Empty Nester – StoryLine by CondoNow https://condonow.com/learn Investor Info, New Launches & Much More Fri, 23 Aug 2019 18:27:44 +0000 en-CA hourly 1 Toronto New Home and Condo Sales are up 123% in April https://condonow.com/learn/toronto-new-home-and-condo-sales-are-up-123-in-april/ https://condonow.com/learn/toronto-new-home-and-condo-sales-are-up-123-in-april/#respond Wed, 29 May 2019 15:12:00 +0000 https://condonow.com/learn/?p=2043 Following last month’s explosion in search and purchase requests from Toronto condo buyers, GTA new home and condo sales are up 123% from April of 2018.  According to Altus, high-rise condo sales are up 137% from April 2018, as well as low-rise sales, up 81%.  Considering, April’s increases in both purchase requests and sales, CondoNow user insights have reported …

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Following last month’s explosion in search and purchase requests from Toronto condo buyers, GTA new home and condo sales are up 123% from April of 2018. 

New Condo Market Rebounds in April 2019

According to Altus, high-rise condo sales are up 137% from April 2018, as well as low-rise sales, up 81%. 

GTA Condo Sales Year in Review April 2018-2019

Considering, April’s increases in both purchase requests and sales, CondoNow user insights have reported a 20% increase in purchase requests in May of 2019 from May of 2018. Could this continued wave in interest indicate another potential sales surge? Let us know what you think.   

*Above Statistics are based on 3+ million users, 100K+ Purchase Requests, 32+ Million Pageviews, and an averages session time of 3:57 minutes.   

CondoNow.com is the easiest way consumers can searchshopcompare and buy a new condo. Choose to work with the top platinum real estate agents or directly with the developer and receive exclusive access to new condo and townhome developments in Toronto. 

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GTA condo purchase requests surge, nearing 2017 levels, are sales poised to rebound? https://condonow.com/learn/gta-condo-purchase-requests-surge-nearing-2017-levels-are-sales-poised-to-rebound/ https://condonow.com/learn/gta-condo-purchase-requests-surge-nearing-2017-levels-are-sales-poised-to-rebound/#respond Mon, 06 May 2019 13:56:59 +0000 https://condonow.com/learn/?p=2030 CondoNow has seen an explosion in search and purchase requests from buyers in the first four months of 2019. The historical average ratio of purchase requests to GTA new condo sales sits at 12%. This year that ratio has climbed by 1100% to an average of 133%. Does this growth in demand forecast a potential sales surge?  …

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CondoNow has seen an explosion in search and purchase requests from buyers in the first four months of 2019. The historical average ratio of purchase requests to GTA new condo sales sits at 12%. This year that ratio has climbed by 1100% to an average of 133%.

Does this growth in demand forecast a potential sales surge

According to Altus, total new home sales for the first quarter of 2019 are down 65% and 27%, compared to 2017 and 2018 respectively.

toronto-condo-market-2019

Considering the start of 2019’s notably slower sales period, recent online trends from buyers in Spring of 2019 has surpassed 2018’s purchase interest levels by almost 30%.  

Increases in purchasing interest from buyers in April of 2019 are comparable to that of October 2018, and May 2017 when sales were 2,805 and 3,766. Does this new wave in traffic and interest indicate a potential surge in sales in the immediate future? Let us know what you think.  

 *Above Statistics are based on 3+ million users, 100K+ Purchase Requests, 32+ Million Pageviews, and an averages session time of 3:57 minutes.  

CondoNow.com is the easiest way consumers can search, shop, compare and buy a new condo. Choose to work with the top platinum real estate agents or directly with the developer and receive exclusive access to new condo and townhome developments in Toronto.

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Idy Claimed a $500 IKEA Gift Card + More in Rewards – BottomLine https://condonow.com/learn/idy-claimed-a-500-ikea-gift-card-more-in-rewards-bottomline/ https://condonow.com/learn/idy-claimed-a-500-ikea-gift-card-more-in-rewards-bottomline/#respond Tue, 31 Jul 2018 19:20:51 +0000 https://condonow.com/learn/?p=2005 Congratulations Idy Wai, our most recent BottomLine Rewards Program recipient! Idy claimed a $500 IKEA Gift Card after purchasing a home with CondoNow Certified Agent, Daniel Liu At CondoNow, it’s very important to us that all our customers receive the best customer service and care from the beginning of their GTA condo search on CondoNow, …

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BottomLine Rewards Recipient Idy Wai

Congratulations Idy Wai, our most recent BottomLine Rewards Program recipient!

Idy claimed a $500 IKEA Gift Card after purchasing a home with CondoNow Certified Agent, Daniel Liu

BottomLine Rewards Winner Idy Wai

At CondoNow, it’s very important to us that all our customers receive the best customer service and care from the beginning of their GTA condo search on CondoNow, to their interaction with a CondoNow Agent, and finally, to the finishing touches on their new home.

Idy was eligible for the $500 IKEA Gift Card because she purchased a home using a CondoNow Certified Agent. She is also eligible for additional Rewards & Savings.

CondoNow is working with some great companies to help buyers save on everything from furniture to window coverings to legal fees.

Learn more about the BottomLine Rewards Program and how you can benefit from purchasing or selling through a CondoNow Certified Agent.

