Real Estate Toronto Canada

The Fed Open Market Committee met yesterday and released their report on the health of the economy. The FED meeting report is always looked at as something akin to stone tablets brought down from the mountain, the word from the highest authority. But unlike the stone tablets, the FED meeting reports aren’t clear or direct. Instead, their meaning is wrapped in code, vague and ambiguous so they don’t completely tip their hand as to what their monetary policy will be down the road. This means that financial analysts and FED watchers pour over the statements, looking for any change in wording to see if this signals a change in the FED’s direction. The FED’s mission is to maintain growth and stable employment while vigilantly defending against inflation. With short term rates set at 0-.25% (the rate available from the FED to the biggest banks) the threat of inflation is real. But with unemployment running over 9% (and much higher when underemployed and those who have stopped looking is factored in), and slack throughout the economy, the threat is still over the horizon.

The key wording in the report is that inflation is likely to be subdued for some time, and that they will maintain exceptionally low rates (short term rates, not necessarily mortgage rates) for an extended period of time. This means they aren’t likely to increase their base rates for months, and most likely not before the end of the year.

Here is the full FED statement:

Information received since the Federal Open Market Committee met in March suggests that economic activity has continued to strengthen and that the labor market is beginning to improve. Growth in household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly; however, investment in nonresidential structures is declining and employers remain reluctant to add to payrolls. Housing starts have edged up but remain at a depressed level. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.

With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.

In light of improved functioning of financial markets, the Federal Reserve has closed all but one of the special liquidity facilities that it created to support markets during the crisis. The only remaining such program, the Term Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for loans backed by new-issue commercial mortgage-backed securities; it closed on March 31 for loans backed by all other types of collateral.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. Warsh. Voting against the policy action was Thomas M. Hoenig, who believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to a build-up of future imbalances and increase risks to longer run macroeconomic and financial stability, while limiting the Committee’s flexibility to begin raising rates modestly.

Peter Thompson

(630) 479-6424

New York is considered the capital of the world. Financial Center to Wall Street, the Guggenheim Museum and the Metropolitan, the world’s designer boutiques on Fifth Avenue, Broadway and unique architectural delights - diversity of this city is amazing.

Located on the Atlantic coast in the south-eastern part of the State of New York, the city is divided into 5 administrative districts: The Bronx, Brooklyn, Queens, Manhattan and Staten Island.

City, often referred to as the Manhattan of its inhabitants, is the historical city center. Here are the famous skyscrapers Empire State Building, Chrysler Building, “Iron” and others, the theater district on Broadway, “Museum Mile on Fifth Avenue, Chinatown and the largest in the world of Central Park.

All this, as well as the picturesque location of the area and comfortable weather conditions make real estate in New York is very attractive for investors.

But how much real estate “Big Apple” is reliable in times of economic crisis? Some experts argue that the price floor is not covered, and predict a further fall in property prices in the U.S., arguing that it was premature to talk about the end of the financial crisis. Others, recalling the positive macroeconomic data on growth in the number of permits issued for housing in the second half of 2009 (an indicator of future activity in the construction market), as well as construction companies income growth from sales of real estate, said the turning point in the market. But they both operate on average for the country or around the state, losing sight of the individual regions, where due to geographical, historical, social and other reasons, there can be no strong fluctuations in the value of the property. With full confidence we can say that New York, along with some other major cities in the U.S., remains a kind of an island of stability.

Despite the fact that the systemic adverse changes in the economy of the country still had an impact on the real estate market in New York, the average decline in property prices in this region for 2009 did not exceed 15%. Experts MIEL Distant Property Management »note that for the city this fall, definitely noticeable - are real estate prices have always had a tendency to increase. But the situation is beginning to change.

Sales in the second half of 2009, compared with the first half, taking into account the seasonality has increased on average by 15%. And the increase in demand always leads to an increase in the offer price. Also in the U.S. is very high inflationary expectations: the U.S. Federal Reserve during 2009 consistently reduced the discount rate, and at present the rate can be considered as zero. This means that there is a “printing money” to, inter alia, to stimulate the mortgage activity of commercial banks. But we should not be a guru in the economy, to understand that the uncontrolled emission of money sooner or later lead to inflation. This, in turn, lead to an increase in property values.

Thus, investment in real estate - the most judicious investment of money, especially for the Russians. Historically, many Russian citizens keep their savings in U.S. dollars. And most importantly, the lion’s share of Russia’s GDP is formed by energy exports, which are also denominated in U.S. dollars. What will Russia do when, for example, its oil will get suspended the same $ 75, but not for 29 rubles. per dollar, as for example, 20. The answer is obvious: the CBR will artificially lower the rate of the ruble to the budget of Russia and the oil companies are not affected. Therefore, to keep their assets, both in rubles and in dollars or in any other currency, at least, unwise.

