The unit comes with a storage locker and parking spot. Monthly fees are $697.Right at Home Realty Inc.
Sixteen potential buyers toured this brand new, two-storey suite and were impressed by the recently completed recreational facilities in the nine-storey building on Dundas Street West. The first offer came about three weeks after listing, and after some negotiation was bumped up to $1.325-million, which, though $44,000 under the asking price, was agreed to by the seller.
“January isn’t the most robust time in any market, and certainly this year was no exception,” said agent Paul Johnston. “Though we were seeing considerable increase in showing activity and sales activity.”
“In the Junction in general, this sold more quickly than we’ve seen, and I think that’s a product of the building being brand new and this also being a two-storey suite, which is a rare thing in the city and a rare thing in the neighbourhood.”
Two bedrooms have south-facing windows.Right at Home Realty Inc.
The sixth and seventh floors of the Junction House building has two-storey units such as this 1,132-square-foot model with nine-foot ceilings, south-facing windows in two bedrooms upstairs and a terrace off the principal room.
There are two four-piece bathrooms and a sleek, Scavolini kitchen with an island and integrated appliances.
The unit comes with a storage locker and parking spot. Monthly fees are $697.
There are two bedrooms upstairs and a terrace off the principal room.Right at Home Realty Inc.
“There are an increasing number of [residential] buildings in the Junction, but there aren’t many of a high calibre,” Mr. Johnston said. “And this is the only building I’m familiar with, with two-storey suites.”
“The building has three key amenities: one is a terrific gym; there is a huge rooftop terrace with insane views of the city skyline; and then on the main floor, there is a clever co-working space where people can set up their laptop or have a meeting during the day.”
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.
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.
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.