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Top 10 Real Estate News Stories From Jan. 20 – Feb. 4, 2018 https://condonow.com/learn/top-10-real-estate-news-stories-from-jan-20-feb-4-20181824-2/ https://condonow.com/learn/top-10-real-estate-news-stories-from-jan-20-feb-4-20181824-2/#respond Sun, 04 Feb 2018 06:46:30 +0000 https://condonow.com/learn/?p=1824 Our CondoNow experts have narrowed down the top 10 real estate news stories from Jan. 20 – Feb 4, 2018. From talks of implementing a vacant-home tax in Ontario, to the competitive rental market showing no signs of cooling down, to OREA  seeking feedback on modernizing the Real Estate industry, we’ve cultivated a list of …

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Our CondoNow experts have narrowed down the top 10 real estate news stories from Jan. 20 – Feb 4, 2018.

From talks of implementing a vacant-home tax in Ontario, to the competitive rental market showing no signs of cooling down, to OREA  seeking feedback on modernizing the Real Estate industry, we’ve cultivated a list of the top 10 stories. Here’s the latest news!

Toronto Real Estate Board Survey Offers More Info On Vacant Homes In The City

A survey from the Toronto Real Estate Board shows that two per cent of homeowners have a second property sitting empty as city staff continue to explore the idea of a vacant-homes tax.
Full Story On MetroNews.ca

The Last Hot Sector of Toronto’s Housing Market is Set To Cool This Year

Condo prices shot up 35% just in the last quarter of the year, but prices and sales will fall, says report.
Full Story On FinancialPost.com

 

 

How Ottawa Has Become a Top Real Estate Market to Watch

Ottawa’s real estate market is one of Canada’s strongest and steadiest.
Full Story on TheGlobeandMail.Com

 

 

Housing Market Still Overvalued In Toronto, Vancouver, Despite Slowdown In Price Growth: CMHC

With prices remaining high relative to salaries and demographics, the housing boom in Canada’s biggest cities leaves the national market vulnerable, CMHC said.

Full Story on FinancialPost.Com

 

Why Real Estate Agents Are More Important Than Ever

Realtors expecting steady growth in sales and prices this year, even as new rules come into play.
Full Story On REMOnline.com

 

 

Multiple Offers Now Common In Toronto Condo Rental Market

A lack of rental units has led to a spike in apartment and rental costs, and experts do not foresee the market cooling any time soon.
Full Story On TheGlobeAndMail.Com

 

 

Tale of Two Markets: 2017 Toronto Condo Demand Soared While Sales of New Single-Family Homes Slumped

It was a year of extremes in Toronto’s new-home market, with pre-construction sales of single-family homes falling 58 per cent in 2017 while new condominium sales soared to a record high.
Full Story On TheGlobeAndMail.Com

 

TREB: 1 In 10 Toronto Homeowners Planning To Sell Real Estate, Will Rent Next

Toronto real estate buyers and sellers may be on two different pages, according to a new survey. A survey conducted by Ipsos, on behalf of the Toronto Real Estate Board (TREB), shows an increasing number of homeowners are preparing to cash in.
Full Story On BetterDwelling.com

 

OREA Seeking Input on Improving Transparency Of Real Estate Industry

The Ontario Real Estate Association is seeking feedback on whether it should push the provincial government into modernizing the real estate industry to make it more transparent.

Full Story on CanadianBusiness.Com

 

Condos, Townhomes in High Demand in Metro Vancouver, Real Estate Board Says

1,818 homes were sold in January — up 19.4 per cent from the same time last year.

Full Story On CBC.Ca

 

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Top 10 Real Estate News Stories From Jan. 8 – 19, 2018 https://condonow.com/learn/top-10-real-estate-news-stories-from-jan-8-19-2018-2/ https://condonow.com/learn/top-10-real-estate-news-stories-from-jan-8-19-2018-2/#respond Sat, 20 Jan 2018 20:24:54 +0000 https://condonow.com/learn/?p=1820 Our CondoNow experts have narrowed down the top 10 real estate news stories from Jan. 8 – 19, 2018. From the highly anticipated reconstruction of the LCBO Headquarters on Queens Quay, to the sky-rocketing Montreal Real Estate market, and what to expect from rising interest rates, we’ve cultivated a list of the top 10 stories. Here’s …

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Our CondoNow experts have narrowed down the top 10 real estate news stories from Jan. 8 – 19, 2018.

From the highly anticipated reconstruction of the LCBO Headquarters on Queens Quay, to the sky-rocketing Montreal Real Estate market, and what to expect from rising interest rates, we’ve cultivated a list of the top 10 stories. Here’s the latest news!

Sugar Wharf Development’s First Phase To Put 8,000 Residents On Toronto’s Waterfront

A new LCBO store and headquarters, a school and park will be part of the waterfront neighbourhood east of Yonge St.
Full Story On TheStar.Com

Toronto Mixed-Use Site A Hot Commodity

A prime piece of Toronto real estate already zoned for mixed-use development is on the block and attracting interest from a variety of potential purchasers…
Full Story On Renx.Ca

 

 

Scooch Over: Toronto Has Room For More Density, Study Says

Toronto’s population could triple and still be less dense than Brooklyn, N.Y., a Fraser Institute report suggests.
Full Story On TheStar.com

 

 

Montreal Real-Estate Sales Growth Hits 10-Year High While Toronto, Vancouver Sales Decrease

Sales growth exceeded 20 per cent in five of Montreal’s most popular boroughs.
Full Story On TheStar.Com

 

 

canada-housing-realtor-real-estate‘Peak Millennial,’ Condo Nation, And Other Toronto Real Estate Trends To Watch In 2018

