Tag Archives: luxury living

The 5 priciest homes in one of the country’s hottest markets

Take a look at some of the country’s most luxurious homes currently for sale.

These are the most expensive homes currently for sale in and around the country’s hottest housing market.

As someone who covers housing for a living, there’s nothing quite like perusing some good old fashioned real estate porn. I’m sure you faithful readers can agree.

While modern builds with their sky-high windows or hard lofts with their sprawling floorplans are always fun to explore, there’s nothing quite like gandering at some of the country’s priciest homes.

And there seems to be a few more than usual currently on the market.

Pont2Homes, an online agency, rounded up the 10 most expensive homes currently for sale in and around Toronto. Check them out below.

1. A Yorkville Penthouse

Yorkville is one of the most sought-after neighbourhoods in Toronto (there are even rumours that Mike Babcock, current coach of the Toronto Maple Leafs, chose to coach in Toronto over Buffalo due to his wife’s desire to live in the posh ‘hood).

It’s home to some extravagant shopping spots and swanky restaurants; and also to the province’s current most expensive home.

Listed at a cool $36,000,00, this beauty is located at the top of the Four Seasons Hotel.

2. A Bridle Path mansion

“Millionaire’s row” is home to this 10 bedroom behemoth befit for Batman himself.

For a cool $35,000,000, this home includes a 5,000 square foot pavilion, a tennis court, a 50 foot indoor pool, and a hand-carved Louis XV fireplace.

3. A multi-million dollar country home

If city living isn’t your thing, this $24,950,000 equestrian estate in King City may be just what you’re looking for.

The rugged and rich outdoorsman (or outdoorswoman) will surely be drawn to the 80 acre property that is home to a pond and waterfall, skating hut, walnut grove, and groomed hiking trails.

4. A lakefront compound

If one home isn’t enough, this estate in Oro-Medonte is situated on a 17 acre lot with a 525 foot private beach on Lake Simcoe.

The lot is also home to two 12,500 square foot homes.

5. 10 bedrooms in Bridle Path

This estate has its own ballroom, a spa, a salon, and in in-home theatre.

All for the reasonable price of $19,380,000.

Source: Canadian Real Estate Magazine – by Justin da Rosa29 May 2017

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SOLD: Uptown Home Sold For $1 Million Over Asking!!!

With so many house selling way over asking in Toronto these days, the tendency is to declare the expression meaningless. The value of a home, so the argument goes, is better judged by what nearby properties have sold for.

375 Glencairn Avenue TorontoThat’s mostly sound reasoning, but once in a while we get a bit of inside baseball from realtors about Toronto home sales, and this sheds some more insight on the wild prices that are being fetched of late.

375 Glencairn Avenue TorontoThis elegant and well equipped home at 375 Glencairn Avenue, for instance, just sold for $1,165,000 over asking after being on the market for seven days. During that period realtor André Kutyan of Harvey Kalles tells us that 165 people came through the home.

375 Glencairn Avenue TorontoOf the army of potential buyers who toured the property, nine made offers, which drove the price way up from its listing at $3,595,000. Worthy of note is that the listing price mostly reflects the sale prices of other nearby homes sold over the last 30 days.

375 Glencairn Avenue TorontoThe sample size might be too small for this to prove a trustworthy metric (only five other homes sold within 1,500 metres during this period), but one thing’s for sure: there was a ton of interest in this property.

375 Glencairn Avenue TorontoThe Essentials
  • Address: 375 Glencairn Ave.
  • Type: Detached house
  • Bedrooms: 4 + 1
  • Bathrooms: 7
  • Lot size: 50 x 219.66 feet
  • Realtor: André Kutyan
  • Hit the market at: $3,595,000
  • Time on market: 7 days
  • Sold for: $4,760,000
375 Glencairn Avenue TorontoWhy it sold for what it did

This house has a lot going for it. It’s been recently renovated, the enormous basement features a wine cellar, games room, mini movie theatre, and sauna, multiple bedrooms feature en suite washrooms, and the finishes around the house are top of the line.

375 Glencairn Avenue TorontoWas it worth it?

There are plenty of very nice homes in Lytton Park, but this one stands out when compared to recent listings. That alone was likely enough to start the bidding war that drove the price up into the ultra luxury range.

