The BuzzBuzzHome Blog

Buzz Talk with Jawad Rathore [INTERVIEW]

buzzhomeblog — Thu, 17 May 2012 14:00:57 +0000

This week we’re buzzing with Jawad Rathore, President and CEO of Fortress Real Capital.

His company allows Canadians to invest directly into large scale real estate development projects. Having focused on this side of the business for a decade now, Jawad is set on broadening the scope of the company, offering opportunities to invest across Canada.

We buzz with Jawad about some of his favourite projects, the Fortress Gives charity initiative, and the benefits of the power nap.

Enjoy!

BuzzBuzzHome: For those who don’t know much about Fortress Real Capital, can you explain what you do?

Jawad Rathore: Fortress Capital is a real estate investment company. What we do is offer the ability for Canadians to invest directly into a variety of real estate projects. It could be condo development construction in Toronto, it could be lane development in Regina, it could be participating in the cash flow of a hotel in Edmonton.

We’ve been doing this since 2002, mainly in Ontario. We have been spreading our base outside the GTA. We now have projects in Ottawa, Regina, Calgary, Edmonton. We’re going to be announcing some pretty exciting new ones soon in Winnipeg, and also in BC. What makes us really unique is the structure that’s used for our investment is something called a syndicate mortgage which is very very unique. It offers investors some really unique benefits, and especially security.

BBH: What initially drew you to become involved in the industry?

JR: I’ve been in the financial services industry since 1997, and we’ve had our real estate division since 2002. My business partner Vince Petrozza has been a licensed mortgage broker since 2002, and that division is what has now grown into Fortress. We saw a really interesting opportunity on the real estate side of our business with offering syndicate mortgages. Basically the Canadian real estate market has never really been available for direct investment to the general public, so we saw a really interesting and exciting niche opportunity to offer that element of the market out to the general public.

From about 2002 ’till about 2007, 2008 we were funded mainly by a lot of high net worth private individuals, a lot of overseas money. In about 2007, 2008 we started going into the retail market and selling through licensed mortgage agents and financial planners directly to the Canadian public.

BBH: What are the most exciting projects that you’re really looking forward to or have on the go right now?

JR: Some of the ones we’re really excited about right now are our King Charlotte project which we’re doing right here in downtown Toronto. That’s with Brad Lamb and it’s in that really coveted King West neighbourhood. It sold extraordinarily well. We’re going to be putting shovel in the ground on that in about four weeks or so, and we’re excited about that because it’s a beautiful building. I think it’s going to add a lot of character to that part of Toronto. I think unit buyers are going to be thrilled with the product their moving into and I think our investors are going to be very happy with the return that they’re going to make on their investment.

Another one we’re really excited about is our Capital Pointe project out in Regina. It’s the provinces largest, tallest residential tower at 26 stories. It’s got a huge commercial plaza, it’s the biggest Hilton Hotel in the whole province as well. Regina’s booming right now, so it’s a great market to be in. The median incomes there are almost $100,000 per household, and we’ve got some great development incentives which include paying no development fees, but here’s the great one: Anyone who buys a unit in Capital Pointe will pay no property taxes for five years after they take occupancy. So it’s a huge opportunity for people looking to be in the heart of downtown Regina which is growing at fantastic speed, and it’s a great opportunity for our investors knowing that finding unit buyers is not going to be any type of an issue with some great developments just like that.

BBH: Shifting back to the Toronto market, what do you make of the Toronto market in general as far as condos go? Do you think prices are too low, too high, do you think there’s going to be a correction in the future? What’s your take on that?

JR: I think that the market’s definitely hot, and the numbers themselves clearly show that. There are certain pockets of the Toronto market that are little overheated, so I think there is definitely going to be a slowdown coming. I think a slowdown is good, and I think that certain sites and certain projects are going to be adversely affected.