According to Natalia Zavalishin, Director General of Miel Distant Property Management », -« the most reasonable to invest in real estate in stable or promising regions, among which is certainly true of New York. Besides, buying real estate in New York, there is no need to lose in the translation of dollar savings in any other currency. ”

High liquidity of real estate in New York makes it a flexible investment tool that allows virtually any time, at least to return his money, and likely to get at a profit. This, in modern terms, a more reliable option of placing funds than bank deposits, mutual funds and other financial instruments. Of course, the choice of objects is desirable to consult with professionals as well as the potential of real estate in the city varies somewhat depending on the district and each building. For example, experts MIEL DPM »help assess the investment potential of each individual object and uberegut from unnecessary risk in the transaction.

Obviously, the most attractive from all points of view area is the Manhattan (City) - the island from which the once and started New York. Despite the fact that the City - this is a historic center with an established infrastructure, you can meet some very interesting proposals on the market.

In conclusion, the experts MIEL DPM »7 factors distinguish the attractiveness of New York at the moment:

1. This is the biggest business and cultural center of the world.
2. Speaking of Manhattan, due to geographical features (an island), it is impossible to increase the supply of real estate. It is likely that in Manhattan repeat scenario of Monaco, where the average cost per square. m. of housing has reached 30 000 euro.
3. Right now, sellers of the most flexible in bargaining. Discounts may reach 10-15%. Such a favorable situation is again in 10-15 years. And far-sighted investors accumulated funds, attacking such regions.
4. Many experts believe the real estate market in New York, this diversity offers in the foreseeable future will be no more.
5. Besides the actual investment is a good place for all those who think about the future education of children.
6. Greatly reduced interest rates on mortgages. And Russia’s citizens have the opportunity to receive credits equal to 50% of the value of the property for 20-25 years at a rate of 4-5%.
7. The prestige of owning real estate in Manhattan is indisputable.

Each weekday, we select about ten new blog posts for the Freshly Pressed section of the WordPress.com homepage. These posts represent how WordPress can be used to entertain, enlighten, or inspire.

Getting promoted to Freshly Pressed is a major traffic win because WordPress.com receives a high volume of page views. And, we have a feed set up so people can subscribe to Freshly Pressed. Why do we do all this? It’s our way of saying we like you. We really like you.

So, by now you might be wondering how to get featured. It’s all about the content. Here are five bits o’ advice that will increase your chances of landing on the homepage:

1. Write unique content that’s free of bad stuff.

Each post that makes it to Freshly Pressed contains original content created by the WordPress user. Bad stuff includes (but isn’t limited to) plagiarism, hate speech, fear-mongering, adult/mature content, improperly used images that belong to someone else, spam or content that is primarily advertorial.

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We know, we’re human, too — errors happen. We recommend using our Proofreading feature before you hit “publish.” If you’ve got a few typos but we really like your post, we may ask you to fix them. In most cases, we’ll put your post on Freshly Pressed after you’ve made the changes.

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Examples:
Good headline: I Won the Lottery and You Didn’t!
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Go Forth and Create

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The home buyer’s tax credit expires at the end of this week. If you don’t have a contract together by then (you have until the end of June to close), you are out of luck for the tax credit. Last November, when the previous tax credit expired, the housing market feel off the edge. At the time the consensus view was that the tax credit hadn’t so much brought new buyers into the market, but had motivated many home buyers who were already planning to buy, to buy earlier than they would have otherwise. Without the tax credit the market floundered, and a month after the tax credit expired it was started up again. That isn’t likely to happen this time. It’s not that the credit hasn’t increased business, it has worked well this time. Home sales last month were the highest in years, and this month will have sizzling numbers, too. But the extra sales have come at a high cost, especially if most of these buyers would have bought any way. For another thing, no one is pushing hard for a new extension. The National Association of Realtors (NAR) was the big force before, and they are silent on the issue now. The congressional sponsors of the bill before have said they won’t try and get it extended. And though the real estate market is still soft, the worry over adding new debt (the government is borrowing to pay for the tax credits they send out) is trumping any additional rebate money now. Many economists have said that the tax credit, while a great deal for the consumer, is inefficient and an expensive way to increase home sales. So in all likelihood, the tax credit will be gone for good after this week.

So the question now, is what happens next? A big portion of the buyers now in the market  are first time home buyers, and though they are looking at all the benefits of buying now (historically low rates, low down payment FHA loans are available and home prices are priced at a big discount over previous years) the tax credit is mentioned as a major incentive. But I don’t think we are going to see the big drop off we did before. There will be a drop off, many of the current buyers moved quicker than they otherwise would have to take advantage of the rebate, but there are some big reasons to expect that home buyers will continue to buy.

Here are some reasons why it is different this time, and why I expect home buyers to continue to buy after the tax credit deadline:

It is the Spring market – Real estate sales are seasonal. Traditionally the market is most active in the Spring and Fall, and drops off to nearly nothing after Thanksgiving. When the last tax credit expired in November, it happened at a time when the market normally chilled. Now is the time when it is usually just starting to heat up. A lot of buyers have moved the timeline ahead this year, but there are a whole lot of others who for one reason or another are just getting started.

