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Tina and Andrew recently bought a four-bedroom home at the Black+Whites that will be ready for them and their two sons to move into in November, 2015. Here’s what Tina had to say about there home:

1. 1. WHAT ARE YOUR TOP THREE REASONS FOR CHOOSING TO BUY A HOME AT BLACK+WHITES?
      
      1. Community and location. It’s close to the SkyTrain. It’s up an coming neighbourhood, and there’s easy access to both Lougheed and Highway 1.
         
      1. Great floor plan. The square footage is perfect for our family of four. The kitchen, dining and living room areas are nice and open – and I like that there’s a bedroom and full bathroom on the ground floor. It gives us some flexibility for the future.
         
      1. We love what Intracorp is offering. The finishing, the appliances, the standard things like granite countertops – which are included but are an upgrade in some of the other competitive townhomes we looked at. There were a few other choices, but none compared to the Black+Whites.
         
   2. WHAT IS YOUR FAVOURITE INTERIOR FEATURE OF YOUR NEW HOME?
      
   3. The kitchen. It’s nice and large and with its open plan it’s great for entertaining. It feels like a single family home kitchen.
      
   4. WHAT IS YOUR FAVOURITE EXTERIOR FEATURE AT BLACK+WHITES?
      
   5. I really like the look of the buildings – the New York townhome influence – all black and white with the colourful doors. It’s traditional and modern all at the same time. We’d been looking for a while. Black+Whites are exactly what we were looking for.
      
   6. WHAT IS YOUR FAVOURITE THING ABOUT THE NEIGHBOURHOOD?
      
   7. The potential. It’s up and coming and will change a lot with the completion of the Evergreen Line. And it’s quite convenient to get to other parts of the city.
      
   8. WHAT DO YOU LIKE TO DO AT HOME IN YOUR DOWNTIME?
      
   9. With two boys – an eight year old and a four year old – my down time is quiet time. I just like a bit of time to myself. Napping. Catching up with friends on my iPad or phone.
      
   10. WHAT IS YOUR MOTTO – HOW DO YOU LIVE YOUR LIFE?
       
2. Live simply. Be happy. Take each day and live it to the fullest.

© Copyright 2015 Intracorp Canada

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A luxury home fashioned after the Palace of Versailles and on 2.4 acres in the upscale Bridle Path area of Toronto, will be sold at auction on April 16 through New York City-based firm Concierge Auctions. The property is currently listed for $13.98 million and will be sold during a live auction in co-operation with Barry Cohen, broker of the Barry Cohen Group at Re/Max Realtron.

The home at 40 Park Lane Circle, also known as the Bridle Path Estate, has 27,000 square feet of living space and is ready for finishing touches, says Concierge Auctions in a news release.

“This is a rare opportunity to own one of most outstanding properties in the Greater Toronto Area for your own bid price,” Cohen says. “Luxury auctions are making an impact as the best and most effective alternative to the traditional sales process. This has clearly caught on in the States. We expect a wonderful turnout on auction day for what can only be described as a one-of-a-kind home.”

Recently redesigned by architect Jacques Dinel of Dinel Design, with influences by Louis XIV and the Palladian styles of Europe, Bridle Path Estate makes a stunning first impression, the company says. Its exterior features custom-designed cartouches, friezes, emblems, two-storey fluted pilasters with projecting Corinthian capitals, ornate brackets and laurel leaf corbels. Elaborate rosette coffers adorn the front portico ceiling and 30-foot-tall Corinthian columns support the canopy.

The home has eight bedrooms, 14 bathrooms and a grand ballroom. Its master bedroom features double doors flanked by two Ionian columns, a fireplace, an elegant plaster ceiling and french doors to a private balcony, while the master bathroom includes heated onyx floors, roughed-in steam showers and a sunken Ultra whirlpool tub with a marble surround. The additional bedrooms, lower guest suite, nanny quarters and separate above-grade in-law suite (including living room, kitchen and provisions for a five-piece bathroom), all boast luxurious amenities including walk-in closets, fireplaces and ornate architectural adornments.

There is an office suite with a two-sided fireplace and separate board room – ideal for business meetings – in addition to a billiards room, a theatre and an indoor swimming pool. Outdoor amenities include an Olympic-size swimming pool and a tennis court.

Laura Brady, president of Concierge Auctions, says; “Toronto is a strong market, and, ranked by the Census as one of the most affluent neighbourhoods in Canada, the Bridle Path community is a crown jewel. We look forward to finding a new owner to make it ‘home’.”

The auction will be held live on April 16. The property will be open 1 to 4 pm daily and by appointment. Brokers are protected and encouraged to participate, the company says.

© 2015 REM Real Estate Magazine

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,661 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February, up 19.4 per cent from the same month last year. Total sales dollar volume was $4.3 billion, an increase of 24.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $639,405, up 4.5 per cent from the same month last year.

“Consumer demand remained robust in February on the strength of rock bottom interest rates and improving economic conditions,” said Cameron Muir, BCREA Chief Economist. “After several years of below-average activity, home sales are now trending above long-term levels.”

Total active listings on the market were down 7.5 per cent from a year ago. Fewer homes for sale, combined with elevated consumer demand has the housing market firmly in balanced conditions.

Year-to-date, BC residential sales dollar volume was up 18 per cent to $6.9 billion, compared to the same period last year. Residential unit sales were up 12.4 per cent to 11,038 units, while the average MLS® residential price was up 5.0 per cent at $621,065.

