Sharon Chung, Century 21

Fun facts about City of Toronto addressesShare

2009-01-07T12:20:00.000-08:00

Number of addresses in the City of Toronto: approx. 433,000

How are numbers determined? (with some exceptions)

Even numbers are given to the north and west sides of streets
Odd numbers are given to the south and east sides of streets

On streets that run east-west, numbering begins closest to Yonge St.
On streets that run north-south, numbering begins closest to Lake Ontario

Clearly identified properties lead to faster response times from emergency service vehicles. In 2003:
Toronto’s Emergency Medical Service transported 142,000 patients
Toronto’s Fire Services responded to 9,259 fires and 2,081 rescues

SOLD FOR 88% of List Price!!

2009-01-06T12:05:00.001-08:00

Commercial Property

2008-12-29T12:14:00.000-08:00

Housing market turned to favour Buyers

2008-12-29T09:36:00.000-08:00

TORONTO, December 17, 2008 -- Greater Toronto REALTORS® reported 1,487 resale transactions during
the first half of December, from 2,868 sales recorded in the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.

The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an
average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.

“Keeping today’s market statistics in perspective, MLS® statistics confirm that over the last 10 years the price of homes has increased in value. What this means for the consumer is that real estate continues to hold its value and is a solid choice for long-term investments,” said Ms. O’Neill.

In the 416 area, 619 transactions were recorded during the first half of this month, from 1,402 sales that took place during the same timeframe a year ago.

The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and
$367,650 recorded in the first half of December 2006.

In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.

The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.

“The recent C.D. Howe land transfer tax study confirms REALTORS’® concerns that the second LTT
imposed on homebuyers in the City of Toronto has indeed contributed to the economic conditions in the
GTA,” added Ms. O’Neill.

There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago. The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. Sellers are achieving 96 per cent of their listing price, as compared to 98 per cent a year ago.

“Location, price and your own personal financial and family situation all play an important role when
considering a purchase,” said Ms. O’Neill. “REALTORS® can provide you with information about
neighbourhoods, school districts and realistic pricing because of their vast knowledge of the local
community.”

Happy Holidays!

2008-12-16T09:40:00.000-08:00

Condo sales remain steady

2008-11-12T21:03:00.001-08:00

Nov 08, 2008
Toronto Star

The Toronto condominium market was on pace with 2005 and 2006 in terms of new unit sales, according to the latest data from Urbanation.

“The Toronto condo market is showing signs of softening, indicating that the ‘go-go’ market of the past few years has returned to more normal levels, as Canada feels the effects of a so-far-mild slowdown,” said Jane Renwick, executive vice-president of Urbanation.

The Toronto development industry appears to be on track to sell about 16,000 new condo units in 2008, down from the record-breaking 2007, but on trend with both 2005 and 2006.

A total of 15 new condo projects opened in the third quarter of 2008, and sales were strong, as 47 per cent of the 4,449 new units released were sold during the quarter. This compares with the historic norm of 35 to 40 per cent.

Pricing for new condos in Q3/08 was up a modest 2.5 per cent from the previous quarter, from $396 per square foot in the second quarter to $406 per square foot in Q3/08.

The market is still being driven by positive forces that includes migration into the city, affordable pricing, and low interest rates.

The Ins and Outs of Insurance

2008-10-30T09:34:00.000-07:00

In general, we Canadians are a cautious people. Canadian lenders for example, require homebuyers to obtain home insurance before providing a mortgage.
Home insurance will help you recoup losses from sudden and accidental events. It can also offer legal protection if a person gets injured on your property or if you accidentally harm others or their property. It even covers your home’s contents, like sports equipment, when it’s temporarily out of the house.

Home insurance policies are provided for a one-year term, during which time a monthly premium is paid to the provider.

As premiums cover the cost of all claims made to the insurer, they are calculated based on the amount of payouts anticipated in the coming year.

Your cost is based on the likelihood that you will make a claim. In determining this probability insurers assess the number of claims typically made in your area. A number of other factors are taken into consideration as well. Your proximity
to water for example is noted, as it’s a necessity in the event of a fire. The replacement cost of the materials used to construct your home is also factored in. As well, insurance providers assess the type and condition of your home’s major components like heating, electricity, plumbing and roofing. Special factors like the presence of a wood burning stove, an in-home office, tenants, security and smoke alarms can also affect the cost of your premium.

Insurance policies can vary considerably so it’s important to talk to your provider about the specifics of coverage being offered, and to be particularly clear on exclusions.

In general, there are three types of coverage. Comprehensive is the most inclusive type of policy; it covers your home and its contents for all risks, except those specifically excluded. By contrast, a named perils policy covers only those perils specifically stated. A broad policy is a combination of these two options, providing comprehensive coverage on the most costly items, such as the actual structure and named perils coverage on the contents of your home.

