Realty Star - April 4, 2015

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Housing squeeze leads many young families to opt for condo living

CONNECT CONSTRUCTION PAGES 11TH EDITION 2015-2016

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s young professionals start thinking of starting a family, the norm has been to trade the downtown condo for a larger home with a spacious yard and a white picket fence.

But that dream is remaining just that — a dream for many who are squeezed out of pricey housing markets in cities such as Toronto and Vancouver.

Violeta Coriea and her husband are raising their two kids, who are both under five, in a 700 sq.foot apartment in Toronto. With the family’s restaurant business close by, moving to a bigger home in the suburbs doesn’t make sense, but nearby semi or detached homes are rare or way too expensive: “We always planned to start with this [condo] and then after two years to get a home,” said Coriea. “But it’s been three-and-a-half years and we haven’t found it yet.” In Toronto and in Vancouver — the two most expensive

housing markets in Canada — the price gap between buying condos and houses is get-

ting larger every month. In just the last year, some expensive homes in Vancouver’s west side have appreciated in value by roughly 12

per cent, while condos have only gone up 5 per cent. Meanwhile in Toronto, the price gap hit close to $300,000 in February according to RealNet, a Canadian property market research firm.

Urban planning The housing squeeze has started shifting the dynamics of urban planning as families are now choosing to stay in downtown condos, and encouraging other related businesses that would traditionally be more likely to found in the suburbs — such as daycare facilities and parks. It’s also affected school planning where in general downtown schools were once facing declining enrolment, many are now seeing a resurgence. “I think what has to happen is a continuation of a trend that is just beginning,” says John Andrew, an urban planning professor at Queen’s University in Kingston, Ont. “People really changing their expectations about what the ideal form of housing is, and

I think a lot of those families will end up remaining in condos.” The housing squeeze has also meant that developers are venturing into new markets. In both Vancouver and Toronto, developers have traditionally built smaller condos to keep prices lower and attract investors, while scarcer single family homes became even more valuable: Now, Vancouver developer Mosaic Homes says it’s seeing a growing number of buyers who want larger condos with more bedrooms as they try to move up the property ladder.

“We’ve seen customers coming to us, asking for larger homes and we’ve been able to incorporate them into the planning of future projects,” says Geoff Duyker, who does marketing for Mosaic Homes.

Mosaic says it recently redesigned one building to make 25 per cent of the units have three bedrooms — something developers could never have made money on in the past.

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real estate / finance

Housing market softening everywhere but Toronto and Vancouver, BMO says

March sales spiked in Metro Vancouver real estate markets

Although it’s still in the black on an annual basis, he much-ballyhooed “soft landing” in real estate may already be underway, Bank of Montreal new data out of Calgary on Thursday shows that city’s says, as booming price gains in two of Canada’s three average house price has now declined for two months biggest housing markets are the exception rather than in a row as the impact of cheap oil filters through the the rule in the rest of the country. broader economy.

While the closely watched national average price figA tale of two cities ure released on the 15th of every month by the CanaEven in Toronto and Vancouver, the price picture dian Real Estate Association is still showing strong an- isn’t rosy across the board. nual gains, “strong gains have been entirely a Toronto While the much-revered single family home conand Vancouver story,” BMO economist Robert Kavcic tinues to inflate further and further out of reach for says in a research note Thursday. many (the average single-family home price is up 25 The latest CREA numbers, released last month, per cent in Toronto since 2012, condo sales make up show the national average an increasing percentage of the toticked up another six per tal housing stock, and prices aren’t “Suffice it to say that strong cent in March to $431,812. rising by as much as many seem Canadian home price gains But there’s much more to think. A construction boom are now almost purely a weakness than that headhas flooded the market with new stock, and that has kept a lid on line figure would suggest. two-city phenomenon, and price increases.

In three-quarters of the the so-called soft landing There were 57,000 condo units 26 biggest metropolitan (harder in Alberta and areas in Canada, average under construction in Toronto gains top out at about four at the end of last year. That conSaskatchewan) is well per cent, and are actually trasts with just 7,200 single-family underway across most of contracting in many plachomes being built — the largest the country” es. gap between those two types of “Suffice it to say that housing since the 1960s, and a sign strong Canadian home price gains are now almost that the housing market really is different this time. purely a two-city phenomenon, and the so-called soft “Toronto is not building too many homes, but rathlanding (harder in Alberta and Saskatchewan) is well er the composition of the housing stock is changing dramatically— buyers used to move out of the city for underway across most of the country,” Kavcic says.

