Enigma Lofts Sale Center

Enigma LoftsAragon Properties’ new 9-storey mixed-use development in red hot Bloordale Village is so unusual, and unusual on so many levels, that they had no choice but to name it Enigma Lofts. Just one look at the architect’s rendering, and you too will be left scratching your head somewhat as you try your best to figure out just what it is you’re looking at. With so many interesting shapes, lines, and contours, you could be forgiven if you find yourself tilting your head at odd positions as you try to get the correct perspective on what this new building is really all about.

Designed by award-winning Quadrangle Architects, a leading Toronto firm of architects whose work is instantly recognizable in countless scalene and obtuse triangles around the city, the Enigma Lofts promises to be a beacon for those who wish to proudly go where no right angle has gone before. Imagine a building that challenges your preconceptions about how a building (a habitable building, no less) should be shaped, and forces you to throw those preconceived notions out the, well, strangely shaped window. That is the enigma that this building is.

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401 King Street Condos

King CondosToronto 401 King Condos are in high demand, thanks to a tremendous construction boom along King Street West over the past decade. Toronto King West condos are in the ideal location within the city, surrounded by the Entertainment and Financial District to the east. The King Street West condo neighbourhood continues to rise in popularity for a variety of reasons. King Street West condo inhabitants will marvel at the unlimited dining options available to them, with local hot spots including the French restaurant Brassali, Jacobs Steakhouse, Alice Fasooli’s, Milestones, and the Wabora sushi restaurant. Convenient access to various grocery stores such as Fresh and Wild and Hasty Market completes the wonderful community feel. King Street West movie lovers will enjoy having the Scotiabank Cineplex in the neighbourhood to catch all the latest silver screen productions. The Entertainment District also comprises the neighbourhood known as King Street West. This area is currently home to dozens of nightclubs, bars and lounges. Some of these locales have been bought by developers who were granted permission to construct high rise condo towers in the Toronto King West area. The process for the transformation of these properties is a lengthy one, usually taking five years from the developments planning process to the point where King West condo owners can actually move in to their units and obtain condo land title registration.

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263 Adelaide Condos

Adelaide CondosThe future of 263 Adelaide Condos, Register today to invest in tomorrow

The current plans call for 263 Adelaide Condo Street West to be re-developed into a forty plus storey mixed-use residential and office complex, containing approximately 340 residential suites and 60,000 square feet of commercial and office space. The project planning process has commenced and we expect this to be one of the most dynamic projects in the downtown core. Located in the entertainment and financial capital of Canada, the development will be designed with a creative edge that will capture the essence of downtown living. The office space will be ideal for dynamic business in a niche industry consistent with the city’s plans for a cultural


501 Yonge Street Condo

501 Yonge Condos by Lanterra Developments
One of the leading project developers Lanterra Developments has started with a new exciting project which is under pre-construction at Yonge Street. Planning to build two Condo towers, where the north tower will be located on Mainland Street and the South Tower fronting on Alexander Street.
501 Yonge condominium is a 58-storey twin towers which contains 960 condominiums which are been shared over the 7-storey podium with retail uses at grade and 5 storey’s of above grade , with a parking space of 320 which is located above the subway tunnel running below the length of the property. This project is been designed by the top architects for the interiors, ceiling designing, terrace designing, kitchen designing etc. The area is having over 940 cycle space downtown for the people who love cycling. The Yonge Street is having the shops. Malls and restaurants very much near just a walk able distance. These new Condos in Toronto is a well suited condo for a small family or a big family or very well suited for the bachelors. Important features are:

Well Planned dramatic terraces and spectacular Inner Courtyard
Best suit of double glazed windows throughout exterior.
The kitchen interiors are been designed with the latest European designs

Condo News

Canada’s condo market is not headed for a bust, although sales are expected to drop for 2013, according to a new report from mortgage insurer Genworth Canada and the Conference Board of Canada.

They suggests that population growth and employment gains will keep the condo market healthy enough to absorb the supply of new units.

Economists and real estate experts have expressed concern about major centres such as Vancouver, Montreal and Toronto where Loft construction continues at a rapid pace, despite falling sales.

Federal Finance Minister Jim Flaherty said his department watches the condo and housing market and has acted to cool it over the past 18 months.

But the Genworth report says there is continued demand for condos, in part because they are affordable.

“Whether it’s first-time homebuyers entering homeownership, empty-nesters looking to downsize, or professionals seeking a shorter commute, condos appear to remain a popular option for urban Canadians,” said Brian Hurley, CEO of Genworth Canada.

Aging population, growing economy

There are many fundamentals to say the condo market will stay strong, says Mario Lefebvre, director for the Conference Board of Canada.