I think the projects where we’re going to see that are the super lux projects with inventory out there at $900 or $1000 a foot and up. I don’t know that you can sell consistently long term for over a thousand dollars a foot anywhere other than Yorkville. Yorkville’s kind of an island unto itself with its own market, its own buyers and its own rebuyers. But for the rest of the city, I would think there’s a niche market. When you get too many projects in that space I think you’re going to see a softening there.

I still think there’s a tremendous market, and a very strong market for affordable product, and by affordable product I mean if you can offer a condo that a single person can buy, move into and live in for up to $300k, you’re going to have buyers. If you can offer a place where a couple can live with a little bit more room for up to 400k, you’re going to have buyers because the market’s still there for that. Vacancy rates are below 1% or at 1%. There’s not a lot of listings available out there, if you want call Toronto south of the 401. I think the condo market’s still healthy and I think the affordable projects — the value projects — are still going to keep doing well.

BBH: Could you tell us about the Fortress Gives charity initiative?

JR: Absolutely, we’re thrilled about Fortress Gives. This kind of began a few years ago when we started getting involved in local communities and one of the first places we got involved in was the Jane and Finch area. I grew up there. I used to coach basketball out there. My business partner’s family had a business there for years, so it’s an area that means something to us.

I met my wife when she was in student housing in that area, when we were both at York University, and we wanted to give back and find an area that needed some help. The Jane and Finch area did need that help so we were pleased with the people at the Raptors Foundation for Kids, which is now called the MLSE Team Up Foundation. They were kind enough to pair us up with a Toronto Raptors player who had just signed as a free agent, so we went into the Driftwood Boys & Girls Club. We created a fantastic reading and learning centre there where kids now have a safe place to go after school. They’ve got a library, and computers with internet, there’s even a small kitchenette area where if they need to wait for their parents to get home, they can make themselves a small meal.

It kind of started there. We’ve thrown tons of great fundraising parties as well, and we’ve recently started a lot of really fun fundraising. I think over the last three years it’s been about a quarter million dollars, and we’ve done fundraising for a variety of charities — MLSE Team Up being one of our favourite charities.

We go into communities and we like to leave them better with the real estate that we leave behind, whether it’s a condo or a hotel or a subdivision. We’re really fortunate to be involved with KidSport out in Regina. We launched our Capital Pointe project out there and we were thrilled they did donations to buy hockey sweaters for kids. And I didn’t know this at the time, but in Saskatchewan they play hockey outdoors, and if you don’t have the right kind of jersey, playing hockey outdoors in Saskatchewan, you get really cold really fast.

So we were happy to provide hockey jerseys out there for kids who don’t play without them. Fortress Gives is all about Fortress finding other ways, other than real estate, to make communities that we participate in better for all the citizens of those neighbourhoods.

BBH: You’re pretty active on Twitter. What inspired you to get on and start tweeting?

JR: Well, it’s funny when I first got on Twitter originally, it was just for content aggregation. It was a way for me to sort of go on there and track and follow different people and kind of see what they were talking about. Twitter for us has become a great tool to connect with people. If we want to make an announcement to the public about a project, Twitter’s one of the first places that we go for it. If we want to communicate with our sales people in a mass fashion, Twitter’s been great for that. I think one of the best parts of Twitter and one of the biggest surprises that we got is really connecting with people who are also in the same community as us.

I joke with people that it’s like a coffee shop where everyone in there is talking about the same thing that you are, and you can go to that coffee shop whenever you want and it’s always open, it’s always there, and you can just jump in and out of the conversation at your own convenience.

BBH: You mentioned you’re a pretty avid business traveler. Do you have any tips for people who have trouble staying energized when they’re on the road all the time?

JR: The biggest thing I can say, and one of the hardest things, is sleep. If that means getting a power nap in on the plane, getting a power nap in when you arrive, before you start your day of meetings. That’s one of the biggest things. Your sleep gets disrupted completely.