Montreal, Canada’s second-largest real estate mar- more affordable real estate, but they now have to effecket, is one of the areas where the average house price tively move ‘up’ the city,” Kavcic notes. across all categories of housing is already in decline, While the fate of the condo market is an open queswith the MLS HPI down 0.3 per cent in March, ac- tion, demand for single-family homes is forecast to cording to CREA. stay strong in part because of a demographic boom Moncton, N.B., and Regina are also in negative ter- in Toronto of people aged 35-44, a cohort that Kavcic calls the prime “backyard-hunting years.” ritory.

“Barring a major external shock, condo prices could House prices across all types had been trending downward in Ottawa since the spring of 2014 before be in for a prolonged period of sluggish growth or an uptick last month. And average house prices in stagnation, while detached home prices push higher Newfoundland declined by more than eight per cent through the end of the decade until demographics bein February compared to a year ago, CREA data shows. gin to weaken,” he said.

ales jumped 54 per cent from the same month a year ago in the area covered by Metro Vancouver’s biggest real estate board. In the Fraser Valley, sales were up 47 per cent.

The sales spike coincides with the latest round of a mortgage war among the big banks, which saw the Bank of Montreal kick off with a five-year fixed-rate mortgage a 2.79 per cent, with others following soon after. “We’re seeing strong competition amongst home buyers today,” said Darcy McLeod, incoming president of the Real Estate Board of Greater Vancouver. “This is leading to more multiple offer situations and some upward pressure on home prices.”

The benchmark price, an average of typical homes sold, for detached houses hit almost $1.1 million in March, up 11.2 per cent from the same month a year ago.

The increase makes the Fraser River even more of a divide in terms of prices. The benchmark price of a single-family home in the Fraser Valley was $588,500 in March, up just 4.5 per cent from a year ago.

Population growth, consumer confidence and mortgage rates that “continue to remain supportive of housing demand,” all add up to “a desire to invest in real estate now.”

In Metro Vancouver, realtors covered by the REBGV made 4,060 sales through the Multiple Listing Service in March, up almost 54 per cent from the same month a year ago and 27 per cent higher than the region’s 10-year average. Inventories, however, remain tight. Despite an increase in new listings during the month (5,968, up 14 per cent from a year ago) the 12,376 active listings is 15 per cent lower than last year’s level.

And sales were up for all housing types with detached homes leading the way with 1,711 transactions, up 53 per cent from a year ago.

Condo sales increased 47 per cent from the same month a year ago to 1,627 sales, with a benchmark price of $390,200, up just 3.3 per cent from a year ago. Townhouses were up 72.3 per cent to 722 units, with a benchmark price of $484,900, up five per cent.

In the Fraser Valley, total MLS sales were 1,857, the highest in nine years and a 47-per-cent increase from the same month a year ago.

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real estate / finance

Rate hike ‘may be warranted’ this year, Yellen says

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he U.S. Federal Reserve is giving “serious consideration” to beginning to reduce its accommodative monetary policy and a rate hike may be warranted later this year, although a downturn in core inflation or wage growth could force it to hold off, the central bank’s chief said on Friday.— Fed Chair Janet Yellen said that after the first rate increase a further, gradual tightening in

monetary policy will likely be warranted. If incoming data fails to support the Fed’s forecast, the path of policy will be adjusted, she said.

“With continued improvement in economic conditions, an increase in the target range for that rate may well be warranted later this year,” Yellen said in prepared remarks at a monetary policy conference at the Federal Reserve Bank of San Francisco. Yellen added that the timing and the path of a Fed hike would depend on the incoming economic data. “The actual path of policy will evolve as economic conditions evolve, and policy tightening could speed up, slow down, pause, or even reverse course depending on actual and expected developments in real activity and inflation,” Yellen said.

With labour markets looking set to improve further, and one-time downward pressure on inflation likely to dissipate, a “modest” rate rise would be unlikely to undercut the recovery, Yellen said. Yellen made clear a rate rise would

not be contingent on an increase in either core inflation or wages, although a deterioration in either could prompt her to delay tightening.

Yellen, returning to the regional Fed bank she used to run, is under pressure to begin tightening monetary policy, while at the same time being careful not to disrupt the U.S. economic recovery underway.

