmas and holding until the summer of 2018 when a further 25 basis points rise will take rates to 1.25%.

If the forecast proves correct, interest rates will reach 1.50% by the end of next year and will be increased again by the summer of 2019 to 1.75%.

The summary also predicts that housing starts for 2017 will reach 201,000, beating the 198,000 of 2016 and 194,000 of 2015. For 2018, CIBC expects 187,000 new starts with 177,000 in 2019.

By Steve Randall
Source: whichmortgage.ca

Taxes – the average Canadian family’s largest expense

With home prices rising across the country, many would assume that housing costs (including rent and mortgage payments) are the most expensive budget item for the average Canadian family.

In reality, the average Canadian household spends more on taxes than any other expense. Specifically, in 2016 the average Canadian family (including single Canadians) earned $83,105 in income and paid $35,283 in total taxes. That’s 42.5 per cent of income going to taxes.

For most of us, the income and payroll tax deductions on our paycheques do not total anything close to this percentage. But to understand the full cost of taxation, you must consider all the taxes — both visible and hidden — that we pay throughout the year to federal, provincial and municipal governments including sales taxes, property taxes, fuel taxes, carbon taxes, import taxes, alcohol taxes and much more. All these taxes add up and make our overall tax bill expensive.

So how does the overall tax bill compare to housing costs?

The average Canadian family spends 22.1 per cent of its income on housing — only about half as much as it spends on taxes. In fact, taxes consume more of the average family’s income than all the basic necessities of life combined. If you add up the average family’s spending on housing, food and clothing in a year, it comes to 37.4 per cent of its income.
We should not simply assume that higher taxes always provide better government services

With 42.5 per cent of income going to taxes, Canadian families may rightfully wonder whether they get good value for their tax dollars. Of course, taxes fund important government services. But we shouldn’t simply assume that higher taxes always provide better government services.

While it’s ultimately up to individual Canadians and their families to decide if they’re getting the best bang for their money, you must know how much you pay in total taxes to make an informed assessment. That’s where our annual calculations help. They estimate the cost of government for the average family. Armed with this knowledge, Canadians can then determine if they think they’re getting good value in return.

In most provinces, more than 50 per cent of our tax dollars finance generous pay for government employees. In fact, government employees, on average, receive 10.6 per cent higher wages than comparable private-sector workers doing similar work. And that’s on top of the much more generous non-wage benefits (pension coverage, job security, early retirement) the government sector also enjoys. Of course, we need qualified and well-paid government workers, but is this pay and benefit premium the best use of our tax dollars?

In the case of health care, which consumes around 40 per cent of most provincial budgets and is a fast-growing expense, international comparisons show that, despite high levels of spending, Canadians have comparatively poor access to technology and doctors, and endure longer wait times for surgery. It’s hard to see how we get good value for our money in public health care when measured against other countries that also offer universal access.

Most troubling is when our tax dollars are outright wasted on boondoggles and failed government programs. A recent study documented more than 600 cases where the federal government failed to meet its own objectives over a 25-year period, resulting in up to $197 billion of wasted tax money.

Bottom line — we need a robust public debate about the overall tax burden and whether we’re getting our money’s worth.

Source: Financial Post

Canada has 3 of the 10 most liveable cities in the world

The annual rankings of the world’s most liveable cities has been revealed and three of the top ten are in Canada.

The listings from The Economist Intelligence Unit is based on several key factors:

  • Stability including crime and the threat of terror attacks;
  •  Healthcare including the availability and quality of public and private health services;
  • Culture & Environment including sporting, food and consumer goods and services, climate and levels of corruption;
  • Education, both public and private;
  • Infrastructure including roads, energy and provision of housing.

Melbourne, Australia leads the list followed by Vienna, Austria and the next three positions are all in Canada.

Vancouver (3), Toronto (4) and Calgary (5) all score highly in the key metrics for the listings.

The top ten is completed by Adelaide and Perth (Australia), Auckland (New Zealand), Helsinki (Finland) and Hamburg (Germany).

Some of the world’s most famous cities do not make the top ten due to high levels of crime offsetting some of their positives, these include New York, Paris, London and Tokyo.

Source: canadianrealestatemagazine.ca

Ground Broken for Toronto’s First ‘Supertall’, Mizrahi’s The One

The first building in Toronto that will be taller than First Canadian Place, and the first aiming to cross the ‘Supertall’ threshold of 300 metres, is now under construction. Digging commenced this morning on The One, an 82-storey tall mixed-use tower that will top off in a couple of years at 306.3 metres or 1005 feet. Designed by London’s Foster + Partners and Toronto’s Core Architects, the complex by Mizrahi Developmentswill feature 7 double-height storeys of retail and restaurants (also connecting to the local PATH network and subway underground), 10 storeys of hotel, and another 66 storeys of residential and mid-tower mechanical.

While work to level and clear the site and to preserve a portion of a heritage building has been going on for many months, equipment to start the digging has been arriving for a few weeks. Seen above, the photo from overhead and taken last Friday, shows equipment for shoring at left.

This morning the digging began. Sam Mizrahi, President of Mizrahi Developments, told us he was “excited to confirm that, yes, we have officially mobilized and commenced construction on The One.” The photo below shows the scene from across the intersection of Bloor and Yonge streets from earlier today. The close-up that follows has been lightened to highlight the excavator at work.

The One under construction, Toronto, Foster and Partners, Mizrahi Developments

The site in context on August 23, image by UT Forum contributor LNahid2000

The One under construction, Toronto, Foster and Partners, Mizrahi Developments
Close-up on the digging on August 23, image by UT Forum contributor LNahid2000

Just to the south of the site on Yonge Street, a construction site office has been set up.

The One under construction, Toronto, Foster and Partners, Mizrahi Developments
The site office for construction of The One located at the south end of the site, image courtesy of Mizrahi Developments

Mizrahi also wrote this morning “the Presentation gallery for The One residential sales will open next month” on Davenport Road. We expect an official ground breaking ceremony in September, and we are told that there will be an announcement of some of the commercial tenants at the time.

The One scale model, Toronto, Foster and Partners, Mizrahi Developments
Scale model of The One at the Toronto of the Future show in June, image by Craig White

When complete, The One will be Canada’s tallest building.

Want to know more about The One? You can visit our database file, linked below, to see several renderings, and to get more details. Want to talk about it? Get in on the ongoing conversation in our associated Forum threads, or leave a comment in the space provided on this page.

Source: Urbantoronto.ca