375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto375 Glencairn Avenue Toronto

Lead photo by Realtor


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Canada’s top-5 most expensive homes currently for sale

 

Canada’s top-5 most expensive homes currently for sale
Affordability is a major issue for many Canadians, especially those trying to buy a home in major cities. However, these properties – currently for sale and curated by online real estate company Point2Homes — are in an a class of unaffordability entirely their own.

#1: $42,000,000 — 4351 Erwin Drive, West Vancouver, BC

This 7 bedroom mansion in Vancouver offers oceanfront views of Stanley Park. It also boasts 10,000 square feet and its own private beach.

#2: $38,000,000 — 2106 SW Marine Drive, Vancouver, BC

This property offers views of the Gulf Islands, as well as its own private park and two golf greens on its 4.25 acres.

#3: $30,000,000 — 242004 Range Road 32, Calgary, AB

Making our way east, we find our first property outside beautiful British Columbia. Nestled in the mountains, this 160 acre property offers everything an outdoorsman – and woman – would want.

For those who prefer the indoors, the sprawling home contains a music conservatory (for the young, budding Beethoven, naturally), a two-storey library, and an indoor pool.

#4: $26,000,000 — 12133 No 3 Road, Richmond, BC

Unsurprisingly we’re back in BC, which is home to this five bedroom Tuscan-like villa. While it may not have its own winery, it does offer ponds, gardens, a swimming pool, and a tennis court.

#5: $25,000,000 — 76,84,91 Trail’s End, Lake Joseph, ON

This a dream-worthy cottage on Lake Joseph has its own bar.

But who needs a beer when you can crack a cold beer on that dock?

This is just small sample of the country’s priciest homes. To see the rest, check out the original report by Point2Homes, which includes the country’s most expensive listing: A three home package deal that will run you nearly $50 million.

Source: MortgageBrokerNews.ca – by MBN 16 Mar 2017
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‘Trapped Wealth’ Drives Toronto’s Speculative Real Estate Dilemma

Toronto’s housing boom is unrelenting.

Prices in Canada’s largest city surged more than 20 percent over the past year, the fastest pace in three decades, data released last week show. Some of the city’s neighboring towns are posting even bigger gains.

It’s become a matter of considerable alarm. Stability is one concern: if the market tumbles, so will Canada’s economy. Pricier real estate also drives away less-affluent, younger people and boosts the cost of doing business, eroding competitiveness.

“I don’t think anybody is cheering,” said Doug Porter, the Toronto-based chief economist of Bank of Montreal, who used the dreaded “bubble” word last week to describe the market. “I don’t see who benefits other than real estate agents. It’s trapped
wealth.”

So, what’s driving the boom? The housing industry — builders and brokers — claim lack of supply is the main culprit. Others, Porter included, see demand as the problem. Lately, evidence is mounting that speculation is behind the jump.

Supply Constraints
Builders say they are being held back by everything from regulations to prohibitive taxes and land restrictions. Ontario’s greenbelt region around Toronto is one example.

This is no doubt true for one segment of the market: single-detached homes. Just over one-quarter of the 176,000 homes built in Toronto over the past five years were single-detached. That’s well down from the 1990s, when they accounted for almost half of all construction.

Theo Argitis/Bloomberg
Unabated Demand
Supply constraints don’t explain the price gains for condominiums, which have seen a flood of new completions. The average sale price of a condo is up 15 percent year-over-year. That’s after builders completed more than 54,000 apartment units over the past two years, easily a record supply for Toronto.

Canada’s recent census results, released this month, also provide some evidence against the shortage argument. Occupied private dwellings have risen by 7.2 percent in Toronto over the past five years, faster than population growth.
The census, however, doesn’t say what type of homes are being built. Plus, there is also the recent puzzle of disappearing listings.

Listings Ratio
New listings in Toronto fell 17 percent in January from a month earlier, the biggest one-month decline since 2002. Sales as a share of new listings rose above 90 percent, smashing the record.

Is this a sign of a bubble? Are sellers holding off putting their homes on the market to see where prices settle? Has supply become so tight that potential sellers are pulling out of the market altogether since they have nowhere to move to?
“The market is thinning out basically, you know what that means,” said David Madani, an economist at Capital Economics in Toronto, said in a telephone interview.

First-Timers
So, if home sellers are not driving demand, is it first-time home buyers?

It’s tough to argue yes. The federal government has been tightening mortgage rules for a decade, and took some significant steps in October. But the moves — which particularly hit first-time buyers — have done little to curtail the recent run-up.