While insurance really is a necessity, it needn’t be costly. There are a number of ways to save money on your premium such as increasing your deductible, which is your share of the cost of any claims you make. You should also not include the market value of the land on which your home is built, in your policy. Coverage should be limited to the value of your home and its contents in the coming year alone. It is also worthwhile to inquire about discounts for obtaining more than one type of insurance such as home and auto with the same insurance company. The best way to achieve low premiums though is to develop a track record of not making claims. As we Canadians know, it pays to exercise a little extra caution.

Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000
REALTORS® in the Greater Toronto Area.

LEASED!

2008-10-27T12:12:00.000-07:00

Where did the money go?

2008-10-22T12:01:00.000-07:00

All the money lost in the stock market and the housing crash never really existed, economist says
Trillions in stock market value – gone. Trillions in retirement savings – gone. A chunk of the money you paid for your house, the money you're saving for college, the money your boss needs to make payroll – gone, gone, gone.

Whether you're a stock broker or Joe Six-pack, if you have a mutual fund or a college savings plan, tumbling stock markets and sagging home prices mean you've lost a whole lot of the money that was right there on your account statements just a few months ago.

But if you no longer have that money, who does? The fat cats on Wall Street or Bay Street? Some oil baron in Saudi Arabia? Or China?

Or is it just – gone?

If you're looking to track down your missing money – figure out who has it now, maybe ask to have it back – you might be disappointed to learn that is was never really money in the first place.

Robert Shiller, an economist at Yale, puts it bluntly: The notion that you lose a pile of money whenever the stock market tanks is a "fallacy."

He says the price of a stock has never been the same thing as money – it's simply the "best guess" of what the stock is worth.

Shiller uses the example of an appraiser who values a house at $350,000 (U.S.), a week after saying it was worth $400,000.

"In a sense, $50,000 just disappeared when he said that," he said. "But it's all in the mind."

Though something, of course, is disappearing as markets and real estate values tumble. Even if a share of stock you own isn't a wad of bills in your wallet, even if the value of your home isn't something you can redeem at will, surely you can lose potential money – that is, the money that would be yours to spend if you sold your house or emptied out your mutual funds right now.

And if you're a few months away from retirement, or hoping to sell your house and buy a smaller one to help pay for your kid's college tuition, this "potential money" is something you're counting on to get by. For people who need cash and need it now, this is as real as money gets, whether or not it meets the technical definition of the word.

Still, you run into trouble when you think of that potential money as being the same thing as the cash in your purse or your chequing account.

"That's a big mistake," says Dale Jorgenson, an economics professor at Harvard.

There's a key distinction here: While the money in your pocket is unlikely to just vanish into thin air, the money you could have had, if only you'd sold your house or drained your stock-heavy mutual funds a year ago, most certainly can.

"You can't enjoy the benefits of your (pension) if it's disappeared," Jorgenson explains.

"If you had it all in financial stocks and they've all gone down by 80 per cent – sorry! That is a permanent loss because those folks aren't coming back. We're going to have a huge shrinkage in the financial sector."

If you choose, you can pour most of your money into stocks and track their value in real time on a computer screen with other investors, confident that you'll get good money for them when you decide to sell.

But that collective confidence, Jorgenson says, is gone. And when confidence is drained out of a financial system, a lot of investors will decide to sell at any price and a big chunk of that money you thought your investments were worth simply goes away.

And don't blame speculators, Jorgenson says.

"Those folks in general have been losing their shirts at a prodigious rate," he said. "They took a big risk and now they're suffering from the consequences."

Canada’s Mortgage Market is NOT like the U.S.

2008-10-08T11:26:00.000-07:00

With all the turmoil taking place across the border and around the world in real estate markets, now is a good time to clarify some of the differences between Canada and our neighbours south of the border. Below is a condensed list compiled from a recent Economic Research Report released by Scotiabank that explains the many differences well:

Debt Growth

Much has been made that Canadian debt growth relative to incomes over the last few years has been on par with the U.S. Some are then led to conclude that Canada must face similar stresses to its own housing and mortgage markets.

That said consider that prominent economists believe that recent Canadian debt growth reflects the unleashing of pent-up demand from the 1990s and also point to the fact that Canada’s recession in the early 1990s was more severe and the effects were longer lasting than the US recession and therefore a fair comparison can not easily be made.

Leverage

In Canada total debt as a percentage of total assets sat at 20% at the end of 2007. The US ratio is about 26%. By corollary Americans have used nearly 30% more debt than Canadians to purchase assets.

Canadian mortgage markets are fundamentally healthier than the U.S.

Canada’s subprime market is small making up only 5-6% of outstanding mortgages vs. the 20-25% that were issued in the U.S. from 2004-2006.