The home buyer’s tax credit didn’t seem as urgent this time – There are still a lot of people who could be eligible for the tax credit, who weren’t aware of it, or the deadlines, and a lot of others who figured there was no urgency since it was extended once and it could be extended again. Many of these people will buy a house eventually, but they aren’t motivated enough by the tax credit to rush forward now and buy something that isn’t exactly right for them.

Buyers are looking for bargains – Home buyers are mostly focused on getting a home for a below market price, and this market is dominated by short sales and foreclosures. As a rule, these transactions are more complicated, so it takes longer to get the selling bank’s approval. If your real motivation is to buy a home at a discount price, a relatively small tax credit won’t make a big difference. I know of a lot of buyers who have contracts with sellers now, but are waiting for bank approval, some have been in this waiting game for months. Some of these buyers will get bank approval and be able to close by the June deadline. Others won’t and some will move on to other properties. One thing that could make a big difference is what happens with the rollout of the new HAFFA short sale program. This is the new government program designed to give incentives to both distressed owners and loan servicers to agree to a short sale, and if it is effective it could mean that there will be more short sales and they will happen quicker. I’ll have more on the details of this program soon.

The housing market appears to be bottoming – Fear has kept a lot of potential home buyers on the sidelines. Home prices have dropped a lot over the last few years, but there are buyers waiting on the sidelines who want to buy, but don’t want to come in too early. A recent report showed that homeownership rates were historically low in the 24-35 age range, the age group that is most likely to be first time home buyers. Some of these people are qualified to buy but don’t see owning a home as a good investment now. Others are waiting for the right time to get in. With the end of the tax credit, some home sellers are sure to get a little more motivated. At the right price, there are buyers.

We will see what happens over the next few months, but I don’t expect the sharp decrease in home sales we saw after the end of the last tax credit. It is still a buyers market, and with the conditions right, home buyers will continue to buy.

Thinking of buying but not sure where to start?

First Time Home Buyer Webinar this is a recording of a webinar I did recently which goes over the entire home buying and mortgage process in just under an hour.

Free Home Buyers Guide – From A to Z, everything you need to know about buying a home and getting approved for a loan.

Peter Thompson  630-479-6424

So the market has peaked (probably). Now what do you do? Well, first thing to remember is that most people won’t realize the market has peaked for about 3 months so if you are reading this you are way ahead of the curve. Secondly we are not talking about a market crash, and quite possibly we may not even see prices start to fall till Q3 or Q4 of this year. Making predictions on exactly how much prices will rise or fall is fool’s game, so I won’t go there, but I could forsee a scenario with flat or slightly falling prices by the end of 2010. Depending on what your situation is, here are some quick thoughts moving forward:

For Buyers:

It’s already much better now than it was just 2 months ago. Inventory is up, some sellers are starting to get a grip on reality, and you actually have multiple properties to choose from. Things will continue to get better as inventory continues to rise along with interest rates which will increase supply and decrease demand at the same time. Don’t rush into anything. Now is not the time to pay higher for a property than the last guy did. Buy smart, buy for the long term.

For Sellers:

Understand that the market has changed. Price your property for what it is worth and don’t follow the “price it low for multiple offers” strategy. Remember that if you want to command top dollar in terms of selling price, your property must show better than all the other properties on the market – proper staging and marketing is vital. Better to list now than wait till Summer. There is still time to close before the HST kicks in July 1st. Want to talk about selling your condo? Contact me.

Investors:

Keep buying if the property makes sense and the neighbourhood has good long-term upside potential. Stop buying if you are hoping to flip for a quick profit or if you are over extended.

Questions or comments? Thinking about buying, selling, or investing and want the advice of a professional who understands the market? Contact me

Over the weekend, we turned on a new theme called Twenty Ten. Twenty Ten is a big deal for us — it’s our first update to the “default” theme (the one you see when you start a new blog) on WordPress.com. Our goal with Twenty Ten was to create something stylish, customizable, simple, and most of all, readable. Since every new WordPress.com user will be seeing Twenty Ten, we wanted to design an example of what a WordPress theme can do — that meant inventing some new features as well as utilizing a few that you may not know about yet.

Twenty Ten — click the screenshot to visit the demo blog.

Custom Headers

The background image selector

Twenty Ten comes with a selection of great header images. It’s easy to switch between any of the included header images or upload your own. You can even use a different custom header image for each post by including a Featured Image when you publish a new post.

Custom Backgrounds

Custom header & background, plus Typekit

One of the easiest ways to customize a theme to your personal style is with a custom background image or color. Twenty Ten is the first theme to use WordPress’ new custom background feature, so it’s easy to pick a new background color, upload an image, and tweak its tiling and positioning. If you’ve ever had to write CSS or muck about with code just to change your background color, we think you’ll really dig this new feature.