Realtors expecting steady growth in sales and prices this year, even as new rules come into play.
Full Story On CBC.Ca

 

 

Tidbits And Trends From The Peel Region Real Estate Market Over Past Five Years
Like the rest of the Greater Toronto Area real estate market, the story in Peel over the last five years in one word has been: “Up”.
Full Story On Mississauga.Com

 

 

Ten York by TridelStrong Demand Underlies Healthy Toronto Luxury Market: Report

In Toronto, only 15 per cent of purchases in the city’s top-end neighbourhoods — the Bridle Path, Forest Hill and Rosedale — involved foreign purchasers.
Full Story On TheStar.Com

 

 

Rise In Condo Maintenance Fees Slowed Last Year, Says Study

Condo fees in Toronto rose only 2.5 per cent in 2017 over the previous year.
Full Story On TheStar.Com

 

 

 

New Influx Of Toronto House-Seekers Eyeing Hamilton

The influx of home buyers from the GTA moving to Hamilton is intensifying as a new wave of Torontonians try to offset the added costs of new mortgage rules and rising interest rates.

Full Story On TheSpec.Com

 

 

What To Expect From Rising Interest Rates

Is now the time to lock in your mortgage? Here’s what to look for when it comes to debt and saving.

Full Story On TheStar.Com

 

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New Condo Launch… There’s now a new way to buy. https://condonow.com/learn/developer-direct-from-condonow/ https://condonow.com/learn/developer-direct-from-condonow/#respond Wed, 25 Jan 2017 20:58:53 +0000 http://condonowblog.wpengine.com/?p=1181 Developer Direct from CondoNow puts buyers at the front of the line. If you have never purchased a pre-construction condominium in Toronto you may not be aware of the subtle differences that exist in the buying process, especially as it compares to buying resale. Buying a resale condo is pretty straightforward. You search and find …

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Developer Direct from CondoNow puts buyers at the front of the line.

If you have never purchased a pre-construction condominium in Toronto you may not be aware of the subtle differences that exist in the buying process, especially as it compares to buying resale.

Buying a resale condo is pretty straightforward. You search and find a suite you like, make an appointment to see it, put in an offer and if accepted, the sale is complete.

With pre-construction, the process is a little different.

Firstly, with a pre-construction condo, to buy at its launch you have to work with a licensed real estate agent to initiate a purchase.

Today however, you now have an additional choice, the option to buy direct from the developer, which, until now was only offered well after a project’s initial launch.

An important secondary variable to understand as part of this process is something known in the industry as suite ALLOCATION.

Before you are given the chance to buy a suite in a pre-construction condo, you must first ASK the developer for the

PRIVILEGE

to buy your suite of choice. This is done via the submission of a form called a worksheet, done as soon as the floor plans and pricing are made available, usually lasting 1-2 weeks.

Once worksheet submissions are closed, the developer then reviews all the worksheets submitted and grants permission to those they feel worthy to buy the units requested.  In other words providing ALLOCATION, at which time the chosen buyers can then move forward with the purchase.

But here’s the catch.  With the old “agent only” process the allocation of units is heavily PRIORITIZED.

Developers don’t do unit allocations on a first come first serve basis. Many consumers end up being the first to submit a worksheet and the last to receive an allocation. Meaning they will not get the suite they want, at the price they want.

How the allocation process actually works is that developers give privileged or first allocation to a select group of the top selling condo real estate agents in the city, often known as platinum agents.

The problem with this process is that it limits true choice for the consumer.

With true choice to be valid, there needs to be a 2nd option available.

Developer Direct, from CondoNow allows the consumer to buy direct from the developer, at launch, with an even higher allocation priority then that of Platinum agents. Placing you at the true front of the line for suite allocations.

With this priority allocation now available at the consumer level, not just the agent level, the consumer is now put back on an even playing field avoiding the previous roadblocks of privilege and preference.

The difference now, whether a consumer chooses to work direct with the developer or an agent, true choice is now back at their disposal.

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Counting Down the Top Ten 2016 Condos https://condonow.com/learn/counting-top-ten-2016-condos/ https://condonow.com/learn/counting-top-ten-2016-condos/#respond Sun, 01 Jan 2017 17:05:32 +0000 http://condonowblog.wpengine.com/?p=1077 Welcome to CondoNow’s 2016 Top Ten Countdown decided by you the viewer! 2016 was a year where the Condo Market was on fire. We saw a lot of community growth this year and plans that came into fruition making this year’s top ten list rather surprising. Compiling the total impressions, total visitors, and time spent …

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Condo

Welcome to CondoNow’s 2016 Top Ten Countdown decided by you the viewer! 2016 was a year where the Condo Market was on fire. We saw a lot of community growth this year and plans that came into fruition making this year’s top ten list rather surprising. Compiling the total impressions, total visitors, and time spent on each project on CondoNow, we’ve discovered which developments really stood apart from the rest. We also decrypted what helped these projects claim their spot on our Top Ten Condo Developments in the GTA list.

Starting our Countdown at the Number Ten Spot is…
Cosmos Condos Phase 3 Exterior

Liberty Development Corporation.     Occupancy: September 2020

This master-plan community launched 3 phases this year! With a total of 1,162 suites, Cosmos Condos had our viewers spending a total of 897 hours on this project, or an easier way to say it, 37.5 days. So what made Cosmos Condos so desirable? How about the Community Improvement Plans Vaughan is working on. Cosmos Condos brings everything from the necessities of shopping and fitness, to luxurious nightlife and entertainment. Cosmos defeats other condos in the area such as MET and Nord East because of its high end amenities, spacious suites, and futuristic design. The Vaughan Metropolitan Centre’s (VMC) vision will bring huge expansion to Vaughan creating a downtown core with the addition of a pedestrian shopping and restaurant area, new job opportunities, and a mobility hub including the TTC VMC Subway Station (opening end of 2017). 2017 will be a year of tremendous growth for Vaughan.