“Our economy has been reasonably firm. It’s not breaking records but it’s doing well. The U.S. economy is finally showing signs of life. Population keeps on growing in Canada – it’s also aging and that’s good for the condominimum market,” he told CBC’s The Lang & O’Leary Exchange.

Lefebvre said he’s not concerned about rising interest rates or the levels of debt Canadians are carrying.

“We’ve just been through an incredible period of low interest rates. We’ve had below three per cent for a five-year mortgage. People have locked that in, which means that, right now, the level of debt is high, but people are paying away at a rapid pace because when you have a mortgage at 2.99 interest rate, you pay a large chunk of capital and very little interest,” he said.

The aging population also helps the condo market as the boomers are approaching retirement age.

“As people age, then tend to sell the 2,000-square-foot single homes and move into condominiums and that is certainly going to happen in Canada,” he said.

On Tuesday, a report from RBC pointed out how affordable condos remain by comparison to detached homes in most cities. RBC estimated a two-storey home took an average of 48.4 per cent of Canadians’ pretax income, while a condo took about 27.9 per cent.

Robin Wiebe, a senior economist at the conference board, says softer prices in the condo market, where prices have been falling slightly, are making condos “an affordable way for Canadians to achieve homeownership.”

In Vancouver, Canada’s most expensive housing market, condos are still an affordable option, he said. He calls Vancouver “a buyer’s market” in 2013 because of prices moving downward over the past few years, but says sales and prices will pick up in 2014.

Toronto has a huge inventory of completed and unsold new condominiums, but Wiebe expects builders to pull back from the market in 2013 and 2014 until sales recover.

“Markets in Toronto and Montreal are cooling, but we think they will avoid major downturns, partly because, on the demand side, demographic requirements remain decent,” the report says.

It predicts prices will rise in all major cities over the next two years.

Edmonton is expected to see condo prices rise moderately in 2013, for the first time since 2007, as inventory levels become more balanced.

A modest recovery in the Canadian economy will push employment up modestly, while populations expand, leading to an increase in demand for housing, he said. Interest rates are on the way up, but will increase only gradually, so Canadians will continue to enter the housing market, the report said.

Condo News in Toronto

Sales have been slow and unsold inventory has piled up in the Toronto condominium market, though according to one expert that’s not necessarily a bad thing.

The city saw 3,903 new condo units sold in the second quarter according to the latest data from the market research firm Urbanation. That’s a drop of 18 per cent from the same period last year.

‘We’re not seeing the volume of new projects opening up that you’d expect, particularly for the springtime.’
—Shaun Hildebrand, senior vice president of Urbanation
New openings were down by about 1,000 units for a typical second quarter and the number of unsold “active” units edged up to just under 19,400 — data that appears to support lingering fears about the city’s condo market.

Not necessarily so, according to Urbanation Senior Vice President Shaun Hildebrand. He says, if anything, Toronto needs more condos.

“What’s really weighing down the market right now [is] we’re not seeing the volume of new projects opening up that you’d expect, particularly for the springtime,” Hildebrand told CBC News.

New projects are scarce because a slump in sales in the second half of 2012 left some developers — who kept building despite the downturn — with too much inventory.

“The industry reacted a bit slowly to the slowdown,” said Hildebrand. “A lot of those projects did not sell as well as hoped.”

Those developers are, for now, burning off existing inventory before they offer or build anything new.

“I think that will probably continue to be the case through the rest of the year,” he added, noting that inventory of pre-constructed units is “still fairly elevated.”

See a panoramic view of Toronto’s condo market
Read about the ‘Manhattanization’ of Toronto’s family housing
Units in new condo buildings continue to sell well, including the Yonge + Rich development which at last count had moved 68 per cent of its units.

A news release from Urbanation noted that the 18 per cent drop in new unit sales is “very much in line” with the number of units that became available during the quarter.

Few options for young professionals

The “active” units tracked by the company include condos that are awaiting or are under construction, and those ready to be occupied.

Of the 92,398 active units in Toronto by the second quarter 19,394, or 21 per cent, remained unsold.

A little more than half of those have yet to be built and, thus, don’t pose a threat to the market, said Hildebrand. If buyers don’t respond by taking at least 70 per cent of a new building’s units, the developer simply won’t get the go-ahead for construction.

Typically, only a handful of units are still unsold by the time a building is complete. These often become rental units.

Rentals are a big, though often overlooked, part of the condo market. Demand for rental apartments is at a 20-year high and expected to remain healthy as a young generation of workers enters the early stages of home ownership.

Few single-dwelling homes or purpose-built apartment buildings are going up around Toronto these days, leaving 25- to 30-year-olds turning to condos.

“These are the people who were hardest hit by the recession,” said Hildebrand. “But their job market is improving … and as they get jobs they’re moving out of their parents’ homes and looking to rent.”