Drop-down menus

Drop-down Menus

Twenty Ten neatly organizes your pages into a menu right in your blog’s header, and includes drop-down menus for multiple levels of nested sub-pages. There’s more coming with the menu, but give us a few days.

Special styles for Asides and Galleries

A gallery followed by two asides

Twenty Ten includes special styles for posts that you file in the “Asides” or “Gallery” categories. When viewed on an index page (like your home page or a list of posts from a particular month), asides get a simplified look that seamlessly fit between full-length posts, while galleries give a peek at the photos that lie within. If you don’t already have those categories on your blog, just add them and start assigning posts to them. Twenty Ten will recognize the category name and start applying the correct styles automatically. For an example of what inspired us here, check out Matt’s blog and how he intersperses shorter posts and galleries.

Editor Styles

If you’re like me, you constantly find yourself hitting the Preview button while composing so you can see what your post will look like with your theme’s styles. Twenty Ten aims to break that addiction by using the editor styles feature of WordPress. Now, the Visual Editor in WordPress can mimic the look of your theme, so you get a perfect visual representation of your post while you’re writing. I think this will be a really popular feature with new themes once people try it out.

A blog post in Twenty Ten's visual editor

Choosing a Page Template

One and two-column templates

By default, Twenty Ten uses a two-column layout with lots of room for widgets. If you’d like to hide the widgets and focus on the writing for a particular post, just choose the “One column, no sidebar” template.

Widgets Galore

Footer loaded with widgets

Because we know you can’t get enough widgets, we’ve included two sidebar widget areas (extra-useful for those of you who customize your CSS) as well as four footer widget areas. It’s easy to load Twenty Ten up with lots of widgets without sacrificing your blog’s design.

Beautiful in Print

We’ve all experienced unpleasant surprises when trying to print an article from a web site. Twenty Ten includes special styles for printing, so you’ll get printed copies that are just as easy to read as the original.

To see more of Twenty Ten in action, visit the theme demo blog. If you already have a WordPress.com blog, you can find Twenty Ten under Appearance → Themes. If you don’t yet have a WordPress.com blog, just sign up and Twenty Ten will be waiting for you when you log in. Twenty Ten will be default for WordPress.org users when WordPress 3.0 launches in May. (What’s the difference between WordPress.org and WordPress.com?)

Sometimes you want your blog to look a little more structured. To help with that, I’m happy to introduce to you today the Structure theme: a multi-column theme with featured images, an alternate dark color scheme, and customization options.

The Structure theme highlights the latest post from your choice of featured category

Structure highlights your latest post—from a featured category of your choice—by displaying the title in beautiful Georgia Italic and highlighting the featured image alongside a special front page widget area.

Did you see the Twitter and Facebook icons in the header? They’ll appear when you add your Twitter and Facebook URLs in Appearance→Theme Options.

And the ordered multi-column layout and high-contrast style of Structure is flush with style.

The 3-column home page

Structure switches to a two-column layout for posts and pages that ensures your carefully crafted content takes top priority for your readers.

2 columns for your posts and pages

I know you’ll like Structure’s drop-down menus and four footer widget areas but I think you’ll really love the customization options. With an alternate dark color scheme, custom header option, and custom background option, you can really make this theme your own. I’ve gone ahead and made a simple example of just that.

The dark color scheme with custom header and background

The Structure theme is available today in your WordPress.com dashboard and, for self-hosted WordPress.org users, from Organic Themes.

Some of my colleagues may not want to believe it, but we are now in a new market reality. The extremely bullish market we have been experiencing for the past 12 months, at times accelerating at a break neck pace, has ended. Top-10 anecdotal signs that the market has already peaked:

1. ‘Fake’ developer websites for new developments are at an all-time high. These are websites set up by Realtors looking to capture buyers when a new development launches. Many of these sites are designed to mimic the developer’s official websites / registration forms. We saw this trend emerge right before the market dipped in mid 2008.
2. Developers are starting to LOWER their commission offerings to agents. Lower commissions can only mean one thing: Developers believe it’s too easy to sell condos in Toronto right now.
3. Positive cash-flow is now a complete impossibility at just about every new development or resale condo downtown. Investors with a traditional investment mindset are heading for other markets.
4. One Bloor has about 700 units to sell, and the minimum up front investment is $100K. Demanding so much cash up front from buyers means the banks are restricting the cash flow to developers.
5. Developers have been practically encouraging ‘flippers’ by offering $0 assignments during the first 90 days of buying into a new development.
6. Resale sellers are holding off on offers, not getting an offers, then raising their asking prices in response. Buyers are moving on to other properties.
7. Listings for the GTA are up 48% for the first half of April compared to this time last year.
8. Listings are at an all time high for my company – Re/Max Condos Plus – one of the biggest players in the downtown condo market.
9. Interest rates have risen almost a full 1% over the past few months and (most likely) will continue to rise.
10. Government + the banking industry appear to be consorting to stifle demand for fear of creating a housing bubble.

