Condo developers hike fees on luxury building

A Vancouver luxury condominium is stiffing pre-sale condo purchasers with a 25% levy if they flip their units before occupancy.

Purchasers of units at One Burrard Place, being built by Jim Pattison Developments and Reliance Properties Ltd., once only had to pay the developers a 1.5% fee to re-assign their units, however, in recent weeks they’ve been forced to sign an amended agreement contractually obligating them to pay a quarter of their resale price.

It is speculated that Vancouver’s surging price points have whetted the appetites of developers, who want a bigger piece of the pie. However, it’s also believed the reason is to curtail speculation. Units at One Burrard Place went on sale in late 2015, but the 53-storey luxury condominium won’t be complete until 2019, and two years in prices have already climbed astronomically.

When sales opened, the price per square foot was in the neighbourhood of $890, however, they’ve risen to about $1,250 today, according to the Vancouver Sun.

Jim Stovell of Reliance Properties told the Sun that the inflated fee is designed to discourage speculators from flipping units at One Burrard. He added that buyers are welcome to wait until the units are completed, by which time the sale will be legally binding and the 25% levy won’t apply.

Stovell also told the Sun that unauthorized advertising of assignments are floating about online, especially on social media, private realtor websites, and through emails – which the developer is also trying to check. He added that some purchasers have legitimate reasons for needing to re-assign their units, such death, divorce or job change, and their needs will be balanced.

The industry standard for re-assignment is between the 1.5% One Burrard was charging, and 2%, while other developers proscribe it altogether.

One Burrard Place is a luxury tower in Vancouver’s West End, close to the Burrard Bridge at Drake St.

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Retiring early with real estate

Let your portfolio work for you: One investor gives his tips to become completely financially independent at any age.

By Sve Pavic, fulltime investor

Millennials have it tough financially- we’ve been told if we go to a respected University, study hard and get good grades we will land a great paying job. The reality? You graduate with loads of debt with no assistance or prospects of getting a great job and you return for more schooling thinking it will solve the problem. To add salt to the wound, house prices and rent keep increasing beyond reasonable affordability. As a millennial, I’m here to tell you that you can create your own financial freedom and you don’t need to settle and live in your parent’s basement into your 30s. In fact, I’m here to show you how we purchased our first house at 24, live for free by “house-hacking” and create passive cash flow for life.

What is house-hacking? The concept is simple yet powerful: purchase a house, create an income suite (e.g. basement apartment) and rent it out for passive income. The rental income from the apartment can either pay for the majority of your mortgage and living expenses, or you could even get paid to live for free. If you live in the main/ upstairs unit and rent out the basement, you can have the majority of your mortgage covered. If you go one step further and live in the basement/lower unit, you could not only live mortgage free but you could also have profit leftover in your pocket.

The first hurdle millennials and most people have to overcome is coming up with the downpayment. In our case, we lived below our means in order to save for a 5% downpayment. Another strategy is to borrow money from family, friends or private lenders. If required for financing, you could also ask them to act as a guarantor / co-signer.

Once we had the downpayment and financing confirmed, we purchased a detached fixer upper bungalow in the GTA which met all of the requirements for a potential basement apartment (e.g. ceiling height, separate entrance, zoning, parking, etc.). The house walkouts to a large backyard and backs on to ravine which is a major selling point for tenants. We built an open-concept legal 2 bedroom basement apartment with high-end looking finishes. We ensured we made the space look modern, bright and open so that it didn’t feel like a typical, dungy basement apartment. We started off by charging $1,250/mo (non-inclusive) with many applicants. Now we rent the unit for $1,450/mo (non-inclusive) and live mortgage-free.

Since then, we have refinanced the house based on the built-in equity and purchased another property which will be converted into a duplex. We are using this same strategy, except creating a 3-bedroom basement apartment and renting both units individually by room. The property is expected to cash flow more than $1,000/mo after all expenses. Once this duplex is complete, we will be refinancing and finding another property to expand our portfolio.

Rinse and Repeat until you reach your goals of financial freedom.

Related stories:
Make every weekend a long weekend and retire rich
Time to invest in tourism?

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The 5 priciest homes in one of the country’s hottest markets

Take a look at some of the country’s most luxurious homes currently for sale.

These are the most expensive homes currently for sale in and around the country’s hottest housing market.

As someone who covers housing for a living, there’s nothing quite like perusing some good old fashioned real estate porn. I’m sure you faithful readers can agree.

While modern builds with their sky-high windows or hard lofts with their sprawling floorplans are always fun to explore, there’s nothing quite like gandering at some of the country’s priciest homes.

And there seems to be a few more than usual currently on the market.

Pont2Homes, an online agency, rounded up the 10 most expensive homes currently for sale in and around Toronto. Check them out below.

