May not realize full impact of B-20 changes till Spring.

The pessimism that has been ruling the markets since the U.S. election may ease a little today.  President Obama is set to meet with the leader of the Republicans in an effort to avoid the fiscal cliff.  Bond yields are virtually unchanged, up just 1 basis point (bp).

We’ve been enjoying flat mortgage rates for a number of weeks now, with a downward trend in bond rates.  We’ve come down 15 bps over the last month so that being said, there’s little reason for mortgage rates to move up any time soon.  There’s been a bit of a cushion built into today’s rates as the cost to the lenders has come down, yet mortgage rates have not moved with them.

The market is still adjusting to the recent  B-20 underwriting changes that took effect the end of October.  As we go into what is generally a seasonal slowdown, it’s hard to really tell the impact it will have more immediately.  Come the spring, that may be the true test of this latest round of changes.

One can only hope that all this government meddling hasn’t caused more problems for the Canadian housing market.  I can appreciate the intent of trying to provide a soft landing and reduce the household debt issues that have been raised, but needing to step into the market four times in as many years seems a bit excessive, doesn’t it?

BEST RATES: 1yr 2.69% – 3yr 2.65% – 5yr 2.94% – 5yr Variable 2.65%

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, reach out to him if you have any questions about these changes and how they affect you. Heard about our awesome new home search tool? We’ve opened up the MLS just for you. Make sure you log-in to our custom Spring Realty Homefinder Tool and give it a spin! Find us on Facebook and Twitter too!

What's the best available mortgage rate for 1st time buyer?


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!

 


Zen Homes to build Lofts in the Beach and Leslieville

Zen Homes Inc. is a development company who has deep roots in China. Their premier project was a 680 unit development in Foshan City, China. Since then they have come to Canada and developed a number of condominium and investment projects in Montreal and then on to luxury homes in Toronto’s wealthy Bayview and York Mills area. Likely one of the most diverse small-medium sized developers in Toronto. They seem to have their hand in all sorts of developments options. Partnering with 59 Construction they began their journey into contemporary, loft style developments. They, along with many other investors see the potential in Toronto’s East end. Investors in Toronto’s East End have realized phenomenal ROI on any type of property; from vacant land to your small single family home.

View from Dundas looking South EastZen Homes launched it’s first project in the East end at the corner of Dundas St East and De Grassi St. Called the Lofts on Degrassi. This 10 unit loft style Townhouse complex back right on to Degrassi Park and is just a  couple blocks away from Queen St action. Each unit has it’s own private garage and walk up access from Dundas St. 9 of the 10 units have 2 full beds on the third level with two baths and a powder room on the lower level. A mid level large loft area is added as a den area or can easily be converted to a 3rd bedroom and another den. The finishes in the kitchen are fantastic. Corian counter tops, high quality stainless steel appliances, gas stove and gas line for the BBQ on the terrace. The location is ideal, the modern loft style is appealing to those looking for the clean, convenience of a condominium but would like the independence that a house offer. Each unit will have a small monthly maintenance fee ($149/mth) to pay for landscaping, snow removal and small reserve fund for building repairs and community events. I bought a place here as my future home and am very excited to move in! There are 4 units left so contact us for prices, floor plans and further details. We are preferred partners of this development and can negotiate a solid contract for you. Construction starts October 2011.

Woodbine and Kingston LoftsZen Homes most recent announcement is the development of the Beach Club Lofts located at Woodbine and Kingston Rd. Originally marketed at 303 Lofts, were recently re-branded prior to the pending launch in Fall 2011. This boutique loft development will be home to 50 unique east end loft-homes. Stunning cascading glass facade with set back terraces on the upper floors. Enjoy City Views to the West, Peaceful lake views to the South and a clear residential view to the North. Main floor retail will bring much needed life to this intersection and when completed original purchasers will realize a substantial return on their original investment. Toronto East End is still hugely undervalued especially on the fringe of popular areas like The Beach, Leslieville, Riverside and Riverdale. Kingston Rd and Woodbine Ave are not in the heart of the Beach community but within a 10 minute walk to the water and all of the Queen St excitement, only a 7 minute drive to the DVP or the Gardiner HWY’s (avoiding the Queen St traffic is actually better than being in the middle of it all). Just far enough to save you almost $100/sqft but close enough that by the time this building is built it will catch up in value to those closer to the water. Spring Realty rates this building as a BUY. This development checks a lot of boxes on our “New Development Buy or Don’t Buy” Checklist (checklist is given to Clients of Spring Realty only). Currently in priority registration phase, please contact us and use Beach Club Lofts as the subject line so we can notify you of the VVVVIP sales event.