Bank of Canada reduces policy rate by 25 basis points: The time to buy at Palace Place, 1 Palace Pier Court is now!

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(Updated)

As we had reported about the importance of today’s announcement, the Bank of Canada has dropped its rate by 0.25% as predicted.

While this drop is minor, it more importantly signals an end to the high rate uncertainty that had been experienced since the Bank of Canada began raising rates in March 2022. Buyers should take great comfort in this announcement.

This news bodes very well for Palace Place going forward and demonstrates that the time to buy is now as prices should increase as activity increases.

UPDATE:

In response, the banks have already followed with 5-year mortgage rates as low as 4.89%.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

The importance of June 5

The Toronto real estate market in 2024 has proven most challenging for key segments, such as homes in the $2M to $4M range and condos above the $1M mark. Many buyers have been waiting for reduced mortgage rates that for the market are well overdue now.

In their April 10 decision not to lower rates, the Bank of Canada had stated, “We are seeing what we need to see, but we need to see it for longer”.

This decision put a freeze on the spring real estate market, which is traditionally the busiest time of the year.

It has long been forecast that the first rate reduction would only be a drop of 0.25%. Many have argued that such a drop would be insignificant.

However, it is not about the amount of the rate drop but the signalling of the end of this high rate uncertainty.

That is what is needed to start the cycle of buying again in many slow markets, like condos.

What will happen on June 5?

In a May 30 report by The Globe and Mail, a poll had shown that 75% of some of the top economists have predicted a June 5 cut in the key interest rate by 25 basis points to 4.75%. Here is a link to that report.

https://www.theglobeandmail.com/investing/article-poll-bank-of-canada-to-cut-interest-rates-on-june-5-three-further/

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Luke Dalinda featured in today’s Globe and Mail

https://www.theglobeandmail.com/real-estate/toronto/article-western-real-estate-markets-rise-as-toronto-moves-sideways/

When The Globe and Mail wants insight into the real estate market, they contact Luke Dalinda. You should too! 

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Palace Place is Unprecedented!

With the release of the new Palace Place Budget, Crossbridge Condominium Services, which now manages over 800 condos in Ontario, has taken the time to comment on the success at Palace Place.

“Any one of the projects that Palace Place has undertaken in the last year, any corporation would be proud to say they were successful in that, but when you start stacking all of these projects that you’ve undertaken over the past year on top of each other it is, I think, certainly from my seat looking at over 800 condominium corporations, it’s unprecedented.

And I’ll say that again, it’s unprecedented. The leadership that you have, the community that supports you is, by far, I think one of the most engaged and one of the most successful that I’ve seen from where I sit, and I wanted to share that with everyone and I wanted to congratulate the board, the staff, and certainly the management team that we’ve put in place there on so many successes. It is, again I use that word and I don’t use it very often, unprecedented.”

Crossbridge Condominium Services Ltd., the biggest property management firm in Canada, with a portfolio of now over 800 condos.

I am really proud of this because my team and I work exceptionally hard to ensure that Palace Place remains the best managed condominium residence in Ontario.

Call today to learn how we set the bar higher!

Luke Dalinda

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Solar Eclipse at Palace Place

Watch the Solar Eclipse from Palace Place!

Palace Place residents who subscribe to this blog can get a free pair of ISO certified Soluna Solar Eclipse glasses (While supplies last).

Ensure that you are subscribed to this blog at the link below and send an email with your contact details to: LDALINDA@DALINDA.NET

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.

Did you know? What do the Statue of Liberty and Palace Place have in common?

What do the Statue of Liberty and Palace Place have in common?

The answer is in the skin.

Like most skyscrapers today and the great Statue itself, Palace Place had been built with curtain walls as part of its unrivalled construction. 

While used in virtually all major skyscrapers around the world, curtain wall construction is a very rare method of construction for condominiums in Toronto due to its cost. Even the older Palace Pier, which looks like the newer Palace Place, does not have curtain wall construction. Instead, like most Toronto condos, Palace Pier relies on inferior window wall construction.

A curtain wall system is installed in front of the concrete floor slab using anchors, whereas in a window wall system the walls span the slab heights and install between the slabs. A curtain wall is self-supporting unlike a window wall that uses the concrete slabs for structural support.

Window walls are the common solution to new condominium construction because they are more cost effective, but have a much shorter lifespan.

Curtain wall construction was pioneered in part during the construction of the Statue of Liberty.

The Statue of Liberty, by sculptor Frédéric Auguste Bartholdi, had been one of the earliest examples of curtain wall construction thanks to Gustave Eiffel, a prominent French architect and structural engineer, whose interior structural design for the statue had called for this innovative, structurally sound method.

Statue of Liberty Internal Support Structure

This curtain wall method meant that the exterior of the structure was not load bearing. Instead, it was supported by an interior framework. Because of this then modern approach, the Statue of Liberty’s internal structural skeletal system had provided robust support for its 62,000 lbs of copper skin, a testament to its 138-year longevity.

A curtain wall system is designed to stand the test of time. It costs significantly more, but is also far more robust, providing excellent structural integrity. This type of system is highly resistant to moisture, wind, heat, and earthquakes.

From its caisson foundation that garnered headlines from around the world to its unique curtain wall enclosure, the construction of Palace Place bears no equal.

For more about Palace Place, order Luke Dalinda’s book.

Further reading:

Palace Place: Built to a Higher Standard

How would Palace Place fare in an Earthquake? How would your condo?

New Construction Fails to Deliver, Even in New York City – Why Palace Place is the only Place to be!

Palace Place offers unrivaled construction!

MUST WATCH: CBC Documentary – The Condo Game!

Be sure that you SUBSCRIBE to this blog to be the first to know of new listings even before they hit MLS! Stay tuned. The Subscribe link is to the left of this post.

Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.

Follow @LukeDalinda on Instagram!

View all current and past Palace Place listings for sale here.

E: LDALINDA@DALINDA.NET • TEL: 416-725-7170

Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.

View all current and past Palace Place listings for sale here.