I’ve got two young kids, a three and a half year old, and a twenty month old, we’re expecting triplets later this summer, so sleep is definitely at a premium. So one one of the biggest things I can say is sleep, and something new I’ve added to my regimen recently has been hot water with lemon and honey and ginger, it keeps your vocal cords nice and healthy as well when you’re doing a lot of traveling.

Thanks for buzzing with us Jawad!

Straight from the Experts: All you ever wanted to know about new home purchase costs in Newfoundland

buzzhomeblog — Thu, 17 May 2012 13:00:31 +0000

The following article is a guest post by Brennan Valenzuela, a writer for Ratehub.ca, a website that allows people to compare Canadian mortgage rates. It also features a comprehensive education centre to help address common first-time home buyer questions. Ratehub is a great source for all the latest Canadian mortgage news.

Who could resist purchasing a home in Newfoundland and Labrador? With its stunning coastlines and natural wonders, you may be fortunate enough to spot breaching whales or icebergs.

Plus, the advantage of buying property in Newfoundland is the price of the average home, which is cheap relative to the rest of Canada. The CMHC predicts house prices in the province will average $257,500 in 2012 compared to the national average of $369,677.

Mortgage Rates

Newfoundland mortgage rates could see a moderate rate increase within a year, especially since the nation’s mortgage rates are currently hovering at record lows.

With affordable home prices and low mortgage rates, now may be an opportune time to purchase a property in Newfoundland. You could even find yourself calling Harbourside Executive Condominums and Spa along St. John’s Harbour your new home. But before you move in, you’ll need to consider the following purchase costs, in addition to your mortgage loan and down payment.

Harbourside Executive Condominiums and Spa by Nolanhill

Newfoundland Registration of Deeds Act

In Newfoundland and Labrador, the registration of deeds, also known as the land transfer tax, is based on the property value and mortgage amount. For amounts that do not exceed $500, only a flat fee of $100 is charged. But for anything greater, a flat fee of $100 is charged plus forty cents for every hundred dollars over $500. For example, the land transfer tax on the average Newfoundland home of $257,500 is $1,128.

Legal Fees

Having a real estate lawyer by your side is a smart decision. They handle all the necessary legal paperwork and closing cost submissions. The cost of hiring a lawyer differs depending on the province, but prices can range upwards of $1000. You must also be prepared to cover costs of disbursements spanning from courier to registration costs.

Property Insurance and Title Insurance

Ensure your home is protected from damage by getting property insurance. The cost will depend on your property’s value, insurance company and municipality.

Title insurance is necessary to protect yourself from ownership challenges to the deed. Your home purchase will not be financed by a lender unless they are certain the home is on the land described on the deed and mortgage.

Home Inspection

Duckworth Bell Street by Henry Bell Developments and The Hardman Group

Take out the guesswork of inspecting your new home yourself by hiring a home inspector. They will examine possible structural flaws so you can avoid paying thousands of dollars in repair costs. Home inspectors charge fees of around $500 depending on the size of the property, the distance they must travel, and the type of building.

First Time Home Buyer Rebates

If this is your first time buying a home, you can qualify for the first-time home buyer’s tax credit that can be claimed on your personal tax form which rebates a maximum $750.

After you’ve taken care of the purchase costs and legal documents, you’ll be ready to move into your Newfoundland home. And if you’re lucky, it could very well be the new Duckworth Bell Street condo that overlooks the vibrant city of St. John’s.

Are you following @Ratehub_Canada on Twitter yet? Get on that now! Oh, and they also have a mighty fine Facebook page so get to liking it fast!

The Palatial Collection at Success Tower lives up to the hype — Part Three

buzzhomeblog — Wed, 16 May 2012 19:09:12 +0000

And we’re back with part 3 of our tour through the suites of the Palatial Collection at Success Tower. We already showcased two majestic suites in the Pinnacle International waterfront development — a 3 bedroom + den and a 2 bedroom + den. Today, we’re taking a look at a 3 bedroom suite that measures in at 1340 square feet.

Have a look and imagine yourself living in these lux digs…

The view from the living space looking into the kitchen and dining area.