The Fed signaled in its March statement that it was moving a step closer toward raising rates, though the central bank cut its economic outlook and slashed its median estimate for the federal funds rate, in a sign that it was prepared to move more slowly than the market expected ahead of the meeting.

While June remains on the table for the timing of the Fed’s first rate hike in a decade, the dovish tone from the March statement and from Yellen’s press conference indicated the central bank was more likely to move in September or later. With the unemployment rate dropping to 5.5 per cent last month, and after more than six years of loose monetary policy, the Fed is eager to begin raising rates and returning to more normal policy.

Yellen noted in her remarks that U.S. payroll gains have averaged 275,000 per month over the past year. Several Fed officials have said the central bank has waited too long to bump rates higher, and the delay risks stoking inflation and asset bubbles.

But inflation has remained stubbornly low, complicating the Fed’s plan to part ways with its accommodative monetary policy.

Yellen said that if economic conditions evolve how the Fed’s policy setting committee anticipates, “I would expect the level of the federal funds rate to be normalized only gradually, reflecting the gradual diminution of headwinds from the financial crisis and the balance of risks I have enumerated of moving either too slowly or too quickly.”

Saturday - April 4, 2015 i 3

BOLLYWOOD

4 i Saturday - April 4, 2015

Cairo calling

AMITABH BACHCHAN at a media meet in Egypt for the ‘India By The Nile’ festival. He stated on Twitter, “An incredible moment by the Pyramids and the Sphinx .. a celebration of ‘India by the Nile’, and for me to inaugurate !

So humbling (sic).”

The nude look

Bold over

Aditi Rao Hydari has managed get herself a plum deal with a Japanese skincare brand that is soon entering the Indian market.

Apparently, they were looking for someone who would look good without make up.

Since Aditi is blessed with good skin, she was selected as the brand ambassador for the product.

Sonakshi Sinha seems to be getting bolder with her choice of clothes as she seems to be getting fitter by the day. The actress, who has been training in mixed martial arts for her upcoming film Akira, is also doing power yoga. Sona feels that this is doing wonders to her figure as people have been complimenting her for her leaner look. I like, too.

Aditi Rao Hydari

Career change?

Looks like the acting bug has now bitten Shriram Nene . The doctor features with his star wife Madhuri Dixit in a commercial. He had displayed his dancing prowess at Farah Khan’s 50th birthday bash. A doc turning into an actor is quite something. What say?

Shriram Nene and Madhuri Dixit

Kareena Kapoor

A friendly gesture Kareena Kapoor, who features in a friendly appearance in the upcoming Akshay Kumar- starrer Gabbar Is Back, had also done a special song in the Khiladi’s 2012 film, Rowdy Rathore. Bebo, who has earlier gone out of her way to help friends, gave her nod to the appearance because she’s friends with the co-producer of the film, Shabinaa Khan, and she is quite fond of Akshay.

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Auto

2015 Volkswagen Jetta Diesel

2015 MAZDA 3

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he future is here, and it’s fully loaded.

Purposeful styling, fuel-efficient engines and an ideal ride keep the 2015 Mazda 3 among our favorites in the compact car class. The base 2.0-liter engine sounds a bit raspy under hard acceleration but provides better-than-average acceleration and has useful midrange torque output, making it a

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completely viable pick. The available “Sport” mode on 3s touring / Grand Touring models further improves the intelligent programming of the automatic transmission.

The 2015 Mazda 3 is available in four-door sedan and hatchback body styles. Both are available in 3i and 3s trims that are broken into sub-trims. First and foremost, the Mazda 3 is a great choice for any compact-car shopper who enjoys driving. Simply add this Game Changer to your pride for $15,995.

Few details in cars we’re thankful for

he big things like a car’s engine, transmission and even its infotainment system are important, but it’s often the thoughtful little details that make a bigger difference in daily life. Here are a few little, valuable features we love to see in cars that you should take note of when car shopping: Having a trunk release inside, on the trunk itself and on the key fob: This seems like common sense, but you’d be surprised how many automakers overlook this little detail. Having three trunk release options makes the most sense and is the most helpful.

Volume knobs: This is so simple, but you’d be surprised how many cars don’t have a simple volume knob.

USB port: So you can charge your phone while you drive and listen to your music.

Also, when your device is plugged into the car via the USB port, the driver can use the steering wheel-mounted controls or the buttons on the dashboard to change the volume or skip a track.