Our sub-prime market isn’t even sub-prime in comparison to the much riskier loans that were made in the US (120% Loan to Value’s, No document Ninja Mortgages). Canada has been much less aggressive in our mortgage product innovation in general.

Adjustable rate mortgage resets caused many problems stateside as they begin with a low teaser rate and then go up significantly at a determined time adding hundreds or thousands of dollars in some cases to a families monthly debt-load. The closest comparison in Canada is Variable rate mortgages but they get constantly re-priced so that people aren’t caught off guard later.

Homeowners’ Equity in Canada is at around 70% vs. in the US where it is closer to 46%. Homeowner’ equity in the U.S. was falling long before the current crisis and actually began falling steeply in contrast to Canada in the late 1980’s.

Investor mortgages were among the first products to default in the U.S. where they account for about 9% of all outstanding mortgages, similar to the UK (9.5%) and Australia (10%). In Canada however they are only about 2-3% of all outstanding mortgages.

In Vancouver, Canada’s priciest market, prices have gone up about 80% since the mid 1990’s start of the global housing cycle. London England by contrast went up about 270% over this time period. Canada’s house price appreciation was on average significantly lower than the U.S. and much of Europe.

Canadian mortgages are funded, underwritten and enforced in a totally different manner than that of the U.S.

Canada's funding model is completely different from the U.S. The majority of mortgages are held on a balance sheet in Canada with only 24% having been securitized.

Further, the majority of securitized totals have been done through CMHC – a crown corporation with explicit government backing – thus avoiding the problems in the U.S. through naturally tighter requirements.

Mortgage Backed Securities were not placed in off-balance-sheet structures that were over-leveraged like in the U.S. This is perhaps the most important point, what really caused the problems were over leveraging that occurred after the mortgages were originated.

Appraisal standards are generally higher in Canada where appraisers are more likely to low-ball estimates of property value.

Unlike many U.S. banks, Canadian banks continue to apply prudent underwriting standards. In other words, they continued to check incomes, verify job status, ask for sales contract’s etc. U.S. underwriting got much more… shall we say, creative.

Source: Dominion Lending Centres

FLY CONDOS - Blue Jays Way/Spadina - VIP Prices

2008-10-05T19:40:00.000-07:00

I have VIP prices, pls ask for layouts...the Builder has GUARANTEED to increase the price when it releases to the public in 10 days.......excellent investment opportunity!

ONE BEDROOM starting from $269,900 (12th floor, 495 sq ft)
ONE BEDROOM PLUS DEN starting from $304,900 (3rd floor, 570 sq ft)
TWO BEDROOM starting at $399,900 (5th floor, 710 sq ft)

plus for a limited time receive (also expiring in 10 days).........
$1000 IKEA giftcard
FREE LOCKER (valued at $5000)
FREE INTEGRATED fridge and dishwasher
FREE ENTERTAINMENT set up (surround sound with ipod dock)
ASSIGNMENT FEE waived

Deposit: ONLY 15% within 180 days
Closing: Oct 31, 2011

Fly Condos is Empire Communities’ brand new condominium community coming soon to 352 Front Street West.

Fly will back onto Clarence Square - an urban park that is a true natural gem. Fly will also offer a landscaped promenade that connects to Clarence Square. Plus, the on-the-move crowd will enjoy living close to delectable restaurants, sizzling nightlife, renowned sports venues, and within walking distance to Toronto’s theatre and financial districts.

New kind of housing - New kind of housing co-op

2008-09-18T08:39:00.001-07:00

Co-ownership is one way for first-time buyers to get a foot in the door of the current housing market.

Many Canadians in their 20s and 30s who dream of owning a home face a significant financial hurdle, especially since house prices just seem to keep on rising, making affordability a burning issue. When entering the workforce, 20- and 30-somethings often must settle for part-time positions or self employment, meaning a frustratingly long period before building enough capital to buy a home.

"That’s the challenge people are looking at," said Murray Pituley, an Investors Group financial planning expert, who lives in Regina. "Higher prices and a longer period of time before they are able to afford a house."

Although many do eventually buy a home with a spouse or common-law partner, others must seek out innovative ways to get their foot in the door, including co-ownership partnerships with family members or friends.

"I’m seeing more and more of it (co-ownership) over the last few years," says Dianne Usher, vice-president and division manager of Royal LePage J&D Division in Toronto.

"Affordability is certainly a driver" for many, she said. For others, it is a way to invest instead of buying stocks and bonds in volatile public markets.

In its last census, Statistics Canada estimated that the value of Canadian homes between 2001 and 2006 rose 49.3 per cent. The Canadian Real Estate Association says since 2006, house prices have shot up 15 per cent.