Super Cool Feature: Cosmos Condo Tower B has an Astronomical Observatory Lounge

Form Condos Exterior

Tridel.     Occupancy: Fall 2019

A simply striking condo that used strong lines and geometric form to catch everyone’s attention is our number 9. Located on the ever desirable Queen Street West at McCaul Street, the excitement and vibrancy here never ends. We’re positive countless shopping options and close proximity to Queen Street Warehouse, Ballroom Bowl, and Queen Mother Café, stole the hearts and the stomachs of many. At Form Condos you are right in the middle of creativity and innovation with OCAD University, the AGO, and the Four Seasons Centre for the Performing Arts right down the street.. As well as unlimited transit options and walking distance to many universities, Tridel brought us a project perfect for those who are true to themselves and strive off the vigorous and eccentric style that is Queen Street West.

Mind-Blowing Fact: Our total visitors spent enough time to go to the moon & back TWICE (10 days)

Halo Condos Exterior

Cresford Development Corporation.     Occupancy: Nov 2019

Now who wouldn’t want to live in a restored Firehouse Clock Tower. Well everyone because it’s Sold Out and it Sold Out fast. Halo has kept the beautiful history and architecture while contrasting with modern design to bring us a stunning condo in such a desired area. At the corner of Yonge & College this is a perfect place for students and professionals. With cute cafes and restaurant options one after another, there’s always a new place to discover like Banh Mi Boys, Carmen’s Steakhouse, and Burrito Bandidos. Residents will never be bored as there are limitless shopping options and Toronto Eaton Centre is just down the street.

Historical Fact: The Firehouse Clock Tower was built in 1872

Downsview Park Towns Exterior

Stafford Homes Ltd.     Occupancy: Fall 2018

Downsview Park Towns comes in at our number 7 spot (yes we know this is not a condo). This collection of bold townhouses really struck interest with families of all sizes and the mention of Freehold Towns especially persuaded those interested.  Minutes away by foot, car, and even bike are shopping boutiques, excellent restaurants, and endless parks. With Downsview Station close by, a downtown commute is only 30 minutes. The Downsview Hub is pretty spectacular by itself; with all the activities and events such as Downsview Park Merchants Market, Food Truck Festival, and Family Fun Events, it’s perfect for everyone.

Amusing Fact: Downsview Park is home to the largest circus school in Ontario, Toronto Circus School of Arts.

Exchange Condos Exterior

Concord Adex.     Occupancy: Spring 2018

Hopefully you didn’t decide to sleep in on the day this project launched because it Sold Out in just ONE DAY. Exchange Condos positioned itself as the connection to all your desires which brought 6,000 visitors to CondoNow to learn more about this exciting project. Located at Bathurst St. and Fort York Blvd, Exchange is in the perfect cultural hub of artistry, architecture, and fashion for successful millennials. It provides only a 7-minute walk to the Marina that interested purchasers were sure to be excited about. Exchange is part of the master-planned community that is Concord CityPlace. This offers amazing neighbourhood amenities and with the 2017 development of Project: Under Gardiner, a 10-acre 1.75km trail/park under the Gardiner Express, Exchange Condos will be right by the Market Hub and Passive Hub that residents are sure to enjoy.

Distinctly Awesome Amenities: The Prisma Club in Exchange Condos has a Dance Studio, Art Studio, Music Studio, Photo Studio and more.

Aquabella at Bayside Condos Exterior

Tridel.     Occupancy: Fall 2020

This is Tridel’s second time on our top ten list with the third phase of the Bayside Community Aquabella!  It took just 2 months to sell over 70% of one of the city’s most luxurious projects of the year with the average units starting at over 1 million dollars. Not a single ounce was held back for this phase which peaked everyone’s interest with a total time spent of 582 hours on the project page. Top Appliances, gorgeous soaker tubs, and remarkable design will be in every suite. Right in the hustle and bustle of Toronto, Aquabella brings its residents a permanent vacation. The rooftop terrace provides an outdoor pool, Cabanas, and simply mesmerizing view of the lake that surely persuaded everyone that this is the place to be after a long day’s work. The charming Distillery District is less than a 10 minute walk away and Cherry Beach is easily commutable. Walk outside Aquabella and be directly on the waterfront where you can enjoy the relaxing atmosphere and unique cafes that surround you.

Perfect Location: Steps away from the lake shore. 100 Transit Score 87 Walk Score.

St. Lawrence Condos Exterior

Cityzen Development Group & Fernbrook Homes.     Occupancy: November 2019

Just shy of third, St. Lawrence Condos is a superb development that really plays off of the culture and characteristics that is the St. Lawrence Market. In just 2 weeks this development became 70% sold. The branding of St. Lawrence Condos is young and hip, it also tries to exude a sense of exclusivity. This place is one of a kind and the building had 70 different floor plans. St. Lawrence is a place for the adventurer, the DIY enthusiast, and the connoisseur.  The market is over 200 years old and provides phenomenal food options to residents and visitors.