The full view of the kitchen. Kitchens in the Palatial Collection feature designer cabinetry with valence lighting underneath, granite or marble countertops and ceramic or glass backsplashes.

The beautiful bathroom.

We're loving the decor. Where do these interior designers find this stuff?

And finally, the master bedroom. What better place to end off our three part tour of the Palatial Collection?

For more info visit the Success Tower website or email pinnaclecentre@bellnet.ca. Call the sales centre at 416 925 3325 or swing by at 8 Harbour Street.

Calgary housing sales rise 30.3 per cent in April

buzzhomeblog — Wed, 16 May 2012 15:11:55 +0000

Oil prices are rising, people are moving to Alberta, and the housing market is heating up.

With population growth topping 47 per cent between 1996 and 2011, Calgary is definitely a market to watch. Despite the dip in oil prices in 2008, which caused a slight stall in the market, it appears Cowtown is back on the up-and-up — in a big way.

Nationally, home sales were 11.5 per cent in April 2012 on a year-over-year basis. In the same period in Calgary, though, the number of home sales increased to 2,720 from 2,087. That represents a staggering 30.3 per cent increase. So, hold onto your horses folks, this could be a wild ride.

According to Robert Kavcic, economist with BMO Capital Markets:

“Prices have yet to gain much momentum but supply conditions are tightening rapidly across Alberta… If oil prices remain high enough to continue supporting strong economic growth and migration flows, Calgary could again become Canada’s real-estate hot spot in short order.”

Sounds like Calgary is definitely a buyer’s market. Keep an eye out.

Ground is broken at Canary District, ushering in a new era for West Don Lands [PICS]

buzzhomeblog — Wed, 16 May 2012 14:42:22 +0000

It would be hard to find a new Toronto development that has generated as much buzz in 2012 as Canary District.

Situated at Front and Cherry Streets in the West Donlands, Canary District will be a part of the 2015 Pan/Parapan American Games Athletes Village. It will become Toronto’s largest urban village and if you ask us, the location couldn’t be any better.

The development, a collaboration between Dundee Kilmer and Waterfront Toronto, broke ground on May 15 to much fanfare. We were there to catch all the action, which included great speeches by Bruce Kuwabara of renowned architecture firm KPMB and Peter Clewes of architectsAlliance.

Have a look at our photos below…

First a look at the Canary District scale model. The development will consist of 369 units, ranging in size from 405 to 1475 square feet.

Meg Davis, VP Development at Waterfront Toronto, speaks about the impact this project will have on the area.

The legendary Bruce Kuwabara of KPMB sets out his vision for Canary District.

Peter Clewes of architectsAlliance talks about the building design and previewed a floorplan to the audience.

Jason Lester, President of Dundee Kilmer Developments and COO at Dundee Realty, speaks about the genesis of Canary District.

And the ground is broken! From right to left: Bruce Kuwabara of KPMB; Meg Davis of Waterfront Toronto; Peter Clewes of architectsAlliance; Wayne Carson of Kilmer Van Nostrand Co. Limited; Jason Lester of Dundee Realty; Albert Schultz of the Soulpepper Theatre Company; Ken Tanenbaum and Larry Tanenbaum, both of Kilmer Van Nostrand Co Limited and Krystal Koo of Dundee Realty.

For more info visit the website or email info@canarydistrict.com.

The Condo Kings’ Executive Luxury Coach turns heads and drops jaws

buzzhomeblog — Wed, 16 May 2012 13:00:54 +0000

If you’re at all familiar with Toronto’s booming condo market, you may have heard the name “The Condo Kings” around the city. But the trio of brothers have a new attention grabber that will ensure that if you haven’t heard of them before, you sure will know who they are now.

The Condos Kings are a group of sales representatives that have been in the business for the past 18 years and are currently the #4 Team in Canada for Coldwell Banker. One of The Condo Kings specialties is (you guessed it) condo sales. Among their recent acquisitions is a decked out, ultra-renovated luxury coach bus that they plan to use for new developments and as part of builder incentive programs.