At the end of July this year, the average price of a resale home nationally was $302,298, or $327,020 in major markets, according to Multiple Listing Service figures released by CREA.

At the same time, Statistics Canada determined that home ownership is a top priority for 76 per cent of adults aged 25 to 39, who have left the nest.

However, it said only 60 per cent manage to achieve home ownership.

As of 2006, says Statistics Canada, more than 70,000 young adults had bought homes in partnership with a friend, sibling, parent or other family member. It is a trend that appears likely to grow.

Co-ownership, said Usher, is "national and it’s emerging."

For instance, "there are those who want to get into a co-ownership situation because of affordability particularly if they want a higher-end neighbourhood," said Usher.

Then, there are those who "say ‘You know what? Instead of putting our money into the stock market, let’s buy and co-own a unit or units’," she said.

Putting your money into a house is "a little bit more stable in the long term than other forms of investment," said Usher, especially given the ups and downs of the markets following the worldwide credit crisis.

Some are buying multi-units, a duplex or a triplex, and there may be friends or family members co-habiting on different floors — mom and dad on the lower level with adult children up above, said Usher.

Co-ownership is also somewhat gender driven, she said. "Women believe in real estate these days . . . we have more singles out there."

A couple of professional women will go together to buy a property in a higher-end neighbourhood, which they couldn’t afford on their own, said Usher.

Or a group of women will buy a property and rent it out, not necessarily to each other, but as an investment.

Richard Corriveau, with the Canadian Mortgage and Housing Corp. in Calgary, says parents and their children attending university sometimes buy houses together.

"A lot of folks rather than pay rent for children while they are going to university . . . they’ll buy a condo and by the time they’re done (graduated) they hope to realize some price appreciation," he said.

It is a way to build some equity, he said.

But there are pitfalls, he said. There is the risk that "the property doesn’t appreciate as fast as you would hope to make sure it pays for itself."

Pituley said there are several drawbacks to co-ownership arrangements, including instability of relationships and not being able to decide who does what, such as repairs.

Many of these problems can be avoided, he said, by drawing up a co-ownership partnership agreement with a lawyer at the same time that the buy-sell deal is arranged.

’That’s the challenge people are looking at. Higher prices and a longer period of time before they are able to afford a house.’

SOLD

2008-09-18T08:39:00.000-07:00

Brand New Condo @ Yonge/Hwy 7

2008-09-11T10:08:00.001-07:00

PURCHASE NOW AT PREVIEW PRICES!! Excellent Investment....(prices have NOT gone up yet since Grand Opening!!!)

North of Highway 7 and east of Yonge Street....

Distinctive architecture, gracious landscaping and a spectacular lobby combine to create an elegant ambience. The community is surrounded by an array of malls, superstores, plazas, restaurants and movie theatres.

The spa-inspired Wellness Centre includes an exercise room, cardio/yoga facility. Other building amenities include two party rooms fully equipped with a kitchen and bar feature, a media/ billiards lounge and a fully furnished guest suite.

All suites include GRANITE COUNTER TOP, LAMINATE FLOORING, DOUBLE SINK, STAINLESS STEEL APPLIANCES and MUCH MORE...

Also for a limited time receive up to $5000 in FREE additional upgrades...PLUS receive a BONUS $300 IKEA gift card....

CLOSING: November 2010
Deposit: 15% within 6 months

1 bdrm starting at $199,500 (625 sq ft)
2 bdrm starting at $239,500 (760 sq ft)

Walking distance to the movies, grocery, Go and Viva! Minutes from Hwy 407 and 404!! Ultimate uptown location!!

Pls ask for layouts.

__________________________________

Do you know I can help you with your next pre-construction condo purchase and this at no cost to you?

Most builders will cooperate with realtors and will pay a referral fee for bringing them new clients. There is no catch.

The benefits to you are tremendous. That way you have someone totally devoted to protect your interest instead of being a one-sided sale.

You just can't lose by getting the expertise and knowledge from someone like me who will work on your behalf by asking all the right questions and helping you choose floor plans wisely.

FLY CONDOS - Blue Jays Way/Spadina

2008-09-07T14:12:00.001-07:00

Register with me now for your chance to get on the VIP list for this exciting new development. Buy before the public and save thousands!!!

Do you know I can help you with your next pre-construction condo purchase and this at no cost to you?
Most builders will cooperate with realtors and will pay a referral fee for bringing them new clients. There is no catch.

The benefits to you are tremendous. That way you have someone totally devoted to protect your interest instead of being a one-sided sale.

You just can't lose by getting the expertise and knowledge from someone like me who will work on your behalf by asking all the right questions and helping you choose floor plans wisely.