Hildebrand predicts the Toronto condo market “will continue to improve but at a gradual pace.”

Developers remain hesitant while buyers and investors alike in particular have grown more picky about what they choose to buy.

“The numbers should improve in the second half of the year, ” said Hildebrand, “but the total for 2013 will be below what is was in 2012. And, he added, “way below” the exceptional numbers seen in 2011.

Harbour Plaza Sales Center

Harbour Plaza Sale Center, located at 90 Habrour St & 1 York Street in downtown Toronto, is the HOT new condominium on the Toronto pre-construction condo circuit. Developers Menkes and Oxford pulled out all the stops to unveil this soaring glass tower which will rise up 69 storeys above the Harbour and York Shoreline.

Harbour Plaza Sales Center

Harbour Plaza Sale Center iconic location is situated amongst the very best entertainment and cultural attractions Toronto has to offer, with DIRECT access to the city’s PATH system, with access to subway and more than 28 kms of shopping and services.

Architects Alliance is the mastermind behind this latest addition to Toronto’s central downtown landmark location.

The award-winning designer Cecconi Simone has spared no details in creating a generous selection of innovative suites to choose from. The location is simply superb boasting the very best in cultural and entertainment attractions that Toronto has to offer.

Harbour Plaza 4 Key Points:

  1. Long established builder with outstanding customer service and exceptional product quality.
  2. Unparalleled growth potential of New South-Core Financial Centre.
  3. All weather protected heated and air conditioned Sky-bridge providing direct PATH access.
  4. Premier Menkes Comprehensive Development; Compromising of Residential, Commercial and Retail components.

Steps to shopping, dining and entertainment, this site makes an ideal purchase for both first time buyers and investors

Soaring glass tower designed by Architects Alliance. 24 hour concierge, welcoming grand 2 – storey lobby with seating lounge and unique light sculpture

Harbour Plaza Condo offers a wide selection of suites, exquisitely designed by award-winning Cecconi Simone and detailed with splendid features and finishes.

High ceilings, open concept layouts and a natural radiance from expansive floor to ceiling glass windows lend an aura of spacious luxury while providing clear sightlines to the outside.  Gourmet chef kitchens come with great features such as an island with dining table extension, pantry and pots-and pans drawer.

Luxurious master bedrooms and gorgeous bathrooms take elegant living to a new high. At Harbour Plaza we have taken the good life and then raised it up a few notches through brilliant design and impeccable taste.

Live in the heart of downtown Toronto, just steps to the finest shops, restaurants, galleries, boutiques, sports venues and the waterfront.

10-14 Prince Arthur Condo

Prince Arthur Condo10 – 14 Prince Arthur is a new condo development being planned near the Annex at Prince Arthur Avenue in Toronto. The condo will have a total of 45 suites, a luxury rise building in a quite neighbourhood. Prince Arthur Condo is just starting to register, for the best pre construction prices and suite selection visit www.10princearthurcondo.com

Blocked from pulling money out – like 1929 again?

Boston-based hedge fund manager Sowood Capital Management LP said yesterday that it lost $1.5 billion in July after declines in the corporate debt markets. Banks and insurers ranging from UBS AG in Zurich to CNA Financial Corp. in Chicago have reported losses related to subprime mortgage debt. UBS, the world’s biggest money manager, replaced Peter Wuffli as chief executive officer in July after three quarters of declining earnings and losses at one of its hedge funds that invested in securities linked to subprime loans.

Kudos to one of our analysts here at Mortgage Blues for realizing U.S. treasury secretary Henry Paulson was off the mark with his optimism. As the day went on other sources came on line and said the same thing.

Reminding us of the stock market crash of 1929, Bear Stearns Cos., the manager of two hedge funds that collapsed last month, blocked investors from pulling money out of a third fund as losses in the credit markets expand beyond securities related to subprime mortgages. The Bear Stearns Asset-Backed Securities Fund had less than 0.5 percent of its $900 million of assets in securities linked to subprime loans, spokesman Russell Sherman said in an interview yesterday.

Waiting to close on your loan? AHM says think again

This is just one of our articles referencing the financial crisis, crash of the housing market, subprime, and more:

When American Home Mortgage Investment ran up against margin calls and lack of funding the company was forced to break their agreements on funds in the pipeline for loan closings. That adds more bad news for homebuyers with pending applications, as CIT also announced they would exit the mortgage business. AHM was forced to pull $300 million of home loans already agreed on Monday and was preparing to break its agreement on up to $500 million more yesterday.

Borrowers with pending mortgage applications, and those whose closings have been delayed, are very nervous about the situation.