“If it’s not sellers, if its not first-time buyers, then who is buying?” said Robert Hogue, an economist at Royal Bank of Canada. “We can’t say for sure, but by deduction it’s got to be probably investors are buying quite a bit.”

Policy Response
If speculators are the cause of Toronto’s stratospheric home-price gains, it makes it difficult for the federal government to intervene, since its primary tool is mortgage insurance rules that don’t apply as much to investors.

One possibility may be to clamp down on the country’s unregulated private mortgage industry — so-called shadow banking. There may also be other avenues, such as curbing foreign investment. But Prime Minister Justin Trudeau’s government hasn’t shown much interest in such a move, partly because it would affect the national market, not just Toronto.

In fact, the only place where government steps to rein in prices seems to have worked has been in British Columbia, which introduced a 15 percent tax on foreign buyers in August. Vancouver home prices are down 3.7 percent over the past six months. Still, that’s a paltry retreat in a market that long ago ceased to be affordable for most Canadians.

The British Columbia experience shows that while stability of the market may be an achievable goal, affordability is a more daunting challenge.

“If policy success is measured by affordability, not sure we’re quite there yet,” Hogue said.

Source – Canadian Real Estate News Copyright Bloomberg 2017

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Luxury Living: Not all condo buildings are towers. Meet four mid-rises in mid-town

200 Russell Hill Road is one of the most luxurious condos in Toronto at the moment.

Boutique buildings, especially the luxurious sort, have many advantages over towers: elegant finishes, short waits at the elevator, fewer chance encounters in the hallway and a scale that tastefully tucks into a neighbourhood. Quality control, after all, is inherently more manageable in a mid-rise, where each suite can be coddled and treated as the individual it is, without competing with 699 other units. And so we present a quartet of exceptional small buildings in mid-town Toronto to call home, all within 15 minutes of each other.

200 Russell Hill

Step into the marble-loaded model suite for 200 Russell Hill (200russellhill.com) and your eye shoots up 20 feet to a lacy swirl embedded in the domed ceiling. Which way to go next?

Left to the black kitchen or right to the black kitchen. There are two in the same hue, one contemporary, one traditional, and they’re both glossy and glamorous.

But it would be a shame to bypass the miniature model that sits squarely under said rotunda. It showcases countless trees the size of broccoli florets as a reminder of the forest and the park that makes this site so appealing. If you peer closely at the model, you’ll also notice the front and the back of Rafael + Bigauskas Architects’ design doesn’t match.

“We’ve designed the building with a beautiful, traditional, limestone front, which transforms into a contemporary, minimalist facade around the back,” says Simon Hirsh of Hirsh Development Group of the units that run from 2,000 to 5,000 square feet and are priced from $3.2 million to $11.9 million.

Hirsh Development Group

 

Hirsh Development GroupInterior designer Lori Morris’s model suite shows prospective buyers what they can do.

There’s a reason for the hybrid, Hirsh says. Once the five-storey mid-rise is complete in the fall of 2018, it will complement the sylvan setting. “As you walk along the ravine trail up through the park, you look through the trees where you will see a black, understated building,” he says. The refined design means the trees will eclipse 200 Russell Hill instead of the other way around.

Hirsh stresses the units themselves should be considered as “22 custom homes” given the attention to detail. The enthralling model showcases interior designer Lori Morris’ obvious love of layered and eclectic spaces.

The designer’s signature sass continues indoors, where a gutsy mix of materials prevails: there’s leather on the library walls and kitchen cabinets with raised Rococo detailing as well as gold striping. Buyers needn’t copy the look, Hirsh says. Go Scandinavian with pale woods if you want. And buyers are free to introduce whatever custom finishes they choose without incurring extra costs. Morris says doing this kind of specialty work would be quite different on a tower. “In a smaller building, you can get more intimate, both with what the client wants and you’re able to do more finesse details.”

346 Davenport

 

Freed Developments

Freed Developments 346 Davenport features open-concept suites with floor-to-ceiling windows.

Driving south 10 minutes to the Casa Loma district leads to 346 Davenport Road (346davenport.com). The site is where the mid-rise condo is debuting in 2019 from developer Peter Freed of Freed Developments.

Homes from 1,000 sq. ft. to 4,400 sq. ft. start in the $800,000s and can be combined for true largesse. RAW Design’s vision for the 35-unit building sees a striking marble-like material cascading down the front, as well as vertical landscaped green elements. Acclaimed firm Burdifilek will design the interior and common spaces.