Fly Condos is Empire Communities’ brand new condominium community coming soon to 352 Front Street West. This unique residential enclave will be situated between Blue Jays Way and Spadina in downtown Toronto. The 24-storey building will be crafted from glass and metal panels, with a unique interplay of distinctive and dramatic glass balconies on its western façade. The result of this design by Graziani + Corazza Architects will be an iconic addition to Toronto’s skyline that will complement this historic neighbourhood with its superb lines and intimate scale.

Fly combines all the essential elements: the right location,architecture, ambiance and amenities to nurture a lifestyle totally in sync with the times. Savvy Toronto urbanites will appreciate that it is possible for a whole community to be totally cool.

Fly will back onto Clarence Square - an urban park that is a true natural gem. Fly will also offer a landscaped promenade that connects to Clarence Square. Plus, the on-the-move crowd will enjoy living close to delectable restaurants, sizzling nightlife, renowned sports venues, and within walking distance to Toronto’s theatre and financial districts.
Residents of Fly Condos will live like stars in a building that features interiors and amenities by trend-setting Munge Leung Design Associates. These include the stunning white lobby with two-storey opaque green cut-glass columns, grey-veined marble floor and wall tile, white sculptural seating by Zaha Hadid, a modern chrome concierge desk, and white and gold metal origami-like birds throughout.

Residents will be able to host get-togethers in the stylish party venue with a chef’s kitchen complete with five appliances and access to the outdoor rooftop terrace with its private cabanas and barbecue station. The fitness centre is designed by George Chaker (founder of Diesel Fitness and Level V) and will feature the latest in workout equipment, a Yoga and Pilates studio, spinning area, sauna and more, all with a walkout to a private Zen courtyard ideal for meditation and seasonal yoga sessions. Overnight visitors can make use of a hotel-chic guest suite, and 24-hour concierge service will provide pure convenience.

Suites will feature ceilings that soar up to 10 feet in height at the Penthouse levels, which enhance the spacious feel of these well-thought-out designs. Each suite will also have a balcony or terrace extending the owners’ living space to the outdoors; custom-designed contemporary kitchens with sleek stainless-steel appliances and granite countertops; engineered hardwood flooring; rich ceramics and glazed porcelain tiles; plus striking views through expansive windows.

Fly Condos will offer studios, one-bedroom, one-bedroom plus den, two-bedroom, two-bedroom-plus-den, three-bedroom, and two-storey lofts with street entry. Sizes range from 480 to over 1,500 sq. ft., and prices begin from the mid-$200’s to just under $1 million. Occupancy is slated for Spring 2012.

Renovation projects that keep on giving

2008-08-29T21:08:00.000-07:00

What upgrades have the biggest payback?

ELIZABETH RAND-WATKINSON
From Friday's Globe and Mail
July 25, 2008 at 12:00 AM EDT

The question I'm asked most often would have to be, "What renovations give you the most bang for your buck?" And the answer hasn't changed considerably over the years — upgraded kitchens offer a huge return on investment followed closely by updated bathrooms.

Real estate company Royal LePage recently published the findings of a survey about what buyers are looking for and what features get the biggest positive responses. To help sellers decide what to tackle before putting their homes on the market, Royal LePage, in co-operation with the Appraisal Institute of Canada, has put together the following information.

While I don't agree with the approximate cost for kitchen upgrades shown (in my experience new kitchens usually cost $20,000 and up), I think this is good information to keep tucked away. Chances are you will be renovating at some point in your homeowning life because, as a society, we're doing so like never before.

In a press release, Royal LePage quotes a Statistics Canada finding that renovation spending grew by 8.3 per cent in the fourth quarter of 2007, to $9.2-billion, from the same period in the previous year.

Lisa Da Rocha, vice-president of marketing and communications for Royal LePage Real Estate Services, says, "Amid today's competitive real estate market, renovations offer a relatively affordable means to boost the value of a home. There are some renovations, such as finishing a basement, that a homeowner does for their own enjoyment without much concern for the return on investment. What we have explored within this survey are renovations that are intended to translate directly into enhanced equity in a property."

Ranging from what it calls "reasonable," easy jobs homeowners can take on themselves, to "radical," those projects you'll probably need a contractor for, Royal LePage has identified the following top 11 upgrades and renovations that will increase the equity in your home.

Paint — A new coat of paint in a neutral colour will make rooms look new and fresh. It may even make some rooms look more spacious.

Flooring — Buyers today love hard flooring, especially in dining and living rooms, bedrooms and even bathrooms. Replacing carpeting in these rooms with laminate is a fairly low-cost upgrade.

Lighting — Replace old or dated fixtures with new ones, upgrade switch plate and electrical outlet covers with the latest versions, install dimmer switches in principal rooms, and use energy-efficient compact fluorescent (CFL) bulbs where possible.

