Remember Mark Twain’s advice to buy land – because they’re not making it any more? Usually right on the money, but there are times when new neighbourhoods do actually materialize under our noses. Toronto’s Don Lands (and the Port Lands, further south) are a case in point.
The Bayview extension has been closed for years now, south of Queen. This week, architecture critic Christopher Hume and his videographer Randy Risling got inside the construction zone to see what’s been going on all this time…
Click here to view video.
Some of this very remarkable parkland will be open to visitors in 2012. Landscape architect Michael Van Valkenburgh describes it as a “collaboration” between design and nature. When it’s finished, reports Hume, the Don Lands will contain 12,500 dwelling units, and be home to 10,000 jobs.
The most striking thing about this year’s Toronto home sales data has been the steady increase in volumes. The number of homes changing hands in August was 24% higher than in August last year. This is part of a consistent pattern over the last 12 months.
Average prices will undoubtedly rise during the next two or three months, but this will represent normal seasonal activity. There are good values to be found at any time. Buyers who are prepared and know what they want will recognize the right properties when they see them.
Low rates let buyers build equity
With average prices continuing to be around 10% higher than in 2010, the main reason why people are buying homes in record numbers has got to be the low interest rates. For first-time home buyers, this may turn out to have been the ideal time to invest in a home. Prudent buyers have been taking advantage of the low rates to pay down their mortgages more quickly, building up their equity in the process.
Current mortgage rates are being quoted as low as 2.35% for variable-rate mortgages, and 3.39% for 5-year fixed term mortgages. If you’d like to see what your options could be today, email us or call us at 416-483-8000, and we’ll put you in touch with a mortgage professional.