House of the Week: $6.3 million for a King City fortress with six bedrooms, seven parking spots and eight bathrooms | Canada News Media
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House of the Week: $6.3 million for a King City fortress with six bedrooms, seven parking spots and eight bathrooms

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The kitchen is loaded with designer finishes.

Neighbourhood: Clearview Heights, King City
Price: $6,288,000
Size: 7,000 square feet
Bedrooms: 6
Bathrooms: 8
Parking spots: 7
Real estate agents: Tara McCarthy and Niusha Walker

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The place

A newly built six-bedroom, eight-bathroom mansion with a wine cellar, a finished basement and a fully insulated underground garage. Constructed by JMG Custom Homes, the place is a 10-minute walk from downtown King City and a short drive from the area’s many farms and stables. Realtors Tara McCarthy and Niusha Walker say it’s ideal for a multi-generational family with a taste for luxury.

The tour

One hundred feet of heated driveway (no shovelling required) give way to the glass and stone façade. The manicured front yard, meanwhile, is marked by oxer fencing—a nod to King City’s equestrian community.

The foyer features 22-foot ceilings, porcelain slab flooring and a glass-railed, LED-lit floating staircase.

This reverse angle shows off the picture-frame archway leading to the open-concept dining area and kitchen.

Walk down the hallway to find a temperature-controlled wine cellar at one end of the living area.

Here’s a closer look at that wine cellar.

In the living area: moulded ceilings, European three-turn windows and a gas fireplace.

This is the view from the kitchen.

A closer look reveals high-gloss cabinetry, a porcelain backsplash and countertop, Miele appliances, and a wine fridge hidden within the island. That stainless steel stove hood is custom-clad in wainscoting, and all the lighting is sourced from Eurofase.

The servery is attached to the open-concept space and comes with plenty of storage, a fridge and a dishwasher.

Here’s a view of the dining room. That’s the servery on the right.

The patio is its own living and dining space.

This second patio, right next to the pool, has custom wood panelling, recessed lighting, a TV and a fireplace.

And here’s the backyard at dusk. The pool is underlit and comes with a waterfall.

Back inside and up the stairs: each of the five bedrooms on the second floor has an ensuite bathroom.

Here’s one of them.

And here’s its ensuite.

The main suite is equipped with vaulted ceilings, wall-to-wall windows and another porcelain feature wall.

The view from the bed showcases the fireplace and the secret door to the first walk-in closet.

Sneaker wall, anyone?

A soaker tub, corner windows and a massive rainfall shower with a built-in bench define the luxurious ensuite bathroom.

And through the bathroom sits the other walk-in closet.

The basement, with its own entrance, is large enough to be a family unit.

There’s a kitchenette down here as well as a bathroom, a bedroom, a gym, a lounge and, yes, another fireplace.

Residents can admire the underground garage fishbowl-style from the kitchenette. The garage could be converted into more living space if future owners aren’t gearheads.


Have a home that’s about to hit the market? Send your property to realestate@torontolife.com.  

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Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

This report by The Canadian Press was first published Sept. 17,2024.

The Canadian Press. All rights reserved.

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Two Quebec real estate brokers suspended for using fake bids to drive up prices

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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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