Curb appeal — To ensure a great first impression, tidy up the lawn and garden; in season, add some annuals for a punch of colour.

Hardware — Update cabinet hardware with sleek new pulls. Stainless steel has been found to have the most impact. Replace worn and tired fume hoods with sleek stainless versions, and kitchen backsplashes with popular glass or, again, stainless tiles.

Entrance — Clear away boots, shoes and other clutter to make it look spacious and capture buyers' attention as soon as they step over the threshold. Keep it simple with only a small hall table — perhaps a demi-lune, with a vase of fresh flowers and an attractive mirror.

Flooring — A second level of flooring upgrade is replacing carpet and laminate with real hardwood. While this is more expensive, it has instant impact and does result in an increased return on investment.

Privacy — A fence ensures privacy from neighbours and provides a safe enclosure for kids and pets. Adding a deck helps make a yard seem finished and extends the living space to the outdoors.

Main-floor bathroom — This is an essential feature today, especially in older homes where the bathroom was traditionally relegated to the second floor. See if you can find a main-floor nook — perhaps a closet — to transform into an efficient, two-piece powder room.

Ensuite — A full-service bathroom off the master bedroom is a real draw for buyers. They're looking for spa-like spaces with air-jet tubs, granite, marble, good storage features and upgraded faucets.

New kitchen — The more preferred finishes and features include stainless-steel appliances, stone countertops, ceramic sinks and clean lines on cabinetry. Again, keep colours neutral to appeal to the widest variety of tastes.

Monopoly Here and Now

2008-08-23T19:36:00.000-07:00

Three Canadian cities to be featured on latest Monopoly game
Monopoly's boardwalk stroll is now a hike up Mount Royal, and getting from jail to free parking means a trip through Canada's financial capital and Stanley Park. Hasbro Inc., announced Wednesday that Montreal, Vancouver and Toronto would be among the 22 cities included in Monopoly Here and Now: The World Edition.

Hasbro said the cities were chosen through an international vote that saw more than five million Monopoly fans cast ballots for the global cities they wanted to see on the first ever global edition of the popular board game.

Montreal will occupy the place of honour previously held by Boardwalk and will be paired with the Latvian capital of Riga to represent the most expensive property group on the board.

Vancouver will become the flagship piece of real estate in the orange group, while Toronto will join Kyiv and Istanbul to comprise the Magenta properties. Canada and China are the only countries to feature three cities on the board.

Events were held in all three Canadian cities Wednesday, with life-sized game boards for fans and dignitaries to get acquainted with.

In Toronto, Mayor David Miller was given the city's title deed by a man dressed as Mr. Monopoly. He shrugged off the fact both Montreal, at $4 million, and Vancouver at $2 million, were valued higher in the new game than Toronto, priced at $1.4 million.

"There's a part of all of us that wants to be Boardwalk," Miller chuckled. "But if you want to win Monopoly, you buy the affordable places and you build hotels, that's what going to happen with Toronto."

Miller did his best, however, to get in one dig at his city's longtime rival.

"Congratulations to Montreal, but when we play, we're still going to win."

Montreal Mayor Gerald Tremblay told a ceremony in the Old Port that the city's place on the board gives it visibility and would attract more tourists eventually.

He says he played Monopoly as a child.

"I learned a lot and I took the necessary steps to use my youth to be more successful in the business sector."

Melissa Martin of Toronto just started playing the game again with her children, and gave the new version rave reviews.

"I love the new board, I love the fact Canada's on there three times ....," said Martin.

The Toronto and Vancouver squares feature the waterfront cityscape of each, with the Rogers Centre and the Rocky Mountains providing the respective backdrops. Montreal's square features St. Joseph's Oratory, which sits atop Mount Royal.

Monopoly's global makeover goes beyond the switch from streets to cities as prime real estate.

Hasbro said the old utilities of Electric Company and Water Works are being replaced with Wind Energy and Solar Energy to reflect the growing emphasis on worldwide environmental concerns.

The four railroads prominent on the traditional monopoly board have been cut back to one with air, cruise and space travel now available as transportation options.

The international theme is also featured in the refurbished Community Chest and Chance cards which now allow players to organize global music festivals, or attend iconic cultural events such as Carnival in Rio De Janeiro or St. Patrick's Day in Dublin.

The global edition of Monopoly, originally released in 1935, is the latest in a series of modernizations meant to bring the game up to date.

Multimedia versions of the game also figure into Hasbro's modernization strategy.

In addition to the global edition board game, which will be available on August 26, an online and mobile version will be available for download the next day with a version for most popular gaming consoles set for release in October.

