Best Mortgage Rates for August 16th 2012

   1 Yr – 2.49% – 3 Yr – 2.64% – 5 Yr – 2.89% – VRM – 2.65%

Wow!  This week has proved even quieter than the last.  No major economic news was announced, but we do have inflation numbers coming on Friday.  With Mark Carney already threatening the need to remove financial stimulus, he wants the market to believe that if this comes in higher than expected that we could see rate increases happen earlier than most are projecting.

I don’t think most economists are really giving this idea any serious attention as the economic fundamentals are too stacked against the option to increase rates.  Mark Carney has been crying wolf for too long and there are no obvious reasons to increase rates.  The economy isn’t at full capacity, we still have high unemployment, the dollar is playing with parity and they aren’t any further ahead in Europe.  Until these economic headwinds start changing direction, there really is no room for the Bank of Canada to make any rate changes.  Hence the mortgage announcement we got on June 21st.  I wouldn’t bet variable rates, but I think we should be here for a while still.

That being said, bond yields are still up, and we have some increases in rates, but there are still some great rates to be had out there:

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each week for you to enjoy. Heard about our awesome new home search tool? We’ve opened up the MLS just for you. Make sure you login to our custom Spring Realty Homefinder Tool and give it a spin! Find us on Facebook and Twitter too!


Best Mortgage Rates August 8 2012: Bye bye sub 3%?

It’s a quiet week for economic news, coming off a long weekend.  The unemployment report is out on Friday, but that’s the only real noteworthy item this week.

Best Mortgage Rates Canada 5yr fixed 10yr fixed variableWhat will be making more headlines will be the increase in bond yields we’ve seen the last week or so, as much as 25 basis points (bps).  At these levels lenders are starting to increase their rates and we’ve already had a few send us notice.  This could mark the end of the sub-3% five year rates.  We still have a few but unless yields reverse, more lenders will increase.

If you were sitting on the fence about whether or not to jump in now, this could be your wake-up call before all the rates bump.

Best to contact your mortgage professional and talk to them about getting pre-approved so they can lock in these rates for 120 days.

BEST RATES

1 Yr – 2.39

3 Yr – 2.64

5 Yr – 2.89

VRM – 2.65

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each week for you to enjoy. Heard about our awesome new home search tool? We’ve opened up the MLS just for you. Make sure you login to our custom Spring Realty Homefinder Tool and give it a spin! Find us on Facebook and Twitter too!


A Condo is a Home too!

Recently I was discussing real estate with a client and trying to determine her goals, requirements, budget for her next purchase. She’s been a condo dweller for a number of years and now with a child and a loving husband they’re considering a house. When speaking to her she kept saying: “I love the condo life but I really prefer a home”. Wait a minute; isn’t a condo a home? Please allow Spring Realty to clear this up for you: There are Condos, Lofts, Townhouses, Detached Houses, Semi-Detached Houses, Row Houses but they all share one thing in common. They’re all HOMES!

Happy Monday! Please remember to join the Spring Realty Insider Club for instant access to new posts and exciting new info as it becomes available. We’re on the verge of launching something pretty cool so you’ll definitely want to keep in touch. Find us on Facebook and Twitter too!

 


Mortgage Minute for May 10, 2012

Another quiet week but some housing numbers came out higher.  Most analysts expect those numbers to ease so they aren’t giving much attention to the results at this point.

The unemployment rate is announced on Friday and that may provide more of an indication of the strength of the improvement.

There has also been continued talk for the need to increase rates at some point as household debt continues to strangle families.  Other sources are noting that when it comes to borrowing, numbers are still in line and don’t appear to be over extended.

It will be interesting to watch over the upcoming months how the economy plays out and if Mark Carney will ever actually pull the trigger and increase rates.  Even if he did, he could only do it a little as Canadian manufacturing would go into a tailspin once the Canadian dollar increases further from its lofty price.

Todays Top Rates

Fixed – 1 year
Fixed – 3 year
Fixed – 5 year
Variable
2.74%
2.94%
3.05%
2.8%

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Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each Wednesday for you to enjoy. Please remember to subscribe to the Spring Realty Insider list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments right to your inbox.

 


Box House on Coxwell for sale

February 6th Update:

Sale price has finally been reported! Contact us for details. You won’t believe how much over asking it sold for. WOW!

January 22nd Update:

After an intense multiple offer situation with 6 registered offers on Sunday January 22nd the Box House on Coxwell is now SOLD! (well conditional until Friday). After the dust settled the Seller (Rohan Walters) agreed to accept, get this, not the highest bid but the one that would have been the best fit for his unique property. The Purchasers are a young couple with a child (yes it’s possible to raise a child in less than a 3000sqft suburban home BTW). One, an interior designer and the other an architect have big plans for this large lot. They plan on adding a second “Pod” at the rear and connecting it with an enclosed walkway.

We cannot disclose the selling price until the conditional period is met but we can tell you that the likely selling price was at or above the $400K mark. A bargain if you ask me.

One of the main reasons the Seller chose their bid over the “significantly higher offer” is that they would honour the original design and maintain the character of the unique home. Proof that money, doesn’t always talk.

We look forward to seeing this unique urban home transform in to the new owners’ dream home. We will keep you posted as their plans progress.

To refresh your memory on this property, the original blog post is below….

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If you’ve ever driven down Coxwell Avenue you’ve likely taken a second look at one of the city’s more unique residential structures. The ‘box house’ was created by architect Rohan Walters and it’s currently up for sale.