Fuel economy monitor: This is a really simple thing that should come standard on every car, but some automakers still don’t offer them as standard equipment.

Cargo nets: So your groceries don’t go flying in the trunk. It’s a simple solution to a common problem.

Easy-to-fold-down rear seats: When testing a car, test how easy it is to fold down the rear seats and put them back.

Convex mirrors on your side mirrors that focus in on your blind spot: This is especially helpful when cars have terrible blind spots. Although drivers should always shoulder check before changing lanes, these little mirrors help the matter tremendously.

Head-up displays: They used to be found exclusively on fancier cars, but are finally making their way downmarket. The main benefit of having a head-up display is that it helps you keep your eyes on the road ahead.

The second benefit is that it makes you feel like a fighter pilot.

Massaging seats: This is a weird distraction and expensive option that some luxury automakers put into many of their higher-end cars. We’re not sure who asked for massaging seats, but we don’t like them because they’re expensive and slightly unsafe.

Heated/cooled cupholders: We were on the fence about this one. Yes, it is neat, but is it necessary or just excessive? We think it’s just a kitschy money grab — I tested a car with this feature once and it didn’t really help that much.

Overzealous safety doodads: We’re all for safety assistants, but we like ones that give us gentle reminders, not annoying and jarring

Saturday - April 4, 2015 i 5

you.

ones that shout “DON’T DO THAT” right in your face. We like when there’s a light that appears when a car is in your blind spot, and if your turn signal is on and a car is there and you begin to move your wheel, most cars will give you a gentle beep to notify Courtesy: Driving.ca

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safety features. Finally, the Jetta TDI has an updated diesel engine that’s both more powerful and more fuel efficient.

If you can afford the TDI diesel, you’ll be rewarded with surprisingly stout power in addition to the substantial fuel economy boost. The same can be said of the Jetta Hybrid. But in both cases you will have to drive for a while to see the payback.

If, however, you’re simply looking for a livelier Jetta sedan, then the GLI is a solid upgrade. The 2.0-liter turbo engine delivers a nice wallop of torque that you’ll feel around town and on fast-moving highways. The engine has a nice soundtrack, too.

No matter what Jetta you pick, you’ll likely find an affable road trip companion, as ride comfort is very good and the cabin is nicely sealed off from wind and tire noise.

he Volkswagen Jetta is a spaciously-sized compact sedan with just enough German personality to favorably differentiate it from the economy-car pack.

Pros: Spacious interior and trunk; good fuel economy and performance from turbocharged engines and available Jetta Hybrid.

Cons: Weak, inefficient base engine; high price of hybrid and diesel-powered TDI; middling handling and steering capabilities; mediocre touchscreen displays.

What’s New for 2015 The Volkswagen Jetta receives a variety of updates for 2015. They include front and rear styling changes and new structural enhancements, the latter of which have resulted in improved frontal impact safety test scores.

Inside you’ll find improved materials quality, as well as several new available electronic

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FOOD

Chicken (no butter) Masala Your favourite butter chicken but without the butter and added calories!

Ingredients • 250g boneless chicken • 2tbsp rapeseed oil • 1 medium red onion • 3 large tomatoes • ½ cup cashew nuts • 100g tomato puree • 1 tbsp dried fenugreek leaves • 100ml low fat cream • 1tsp garam masala • 1tsp red chilli powder • 1tbsp ginger- garlic paste • 2tbsp thick low fat yoghurt • Salt to taste

Procedure: Marinate the chicken with the ginger garlic paste and the yoghurt for 20 min. Soak the cashew in warm water for 15 minutes.Chop the onions and tomatoes. Heat 1 tbsp oil to a pan. Sear the chicken pieces in the hot oil for 1 minute on each side to a golden colour. Remove the chicken pieces. In the same pan, add 1tbsp oil and the chopped onions. Saute till a translucent pink. Add the tomatoes, red chili powder, garam masala powder and cook on medium flame till the tomatoes are tender (approx. 4-5 minutes). Remove from flame and run in a blender with the soaked cashews to make a smooth paste. Return to the pan and add the tomato puree. Bring to a boil and add the chicken pieces. Simmer for 4-5 minutes till the chicken is cooked. Add the low fat cream and simmer for 2 minutes. Broil the fenugreek leaves on a pan. Crush the fenugreek leaves over the curry and remove from fire. Serve hot.

Saturday - April 4, 2015 i 7

8 i Saturday - April 4, 2015

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