Who wouldn’t want to ride in a bus with hardwood flooring, huge leather couches and a state-of-the-art soundsystem? BuzzBuzzHome caught up with the three brothers — John, George and Frank Filntissis — to get the full story on the epic bus and take a tour of the luxe vehicle.

BuzzBuzzHome: What do you guys use this bus for?

Frank Filntissis: The main use of the bus is new condo development. We’re doing pre-sales and clean up for buildings. If there’s clients looking to buy into new projects and get priority pricing, they can get that from traveling on the vehicle because we have pre-arranged packages with builders.

We also use it for clean up. When a building has a few units remaining and a builder is looking to sell them, they’re giving us incentive packages for our clients.

BBH: Why did you guys decide to get the bus?

FF: We felt there was an untapped market that we felt needed more attention. With a vehicle of this calibre, we felt we could do it on a high end scale. It’s also great for parties and corporate functions in between.

George Filntissis: It’s a massive investment, which sets us apart from other people.

BBH: Where did you purchase it?

FF: We acquired it from a company that does custom coaches, through a friend of mine. Wecustom designed the interior layout and he built it for us.

BBH: Can you give us the full story on the interiors?

FF: We’ve got a 13ft tall x 40 foot long coach that had regular seating inside originally. Now it’s customized — we’ve got four 13 foot long leather couches, hardwood floors, granite countertops four 46 inch LED TV screens, four Playstation 3s and a stereo system that could blow the roof off the bus!

BBH: How many days is the bus on the road?

FF: Although the vehicle has done many trips to date, Our first official development sitecontract starts on May 26 with Context. We’ve been using it to go for dinner, special events and concerts.

GF: It’s more for special occasions right now. At this point we’re trying to get the quirks and bugs out of the bus.

BBH: Where have you taken the bus?

FF: It made its debut at the Santa Claus Parade in Markham. That was the first time we took it out. We’ve taken it to Binghampton, New York for a hockey tournament. It’s been to Niagara Falls. We use it for a lot of sporting events. George coaches rep soccer for Markham. We all play baseball and hockey all of which TCK sponsors and utilize the Bus for events.

GF: It’s been around, that’s for sure.

BBH: What’s the typical reaction when someone walks on the bus?

FF: They’re expecting to walk in and see coach seats. When they walk past the curtain, their jaws usually drop.

BBH: Do you see using this for decades to come?

FF: Absolutely. It’s something we’ll continue to use probably well into our retirement. Whoever takes over our business will keep it going.

GF: It’s a massive investment and it’s definitely long term. You can’t pour the amount of money we did into it and not utilize it.

From left to right: John Filntissis, Frank Filntissis and George Filntissis

BBH: Do you have a regular driver?

FF: We’ve got two professional drivers that drive for us. The insurance is really high and they’re really strict on who can go out and drive the vehicle. They need a perfect record and a minimum of five years of experience with no lapses.

BBH: What’s your relationship with the Royal Bank of Canada?

GF: We’re the only realtor team that’s ever been able to co-brand with RBC on such a large scale. RBC’s never done anything of the like. RBC, being the largest bank in Canada, chose to co-brand with us. They’re actually on the exterior bus. We think it speaks volumes for us and the business that we do.

Thanks to The Condo Kings for letting us hang out on their amazing luxury coach. Visit their site by clicking here!

And now a message from The Condo Kings: The Condo Kings would like to let the builder community know that if you think their vehicle could be an asset to you and your development, please feel free to contact them as they would love to speak with you. 416-347-8118.

The Palatial Collection at Success Tower lives up to the hype – Part Two

buzzhomeblog — Tue, 15 May 2012 23:49:15 +0000

We’re back with part 2 of our tour through the suites of the Palatial Collection at Success Tower. Last week Pinnacle International played tour guide while we snapped a bunch of photos of the luxe suites at the Palatial Collection.