Goodbye MLS.ca, Hello Realtor.ca

2008-08-13T11:41:00.000-07:00

Realtor.ca has finally launched and soon the much loathed MLS.ca will finally be put out of its misery. The recent shut down of the popular Housing123 caused quite a stir and reignited the debate over not just the fact that there is are lack of a quality website for viewing properties in this country, but also the Real Estate Industry's handling of the information itself.

The real estate industry in Canada is in some ways unique in that it has managed to avoid to this point what just about every other knowledge-based industry has faced since the invention of the Internet: the mass dissemination of its most precious resource-information. Specifically, they have consistently shut down any attempt that has been made to open up the central MLS database that contains all the information about properties sold and those currently for sale.

One of the main reasons why these 'rogue' sites keep popping up is that MLS.ca is pretty terrible and has been basically unchanged over the last several years. MLS.ca completely missed the whole web 2.0 party and many entrepreneurs and programmer types couldn't take it any longer. But with each new site that emerged, CREA was right behind them to shut them down.

The new Realtor.ca is a great improvement over MLS.ca simply because it has added mapping functionality that has been around on other sites for about 5 years or so. The ability to click and drag the map, as well as switch between map and aerial view are nice touches. Being able to change search criteria in real time without have to click the 'back' button is great too.

Once you see a listing you like and you click on it for more information, several short comings of the site quickly reveal themselves. Photo size and quality are the same as the previous version of MLS.ca, and you have to click the 'back' button to re-enter the map and select a different property. Also, information on a given property is still limited to the MLS.ca fields of the past. Many data fields that Realtors have access to, consumers still do not.

Free: a good home

2008-08-10T12:43:00.000-07:00

OTTAWA (CBC) - Ashley Mulroney's two-storey, three bedroom Ottawa house isn't for sale - she's giving it away for free.

"I'd like to call it my ultimate recycling project. I'd like to see the house get another chance," said Mulroney, who is holding an open house in the Manor Park neighbourhood on Sunday.

On Thursday, she offered CBC reporters a tour of the 1,200 square-foot house, which has white siding, purple shutters and a brick chimney joined to a working fireplace. Inside are hardwood floors, and big windows that overlook stately hardwood trees.

"The view doesn't come with the house, unfortunately," Mulroney said.

In fact, neither do the lot or the basement.

Mulroney is giving away the house because she learned that renovating it to suit her would cost as much as building a new one on the property, so she chose the latter option.

"And I don't think this house belongs in the dumpster. It's got a lot of years of good life left in it."

So Mulroney has listed the house on Fullcircles Ottawa, a recycling website where people can offer used items for free.

Mulroney said she will give the house to the first interested prospective homeowners who can prove they have land to put the house on within 100 kilometres of its current location. They also must be able to afford to move it.

Gilles St. Martin, who works for Chamberlain Lalonde Business Movers, estimated the house will cost $45,000 to $50,000 to relocate.

During the two-week job, the house would have to be cut to separate the first and second storeys. It would then be braced, put onto a flatbed truck using a crane, moved to its new location where it would be reassembled, again using a crane.

St. Martin said his company will be picking up and moving about 10 houses in the next two months.

"It's getting commoner and commoner every day," he said.

He thinks it's a good idea. "It gives people the opportunity to get a home at a much lower cost than building."

David Fleming, president of Heritage Ottawa, a group that promotes the preservation of heritage buildings and neighbourhoods, said he thinks Mulroney's decision to give away her home is "very noble" and preferable to demolishing it.

"It's nice to see quality housing recycled," he added. "I suspect this is about 50 years old and it's built a lot better than comparable houses are today."

Typically, he said, the group doesn't encourage people to move houses because their context and location are part of their heritage.

However, he said in this case, the neighbourhood is relatively new and not designated a heritage preservation area.

Toronto ranks more costly

2008-07-29T09:21:00.000-07:00

Toronto now the second most expensive city in North America to live in and 54th internationally.

Toronto has once again proven itself one of the most expensive North American cities to live in, sitting now just behind New York for tops in the continent, a noted report reveals. The annual U.K.-based Mercer's cost of living survey -- which looks at how expensive it is for a company to relocate employees -- shows that Toronto leap-frogged Los Angeles and Miami since last year.

Moscow retained its position as the most expensive city for corporations world-wide, with Tokyo, London, Oslo and Seoul rounding out the top five.

New York was the only North American city in the top 50, at 22nd overall.

Toronto, which jumped 28 spots from last year to 54th overall, is the most expensive Canadian city for newcomers to live in, but not the only one shooting up Mercer's list.

Vancouver went from 89th in 2007 to 64th this year, Calgary from 92nd to 66th and Montreal from 98th to 72nd.

American cities like L.A. (42nd to 55th) and Washington D.C. (85th to 107th) are in a free fall.