The area is close to the developer’s heart. “I love this neighbourhood. It’s such a core part of our city,” Freed says. “My parents live in the building next door, so it’s been an intimate part of my life.” The luxury market could use a boost, he continues. “The user market with larger units is under-served in the city. Over the past decade, most of the larger projects offer 300 to 700 units; most of which are very small units, which cater more towards rental markets.”

This project promises to pamper the private dweller. “Units are open-concept with very high-end finishes, it’s going to be really stunning,” Freed says of the building that boasts expansive floor-to-ceiling windows and balconies big enough to lounge in.

The Davies

 

Brandy Lane Homes

Brandy Lane Homes A view into a suite at the Davies from the elevator.

Drive 10 minutes east to Summerhill to take in The Davies by Brandy Lane Homes (thedavies.com). The nine-storey, 36-suite condominium overlooks Robertson Davies Park, and has a move-in date of Fall 2018. Suites sized from 1,105 sq. ft. to 2,900 sq. ft start from just over $1 million in a curved building that feels very art deco.

“Right-sizing is big here,” says David Hirsh, president of Brandy Lane Homes of the design by SMV Architects. “We started with 44 suites (36 regular and eight penthouses) and now we have 11 penthouses and 25 suites. One custom suite is 3,000 sq. ft., which is perfect for the empty-nester who wants room to spread out.” Hirsh also recently added a guest suite to the main floor, which is unusual for a building of this size and is a definite bonus for those hosting overnighters.

“We wanted to build an iconic building that completed the existing established neighbourhood,” Hirsh says.

 

Brandy Lane Homes

Brandy Lane Homes The Davies overlooks Robertson Davies Park on Avenue Road.

It took a while to get the project going on Avenue Road just north of Dupont, says Hirsh, noting the effort was well worth it. The response from the public has been great and Brandy Lane has already made modifications to the original design to meet buyer demands. “The design development was extensive and took more time that conventional projects,” he notes.

Crowning the project, a spectacular rooftop terrace means those decamping from a house won’t miss their backyards. This one features private areas where you can catch some rays with a book and communal couches for chatting over drinks.

The Hill and Dale

Old Stonehenge Development / Clifton Blake

 

Old Stonehenge Development / Clifton Blake The view down Yonge Street from one of the Hill and Dale terraces.

Ten minutes east leads to Hill and Dale (hillanddaleresidences.com), a heavily glassed building with street-level shops and office space at the corner of Yonge and Roxborough. Designed by the architectural firm Studio JCI with interiors by Chapi Chapo for Old Stonehenge Development with Clifton Blake, the 17 custom-crafted residences start at $2,195,000 for over 1,500 sq. ft and can be combined up to 6,000 sq. ft. There are only five units left; occupancy is slated for 2018.

Suites grace the top three floors of the building and are for the design-savvy: Those who gravitate to graceful opulence over loud lavishness will love, for instance, kitchens by bulthaup, the architect’s go-to.

“These aren’t flashy, which isn’t our interest,” says Paul Johnston, a salesperson with Right at Home Realty. “Our buyers really care about finishes, which is why we’ve gone to the extreme of using bulthaup.”

Old Stonehenge Development / Clifton Blake

 

Old Stonehenge Development / Clifton Blake Suites will have floor-to-ceiling views over low-rise residential neighbourhoods and the their tree canopies.

He adds, “The building has such a refined level of construction we’re allowing 10 months just for the finish of the individual suites.”
Life in a boutique building is wonderful for the luxury buyer, Johnston adds. “There’s something in the idea of luxury that has to do with scale and privacy that the highrise business can’t aspire to.”

So for those who aren’t interested in dawdling by an elevator in a tower or “renovating a creaky Victorian,” as Johnston puts it, a luxurious mid-rise suite in a distinguished neighbourhood is a very wise move indeed. But better get in quick — there aren’t many of them around.

 

Source: Iris Benaroia, Special to National Post | November 17, 2016 3:18 PM ET

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Impact of Trump win on Canada’s real estate: Time to hunker down in your cottages

U.s. presidential election - donald trump

The world’s collective jaws dropped after the early morning announcement: The next President of the United States is reality-TV star, Donald Trump.

But Trump’s victory in the U.S. presidential race raises more questions than confidence—which was reflected in the greenback’s dip early this morning while safe-haven sovereign bonds and gold shot higher. The market is now reflecting fears of a prolonged global uncertainty over the new presidential leader’s policies.