We showed off our pics from the 3 bedroom + den, 1772 square foot suite yesterday. Today we’re honing in on the 2 bedroom + den 1305 square foot suite. Enjoy the our majestic pics below…

The living space. Loving the somewhat rustic flourish that the lamp adds.

Those place mats are amazing!

Bathrooms feature granite or marble vanity countertops and contemporary chrome faucets.

The master bedroom, in all its glory.

Check back on Wednesday for part 3 of our tour!

For more info visit the Success Tower website or email pinnaclecentre@bellnet.ca. Call the sales centre at 416 925 3325 or swing by at 8 Harbour Street.

HILLCREST’s home store showcases gorgeous design and livable floor plans [PICS]

buzzhomeblog — Tue, 15 May 2012 22:26:47 +0000

We had heard all about HILLCREST by MOSAIC’s awesome interiors, super convenient location in South Clayton, and bright blue exteriors, but had to check out the project for ourselves.

We took a trip to their home store, and it turns out the town homes look as good in person as they do in pictures! Check out these images we snapped on a rare bright and sunny day.

Spacious second bedrooms are the perfect size for kids– and all their toys.

This cozy corner kitchen created your own private space for cooking and baking

Plan F is bright and airy, making family dinners a breeze.

For more info call 604-575-5569, email hillcrest@mosaichomes.com, or visit their website.

New suite designs are available at The Station

buzzhomeblog — Tue, 15 May 2012 19:37:35 +0000

We just got word from a little bird that The Station made a tweak to a floorplan.

What kind of tweak? The kind that gets you brand new one bedrooms suites. The new suites are 620 and 643 square feet with a balcony or terrace. Both are priced at $309,990 and once you factor in their $10,000 discount incentive, that’s a limited time price of $299,990.

The Station has been on our radar for awhile now and will be on there for some time to come. We’ll be intimately following the construction process at the Brandy Lane Homes development, publishing a classic “Dig to Done” series on our blog that will track construction from the start to finish. Expect plenty of amazing action shots while learning about the finer points of condo construction.

We’ll have more info on that soon, but in the meantime find out how to get the full scoop on the new suites here…

Call the sales centre at 416 398 9777 or visit the development’s website.

LIDO celebrates their ground breaking and the start of the Bosa Properties Foundation

buzzhomeblog — Tue, 15 May 2012 18:34:16 +0000

LIDO by Bosa Properties celebrated Vancouver’s first warm and sunny week in style with their official ground breaking ceremony on May 9!

The sales centre will be closing in the upcoming weeks as the tower takes shape, but pre-construction prices are still available for a limited time. It’s your best chance to snatch up one of these gorgeous homes in Vancouver’s buzzing False Creek neighbourhood.

“This is the new focal point for development activity in Vancouver. It offers the downtown urban experience, without the things that people perhaps don’t enjoy as much about downtown, like traffic, congestion, noise after bars at night.” says Daryl Simpson, senior vice-president of Bosa Properties, “We’re thrilled to be a part of developing this community.”

The LIDO crew working on their tans

LIDO was also busy launching the Bosa Properties Foundation, which has a mandate to directing funding equal to $1,000 per home constructed back into local communities where their developments are. Pretty awesome, right?

The Bosa Properties Foundation will invest $183,000 for LIDO, and at the ground breaking ceremony, Colin Bosa, CEO of Bosa Properties. presented the first portion to support the RainCity Housing and Support Society. If you haven’t heard of RainCity, they’re an unbelievably positive organization that provides programs and services for people living with mental illness, addictions and other challenges.

RainCity receives their Foundation cheque

“We’ve made a commitment to contribute a portion of the profits from each of our projects back to the community, and believe in community organizations that empower people”, explained Bosa. “With RainCity Housing, we share their vision of ‘A Home for Every Person’, and are pleased to support their cause.”

We’re super excited to see LIDO take shape!

For more information call 604 872 2672, email lido@bosaproperties.com, or visit their website here.