Impressive Fact: St. Lawrence Condos has 10 floors of amenities bringing ultimate convenience and fulfillment.

Central Park Ajax Condos Exterior

Lemine Investment Group.      Occupancy: Winter 2019

Entering the Top 3 we have Central Park Ajax! Central Park Ajax brings a breath of fresh air and the spark that Ajax has been waiting for. The excitement and interest from you all makes this project our number one. It is the largest Ajax condo development and the area is expecting massive population growth with a focus on young families. This 18-acre master-plan is located right at the Ajax Plaza where there are numerous eateries, the Harwood shopping mall, and many schools. The revitalization will bring even more restaurants, jobs, retail spaces, and nightlife entertainment! Numerous parks and trails surround you and just a 7 minute drive away is the Town of Ajax’s spectacular waterfront. Families and investors couldn’t wait for this opportunity.

Fun Facts: Central Park Ajax has amenities from a chic bar and lounge area to a outdoor green roof terrace. The fitness centre has a rock climbing wall and there’s even a fun outdoor mini golf zone.

75 on The Esplanade Condos Exterior

Canterra Private Equities & Harhay Developments.  Occupancy: 2020

75 on The Esplanade is the perfect candidate for our runner-up spot. Maybe it was the secretiveness of this project that made us twitch and want more but 75 on The Esplanade drove insane results with such little details. We’re giving the success of this project to location. The Esplanade is perfect for commuting, schooling, and especially lifestyle. A Foodie’s heaven, 75 on the Esplanade brings options right to your door. With a line-up such as the Biermarket, The Loaded Pierogi, and St. Lawrence Market just minutes away, you’ll never be without a fabulously tasteful Instagram post. This charming and exciting location is just a few minutes walk to Union Station.

Sweet Features: Interior Design by Award Winning Firm II by IV Design.

And in the #1 CondoNow Award as viewed by you goes to…

The Wyatt Condos Exterior

 The Daniels Corporation.    Occupancy: Q1 2019

A project that flourished because of the revitalization of the Regent Park Community. With such regrowth, investors and first-time buyers alike saw the huge potential this community has and so a total time of 1847 hours was spent by all visitors on The Wyatt’s project page. This is the longest amount of time spent out of all the projects on CondoNow.  The Wyatt immensely deserves this spot selling out in such a limited time. Located at Dundas Street East and Sumach Street it’s near the new MLSE Athletic Grounds and Regent Park Aquatic Centre which is a perfect place for family. With the new addition of Daniels Spectrum, Regent Park is becoming a new and exciting art and cultural hub.

Awesome Award: Regent Park was honoured with the award “Best International Neighbourhood Renewal Program” by the International Journal of Neighbourhood Renewal.

There you have it! CondoNow’s 2016 Top Ten Condos in the GTA. And the top reason for buying this year? Location, location, location. People are excited to see the growth of an area and can’t wait to indulge on all the new amenities their community has to offer. We hope 2017 brings you good health and fortune.
Stay tuned for our Tuesday Buyline featuring all 2017 Upcoming Launches.

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Video: New and Exciting Rewards Program! https://condonow.com/learn/video-new-exciting-rewards-program/ https://condonow.com/learn/video-new-exciting-rewards-program/#respond Fri, 26 Aug 2016 14:29:42 +0000 http://condonowblog.wpengine.com/?p=984 Introducing the BottomLine Rewards Program from CondoNow. With the purchase or rental of your new property, BottomLine gets you up to $4250 worth of rewards and discounts. Watch our video below for more information! CondoNow BottomLine Introduction from Aareas Interactive on Vimeo.    

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Introducing the BottomLine Rewards Program from CondoNow. With the purchase or rental of your new property, BottomLine gets you up to $4250 worth of rewards and discounts. Watch our video below for more information!

CondoNow BottomLine Introduction from Aareas Interactive on Vimeo.

 

 

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Real Estate Investment Expenses To Consider When Buying A Pre-Built Condominium https://condonow.com/learn/real-estate-investment-expenses-consider-buying-pre-built-condominium/ https://condonow.com/learn/real-estate-investment-expenses-consider-buying-pre-built-condominium/#respond Wed, 22 Jun 2016 21:00:33 +0000 http://learn.condonow.com/learn/?p=667 When a person is looking into purchasing a pre-built condo, there are certain expenses they should take into consideration.  The first thing they will notice is that there is a significant difference with a pre-built condos deposit structure, compared to that of re-sale condos.  A condo that has already been built usually requires a small …

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When a person is looking into purchasing a pre-built condo, there are certain expenses they should take into consideration.  The first thing they will notice is that there is a significant difference with a pre-built condos deposit structure, compared to that of re-sale condos.  A condo that has already been built usually requires a small deposit. Perhaps 5% when the purchaser signs the sales agreement. The main reason for this is that the closing date is usually quite close to the purchase date.

 

A condo that is yet to be built may require a deposit as high as 15% to 20%.  With pre-construction however, a buyer does usually have the option to pay the deposit in installments and the payments themselves will extend over a much, much longer time period until closing.

 

While the fees in a new condo building may be lower than older condos, buyers should not expect this to last long.  A specific fee that will be lower in the first year or two is the maintenance fee.  The reason that these fees are so low is because management does not yet know how much it will actually cost to maintain the building; it’s outdoor areas and amenities. As a result, approximations are used for the initial fees until the true costs are fully understood.