What happens to interest (and mortgage) rates?

For the last few weeks, analysts were predicting that the U.S. Federal Reserve was poised to gradually start increasing interest rates, to reflect the country’s slowly growing economy. Trump’s win may have scuttled this strategy.

Part of the problem is that Trump’s promise to deport 11 million workers—because they presumably entered the country illegally—will have a dangerous impact on America’s currently tight labour market.

Unemployment in the U.S. dipped to its lowest in June at 4.9%. “The country is entering what economists call full employment,” says Phil Soper, CEO of Royal LePage. “By taking that many workers out of the labour force, Trump could bring business to a grinding halt.” Quite simply, it’s a plan that most business people and many leading economists say is very damaging both to the U.S. and to the Canadian economy.

Remove that many workers from the labour pool and you create a labour shortage, which could prompt businesses to contract and slow down in order to fend-off the quickly rising cost of wages.

To combat a business contraction, the U.S. Federal Reserve may abandon decisions to start raising interest rates. The idea is that by keeping rates low, the Fed will continue to encourage banks to lend money and convince businesses to expand (through the use of cheap credit). But it’s been six years of near-zero rates. For many it was time to start seeing better returns. With prolonged low rates from the Feds, it’s unlikely that the Bank of Canada will increase rates, so we can probably expect a prolonged ultra-low rate environment in both Canada and the U.S.

 

Impact on home buyers: Continued low mortgage rates

For anyone buying a home, Trump’s win may help suppress any potential mortgage rate increase that was on the horizon.

This continued low-rate environment won’t stop the slight uptick in mortgage rates, caused by the recent Federal Liberal mortgage rule changes. However, it may prompt different levels of government to consider alternative methods for cooling heated housing markets. According to CBC.ca, Ontario Finance Minister Charles Sousa believes:

“something has to be done” to help people deal with soaring home prices in Toronto.

Sousa is poised to make an announcement next week as to how provincial government will help first-time buyers in Toronto, without hurting home prices in surrounding areas.

For tips on how U.S. citizens can buy in Canada, visit the BRELTeam’s primer on buying homes in Canada.

Impact on home sellers: Could be a rush to buy in Canada

Trump’s presidential win could be a boon for some home sellers in Canada. We could actually see a surge in demand for Canadian homes, says Soper. “Some [Americans] may be so fed-up that they decide to head north.”

This would certainly bolster “Brand Canada,” says SopeMo, as more demand may help support real estate prices, particularly in larger urban centres. Of course, this assumes the American dollar won’t lose value and remove the relatively high purchasing power a U.S. buyer would have in Canada.

If Americans do decide to move north, sellers in bigger urban centres could see the biggest impact as the U.S. dollar still has about 30% more buying power than the Loonie. Home sellers in Vancouver, however, shouldn’t expect a big uptick in American interest, as the Foreign Buyer’s tax that was announced and introduced this past August, will probably dampen interest in property in the Lower Mainland.

 

Impact on vacation properties: Hunker down

Probably the biggest impact will be felt by vacation property owners. Americans are the largest foreign buyers of Canadian property. “Part of the reason is the relative affordability of our recreational properties based on the strength of the American dollar,” says Soper. But the dip in U.S. currency, could mean a wholesale withdrawal from the Canadian vacation property market—and this could impact Canada’s recreational property market for years.

For instance, Nova Scotia and New Brunswick were extremely popular destinations for Americans prior to the 2008/2009 financial collapse. But after the global credit crunch, cottages and lake-front home prices plunged as much as 60%. Some of these markets are still in the process or recovering, almost a decade later.

 

Impact on house prices across Canada is uncertain

The impact of Trump’s election doesn’t stop there. Pre-election promises to place massive tariffs on Chinese imported goods and to “tear-up NAFTA” could mean trading-wars that could seriously impede Canada’s currently slow-growing economy.

In relative terms, trade is much more important to Canada than to the United States. The Americans can afford to be insular since they have 325 million people in their market to our less than 35 million. “Any protectionist stance from the U.S. would do significant damage to Canada,” says Soper. And any hit in our slow-growing economy could further prolong our climb out of the ultra-low interest rate environment. Worse, it could prompt lay-offs in certain parts of the country, where exports and trade help shape the local economies. This will impact localized housing markets.

Think Alberta and low oil prices, and you get the picture.

Source: Money Sense – by   November 9th, 2016

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