Real Estate Newsletter

In the midst of a global recession, the average national price of resale homes in Canada hit a record level in June, and sales activity increased for the fifth straight month.

There is no sign of slowing down in July.

In this edition of New Featured Listing, I would like to introduce a true Hard Loft located at the West-end Toronto.

What is a "hard" loft ?

A true loft is a conversion of a vintage factory or warehouse. They have a harder edge as they are usually constructed of concrete or "mill" construction of exposed brick, original wood posts, beams and floors. Typically, these lofts have an open floorplan and unfinished ceilings that are at least 10' high with exposed ducts, plumbing and electrical.

New Featured Listing – Foundry Loft

Back in the early 1900s, Canada Foundry Co. Ltd. built and supplied locomotives for railways across Canada. Today, the rich history of this company and the Great Canadian Railway is kept alive with the restoration and conversion of the warehouse into 104 hard lofts in Toronto. A typical 2 bedroom 2 bathroom 2 level suite at Foundry Loft asking price is $365,000 plus $20,000 for underground parking. The loft size is about 1170 sq ft. Click on the link above to check out the pictures of the atrium as well. It is quite spectacular.

Just Sold – This beautiful historical townhome conversion at 358-368 Dundas Street East, Toronto was featured in last newsletter.

Just Leased - Forest Hill 2 bedroom condo apartment

Just Leased - Bachelor Suite at The Met

Just Leased – 1 bedroom plus den Suite at The Verve

Mortgage Tips:

The Term of a mortgage is the number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years, and choosing the right term is critical to satisfying your financial expectations.

When you're looking at term and interest rates keep in mind that trying to predict where interest rates are going is a tough job for anyone since there are many factors that affect Canadian interest rates - economic, political, domestic, and international. Even the best economists cannot pinpoint this, so basing your decision on predicting where rates will be 3 or 5 years from now (when your term expires and you need to renew your mortgage) is very speculative.

Instead, your decision should be based on how much you can afford, and how long you feel comfortable committing to that payment. You may decide that your ability to pay is flexible, and that you would like to take advantage of the lower rates that come with today's variable rate terms. Otherwise, you may decide that you can afford a slightly higher payment, but that you want it to be stable for a longer fixed rate term.

Keep in mind that longer terms do not necessarily imply lower rates at renewal time, so be sure to review rates associated with different terms with your mortgage professional.

This issue of Mortgage Tips is provided by Steve Weber, Mortgage Agent of Centrum One Financial Group Inc.

Please email Steve at steve@expertmortgage.ca or visit the website at www.xpertmortgage.ca