Questions? Comments? Got your own anecdotes or stats to add to this list? Think I’ve totally lost my mind?  Contact me.

I know it’s a little past April 19th, but we are all so busy trying to get our taxes filed on time, that we may not have taken full notice of the three new mortgage rules that came into effect, as announced by federal Finance Minister Jim Flaherty.

The good news, and yes, there is good news, is that most of us will not be significantly impacted by the latest changes. The intention of the new rules is to curb speculation housing and encourage homeowners to use their homes as a savings tool, rather than borrowing home equity to pay down loans and credit cards.

The first new rule is that minimum down payment requirements for non-owner-occupied homes will increase to 20% from the previous 5%, and the way that rental income is considered will be scaled back from a maximum 80% offset to 50% added to income. With 20% down, most rental property applications will be approved with conventional guidelines, so it will ultimately come down to the lender’s own policy.  This rule is expected to have the most dramatic impact of the three changes, but only applies to the real estate investor.

All borrowers will have to meet qualification standards for a five year fixed rate mortgage even if they choose a mortgage with a lower interest rate and a shorter term. This is the second new rule. Previous standards for mortgage qualifying were typically based on a lender’s three year fixed rate (if you were opting for a variable rate, home equity line of credit, or a 1 or 2 or 3 year fixed rate product. This qualifying standard has, in the past, been sufficient to protect consumers from rates increasing over the term. Essentially, the governments is forcing people to prepare for a likely rate hike over the next five years. Considering that the average different between discounted three and five year fixed rates is only .3 and .49 %, this should not have a drastic impact on the average mortgage applicant. However, if the banks are forced to use the posted five year rates, we will see a difference of more than 2% and that could impact qualifying for buyers.

The final new rules is a change in the maximum amount Canadians can withdraw when refinancing their mortgages. This amount has been reduced from 95% to 90% of the value of their homes. This final change will likely have the most impact on those Canadians who have a current government-backed insured mortgage and would like to take advantage of the equity in their homes to consolidate debt in their future. In recent times, it’s been advantageous for homeowners to roll their unsecured debt into their mortgage to decrease monthly payments – so much so that the government has sought an end to this trend of high loan-to-value mortgages.

Only time will tell if the governments measures to curb spiking house prices and encourage equity savings will be a positive change for Canadians.

Next Saturday, May 1, the WordPress community of bloggers, developers, designers and friends will gather in San Francisco for the 4th annual WordCamp SF.

If you’ve ever wondered what WordCamp was all about, the San Francisco event is the mothership, produced under the direction of WordPress co-founder and lead developer Matt Mullenweg.

There are traditions. Each WordCamp SF, Matt reports on the “State of the Word” and invites accomplished speakers who have inspired him over the previous year. This year’s confirmed speakers include Richard Stallman, the father of Free Software; Scott Berkun, bestselling author of The Myths of Innovation; and Scott Rosenberg, co-founder of Salon.com. Several more luminaries who’ll be speaking will be announced this coming week on the WordCamp SF blog.

More traditions: in addition to the keynotes, there will be talks and tracks for bloggers and developers, lightning talks on a wide range of WordPress topics, all the BBQ you can eat at lunch, commemorative t-shirts and stickers, and an afterparty at the worldwide web famous Automattic Lounge.

If you’re in the Bay Area, or can be, you should meet up with all of us at WordCamp San Francisco.

Get your ticket today and join us next Saturday!

***

Other Upcoming WordCamps

It’s definitely WordCamp season; just check out the growing list of upcoming WordCamps over the next couple of months! If you don’t see a WordCamp near you listed here, check the rest of the schedule at WordCamp.org. In the meantime, don’t forget that many WordCamps post video of their presentations on WordPress.tv.

