Toronto Condo and Real Estate Blog

The Canadian Press

Some 440,000 homes are expected to change hands in Canada this year, according to a new housing forecast by ReMax.

The real estate brokerage says that total would represent a decrease of 15 per cent from record levels reached in 2007.

ReMax says Canadian housing values are expected to hover at $300,000 for the year, only a three per cent drop from last year’s historic peak.

By the end of 2009, says ReMax, sales should match 2008 levels while average prices are forecast to fall another two per cent to $293,000.

ReMax executive Michael Polzler says predictions for 2009 are difficult given the volatility in financial markets and the threat of recession. He says the situation is not expected to be remedied until consumer confidence is restored.

In 2009, major markets are expected to be evenly split in terms of housing performance, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels.

The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009.

Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009.

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Contact the Jeffrey Team for more information - 416-388-1960

Two-storey loft available for assignment! The builder has almost sold out of the two-level lofts, but I have a client who is looking to assign their unit. It is a huge 1,010 square foot corner unit with 2 bedrooms. Pearched high on the 21st floor, it has a gorgeous southwest view over the lake, with the city skyline easily seen from the 200 square foot balcony. Totally upgraded, this loft features laminte floors, granite counters, stainless steel appliances, floor to ceiling windows and 2 bathrooms. It comes complete with a locker and 2 parking spots. All of this can be yours for the same price they paid, $417,000. No increases, no attempt to make money flipping. They need something sooner and are happy to pass their loft along to someone else for the same price they paid.

Click here for the floor plan |:| Contact us for more information - 416-388-1960

The love affair continues at iLoft at Mystic Pointe, Camrost-Felcorp’s latest condominium addition to the popular 15-acre, master-planned Mystic Pointe community that has caused a tidal wave of interest in south Etobicoke.

Just 10 minutes from downtown Toronto, this urban oasis offers all the benefits of city living in a captivating waterview setting – without the downtown prices. Stylish professionals are attracted to iLoft’s two-storey lofts and one-storey iFlats

Designed to suit a variety of tastes and desires, iLoft will offer a handful of ultra-modern one-storey units called iFlats; however, 70% of the project’s 230 suites have been designed to offer spectacular two-storey loft layouts.

The two-storey iLofts feature an optional upgraded bathroom with frameless oversized walk-through shower stall, and owners will be able to move between the floors of their unit via the wood-veneered open-riser staircase accented with metal and glass railings.

Camrost-Felcorp knows that iLoft’s two-storey lofts will soon set a new standard for condo living in Toronto. Standard is for everyone else — iLoft purchasers want something that’s exceptional.

The innovative spaces at iLoft are as individual as the young, upwardly mobile people who are buying them. These living spaces appeal to purchasers seeking the uncluttered aesthetics of loft living with smart contemporary touches. iLoft has balconies and 15-ft.-high windows that invite the outdoors in and offer stunning city and lake views. In the two-storey lofts, a striking wood open-riser staircase accented with metal and glass railings separates the living levels.

iLoft will be home to convenient amenities as well, including 24-hour concierge service and the fabulous 14,000-sq.- ft. Camrost Centre for recreation. Suite owners will enjoy an outdoor swimming pool, whirlpool and running track, squash courts, a well-equipped exercise room, aerobics studio, theatre room, billiard and card rooms, a business centre, party room, screening room with theatre-style seating, and a professionally landscaped rooftop garden and sun deck with a barbeque area. In addition to a myriad of opportunities to take part in and socialize right in the building, residents will have the opportunity to take advantage of optional professional services in the spa studios or simply unwind in the cedar saunas.

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Contact the Jeffrey Team for more information - 416-388-1960

Supported by a study on the impact of the Toronto Land Transfer Tax, recently authored by the C.D. Howe Institute and two University of Toronto Economics Professors, Toronto real estate agents are renewing calls for this tax to be rolled back (see the complete study here).

“The housing sector is one of the most significant parts of Toronto’s economy,” said Maureen O’Neill, President of the Toronto Real Estate Board. “Unfortunately, the study prepared jointly by the C.D. Howe Institute and Economics Professors from the University of Toronto shows that the Toronto Land Transfer Tax has had a negative economic impact, which the Toronto Real Estate Board estimates to be $170 million in 2008.”

The study found that the Toronto Land Transfer Tax, which costs average Toronto homebuyers approximately $4,000 in addition to a similar amount for the provincial Land Transfer Tax, has reduced sales of re-sale single-family homes (condominiums not included in study) by 16%, which means approximately 3,500 lost re-sale transactions in the first year of the tax. If condominiums are included, Toronto real estate agents estimate that the impact could be in excess of 5,000 lost re-sale transactions in the first year of the tax.

A separate recent study, conducted by Altus Clayton for the Canadian Real Estate Association, determined that every re-sale housing transaction in Ontario generates approximately $33,425 in economic spin-off activity on things like renovations, furniture, and appliances. This means that losing 5,000 re-sale housing transactions because of the Toronto Land Transfer Tax costs the City’s economy approximately $170 million in consumer spending.

“When people buy a home, they usually spend thousands of dollars on related things like renovations, furniture, and appliances. Thousands of Toronto jobs depend on this spending,” said O’Neill. “Any City policy that impacts housing sales has a direct impact on the City’s economy and jobs.”

With the City currently preparing a recommended operating budget for 2009, the Toronto Real Estate Board is calling on City Council to roll back the Toronto Land Transfer Tax.

“Toronto real estate agents have been clear that we believe that the Toronto Land Transfer Tax is unfair and now a study by respected economists is validating that view. Not only is this tax unfair to home buyers and sellers, but also to the thousands of people whose jobs depend on the housing sector,” said O’Neill. “City Council can, and should, show leadership by rolling back the Toronto Land Transfer Tax.”

Toronto real estate agents are looking forward to opportunities to provide input to the City’s 2009 Operating Budget.

Toronto real estate agents are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

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Contact the Jeffrey Team for more information - 416-388-1960