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Details One Manchaster Place OMP Tower 2
Live on the TOP, Cebu’s tallest tower (55 storeys)
I have just returned from my Asian Tour, looking for an investment which can bring a better return for my clients in Canada. I’m in the process of applying a business aspect to the investment which will yield a better return over the next decade. My travels have taken me to The Philippines and Cebu and I was delighted with the fact that they still allow 100% Foreign Ownership. I have partnered up with the President of the Cebu Real Estate association and aligned myself with the top developers in the country. I will be doing a presentation and seminar on the business aspect that you will not want to miss but for now,,, Get more details and floorplans (more…)
Since November of last year I have sold 7 units pre-construction or through assignment/ resale, to investors, these were under market value due to personal reasons and or concerns of closing and maintaining the properties. Of the 23 listings I have two remaining at the under market value. Subsequently the others have cancelled, terminated or increased the value due to market conditions ie. interest rate drops, positive announcements through TREB and a general consensus with new home developer price increases that are being announced.
We have seen a slow buying season for the past few years and a flat to negative valuation on investment condo’s. It has been in my opinion the best time to invest, however, history dictates and statistically many buyers prefer to and have always bought in times of increasing values and low demand. As the builder market has corrected itself to launching approximately 50% fewer projects in 2014 and even less expected in 2015, they are now in a position to balance the supply to demand and I feel that the re-sale market is beginning to correct itself from the 1-3% annual increase to the 40 year average of 7.4%, if I’m correct we should see even higher increases in valuation this year based on the somewhat flat to minor increases since 2008.
Most publications and media speculation were predicting a negative valuation in Real Estate in the GTA since 2008 due to over-supply. There have been more attempts in government regulations and implementations of tax increases and strict guidelines and policies set in place to monitor and regulate our banking system to reduce the inflation and create a negative valuation to encourage 1st time buyers and end users to enter into the market and with little effect. Such media and government implementation would have crippled the market in most cities and countries worldwide. Toronto has survived any negative valuation and due to the correction of supply in new developments and a lack of inventories in the current re-sale market we are seeing investors begin to enter back into this market based on sound knowledge and statistics rather than media rhetoric and speculation.
TORONTO – July 25, 2014: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its Q2-2014 market results today.
A total of 5,992 new condominium apartments were sold in the Toronto CMA during Q2-2014, representing the third highest volume of activity for a second quarter behind 2011 and 2007 and a 56% year-over-year increase from a post-recession low in 2013. The 12-month total for new condo sales reached 18,463 — directly in line with the 10-year annual average.
Price growth remained consistent with recent quarters, coming in at 2.8% annually to an average index price level of $554 psf in Q2. Pricing for unsold units continued to hold steady, growing by less than one percent to an average of $570 psf.
“The new condo market has performed well above expectations in the first half of the year, reflecting a sharp rebound in buyer confidence, a number of highly attractive new openings and a variety of incentives for existing inventory” said Shaun Hildebrand, Urbanation’s Senior Vice President.
“While sales have heated up, prices have remained in check due to competitive supply pressures and an absence of short-term speculation on the part of buyers” added Hildebrand.
The industry reached a new milestone during the second quarter by surpassing the 100,000 unit mark for projects in active development. Out of the 105,027 units in the pre-construction, under construction and occupancy phases, 18,744 units were unsold — above historical averages but down 3% from a year earlier. The share of total units sold reached a 10-year high of 82%.
Resale condominium apartment sales hit a record high of 5,238 units in Q2-2014, up 12% from a year ago. Listings also reached a new high of 11,246 listings, growing by a slightly slower pace than sales at 10%. As a result, resale market conditions tightened with the sales-to-listings ratio rising to 47% — just below the 50% boundary between a balanced and sellers’ market. Prices for resale condos grew by 3.4% year-over-year to an average of $427 psf, also a record high.
• Tentative Occupancy Date – November 2017
FACTS AND FIGURES
• Maintenance Fee – $0.49 psf per month (all utilities metered and paid separately)
• Property taxes estimated at approx. 0.75% pa
• HST included in purchase price
• PLATINUM BROKER – Approximately 1% off price list (see price list for exact amount)
PARKING, LOCKERS AND BICYCLES
• Parking – $39,000 (available for suites over $370,000) PLATINUM BROKER > $37,500
• Locker – $4,500 PLATINUM BROKER > $3,500
• Bicycle Parking – $300 PLATINUM BROKER > Get one free
* Note, separate maintenance fee applies for each.
DEPOSIT STRUCTURE – PLATINUM BROKER
• $3,000 on Signing
• Balance to 5% in 30 days
• 5% in 90 days
• 2.5% on May 1, 2015
• 2.5% on September 1, 2015
• 5% on May 1, 2017
• 0 on Occupancy
• $3,000 PLATINUM BROKER > No charge
• $3,500 PLATINUM BROKER > $2,500 on all suite types
• Special capped rate program through Bank of Montreal. Please ask for details.
Ground-breaking Bayside waterfront condo project for working artists already has a huge waiting list.
The housing pilot proposal got city approval last year and is being built by partners Hines and Tridel Corp., as part of Waterfront Toronto’s $1.1 billion brand new Bayside neighbourhood.
This project is the first of its kind, poised to integrate a diverse set of individuals into a new waterfront neighbourhood. The apartments are scheduled to be constructed in 8 floors of the 12 storey condo complex, functioning as a separate space with their own amenities and common elements. Having an on-site artistic community may even help to attract more condo sales throughout the rest of the project.
These units are a fantastic addition to much-needed affordable housing in Toronto, where less than 1% of the current non-profit housing supply is allocated to artists. According to the federal-provincial housing program, rents must be set at 80 per cent of average market rent. Families, couples and singles who have an annual household income of between $40,000 and $57,000 would be able to rent a unit. The city’s ongoing ownership of the proposed Artscape units will ensure that they remain affordable.
Final approval by council is expected in July 2014.