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%.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
Luke Dalinda’s photos of Palace Place suites are the only photos that are featured in major news media, including The Globe and Mail, Toronto Life, and Blog TO to name a few.
To get a record price, you need the best photos possible for your suite. Call Luke today!
Learn more about our patented Dual Layer Photography (TM) process by clicking below to see why the media love showcasing Luke’s photos.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
Once a year, the Dalinda Team provides a critical service to Santa by meeting atop Palace Place to scout all the new condo roofs in Humber Bay Shores.
Merry Christmas from Luke Dalinda!
It was certainly a challenging year for the real estate market in 2023. Market uncertainty had created serious challenges for many. Even to date, there remains unsold inventory at Palace Place and throughout Humber Bay Shores.
Luke Dalinda is pleased to report that not only did he sell every single listing he had this year, many of which he had sold himself, but he had also set the biggest record prices that Palace Place has ever experienced.
How?
Simply listing on MLS is not enough.
It is the passion, unrivalled market information, and access to buyers from around the globe, accumulated over an almost 30-year career dedicated to Palace Place, that make the sale.
How is a realtor from another city or end of the province supposed to sell something in a foreign market where they have never sold before?Why would you use them?You do not find sales reps from Honda selling Mercedes, do you?
The results speak for themselves. In fact, check out this recent testimonial, and feel free to reach out anytime to talk. It will only get you a higher price.
Merry Christmas and Happy 2024!
“ Luke recently represented our family in the purchase and sale of three properties.
During the process of purchasing the properties, Luke displayed a relentless work ethic in securing the best possible price for us. Even when faced with challenging circumstances, Luke refused to give up and continued to negotiate on our behalf. His exceptional negotiation skills ultimately resulted in a deal that met all of our requirements and exceeded our expectations.
When it came to selling our property, Luke devised a brilliant marketing strategy that included high-end brochures and captivating photography. This innovative approach not only attracted a wide pool of potential buyers but also led to us achieving the highest price ever paid for a property similar to ours. The substantial increase of over $800K compared to previous sales is a testament to Luke’s expertise and dedication.
Luke’s commitment to delivering exceptional results, coupled with his strong negotiation skills and creative marketing strategies, make him an invaluable asset for anyone seeking assistance in the real estate field. We highly recommend him to any potential clients who require professional representation and a tireless advocate. ”
Dave and Sunita Kapil
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
With 200 listings now for sale under $1M in Humber Bay Shores, some of which have been on the market for over 180 days, we are thrilled to report the record sale of Ocean Club, 60 Annie Craig Drive, Suite 307 in just 29 days!
Only seasoned professionals know how to navigate market challenges like this, and that is what we do.
As the #1 Top Selling Realtor in Humber Bay Shores since 2017, allow 27-years of market expertise guide you to getting the most for the least.
Achieve your goals, and get the deal done!
Contact us today!
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
