Ajax Pickering Real Estate Blog

The Bank of Canada announced yesterday that it will leave its key interest rate unchanged, as anticipated by most economists.

In its statement the Bank commented that its current key policy rate is consistent with achieving the inflation target over the medium term. The Bank forecasts that the Canadian economy will grow by 2.6% in 2007, 2.3% in 2008, and 2.5% in 2009, and that inflation will “return to 2% in the second half of 2008.

As a result of this decision, lending institutions in Canada are expected to keep their prime lending rate steady. However, people looking for a new variable-rate mortgage should note a recent mortgage rate trend  on this type of mortgage has been adjusting upwards in recent weeks. Existing variable rate mortgages do remain unchanged but new variable borrowers are paying more.

If you would like to discuss how current trends in mortgage rates impact the best mortgage strategy for you, contact your Real Estate Agent or Mortgage Consultant. He or she can obtain a mortgage pre-approval if you’re wanting to buy a home with a rate hold of up to 120 days, therefore you will know how much you can afford.

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

By Derek Raymaker - Globe and Mail

As we wind down our state of the 905 condominium market series, it would be fair to say that the suburban belt around Toronto is rapidly coming to terms with the fact that condominium suites are for more than just single professionals.

A lot of builders and buyers would have, until recently, considered Durham Region to be a long way from being a condominium pocket of any note beyond the odd lakeshore retirement community.

That all seemed to change in May with the launch of San Francisco by the Bay in Pickering, near the Lake Ontario waterfront at Frenchman’s Bay. Most of the 350 mid-rise suites to be built in two adjacent towers on the site of a downtrodden shopping plaza were snapped up in short order. In the first weekend of sales alone, 210 of the suites and townhouses were sold.

Much of the interest, no doubt, was due to San Francisco by the Bay’s attractive price point, ranging from $149,000 for a fairly spacious 561 square feet to $230,000 for 1,147 square feet (there are also 121 townhouses ranging from $250,000 to $330,000 for up to 2,110 square feet).

But many market watchers had predicted pent-up demand for condominium suites in the string of municipalities east of Toronto because of the enormous price spikes in new detached housing over the last three years. Durham Region (Pickering, Ajax, Whitby, Oshawa and Clarington) had gone from an affordable tract housing market to a rapidly appreciating market overnight, with average new home prices eclipsing $350,000.

That didn’t leave a lot of room for first-time buyers and those on a budget, which has traditionally been the bread and butter of Durham Region’s new home market.

The reason housing prices went up so quickly was because Durham’s land supply had been tightened by the province’s new restrictions on municipal land use, encouraging higher density in 2004 through the Places to Grow Act.

City planners in Pickering, the Durham community just east of Scarborough, encouraged the developers of San Francisco by the Bay — S&R Development Group, Rose Corp. and Chestnut Hill Homes — to bump up its density in order to fit the Places to Grow guidelines. That move is a radical departure, as most planners are used to arm-twisting condo builders to scale down density.

On the other side of Durham, in the sprawling, semi-rural municipality of Clarington, Dunbury Homes is launching a project called the Ville.

Although the six-storey glass building is billed as a luxury project, its prices are pretty down to earth, ranging from $189,999 for 603 square feet to $269,000 for 906 square feet, with penthouses ranging from $246,000 to $360,000. All prices include parking spaces.

Oshawa has the distinction of being one of the only municipalities in Durham with a history not as a bedroom community. Over on Bond Street, Atria Developments successfully converted a derelict building into a two-tower condo development with 120 suites that is now more than 90 per cent sold.

The remaining suites at Parkwood Residences, ranging from $150,000 for 600 square feet to 300,000 for 1,189 square feet, are already built and available for occupancy with closing periods as short as 30 days.

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

Chestnut Hill Homes offers new Pickering mixed-use community

Situated near Frenchman’s Bay in Pickering, at Bayly Street just east of Whites Road, this master-planned, mixed-use community will offer a transit- and pedestrian-friendly location just minutes from the shops and services of the Pickering Town Centre, as well as the Pickering GO station and Hwy. 401.

Perfect for first-time buyers, young families and empty-nesters looking for value in a superb locale, San Francisco By The Bay provides a unique blend of residential opportunities including approximately 350 condominium suites in 16- and 18-storey towers that share a two-storey podium with approximately 25,500 sq. ft. of retail-commercial suites including live-work units. This area will be ideal for community businesses and services. The podium will also be home to a 12,500-sq.-ft. amenity area with fitness and exercise room, an indoor pool, party room opening onto a deck, multi-purpose room and quiet reading lounge. In the tower lobby, a concierge will offer a range of services for residents.

Suite features include individually controlled heating and air conditioning, a stacked washer and dryer, custom-designed kitchen cabinetry with a ceramic backsplash, four kitchen appliances, custom-designed bathroom cabinetry, a deep soaker bathtub, clear-framed glass shower stalls (as per plan), rich ceramics, engineered laminate flooring, carpeting, structured high-speed wiring and more.

This innovative neighbourhood will also offer 121 well-appointed townhomes designed in varying combinations of brick, stone and/or stucco. These residences come complete with two parking spots, and most designs feature a rooftop garden. Standard features include vinyl casement windows, engineered floor systems, nine-ft. main-floor ceilings, oak staircase spindles and railing in a natural finish, Colonial baseboards and casing, plush broadloom, designer-imported ceramics, custom-styled kitchen cabinetry, breakfast bar and pantry (as per plan).

San Francisco By The Bay’s design is the result of creative input from existing local residents and businesses. The community will encompass sidewalks, and its proximity to public transit and the highway will help reduce fossil fuel consumption and add environmental responsibility to the lifestyle attractiveness here. At its centre, the neighbourhood will feature greenspace, landscaped parkland and a playground. Plus, the developers have given approximately 1.5 acres to the local conservation authority to preserve and enhance the adjacent Douglas ravine.

Townhomes will be priced from the mid-$200’s. High-rise suites include one- and two-bedroom designs, many with dens, and will start in price from the $140’s.

Since being founded nearly a quarter of a century ago, Chestnut Hill Homes has constructed over 5,000 upscale homes and prime commercial developments across the GTA. One of the company’s recent successes, and a tribute to Chestnut Hill’s design and construction excellence, is The Gardens at Queen, located at Queen and Bathurst. This stunning neighbourhood of two-storey townhomes with underground parking was nominated as the Greater Toronto Home Builder Association’s Project of the Year.

The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.

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