Copyright ©2015 BCREA

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Joannah Connolly
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Despite the seemingly unstoppable rise in resale house prices in Metro Vancouver, the price of a newly built home in the city continued to drop in January this year, according to Statistics Canada figures released March 12.

New homes in the area fell 0.1 per cent compared with December 2014 and 0.6 per cent year over year, continuing the trend of recent months.

The New Housing Price Index also fell 0.6 per cent year over year and 0.1 per cent month over month across the whole of BC.

Victoria saw Canada’s biggest new home price decrease in January, dropping 1.5 per cent compared with January last year, as well as 0.5 per cent since December.

Vancouver and Victoria were two of only eight metropolitan regions to report decreases in new home prices in January, out of a total of 21 areas surveyed.

The index combines both home and land values. As in previous months, the above decreases in value were entirely attributed to developers reporting a drop in negotiated home prices, with land values remaining unchanged for several months.

Across Canada, the index increased 1.4 per cent year over year but fell 0.1 per cent month over month.

Calgary again reported the country’s biggest jump in new home prices in January, rising 5.1 per cent year over year.

For the full report and a link to Statistics Canada’s interactive chart, click here.

© 2015 Real Estate Weekly

Olivia D’Orazio
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February marked the fourth straight deceleration of the country’s housing price index, an early sign of cooling housing markets across the country, despite a 4.4 per cent increase over the same period last year.  

“There were 12-month gains well above the countrywide average in Hamilton, Toronto, Vancouver and Calgary, gains close to the average in Edmonton and Victoria, and a small gain in Halifax,” Teranet-National Bank wrote in its latest report. “Prices in Quebec City were flat from a year earlier. Prices were down from a year earlier in Winnipeg, Ottawa-Gatineau and Montreal.”  

The February housing price index (HPI), which measures the change in price for resale single-family homes, rose 7.3 per cent in Toronto over the year, 5.7 per cent in Vancouver and eight per cent in Hamilton.  

Surprisingly, though, Calgary also posted a 5.6 per cent year-over-year rise in HPI last month, likely a result of the Bank of Canada’s decision to lower the overnight rate in January – a move it hoped would prop up the market in Calgary, which many thought would falter in light of sliding oil values.  

Compared to January, however, Calgary’s HPI was down 0.3 per cent, marking its fourth straight decline.  

That decline, compounded by month-over-month decreases of 0.1 per cent in Toronto, 0.8 per cent in Edmonton, 2.1 per cent in Ottawa-Gatineau, and one per cent in Winnipeg, pulled down the national HPI, though it still managed to rise 0.1 per cent over January.  

Vancouver, Victoria and Hamilton posted a 1.5 per cent, a 0.5 per cent and a 0.3 per cent month-over-month increase, respectively. Still, the modest month-over-month growth in just three cities further points to cooling markets across the country.  

“However, prices rose in only three of the 11 metropolitan markets surveyed, even fewer than the five markets that showed gains in January,” Teranet-National Bank said. “In some markets there have clearly been corrections in progress.  

“The monthly retreat in Calgary was the fourth in a row, for a cumulative decline of 2.3 per cent. In Winnipeg it was the fourth [decline] in five months, for a cumulative decline three per cent. East of Toronto the corrections have tended to be larger.”

 Copyright © 2015 Key Media Pty Ltd

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Rock-bottom interest rates, a scarcity of supply and growing demand from millennials and wealthy immigrants have fuelled a strong start to the spring real estate season in Toronto and Vancouver. “Spring has come early for both Toronto and Vancouver,” said Sal Guatieri, a senior economist at BMO Capital Markets. According to the Hamilton Spectator, both cities experienced growth in sales volumes and prices during the first two months of the year, Guatieri said.”I would expect the spring market to be quite hot in both cities — but that will be the exception across the country, not the norm.”In Toronto, February home sales grew by 11 per cent from a year ago while prices jumped nearly eight per cent, according to statistics from the Toronto Real Estate Board. That’s despite the fact that it was one of the coldest Februaries on record for the city so realtors are optimistic that the warmer weather will bring greater results.

Copyright © 2015 Key Media Pty Ltd

Back to the future – six-storey wood frame construction comes of age … again

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Joannah Connolly
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Following an increase in sales of 25 per cent in 2014, Vancouver’s $1 million-plus home market is poised to see more steady growth in 2015, according to a Sotheby’s International Realty Canada report released March 4.

The Bank of Canada’s decision to maintain historically low interest rates will have a stabilizing effect on the market, and result in “positive gains” for BC and Vancouver, according to the nationwide report.

Ross McCredie, President and CEO of Sotheby’s International Realty Canada, said, “Historically low lending rates will be the driving force behind top-tier real estate sales across the country into mid-2015. With both the Ontario and BC economy positioned for growth, the high-end real estate market in Toronto and Vancouver will experience the greatest gains.”

The report adds that the low lending rates “will ease the ability for buyers to enter and upgrade within the real estate market by offsetting price gains, and signal a measured approach to monetary policy that appeals to foreign investors seeking stable real estate markets.”

Sotheby’s noted that in the first two months of 2015, detached single-family homes over $1 million saw a 24% increase in 2014 sales over 2013 and said that gains were anticipated in the coming months. Meanwhile, demand for attached home sales over $1 million is projected to continue its trend upwards as consumers seek alternatives to single-family homes, according to the report.

© 2014 Real Estate Weekly