 

The HST rebate on new condos is something that everyone who wants to buy a new condo needs to investigate.  As long as the buyer is planning on living in the condo that they purchase, they should qualify for the HST rebate.  As a buyer you should always consult a lawyer to see if their purchase will qualify for this type of refund.

 

There are also additional closing costs that occur when a buyer purchases a pre-built condo.  These costs may include special assessments, HST on appliances and utility connection fees.  Special assessments can occur at any time when there is a major repair that was not planned for or if the reserve fund gets too low.  Many times these closing costs can add up to an additional 1% to 3% of the original purchase price.  At the time of closing, a buyer may also be required to place two months of condo fees into the condo’s reserve fund.

 

Buyers should also be aware that they are responsible for their own legal fees.  Most real estate lawyers will charge between $700 – $2,000 for their representation. This amount usually covers services, which include reviewing all the contracts and making sure that they meet the current legal regulations and guidelines.

 

Another fee that many buyers neglect to consider is property tax.  Since the building is new, it can often take two years before a buyer will receive their first tax bill.  That means that the buyer will be responsible for the two years of payments all at once.

 

Most buyers are going to need a loan in order to purchase a pre-built condo.  Once a buyer has a mortgage loan in place, they will need to follow the payment plan that the bank has given them.  These payment schedules will be set up so that a greater amount of the payment goes towards interest in the beginning of the loan and over time it will change so that more of the payment will be directed towards the principle amount that is due.

 

After a buyer owns the condo, they are responsible for everything that is inside the unit.  While plumbing and electrical issues may be covered by the condo’s corporate insurance, the rest is the buyer’s responsibility.  The purchase of an insurance policy can be a good safety net for a condo owner.  These type of condo insurance policies will also pay if the damage to the condo owned has also spread and caused damage in other areas of the building.

 

Many buyers are not aware of all of these fees when they start looking into purchasing pre-construction condominiums.  Everyone should make sure they understand their responsibilities before they sign any contracts, so that they are not later surprised with unexpected expenses than can affect the logic of their initial investment decisions.

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Should I Hire an Agent or Buy Direct from a New Condo Developer https://condonow.com/learn/hire-agent-buy-direct-new-condo-developer/ https://condonow.com/learn/hire-agent-buy-direct-new-condo-developer/#respond Wed, 22 Jun 2016 20:48:33 +0000 http://learn.condonow.com/learn/?p=646 When buying a new Condo in Toronto, you have a few options when it comes to whom you use for help. Navigating the real estate markets and its rules and regulations can be difficult. One of the first things you will need to consider is if you should hire a real estate agent or buy …

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real estate FAQ

When buying a new Condo in Toronto, you have a few options when it comes to whom you use for help. Navigating the real estate markets and its rules and regulations can be difficult. One of the first things you will need to consider is if you should hire a real estate agent or buy directly from the developer.

 

There are benefits and drawbacks to both sides of this equation. A lot depends on the development you are buying, your level of experience and the experience of the agent or builder representative you choose.

 

Here are a few things you should consider when making this decision:

 

Who has the good connections? Experienced real estate agents will be invited to all the VIP Condo Sales and community events, staying well aware and up-to-date on the latest projects. Plus, they will have relationships with builders and developers, which could lead to negotiated agreements that are beneficial to your best interest. Agents can also often obtain special discounts and identify hidden buying opportunities. They can also often help you analyse data and better predict trends around your search.

 

Saving money. A good realtor will review their client’s closing agreement and ensure they aren’t being charged for unnecessary items from the developer or builders (e.g. community building fees the city didn’t charge).

 

Understand floor plans. Agents will be able to point out any small details, such as the location of garbage shoots on your floor. If your condo isn’t built yet, they can take you through the floor plan and fill you in on every detail. Floor plans aren’t the easiest to read, and buyers can often miss small details. Sites such as condonow have great details on condo floor plans.

 

Familiarity with developer contracts. Realtors will be able to tell you exactly what you’re getting, pointing out any legal clauses that possibly have been issues in the past.

 

Buying direct from the developer almost always means your buying a pre-construction condo, or in other words a condo that hasn’t been built yet. With pre-construction you are obviously the first owner so you get to customize the purchase. They can often be cheaper than re-sale and you have more time to save for the overall down payment.

 

However, you’re relying on a floor plan that may look completely different once it’s finished and you may have to pay phantom rent (payments you pay the builder that don’t count toward your mortgage).

 

The biggest difference when working direct with a developer’s sales rep, is that they represent the building, not you. They may have just been hired by the project and may have very little experience related to your contract or some of the more complicated details of the project.

 

Whichever route you choose, there are 2 things you should never compromise on:

 

Research. Research is essential. After all, you’re making a major investment. Research not only the reputation of the builder, but also the developer, potential real estate agents, legal contracts, and what to expect from the home buying experience – positive and negative. You need to be prepared and know how to handle the situation if something happens. Some great examples of comparisons such as this condo comparison for the entertainment district in Toronto can be found here

 

Seek other legal advice. Seek out legal advice outside of what the developer or home builders recommend. Builders often recommend law firms so they can get to their projects as quickly as possible. But that often leaves you with a 50-page contract you don’t understand, written in their favour. Don’t sign it without going over it with a lawyer – one you seek out personally.

 

Condo buying is fraught with twists and turns that can be confusing for anyone buying a home, new or seasoned. However, hiring an agent or buying directly from the developer relies ultimately on your specific wants and needs. Do as much research as you can first, so that you’re in a good position to start, regardless of what direction you untimely end up taking.