SOLD

2008-07-23T12:14:00.000-07:00

A Spectacular Fully Renovated Condo Townhouse

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Coverdale Cres (Steeles/Kennedy) $579,900 FOR SALE

2008-07-18T07:02:00.000-07:00

FOR SALE: $579,900 (Steeles/Kennedy)

http://www.obeo.com/Public/Viewer/Unbranded.aspx?refurl=TREBnet&id=478760

Charm & Sunshine Awaits You In This Spacious 4+2 Bedroom & 3.5 Bath.Formal Living/Dining Combination Quietly Says 'Luxury', Family Room W/Fireplace Opens To Kitchen And Solarium.The Sunny Exposure Overlooks A Beautiful Perennial Garden.Master Bedroom Situated For Privacy,Has A W/I Closet,Ensuite Bath,Wide Windows Giving Lots Of Light.Basement Completely Finished,Own Bathroom, Perfect For Inlaws Or Lg Gatherings.Walking Distance To Pacific Mall,Go Station,Ttc.

Neighbourhood sprouts in Queen East

2008-07-15T08:05:00.000-07:00

July 5, 2008

One of the reasons we love Toronto – and, of course, we all love Toronto – is streets like Queen. Either West or East, this is one of the most attractive arteries in the city. And by attractive, we don't mean physical appearance – though in stretches Queen can be impressive – we mean attractive as a place to be.

Little surprise, then, that Queen dates largely from the 19th century, apparently the last time in Toronto when Torontonians understood intuitively how to build a city. The width of the street, the height of the buildings (largely two to four storeys) and the generally compact and connected conditions make for an ideal urban roadway.

Though Queen West has been a major destination since the early 1980s, even late '70s, Queen East is still getting going. Some might call it gentrification, but the changes now underway go beyond a coat of white paint.

What's emerging on Queen East also has a cultural dimension; it's not simply retail, though that's the biggest part of the equation. It's really about the establishment of a middle-class neighbourhood that accommodates the human impulse to be part of something larger than one's own castle. Indeed, Queen East is still at that point in its evolution where it retains some of the pre-gentrification grittiness that makes it interesting and engaging. A decade from now most of that will have scrubbed away, as is fast taking place on Queen West.

And despite Queen East's reputation as a rough-and-tumble kind of area, it's worth noting that some of the architecture here ranks among the best in the city. The public library at Saulter St., for example, is one of the finest neo-classical temples in Toronto, bar none.

Served by the streetcar and built to the sort of low-rise densities with which Torontonians feel most comfortable, these neighbourhoods will only become more desirable as time goes by.

Evolution of the Toronto housing market...

2008-07-13T19:43:00.000-07:00

average house prices over the last 40, 20 and 10 years.....

http://toreal.blogs.com/40yearmap.pdf

Ottawa tightens mortgage rules. Maximum amortization period for loans backed by government reduced to 35 years.

2008-07-10T14:47:00.001-07:00

Concerned about the "risk of a U.S.-style housing bubble developing in Canada," the federal government has tightened rules on government-backed mortgages including limiting the use of popular, but controversial forty-year amortizations.

Longer-term rates of up to 35 years will still be allowed under new rules which are seen as a pre-emptive move to quell the kind of housing implosion in the United States not seen since the Great Depression.

"They are obviously quite concerned about what is happening in the United States, and the spillover into Canada," said Jim Murphy, CEO of the Canadian Association of Accredited Mortgage Professionals. "The government is looking at their risk tolerance and the impact on Canadians."

Murphy said 37 per cent of all new Canadian mortgages taken from the one-year period ending in the fall of 2007 were longer than the standard 25-year amortization period. "Longer-term mortgages have been extremely popular with Canadians," he said.

The new rules, which take effect October 15, would also require a minimum down payment of 5 per cent on new government-backed mortgages and also call for "consistent" minimum credit-score requirements and loan-documentation standards. Under current rules, it is possible to take out a 40-year mortgage, which has been available on the market for less than two years, with zero down payment.

The regulations will apply to federal agencies such as the Canada Mortgage and Housing Corp., which has an estimated 60 per cent share of the mortgage insurance market. However, private-sector mortgage insurance rivals such as Genworth Financial, PMI Mortgage Insurance Co. Canada and AIG United Guaranty are free to offer the product. One difference is that the federal government will no longer provide insurance that protects lenders in the event of a default by the insurers.

The new regulations mean potentially higher sales and prices in the near-term as "buyers jump into the market before they are enforced," said TD Bank deputy chief economist Craig Alexander. "Then, the new rules will likely contribute to the cooling of the housing market."

According to analysts, the housing market would have slowed sooner if longer-term amortizations hadn't been introduced. The longer amortizations mean much greater interest costs over the life of the mortgage, but smaller monthly payments, which allows buyers to bid on a more expensive home than they otherwise could afford.

Source: Toronto Star