Bay St. Housing Prices Increase in Value

A recent report on housing price movements by neighbourhood indicate that the Bay Street corridor spanning from Bloor St. (to the North) to Queen St. (to the South) and from Yonge St. (to the East) to University St. (to the West) reported one of the highest increases in resale housing values in all of the GTA for the first quarter of 2009.

Resale prices in the Bay Street corridor were up 21% from last year with the average resale housing price of $377,001 from January to March 2009. Another reason why AURA at College Park offers the best opportunity for capital appreciation in the downtown core.

Read the full report "Early Signs of A Rebound" in the Globe and Mail (April 24, 2009)

Photo Credit: By REUTERS, Reuters Pictures

People's Choice for City's Best Architecture

Nominees for 2009 PUG Awards - Vote for Your Favorite

The Residences of College
Park II, a Canderel Stoneridge development at College and Bay Street in downtown Toronto, has been nominated for this year's PUG Awards - a people's choice award for the best and worst architecture in the city.

Last year, College Park phase I came in third place out of all nominated buildings in 2008.

This year you'll find a variety of structures to vote on including the revamped AGO (Art Gallery of Ontario), the eye-popping Toronto Life Square building (inspired by New York's Times Square), and several newly built condominiums and business centres.

Voting is done online and is open to everyone until
May 31, 2009.

Vote Now at http://www.pugawards.com/

Investors Attracted to Condos for the Long Term

More people are seeing condominiums as an attractive investment opportunity than was the case a year ago, according to a survey released yesterday.

Toronto-Dominion Bank said 44% of respondents in a survey of urban Canadians said conditions had improved over the past year with regard to the prospects of buying a condo for investment purposes. That was up from 21% in a similar survey done last year. The bank said lower prices and mortgage rates are the main reason people are being drawn to condos as a way to make money over the longer term.

Read the full article from Canwest News Service "More see condos as investment: survey" in the National Post (May 5, 2009)

Kid Friendly Condos

There's a growing number of families choosing the convenience of downtown condo living. Larger suites in condos like AURA allow for urban living with a growing family.

A new highrise trend led by the Condo Generation is pulling into downtown.

A small but growing number of "Gen-Con'' parents are forsaking dreams of family homes – you know, the one with the white picket fence and the swing set in the large backyard – for condos in the city. There are already family-friendly buildings in downtown Toronto and Mississauga, with more on the way.

Read Stephen Weir's full article "Bring baby the new highrise trend" in the Toronto Star (May 2, 2009)

Save Your Money - Avoid the HST

Many homebuyers in the market today are asking the same question - How will the new harmonized sales tax implemented by Dalton McGuinty affect my new home purchase? The feeling is quite similar as to when the government implemented the new land transfer tax last year. Everyone was rushing to purchase as quickly as they could to avoid the new tax.

A similar situation has been created, however introducing this new provincial plan at a time when the economy is suffering does not make things easier for home buyers. For example to purchase a $500,000 home after July 1st 2010 could end up costing you an additional $40,000.

When construction costs increase, so will the price of new homes and condos in the City of Toronto. As of now there are only two options in order to avoid this tax in the City of Toronto if you are purchasing pre -construction real estate. They are as follows:

1. Purchase a pre-construction condo under $400,000 as units at this price range are exempted from the tax.

2. Purchase a pre-construction condo before July 1, 2010 in order to avoid the tax.

Toronto home buyers have still not recovered from last years imposition of the new City of Toronto land transfer tax. In a market where the volume of new home sales has dropped, the last thing Ontario needs is a new 8 per cent tax on legal fees, agent commissions and other costs related to the purchase and sale of new condo.

Author:
Erica Smith
Sales Representative - AURA Condos