April 24 (today!) – WordCamp Orange County
Irvine, CA USA

April 29 – WordCamp Nashville
Nashville, TN USA

May 1 – WordCamp San Francisco
San Francisco, CA USA

May 8 – WordCamp Paris
Paris, France

May 8 – WordCamp Argentina
Buenos Aires, Argentina

May 8 – WordCamp Chile
Santiago, Chile

May 15–16 – WordCamp Denmark
Copenhagen, Denmark

May 15 – WordCamp Victoria
Victoria, BC Canada

May 21–22 – WordCamp Italy
Milan, Italy

May 22 – WordCamp Malaysia
Kuala Lumpur, Malaysia

May 22–23 – WordCamp Raleigh
Raleigh, North Carolina USA

May 29–30 – WordCamp Fayetteville
Fayetteville, Arkansas USA

May 29 – WordCamp Yokohama
Yokohama, Japan

June 5–6 – WordCamp Chicago
Chicago, Illinois USA

June 12 – WordCamp Reno-Tahoe
Reno, Nevada USA

June 12 – WordCamp Vancouver
Vancouver, Canada

June 18 – WordCamp Catania
Catania, Italy

June 19 – WordCamp Columbus
Columbus, Ohio USA

Streetcar Developments is on a serious roll of late. The ‘little developer that could’ has recently launched two highly successful projects – 2 Gladstone and SYNC Lofts, which are in addition to their existing repertoire of projects including Corktown phase 1 (under construction, nearly complete), Corktown Phase 2 (construction starting), Vinegar Lofts (19 River, complete and registered), EDGE lofts (625 Queen, complete and registered), and a couple other projects on Queen East in Leslieville/The Beach. They have a formula for low-rise condo/loft marketing and construction and it seems to be working.

Their latest project is Trinity Lofts which will follow in the vein of their other projects like SYNC or Corktown and be a soft-loft, modern concept, boutique building with minimal amenities. SYNC proved to be a fantastic investment in my opinion with many units selling in the mid $400s per square foot. If Trinity Lofts comes out with similar pricing, it will be a slam dunk investment as this area has great upside potential. Units at 33 Mill street in the Distillery are currently selling in the mid $500s per square foot (for units with parking).

The site for Trinity Lofts will be just north of the Distillery District at 2 Eastern Avenue. This makes it central to the best of the east side including the Distillery District, Corktown, Riverside, the West Don Lands (currently being developed) and of course King East and the St Lawrence Market area.

SYNC was more than twice the size of this project and all the one bedrooms there sold out in first week. They only have a few 2 bedrooms left. It will be the exact same story with Trinity Lofts, except there will be even more competition for the smaller units as the supply is so limited. The public release of Trinity Lofts is set for May 8th, but if you would like to buy at the upcoming VIP sales event in advance of the public release, please contact me ASAP as this one will sell quickly.

TRINITY LOFTS – Streetcar’s newest loft building coming to the junction of The Distillery, Downtown East and West Don Lands neighbourhoods, will launch for sale to the public in the coming weeks but TrueCondos.com has your VIP access well in advance of the public offering.

Located at 2 Eastern Avenue, nestled between the historic Enough Turner Schoolhouse and 51 Division Police Station, TRINITY is located just steps from many hot cafes, restaurants and shopping venues: a short walk to the Distillery District, St. Lawrence Market and Corktown District, not to mention the highly-respected George Brown College offering a diversified array of programs. Located just a short walk away, is the TTC streetcar as well as quick access to both the Don Valley Parkway and the Gardiner Expressway.

In the lofts, TRINITY will offer the unique high-end designer finishes that past Streetcar followers have come to appreciate: 9′ smooth ceilings, modern kitchens and bathrooms with stone counters throughout, stainless steel appliances and pre-engineered wood flooring.

Context Developments is adding to the flurry of pre-construction activity happening in the Fort York neighbourhood with their upcoming Library District Condominiums. The name may seem strange for a condo but their seems to be a connection with a future location of Toronto’s newest and 100th library location to this budding area. (Why one library makes it a ‘district’ I have no idea.) Contact me for more info on this project including floor plans and pricing.

Buyers and investors will no doubt want to compare Context’s offerings with that of Garrison at The Yards by Onni Group. Both projects will be competing for buyers when they officially launch next month. One significant difference between the two projects is that units on floors 2-7 will have 8′ ceilings at the Library District, whereas all the units at Garrison are supposed to be have 9′ ceilings. Also, Garrison is offering laminate floors throughout while Library District has carpet as standard in the bedrooms.

I will be offering my clients a more in depth analysis on these two projects once I have a more complete set of information from both developers to compare them against each other. If you would like to discuss hiring me as your exclusive buyer’s agent for either project, please contact me.

Library District Neighborhood:

The newest condominium – Library District Condominium at Bathurst and Fort York by Context. It features striking contemporary architecture by KPMB. Adjacent to Historic Fort York with 29 storey tower will share a privileged position on the future Mouth of the Creek park with the City of Toronto’s 100th Public Library.
Minutes on foot to King Street Entertainment District, downtown core, Lake Ontario and the martin Goodman trail, library District Condos is in the heart of it all.

Library District Features & Amenities:

Building features include a party room, outdoor amenity terraces, soaring double height fitness room with the latest cardio and strength training equipment, locker rooms with steam saunas, a yoga room, board room, two TV lounges, and two guest suites.

Library District Suites & Fixtures:

Suites on floor 2-7 feature floor to ceiling glass with 8’ tall smooth plaster ceilings; floors on 8-29 are 9’ height ceiling; kitchen feature modern European style cabinetry with horizontal flip-up upper cabinets with a fronted glass cabinet feature and granite countertops, under mount sink, and stainless steel appliances.