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Helping Your Kids Invest In a New Condo https://condonow.com/learn/helping-your-kids-invest-in-a-new-condo/ https://condonow.com/learn/helping-your-kids-invest-in-a-new-condo/#respond Sat, 02 Apr 2016 11:00:50 +0000 http://learn.condonow.com/learn/?p=335 The cost of a new condo in Toronto has risen significantly over the past few years and most younger adults are now simply being squeezed out of the market. The result, parents are stepping in to help with the purchase by either assisting with the down payment or co-signing so a loan can be approved. …

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The cost of a new condo in Toronto has risen significantly over the past few years and most younger adults are now simply being squeezed out of the market. The result, parents are stepping in to help with the purchase by either assisting with the down payment or co-signing so a loan can be approved.

Parents participate primarily in 2 differently ways to help their children buy their first condo. Some parents have the finances available to offer a loan and others are able to offer the money straight up as a gift. How much parents can help is also affected by how many children they have. They will often want to make sure that each child has the same option when it comes time for them to leave the family nest.

There are a few key questions any supportive parent should ask themselves before offering to help their children with this type of real estate investment. They need to first be sure the child will be making enough money to pay the mortgage ongoing and for the general upkeep and repairs of the property.

Also, the parent needs to be sure that if the child is married, that the marriage is stable and properly structured legally. One way to avoid any potential issues in this area is to make sure that the money given in this scenario is done as a loan and not as a gift. This does not necessarily mean that the loan needs to be ever paid back, but it does give the parent the option to ask for the loan to be repaid in case something like a separation or divorce does take place.

If a parent co-signs for a mortgage loan, they will either be listed on the title or as a guarantor of the property. Lenders can often make this a necessary step even if the parents only have a 1% interest in the property.  As long as the parents are on title, this 1% cannot be transferred back to the children at any time without a new mortgage being put in place.

Another issue that can arise if a child gets help with a loan is the eligibility of the HST new home rebate. If someone other than a parent is assisting with the loan, then the buyer will not qualify for this rebate. According to the law, everyone on the title needs to be moving in to the new home or has to be a direct relation to the person moving in. If the buyer receives the rebate and the income tax authorities investigate in the future, the buyer could be responsible for up to $27,000.

Parents need to be aware that if they are listed on the mortgage, then they are responsible for any missed mortgage payments. One of the best options for a parent might be to offer assistance after their child has figured out how much they can afford and have found a suitable condo to fit that budget alone.

No matter what decision a parent makes about helping their children, everyone should have their own lawyer. There may be conflicting issues that arise and this way both parties have their own lawyer to sort things out legally. In dealing with family it is always smart to have all your T’s crossed and your I’s dotted, especially on the legal front.

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The Impact of Transportation on Your Real Estate Investment https://condonow.com/learn/the-impact-of-transportation-on-your-real-estate-investment/ https://condonow.com/learn/the-impact-of-transportation-on-your-real-estate-investment/#respond Fri, 04 Mar 2016 11:00:38 +0000 http://learn.condonow.com/learn/?p=320 Today, proximity to public transportation is a boon to an urban real estate investment, but this was not always the case. Flight to the suburbs in the decades following World War II reflected a desire for more spacious and natural landscapes, driving up prices in areas outside of urban cores. Many downtown areas became stigmatized …

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Today, proximity to public transportation is a boon to an urban real estate investment, but this was not always the case.

Flight to the suburbs in the decades following World War II reflected a desire for more spacious and natural landscapes, driving up prices in areas outside of urban cores. Many downtown areas became stigmatized as they fell into disrepair.

Today however, contemporary housing patterns are characterized by the opposite phenomenon. Urban centers are at the forefront of revitalization and investment, and issues surrounding public transportation are a central political debate. Billions of dollars are being channeled into subway, light rail and streetcar systems in cities such as Toronto. This is a trend common in fact to every major Canadian city as citizens are becoming more conscious of public transit’s economic and environmental benefits. Efficient public transportation is the cornerstone of modern cities and the lifeline of a healthy network of urban communities.

This increase in demand for proximity to public transit has resulted in higher housing prices, as those in search of Toronto condominiums are discovering. People living downtown desire freedom from the hassle of a car—and they’re willing to pay a premium for it. As urban populations rise, travel via car has become increasingly burdensome and inefficient. Toronto condos are sprouting up in lockstep with the city’s transit development.

The millennial generation (30 and under) in particular has opted for housing in urban quarters. The appeal of urban living combined with a burgeoning environmental consciousness has incited a unique demand for efficient public transportation. In turn, prices for new condos in Toronto are skyrocketing. While perhaps tough to swallow, those looking to buy a new condo in Toronto should be aware that the premium paid for their investment would be worthwhile. Demand for such housing will continue unabated, and values for property located close to public transit consistently rise at a higher-than-average rate. These properties are also more resilient during times of economic downturn. A study conducted by the National Association of Realtors and the American Public Transportation Association concluded “property values with good access to public transit remained much closer to their pre-recession levels than properties without access, even within the same city.”

Property owners who seek to rental income should take particular heed of this trend. Renter demand is especially high in areas within walking distance of public transportation, because they can enjoy the convenience without the substantial commitment that ownership entails. This also includes the short-term rental market for tourists visiting a city’s downtown—AirBnB and VRBO listings consistently yield a higher return when located close to an urban core.

The trend toward urban influx shows no signs of slowing, particularly in cities such as Toronto. Property values are both particularly strong and stable for real estate located close to public transportation, and developers and buyers alike should take this trend into account when making property investment decisions.