CIT Group Quits Home Loan Business

This is just one of our articles referencing the financial crisis, crash of the housing market, subprime, and more:

Another lender decided to quit the home loan business altogether, thus taking away another source of subprime funding.

This is going to be a multiyear problem and not just for us but for the industry, Jeffrey Peek, CEO of CIT Group Inc., said on a conference call last month. CIT decided to quit the home-loan business, which accounts for about 10 percent of its income, after losses rose more than expected. The unit focused on subprime borrowers.

Family Finance Parallels Stock Market

I help perform research and market analysis for a consumer advocacy web site. Part of my research includes reading documents filed with the Securities Exchange Commission. Quarterly and annual statements containing 100s of pages can be reduced. In a nutshell, the reports are digested to the following: Profits are the result of refinancing debt to lower interest rates, increased security, and reduction in operating expenses. Investors receive dividends. The future outlook is stable. Companies have more debt at lower interest rates, reduced operating expenses, and moved off-shore. The companies are balancing more debt against future earnings.

The Sarbanes-Oxley Act of 2002 also known as the Public Company Accounting Reform and Investor Protection Act of 2002 was signed into effect July 30, 2002. I can not assess the impact across all companies, but Chief Executive Officers and Chief Financial Officers are not holding their positions for as much time in the sectors I research. One of the companies is on their third CEO in 4 years.

Compare any company to a family and introduce a sub-prime or Alt-A mortgage into the equation. A homeowner refinances an existing mortgage to a lower interest rate. Fees are included in the new mortgage and the debt obligation increases. Possibly there is cash out or the term is extended from 30 to 40 years. The new mortgage payment may be less than, or equal to, the original mortgage payment. Money is available to reduce other debts, make new purchases, or react to increases in expenses.

The measures are not very different between the business and private sector. Families reduce their operating expenses. Security is improved. Support staff is reduced and energy saving measures are implemented.

Translation of family budget measures: Lower thermostats, use photocells and timers, and eat less meat. Get a locking gas cap and only fill the tank when departing for a major trip. Fire the maid and the lawn service. Consider relocating to an area with a more favorable climate or research becoming an Ex-Patriot in Mexico or U.S. held territories.

Alt-A and Subprime Mortgages Defined

Alt-A is a product type mortgage, usually low documentation and lower loan-to-value, whereas subprime is a customer type mortgage typically because of low credit scores. In the first half of 2006, 16 percent of mortgage originations by dollar volume were Alt-A, vs. 62 percent for prime, 19 percent for subprime, and 3 percent for other.

Here at Mortgage Blues we don’t think subprime will be the real problem. Alt-A mortgages will be the big problem. Subprime has risks associated, like alligator wrestling and pit bull training. You expect to get bitten. The bottom line is there will less capital pumped into the economy and less disposable income to go around.

Check escrowed taxes, insurance as lenders struggle

This is just one of our articles referencing the financial crisis, crash of the housing market, subprime, and more:

What is your recourse if the mortgage company fails to pay your taxes? What if they do not pay your property insurance? If you read about your mortgage broker going to prison or see your mortgage company on Fox News with Shepard Smith you might want to check your statements. The lenders referenced below are strong and healthy and still made mistakes. Cases in point:

Tennessee: We called them to make sure, and they said Yes, your taxes are included in your note. After over a year went by, I called, and found out that they had NOT paid our real estate taxes that they were supposed to be paying all along. We had to go pay almost $2,000 cash in overdue taxes.

Georgia: Right after I refinanced in `04, HSBC took bought my loan, forgot to pay my escrow and from that my payments went up over $200.00 a month. I have owned my home since 1995 and was never late, paid my own insurance and taxes and never had a hitch. After they took it over, my insurance, due to their neglect, went from $450 a year to over $1500 and they will not talk to me about it. I lost my insurance company and had to find another to get their insurance off my loan.

California: It was finally determined that the back taxes were owed and that the owner, HSBC, would pay the taxes. Now after the loan and appraisal have expired and cost my son more money, the back taxes have not been settled.

Missouri: I checked my mortgage statement and found out my mortgage company paid $35 less than the amount billed by the insurance company. It only took one phone call and three follow-up calls to verify the mistake had been corrected.

Late 30’s drop credit score 50 to 90 points

Credit Monitoring reported to our friends at Household Watch that the average FICO credit score dropped 50 to 90 points when the consumer is reported as late 30. You must be able to trust your creditors and never let an account get 30 days late. You should write to the lender and put your account in a ‘disputed’ status if anything looks wrong.

When HSBC reported payments as late and was sued and settled under Shea vs Household, the cost of credit soared for many consumers who did nothing wrong. HSBC owned Household International and Retail Services as a wholly owned subsidiary while payments were intentionally credited late