Archive for September, 2010
Uber, Urban, Upscale Sophistication;
Corner Suite, Split Plan 2 Bed + Den; 2 Bath, Brand New, 1075 sq ft. MUST MUST SEE … Gorgeous suite with extensive upgrades and attention to detail. Granite Counters on Espresso Kitchen Cabinets, Large Walk-In Master Closet & Bath and all Upgraded Designer Light Fixtures are Included. Floor to Ceiling Windows, 2 walk-outs to Sunset Balcony.
Steps to Transit, Shops, Restaurants and Parks. This brand new building has exceptional common entertaining space with guest suites, pool, exercise room and guest parking. The entire unit has been painted with designer colours and premium paint. The living room / 2nd bedroom walls have been furred out to allow the hanging of entertainment units or art work. One Parking Space and Locker are included in the price as owned by the seller.
Thank you for your interest in this Executive Suite. For any questions at all please call Robin or Jim at 416-931-4161 and or visit www.500StClairW.com and or www.OurHomeToronto.com
This video is not new however the music and deeper meaning are enduring. This song has become a bit of a mantra for my extremely valued clients and referrals. I hope you enjoy it as much as I do.
For more information about “Playing for Change” … Connecting The World Through Music, visit their Blog at http://www.playingforchange.com/blog
Thank you for Standing By Me;
BY: ROB CARRICK / Globe & Mail (September 9, 2010)
So much for the housing market being crushed by rising interest rates.
The Bank of Canada cranked up its trendsetting overnight rate for the third time in four months on Wednesday and the impact will be felt by a wide range of borrowers. But home buyers? Not so much.
True, the central bank’s increase of one-quarter of a percentage point has already been applied by the major banks to their prime lending rate. That in turn means variable-rate mortgages, plus lines of credit, are now a quarter-point more expensive.
But there are two trends that offset higher carrying costs for variable-rate mortgages. One is that fixed-rate mortgages, notably in the popular five-year term, have been coming down in recent weeks and are now as low as 3.59 per cent. That’s a fabulous rate, by the way.
The other trend is a return to previous levels of discounting in variable-rate mortgages. With their usual dexterity, the banks used the financial panic of 2008 and early 2009 to ram through higher lending costs on a variety of products, including variable-rate mortgages. Now, some of these rate hikes are being unwound.
MorCan Direct, a Toronto mortgage broker, notes that pricing on variable-rate mortgages has over the past 20 months fallen from prime plus a full percentage point to prime minus as much as 0.65 to 0.8 of a point. The level of competition in the mortgage market suggests to MorCan’s Travis Allinott that by next year we’ll see banks offering their best precrisis deal on variable-rate mortgages – prime minus one percentage point.
“We definitely believe it’s going to get back to prime minus 1,” Mr. Allinott said “It’s a rate war out there.”
Wherever variable-rate mortgages end up, it’s clear that pricing trends in the marketplace are offsetting the Bank of Canada’s rate moves to some extent.
On the fixed-rate side, there have been at least four rounds of rate cuts by the big banks since the end of May. Last week, Bank of Montreal lowered its special five-year rate to 3.59 per cent from 3.79 per cent (note: this rate applies only to 25-year mortgages and offers limited prepayment privileges). Back in May, discounted five-year mortgages went for something like 4.7 per cent.
Lenders price fixed-rate mortgages off the yield on Government of Canada bonds, not the Bank of Canada’s overnight rate. Bond prices have been rising lately, which means yields have fallen because the two move in opposite directions.
Things get a bit weird here because good times for bonds have lately coincided with bad times for the economy. And yet, the Bank of Canada is confident enough about the economy to have raised rates repeatedly.
Craig Alexander, chief economist at Toronto-Dominion Bank, explains that trading in Canadian bonds is heavily influenced by what’s happening in the U.S. market. Down there, of course, there’s a lot of worry about a return to recession – the dreaded double dip.
The Canadian economy has slowed, too, and nowhere more markedly than the housing market. This was widely predicted many months ago, but ironically it was rising interest rates that were supposed to drive the decline.
Mr. Alexander said rising rates have had only a very small negative impact on house prices. More important factors have been a rise in the inventory of homes for sale, a rush to buy in 2009 and early 2010 when rates were at rock bottom, and the expectation that rates would rise.
Today, he sees rates as being supportive of housing. “Rates are remarkably low by historical standards. People get so hung up on the direction of interest rates. The level matters.”
Rates will increase from here, but Mr. Alexander doesn’t seem them as a major problem for housing.
“The fact that rates are low and likely to rise at only a gradual pace in the next 18 months suggests you really aren’t going to get a major correction in the housing market,” he said. “What you’re going to get is a period of softening, some declines in sales and a modest correction in housing prices. But after such a strong run, you could expect that.”
Interested in variable-rate mortgages even though they’re captive to the Bank of Canada’s rate moves? Mr. Allinott suggested starting with a one-year closed mortgage, which you may be able to get for as little as 2.44 per cent. In a year, he suggests jumping into a variable-rate mortgage.
Variable-rate mortgages could be more costly then, but pricing pressure might just get you a prime-minus-1 deal.