Bathrooms also have a horizontal flip up cabinet feature, stone counter top, under mount sink, custom framed mirror and choice of single or dual flush toilets. Flooring features include porcelain tiled foyers, kitchens and bathrooms, with choice of porcelain or pre-engineered hardwood flooring in living and dining areas and carpet in bedrooms.

As energy conservation becomes more of a concern for both government and consumers, we can all be served by knowing more about heating system upgrades and government grant programs for them.

Homeowners who are interested in upgrading their heating systems can take advantage of the Ontario Home Energy Savings Program and the federal ecoEnergy Retrofit program which provide grants for retrofitting their homes. Homeowners can receive up to a combined maximum of $10,000 from both the provincial and federal government in grant money.

Only homes that have undergone a residential energy efficiency audit by an energy advisor certified by Natural Resources Canada (NRCan) will be eligible for grants under the ecoEnergy Retrofit program. So what’s involved?

To qualify for federal grants and provincial rebates homeowners must complete two home energy assessments: one pre-renovation and one post-renovation. Only renovations that begin after the initial assessment qualify and they must be completed by the earlier of either 18 months of receiving the pre-retrofit evaluation report or by March 31, 2011.

Once the initial audit is completed, the homeowner can choose which (or all) of the recommendations he wishes to implement. On completing the renovations, the homeowner should contact the energy advisor to perform the post-retrofit evaluation and then submit the grant application. You cheque should arrive within 90 days of submitting the form.

Remember to document all renovations whether completed by a contractor or by yourself. Retain all receipts and product literature and take photos to ensure full credit is received.

Grants vary based on the energy efficiency and the type of equipment purchased, however, each upgrade qualifies for a flat incentive amount. For example, replacing an existing heating system with an ENERGY STAR® qualifies gas furnace with a 94% annual fuel utilization efficiency (AFUE) rating or higher and a brushless DC motor qualifies for $1,300 in rebates ($650 federal + $650 provincial).

A table of grants available can be found at www.nrcan.gc.ca .  Aside from the rebates, the actual savings from participating in the program depend on the home’s condition and the types of upgrades chosen Participants typically reduce their energy use by up to 30%. This relates into a savings of $450 on a $1,500 annual heating bill!

“Under The Influence” is a unique and highly customizable new theme. This theme sports two main content columns and loads of options, providing a unique design for all your visitors to enjoy.

Under The Influence

Aside from a unique design, this theme has lots of great options. Too many to count! For starters, there are multiple header designs, color pickers for main and accent colors, and adjustable column sizes for the expert blogger.

Lots of options!

With just a few clicks you can get an alternate header design with the colors of your choice.

Alternate Header Design

The theme doesn’t stop with the goods either. The footer keeps things stylish with flourishes and a cool multi-column layout!

The footer is stylin'!

“Under The Influence” is available for WordPress.com users under Appearance -> Themes. It is also available for WordPress.org users from the Theme Directory. (What’s the difference between WordPress.org and WordPress.com?)

It’s the start of a beautiful weekend. Whether it’s raining or shining outside, if you’re reading this you can probably count yourself among the most fortunate folks on the planet.

Perhaps you’re feeling particularly adventurous. You should check out the new “Surprise Me” feature.

To activate, go to your Personal Settings page, check the appropriate box, and save.

I’m not going to tell you exactly what it does. If you’re open to new things and serendipitity in your blogging life try leaving it on as you go about your normal blogging activities of posting, commenting, checking your stats, and such, and see what pops up.

Enjoy the weekend, let me know what you think, and on Monday I’ll be able to reveal more.

Update 1: This was the result of a collaboration with the artist Evan Roth at the Rhizome Seven on Seven event, where we just presented it. As I said, they will be more on Monday in the New York Times.

If it weren’t for deadlines nothing would get done. I’m a procrastinator, and I know that I’m not alone. Waiting until the last minute is the American way of life. My kids put off work on major school projects until right before they are due, then complain about how much work they have, and how little time there is to do it. I was the same way when I was in school, and though I try to be more proactive now, I’m often guilty of the same behavior. Today is tax day, and you can bet that the local news will have a segment filmed at the post office with cars lined up bumper to bumper waiting to get in so they can get the April 15^th postmark. I know it will be on because they do this every year. I’m happy to say that I won’t be in that line, but I empathize with those who are. We are a nation of procrastinators.

Another big deadline is coming up at the end of the month. The home buyer’s tax credit expires at the end of April. You don’t have to close on your home in April (you have until June 30^th to get your financing together and close), but you have to a contract to purchase together or you are out of luck. If you aren’t ready to buy there is no reason to rush, but if you are planning on buying but have been dragging your heels, it is time to get your but in gear. Moving fast could mean an extra $8,000 in your pocket (up to $8,000 for first time home buyers, up to $6,500 for move up buyers.