The ‘box house’ is headed to the market next week with a list price of $349,000. Taxes run $1,272 a year and due to efficient radiant heat within the concrete floors monthly utilities are a bargain at around $100 a month.

The home isn’t very large at around 800 square feet however the lot is 23 feet wide and 205 feet long and the structure was built for expansion. The current residents haven’t made optimal use of the space as you’ll likely see from the listing photos and the place is in need of some updating.

Given the average cost of a 800 sq foot condominium these days this is a unique opportunity for a minimalist who is looking for something funky and unique. The location is a short walk to the beach at Ashbridges Bay and Queen Street shops, restaurants, and the Beaches movie theatre.

Probably the biggest bonus of owning a home like this is the free advertising you get on your listing when the home is sold. You’ll undoubtedly see many articles and blogs in the next week or two and the open houses will be packed.

For a private viewing or for more information please contact us right away.


What’s with that development at the SE Corner of Queen and Pape?

Pape & Queen Development Update: August 2013

Finally after years of nothing we heard back in September 2012 that this stalled development had finally been sold to an eager developer (see update below) and at a recent meting with the local councillor I’d like to be the first to break some exciting details about the site. Work is currently underway.

1. 10 residential units for purchase; 600 to 1,100 square feet approx.
2. Up to 1,000 sq. feet commercial at grade.
3. Removing rusts from beams; building has passed all inspections regarding condition of the earlier construction.
4. New scaffolding is on order.
5. Close in complete exterior by Halloween this year.
6. Sale of units by spring 2014.

Once we get more details on pricing you’ll be the first to know.

UPDATE SEPTEMBER 2012: Great news! Rose and Thistle Group, a development firm in Toronto has recently closed on the purchase of this development and will finish the abandoned project by mid 2013. This is exciting news for the Leslieville community and a big win for community activists and local Councillor Paul Fletcher! 

A question that I get asked almost every single day; “What the heck is that weird building on the South East corner of Queen and Pape” It’s a sad tale really. A new developer in over his/her head promising the world and delivering ZILCH. Buyer beware indeed! Here’s a brief history on that site:

Back in 2006 an eager new development company called ‘Total Site Works’  bought the fantastic site and quickly conceptualized the Film Studio Lofts promising purchasers they could ‘Live in the Spotlight’!  Sounds dreamy doesn’t it?  Well with super attractive pricing and a world of promises  buyers quickly bought up each and every unit.

Shortly after pouring the foundation the developer realized that unless you had lined up your construction companies all trades, trucks, nails and hammers were banging away at other sites.  To attract builders it was going to cost more to build the homes than they actually charged purchasers. Yikes!

What happened to all of the purchasers and their deposit money you ask? It’s important to remember that when a development goes belly up your hard earned deposit money doesn’t just disappear. When you purchase in a new development your deposit money (sometimes as much as 20% of the purchase price) is held in trust by the developers’ lawyers. This money is untouched and is always returned in these cases, unfortunately without interest. Worst case is, you may have missed out on other development opportunities while waiting for your money back.

The site lay dormant for a year. The foundation filled up with water and looked abandoned. Every now and then I’d notice a trade hammering away and slowly the building went up, got windows installed and finally started looking like something. Rumor had it that Symmetry Developments was taking over the project but they weren’t able to come to an agreement with Total Site Works and now it looks like slowly but surely the original Developer; Total Site Works is going to complete their original vision.

Here’s a rendering of what Symmetry developments was going to do with the site, wish they had taken over, looks great! Not sure what the finished product will look like now but as soon as an updated rendering becomes available I will update this blog and re post.

Questions?  Comments? Please leave a message below.


TTC celebrates 90 years of service

Laying the first tracks on Gerrard street

The TTC is celebrating 90 years of service (Sept 1/2011).   Things have come along way from laying the first tracks on Gerrard street (see inset)  and the amalgamation of private and municipal street railways comprising the central system of the Toronto Railway Company, the Toronto Civic Railways’ five municipal routes and three routes of the Toronto & York Radial Railway within the city. Adult fares were set at seven cents and tickets were four for 25 cents.

The first subways were brought across the Atlantic from Britain to the port of Montreal for service from Union to Eglinton Station.  Today the TTC has the third largest ridership in North America trailing only Mexico City and New York City with populations in excess of 8 million.  The newest subway cars built in Thunder Bay by Bombardier hit the Yonge/Univeristy/Spadina line recently which for the first time feature continuous access across the 6 cars and ‘smart’ maps which light up stations as they are served.  The TTC also recently launched a GPS based Next Bus system which is discussed here.

One of the TTC's new continuous access cars.

What has made the TTC great in Toronto is that it’s a service that is used across socioeconomic groups.  On every train in the morning you’ll see businessmen in suits alongside students on their way to school.  The system is safe and reliable.

Unfortunately it’s finances have been in terrible shape since provincial fare subsidies were eliminated under the Harris government in mid-90’s causing it to be the largest Anglo-American transit operator without provincial or federal/state funding.  It’s in desperate need of funding to expand and maintain it’s infrastructure.  Most stations have not been maintained well over the years and are showing their age.  Bottlenecks have formed without any relief for commuters traveling to the downtown core.

The TTC is a great amenity that many potential home owners look to find close by when trying to find that dream home.  We’ve tried to list all local transit options on our Neighbourhood pages which can be accessed via the Neighbourhood and Building Maps. While the current municipal government is looking at service cuts to deal with a funding defect Spring Realty is holding out hope to see some service improvements or infrastructure maintenance for the 100 year anniversary.