The year in interest rates
|Year ago||Early 2010||2010 peak||Today|
|BoC overnight rate||0.25%||0.25%||1%||1%|
|Posted five-year fixed-rate mortgage||5.49%||5.49%||6.25%||5.39%|
|Source: Bank of Canada|
For the full article please visit http://v1.theglobeandmail.com/servlet/story/LAC.20100909.GICARRICK0909ATL/TPStory/TPBusiness/
Call on our services for a fully informed, strategic approach to marketing your home or finding you a new one .
Visit www.OurHomeToronto.com for Real Time Mapped MLS Listings in your desired neighbourhood.
Jim … 416-931-4161
Welcome to this historically significant completely renovated 6 bedroom executive home located in the estate neighbourhood of Rosedale. Combining traditional charm with contemporary flair, quality finishes & attention to detail have been incorporated to create a timeless design & quite elegance which lends itself to both gracious entertaining & relaxed family lifestyles.
The impressive vestibule leads to the opulently proportioned rooms of this grand 7,000 sq ft home. The superb floor plan is well suited to family living while offering busy professionals all the space required for in-home offices, a third floor children or guest suite, & a complete lower level nanny suite.
The estate size lot is the perfect setting for the lush landscaping & heated in-ground concrete pool, offering all the privacy & conveniences needed, whether relaxing at home with family & friends or hosting elegant gatherings & soirees.
Located within close proximity to desirable private & public schools, park lands & ravines, this home is but a few blocks from the subway station. Motorists are minutes from the city’s centre & benefit from the easy access to main thoroughfares.
This is an ideal residence for those seeking a grand renovated Rosedale home befitting of its history.
Visit www.OurHomeRosedale.com for numerous exquisite homes of distinction
Wednesday September 8th to Sunday September 12th
This web site is your road map to the busy schedule of events for the Cabbagetown Festival weekend. The links listed below will guide you into the activities that you want to know about.
This website is hosted by Cabbagetown Art & Crafts as a public service.Any activity involved in the Cabbagetown Festival may request that its website and activities be listed here. Please contact email@example.com to submit your request.If you are interested in being an exhibitor/vendor/etc. in the festival, please check the listings below for contact information. If you are unsure as to whom to contact, please get in touch with the Cabbagetown BIA, firstname.lastname@example.org, or call 416-921-0857.
Locations in Cabbagetown:
- Riverdale Park: Arts & Crafts in the Park and the Riverdale Farm Fall Harvest Festival
- Parliament Street: Grand Parade, Pub Crawl, Wine Route and weekend street events
- Winchester Street Dance Theatre: Cabbagetown Short Film & Video Festival
- Homes in the Don Vale, Cabbagetown area: Garage sales and walking tours of historic houses·
- Sumach Street at Carlton and at Winchester: arts and crafts vendor displays.
Cabbagetown Art & Crafts Sale: a juried art and crafts show held in Riverdale Park. Open from Friday, September 10, to Sunday, September 12, 2010. For visitor information check the sales’ web site: www.cabbagetownartandcrafts.org.
Cabbagetown Festival: General information and photos of the Parliament Street activities including stage entertainment, the Grand Parade, pubs and patio entertainers, and street vendors. September 10 to September 12, 2010. http://cabbagetownfestival.blogspot.com/.
Cabbagetown Short Film & Video Festival: 2010 submission applications (deadline July 31), the 2010 line-up (online August 15), and a catalogue of past films and videos. Friday, September 10, 2010. www.cabbagetownshortfilmandvideofestival.com.
Blair’s Run: A 3km mini-marathon to support the Cabbagetown Youth Centre held on Saturday, September 11, 2010
The Pub Crawl: One of Toronto’s oldest pub events, the Crawl visits a dozen unique Cabbagetown watering holes. Good food, entertainment, and brews.
The Wine Route: Fabulous pairings of the best Ontario wines and great food from the leading fine dining restaurants in Cabbagetown
The Riverdale Farm Fall Harvest Festival: From a day-long corn roast to a big city barn dance, enjoy the delights of the Riverdale Farm on Saturday, September 11, and Sunday, September 12, 2010.
Walking Tours of Historic Cabbagetown: 45-minute walking tours conducted by knowledgeable local residents. Saturday, September 11, and Sunday, September 12, 2010
Cabbagetown Theatre Company: Live theatre for families of all ages staged in the beautiful chapel at the Necropolis, on Winchester Street across from Riverdale Park. http://cabbagetowntheatre.com/.
Cabbagetown Art and Crafts Sale: a juried art and crafts show held in Riverdale Park. Open from Friday, September 10, to Sunday, September 12, 2010. For information and application procedures, check the sale’s web site: www.cabbagetownartandcrafts.org.
Sprucecourt School: arts and crafts booths located in a more informal space at the corner of Carlton and Sumach Streets. Saturday, September 11 and Sunday, September 12. Information and applications from email@example.com.
Parliament Street: Vendors (not-for-profit and private, but no food vendors) are invited to sell their wares on Saturday, September 11, and Sunday, September 12, 2010, on Parliament Street between Wellesley and Gerrard streets. For more info visit http://cabbagetownfestival.blogspot.com/, e-mail CabbagetownBIA@Gmail.com, or call 416-921-0857.
Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488.
“The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009,” said Toronto Real Estate Board President Bill Johnston.
The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009.
“Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
In August, the median price was up $358,000, from the $338,000 recorded during August of 2009.