There is still time to get a contract, but if you are starting from scratch, this isn’t going to be easy. If you are just starting out you will need to –

• Talk with a loan officer and get pre-approved for a mortgage.
• Find a good realtor who has time to work with you.
• Narrow down your search to the area and property type that works best for you.
• Find the right property.
• Negotiate a contract that works for both you and the seller.

Can all this be done in 2 weeks? Yes, it happens all the time. Buyers who are relocating and transferring into an area can get all this done in a weekend, if they need to. But it isn’t easy and it’s likely to be stressful. But it can still be rewarding, and procrastinating means more excitement when you get the big job done, with minutes to spare.

Here are some details of the home buyer’s tax credit:

1. The credit is for 10% of the purchase price up to a maximum of $8,000 for first time home buyers and up to $6,500 for qualified move up buyers. This means that if you are a first time home buyer and your purchase is $80,000 or more, the credit will be $8,000.
2. The credit is good for properties that are under contract by April 30^th and you have until the end of June to get the financing together and close.
3. It is now available for first time home buyers (a first time home buyer is anyone who hasn’t owned a home in the last 3 years) and move up buyers who have lived in their home for 5 consecutive years out of the last 8.
4. The home has to be for your primary residence. Second homes and investment properties don’t qualify.
5. This is a true tax credit. As long as you stay in the home at least 3 years, the credit is yours to keep. If you sell before 3 years is up, you may need to pay the credit back.
6. If your tax liability is less than the $8,000 credit ($6,500 for move up buyers), you will get the difference as a check back to you. If you have already filed your taxes, you can file an amended tax return in order to take the tax credit in the current year and get the money back quicker.
7. Income caps apply. They have increased the income caps so more home buyers will now qualify. A single buyer qualifies as long as they earn up to $125,000 per year, and couples are maxed out at $225,000 per year. Higher earning borrowers may get a partial credit, but the amount decreases as their income rises.

If you have any questions, let me know.

Thinking of buying but not sure where to start?

First Time Home Buyer Webinar this is a recording of a webinar I did recently which goes over the entire home buying and mortgage process in just under an hour.

Free Home Buyers Guide – From A to Z, everything you need to know about buying a home and getting approved for a loan.

Peter Thompson 630-479-6424

Inuit Types is one of the sharpest looking themes around and I’m excited to let you know that today it’s now available on WordPress.com. Let’s take a look at what it has to offer—including the alternate dark color scheme.

Inuit Types

The image above highlights the optional featured posts (available from Appearance->Theme Settings) that take advantage of the new Post Thumbnail module available from your Edit Post page when using the Inuit Types theme.

Inuit Types features a clean drop-down menu with lots of room for multiple pages.

Inuit Types' clean drop-down menu

And now, a look at the front page intro widget area—a great place to add an extended introduction to your blog.

The front page widget area

There’s a lot of really cool details in Inuit Types—things like full-width image attachment pages or the custom default avatar image for comments—but the thing I think you’ll be most excited about are the layout options and alternate color schemes available from Appearance->Theme Settings.

Here I’ve set up my Inuit Types demo blog with the included dark color scheme and full width featured posts. I’ve also chosen to display the sidebar on the left side of my content. Check it out.

Inuit Types' dark color scheme

Pretty cool, huh? And—besides looking great—the dark color scheme is one of the most readable I’ve ever seen; I love it. I’m pretty excited about Inuit Types. I hope you will be too.

Inuit Types is available in your WordPress.com dashboard and, for WordPress.org users, in the WordPress.org themes directory.

I’m super-excited to announce to you today that WordPress.com now has an official Theme Team. In a nutshell, we’re a bunch of people who really care about WordPress Themes and want to see them get better and better—on WordPress.com and for every WordPress.org user. And yes, that means we’re getting more themes, more often.

You’ll be hearing more from us individually in the coming weeks but I thought, to get started, it’d be a good idea to share a few of the Theme Team goals we’ve been discussing. Just some rough thoughts really. But I’m hoping that by sharing them here you can get a better idea of what we’re up to—and get as excited as we are about it all.

1. Every WordPress.com user should feel like there’s a theme that fits them perfectly, that is exactly how they want to present themselves to the world, that they’re excited to show to their friends.
2. We want everyone to feel a sense of momentum and ever-increasing possibilities, and to do so we will present as many perfect-fit WordPress themes to as many WordPress.com users as we can.
3. We will ensure all of our public work represents the best in coding practices, web standards, and technical excellence.
4. We will craft all of our themes to have a consistent user experience and meet our users expectations and hopes.
5. We will teach WordPress developers to become the best theme developers in the world. If you’re a WordPress theme developer—commercial or 100% free—we want to help you be the best.
6. We will ensure all our improvements make it back to the open source community.

I love the idea of meeting the “expectations and hopes” of everyone here by delivering to you the best in WordPress themes. Pretty, painless, perfect-fit ones that just plain work.

Keep watch here for more announcements—and more new themes!