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Are you using filters to help you invest in new condominium projects? https://condonow.com/learn/are-you-using-filters-to-help-you-invest-in-new-condominium-projects/ https://condonow.com/learn/are-you-using-filters-to-help-you-invest-in-new-condominium-projects/#respond Fri, 19 Feb 2016 11:00:57 +0000 http://learn.condonow.com/learn/?p=311 Anyone who makes investments needs to have a goal as to what they want to achieve.  This is especially true if you are investing in new condo developments. A core filter is basically a reference point for an investment goal.  Any core filter will assist in narrowing down investment options, by letting only the best …

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Anyone who makes investments needs to have a goal as to what they want to achieve.  This is especially true if you are investing in new condo developments.

A core filter is basically a reference point for an investment goal.  Any core filter will assist in narrowing down investment options, by letting only the best options through.  Smart real estate investors will use the filtered information to their advantage and will only invest in the assets that have passed the rigorous filter test.

Here are the top five real estate investment filters that have proven successful time and time again:

Focus
The focus filter will allow you to only look at 5% of the available investments.  It will remove all of the property investments that will simply not allow you to reach your ROI goals.  This is a pretty significant time saver overall, which is why it should be the first filter you always use.

Time
The time filter will group the investments into two categories.  The categories will include those properties that require quite a smaller amount of time and effort to manage and those which do not.  If you don’t have a lot of time to put into your investments, it will obviously not be beneficial to choose projects that require a lot of your time.  One caveat to this filter,  the only projects that should be considered with the extra time commitment as a positive are renovation projects.  If the proposed rewards are so large at the end that it pays quite a bit more than the time spent, then it will be worth the investment in the long term.

Carry
Are you going to be able to handle the property if it is vacant for a long period of time?  How many people are looking for properties like this?  Many condo investments are different when it comes to rentability and timelines for vacancies.

Math
Math is basically making sure that everything adds up.  You will want to do your research on everything about the property.  You will want to make projections as to how well the property will lease or sell.  This step should only be done after the first three, because it takes a pretty decent amount of your time.  If you’re not sure that a property is going to be successful before you get to this stage, then you are probably not confident enough in the project to start this step.

Stress
The stress filter will help you determine if this is going to add stress to your life.  There are many factors that will weigh in on this decision, because each opportunity is unique.  If you think that the project will create any additional stress in your life, long term, then this is definitely something that you do not want to invest in.

By following these simple steps, any investor should be able to make better investments decisions that will help them achieve their short term and long term goals.

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Pre-construction Condos and Appreciation https://condonow.com/learn/pre-construction-condos-and-appreciation/ https://condonow.com/learn/pre-construction-condos-and-appreciation/#respond Fri, 05 Feb 2016 11:00:18 +0000 http://learn.condonow.com/learn/?p=305 We all know what appreciation in Real Estate is, right? You buy a condo in Toronto today for $500,000, and magically, in five years that same property is worth $700,000. Assuming you didn’t make any major investments in improving that property, then yes, you have experienced some decent appreciation. In today’s GTA condo market, investors …

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We all know what appreciation in Real Estate is, right? You buy a condo in Toronto today for $500,000, and magically, in five years that same property is worth $700,000. Assuming you didn’t make any major investments in improving that property, then yes, you have experienced some decent appreciation.

In today’s GTA condo market, investors usually like to put a minimum amount of money towards a down payment for a unit. The one downslide to this is that it can affect the cash flow. A small down payment strategy requires a larger mortgage, and thus one’s monthly mortgage payment is proportionately larger. As such, it is difficult to obtain positive cash flow early on in the condo investment.

Cash flow is what many investors look at to determine the validity or profitability of a property, but this is often a mistake, since cash flow only reflects the direct return. The other factor, which must be considered in a Real Estate investment, is indirect return – or appreciation.

The investors (and home owners!) who are as interested – or more interested – in appreciation as the key investment factor, often try to get ahead of the game by looking for the “next great neighbourhood”, so as to ride the wave of rapid property appreciation. While historically this was done only by savvy investors, today most people are well informed and have access to sufficient information to understand neighbourhood and market trends. Instead of looking for that hidden gem, which is becoming more and more difficult, a sound investing strategy can also be to simply buy into a quality condo project, by a good developer/builder team, in an area that is reputable and stable.

Here’s the shocker: Everything in this article so far refers to what happens once you actually own a property. Average appreciation of property in the GTA is around 7% per year (calculated over a 50-year period) But that doesn’t take into account the period of time between when you negotiate the purchase price of a property, and when you actually close on the purchase and own it. With most condo investments, that period of time only lasts for two, three, or four months.

Here is where the magic of investing in pre-construction condos comes into play. You put down a deposit of 5, 10, or 20 percent of the purchase price with the developer, and you sit back to start waiting the one, two, three or four years until your unit is ready.

As an investor, the longer the period of time from when you sign the purchase agreement, to when you own the unit, the better. The reason is that you are not covering any expenses for owning the unit (which eat into your returns), and you have not had to provide the full purchase price (either all in cash, or a combination of cash and mortgage). The appreciation is ticking up on the full purchase amount, not just on your deposit amount. As such, your ROE (Return on Equity) can be phenomenal, since you’ve only put out the deposit amount, but you are benefitting from appreciation on the full value of the condo unit.

Written by

Guest Blog Writer
Claude Boiron – Broker, Author, Educator, Speaker

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