1. A Yorkville Penthouse

Yorkville is one of the most sought-after neighbourhoods in Toronto (there are even rumours that Mike Babcock, current coach of the Toronto Maple Leafs, chose to coach in Toronto over Buffalo due to his wife’s desire to live in the posh ‘hood).

It’s home to some extravagant shopping spots and swanky restaurants; and also to the province’s current most expensive home.

Listed at a cool $36,000,00, this beauty is located at the top of the Four Seasons Hotel.

2. A Bridle Path mansion

“Millionaire’s row” is home to this 10 bedroom behemoth befit for Batman himself.

For a cool $35,000,000, this home includes a 5,000 square foot pavilion, a tennis court, a 50 foot indoor pool, and a hand-carved Louis XV fireplace.

3. A multi-million dollar country home

If city living isn’t your thing, this $24,950,000 equestrian estate in King City may be just what you’re looking for.

The rugged and rich outdoorsman (or outdoorswoman) will surely be drawn to the 80 acre property that is home to a pond and waterfall, skating hut, walnut grove, and groomed hiking trails.

4. A lakefront compound

If one home isn’t enough, this estate in Oro-Medonte is situated on a 17 acre lot with a 525 foot private beach on Lake Simcoe.

The lot is also home to two 12,500 square foot homes.

5. 10 bedrooms in Bridle Path

This estate has its own ballroom, a spa, a salon, and in in-home theatre.

All for the reasonable price of $19,380,000.

To see the bottom-half of the province’s top-ten, click here.

Related stories:
Cottage country heating up from Toronto’s boomers
$1 million ain’t what it used to be

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Moncler, Chinese counterfeits, BMW and Canadian real estate …

Moncler Longue Saison Cuir jacket

Moncler Longue Saison Cuir jacket

Today in luxury marketing:

Moncler rises after skiwear maker’s 2015 earnings beat estimates
Moncler shares approached a three-month high after the Italian maker of luxury skiwear and $695 cardigans reported 2015 sales and earnings beat analysts’ and said it’s confident of further growth this year, according to Bloomberg.
Click here to read the entire article on Bloomberg

3 key ways luxury brands can fight China’s online counterfeits
While fake luxury goods have been causing a headache for brands across the world for decades, they’ve been especially problematic in China, where both cheap knockoffs and high-quality imposter items are easily available. This problem certainly hasn’t gotten any better as the country’s e-commerce market has taken off, bringing not only growth opportunities for legitimate brands, but also a wider available of counterfeit items than ever, says Jing Daily.
Click here to read the entire article on Jing Daily

BMW sees radical new future in world of driverless cars
After a century building what it calls the “ultimate driving machine,” BMW Group is preparing for a world in which its customers will be mere passengers, and the cars will do the driving themselves, reports Automotive News.
Click here to read the entire article on Automotive News

Luxury home sales in Vancouver, Toronto, to “continue to defy gravity,” report says
Toronto and Vancouver will continue to lead luxury home sales in Canada this spring in both volume and price, and mostly for the same reasons they dominated last year, says a new report released March 2, per the Vancouver Sun.
Click here to read the entire article on the Vancouver Sun



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Time to prepare for a correction?

Oil at $35 a barrel for a period of five years would trigger a 26 percent collapse in Canadian home prices, according to stress tests run by Canada’s housing agency.

The results were part of a slide presentation Evan Siddall, chief executive officer at Canada Mortgage & Housing Corp., gave Monday to a private audience in New York. The “Stress tests – Financial impacts” slide included five scenarios, one of which was called “Oil Price Shock,” which also predicts the unemployment rate would peak at 12.5 percent. Spokesman Charles Sauriol said later in an e-mail the scenario assumes oil at $35 a barrel over five years. The “Base Case” scenario calls for housing prices to climb 9.1 percent and joblessness to peak at 6.6 percent.

Crude oil traded at $41.60 a barrel at 3:21 p.m. in New York, and is set to average below$50 for a fourth month, amid record supplies. Siddall wasn’t available for comment after his presentation. He’s due to speak Thursday in Montreal.

Global Deflation

CMHC’s “US-style Housing Correction” scenario produced a 30 percent fall in home prices and 12 percent peak unemployment. The biggest hit to housing occurred under the “Global Deflation” scenario, where prices plunged 44 percent. That would also be the worst case for the labor market, pushing unemployment up to 16 percent.

The price of an average home in the country rose 8.3 percent to C$452,552 ($339,000) in October from a year earlier, according to the Canadian Real Estate Association. In Vancouver, prices jumped 16 percent and in Toronto, the country’s largest city, they increased 7.4 percent.

Other slides showed Canada’s home price growth since the 2008 recession has outpaced that of the U.S., Australia, and the U.K. It also reiterated risks to housing include high debt-to- income and concentration of net worth in housing.

Bloomberg
Katia Dmitrieva

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Meadows, Saint-Eugène, Fonthill, Scott, Cherryville

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Wifi=PRIVATE studio-apartments[$280,750]available

>PRIVATE apartments – NO SHARING with STRANGERS<<p>various sizes and various locations – all our studio, and apartments [ CLEAN ] are fully,furnised and equipped…..all INCLUDED!!

close to all SERVICE, supermarkets, banks, pharmacies, restaurants, commercial strip, everything…..5 minutes drive to DOWNTOWN, 8-10 minutes walk to metro,Bus stop at the door.

excellent for business people, budget minded individuals, students and vacationers!!
————————
DOWNTOWN – sainte-catherine
studio
2 1/2
3 1/2
Very large 3 1/2=4 1/2 apt

$750-1100/month [ $690-900/month stay 3 months ]
$280-480/week
———————–
JEAN-TALON
studio-$700/month [ $650/month stay 3 months ]
———————–
Contact; 438-877-9797 NOW or [ 5pm-11pm 514-575-0006 ]
speak; english, italian, spanish, chinese, french.

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Rooms available! All Included!easy acess to metro and bus Verdun

There are rooms for rent in our 6 12 and is ready for someone to move in immediately. We are two roommates looking for a third. The place is fully furnished, with (washer, DRYER aswell) and the rent includes all utilities(electricity, heat, ect) including high speed 60mbps UNLIMITED INTERNET and Bell FIbeTv in the room is possible. huge amount of living space There is tons of storage space. The place also has a big rear balcony
5minute walk to metro monk or 4 minute bus to jolicoeur
112bus stop is right outside, passes every 12minutes
takes 15-20 to get from home to downtown mcgill

The First room comes unfurnished or furnished, comes with a big Queen bed, it has tons of natural sun light and Big closet.

$400 unfurnished
$425 furnished

The second Room is the biggest includeds a big CLOSET, it’s on private balcony, has alot of sunlight.
$425 unfurnished
$450 furnished

The third is the biggest however it isnt furnished and has a temporary door.
$300

The place is located 20 minutes by metro to down town guy concordia. Only a 8-10 minute walk to metro monk, or is only a 4 minute bus ride to metro jolicoeur. The 112 bus stop is right infornt of the House so no walking far to catch a bus 🙂 . 5 min walk from 3 grocery stores, fast food, gym, bank ect….We are two university students (guys) we keep the place clean and calm.

If your interested please send me a text, leave a voiemail or email me. my cell is 514-867-7793. text or email is preferred.
Address: 6490 rue beurling verdun h4h1e1.

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Wifi=PRIVATE studio-2 1/2-3 1/2 apartments

>PRIVATE apartments – NO SHARING with STRANGERS<<p>various sizes and various locations – all our studio, and apartments [ CLEAN ] are fully,furnised and equipped…..all INCLUDED!!

close to all SERVICE, supermarkets, banks, pharmacies, restaurants, commercial strip, everything…..5 minutes drive to DOWNTOWN, 8-10 minutes walk to metro,Bus stop at the door.

excellent for business people, budget minded individuals, students and vacationers!!
————————
DOWNTOWN – sainte-catherine
studio
2 1/2
3 1/2
Very large 3 1/2=4 1/2 apt

$750-1100/month [ $690-900/month stay 3 months ]
$280-480/week
———————–
JEAN-TALON
studio-$700/month [ $650/month stay 3 months ]
———————–
Contact; 438-877-9797 NOW or [ 5pm-11pm 514-575-0006 ]
speak; english, italian, spanish, chinese, french.

Read more

Beautiful rooms Belles chambres Metro Frontenac Ville Marie—6

2 Semi studios beaux et plus confortables que chambres d’hôtel, flambant neuf
à 50 mètres du métro Frontenac, dans l’arrondissement Ville Marie du Centre Ville.
Code postal H2K 3C4
TOILETTE & LAVABO PRIVÉS,
cuisine, douche et laveuse&sécheuse à PARTAGER,
Chauffée meublée, internet, électricité, inclus.
ménage, conciergerie et déneigement exclus
Pas d’animaux, ni drogues&cigarettes, ni excessifs bruits&alcool

Prix pour CHAQUE SEMI STUDIO, occupation simple:
695$/mois pour bail annuel
850$/mois pour bail plus court que 6 mois
275$/semaine pour court terme.
60$/nuit pour location journalière , 3 nuits minimum

High quality like hotel rooms, in a newly rebuilt apartment,
at 50 meters from metro Frontenac, adjacent to Montreal Downtown, Ville Marie borough,
Postal code H2K 3C4
Private toilet, sink.
Shared shower, kitchen, washer and dryer
Heat, electricity and internet included.
House keeping, snow removal excluded
Equipped (Double bed, desk)
Price for EACHE SEMI STUDIO , single occupancy:
695$/month for annual lease
850$/month for lease less than 6 months
275$/week for less than one month lease
60$/night for daily rent , 3 nights minimum
no pets, no smoking & drugs, no excessive alcohol neither

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