We had another record setting month of sales in the city of Toronto with over 11,000 recorded in July!
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SOLD
28 William Carson Crescent #807
Hillside At York Mills
Price: $639,900
Bedrooms: 1+1
bathrooms: 1
Parking/Locker: yes
A Gated Community Feel in an Uptown Location
Escape the daily hustle and bustle of the city in our newest listing at 28 William Carson Cresent. Located in the Uptown neighbourhood of St. Andrews, the condo is quietly tucked away from the chaotic congestion of Yonge St.
A short ride to the 8th floor is where you’ll find this spacious one bedroom (plus den) apartment. The soaring 9ft ceilings make the condo feel even more extensive than its 760 sq.ft. measurements.
The renovated condo features freshly painted walls, a subway tile backsplash, brand new stainless steel appliances and upgraded flooring. The open concept living and dining areas provide a bright, airy space for entertaining and features a walk-out to the unit’s private, west facing balcony – perfect for unwinding on after a long day!
A unique feature of the suite is it’s incredibly large den – so spacious that it can easily double as a guest bedroom and office at the same time! The master bedroom is equally impressive in size. Complete with walk-in closet and west exposure – you’ll absolutely love starting your mornings here.
Whether you’re looking to stay near home or explore the area – there’s no shortage of things to do. The building features an indoor pool, games room, gym and even an outdoor putting green! And once you’ve perfected your short game, the Don Valley and prestigious Rosedale Vally golf courses are only minutes away. You’re also conveniently located near public transit, the highway, and a wide selection of shopping options at Yonge and Sheppard.
Included in the monthly maintenance fees are the use of one parking spot, one locker, basic cable and principal utilities – heat, A/C, hydro, and water.
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SOLD
111 St. Clair Ave. West #814
Imperial Plaza Condos
Price: $779,900
Bedrooms: 1 + den
bathrooms: 2
find your work-life balance
Located at the iconic Imperial Plaza, this two-level loft is perfect for the buyer looking to find that work-life balance!
For the entertainer, you’ll love the custom-designed kitchen – complete with quartz countertops, marble backsplash and upgraded (German) appliances. Share a glass of wine or a gourmet dinner on the expansive centre island. There’s tons of built-in storage, to help maintain a clutter-free kitchen. Unwind after a long day, with a front-row view of the skyline to the south. The unobstructed views offer the perfect backdrop to entertaining with friends. A two-piece bathroom rounds off the main level, along with ensuite laundry.
If working from home is your new reality, the separate den on the 2nd level provides a distraction-free space. It’s flexible enough to double as a guest bedroom or home gym and can adapt to your needs. The split layout offers separation from the main bedroom and is a huge asset in today’s times.
A second bathroom is located on the upper level. It features a bathtub and separate shower stall with an upgraded Grohe shower system and a LED mirror.
The spacious bedroom can comfortably fit a queen-size bed, with nightstands on both sides! Double mirrored closets offer ample storage and add to the airy feel of the room. Customized Hunter Douglas motorized can be easily controlled from one of two remotes.
The loft measures in a nearly 850 sq.ft. and features expansive 16 ft ceilings. One locker is also included in the purchase price. Owners have access to an assortment of amenities which include: indoor pool, steam room, games room, well-equipped gym, party room, movie screening room, basketball and squash courts, golf simulator, music studios, concierge and more. You’ll also find an LCBO and Longos at the base of the building!
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In June we set a new record price for home prices in Toronto, as well as a return to the 2017 highs we saw in the detached housing market.
The month of April marks the first full month of Covid-19 lockdowns in the City of Toronto. See how each segment performed below
How Many Luxury Condos Sold In Toronto For 2018?
From sprawling terraces, private wine cellars and even a penthouse with its own “backyard in the sky”… the luxury condo market in Toronto saw 28 suites sell for more than $3,500,000!
Leading this years list of most expensive condos in Toronto was an $8,000,000 penthouse that sold at the Shangri-La. In second place was $7,900,000 sale at The St. Regis Residences (formerly known as the Trump Hotel) followed by a $5,750,000 sale at the Residents of the Ritz Carlton.
The average price for a luxury condo in Toronto was just over $4,500,000.
How Much Was The Most Expensive Condo in Toronto for 2018
The most expensive condo sale in Toronto took place at the Shangri-La Residences in downtown Toronto. The three bedroom, two level penthouse featured 3415 sq.ft. of interior space and a private sky-high backyard measuring in at 1565 sq.ft. The penthouse was the last of four to sell at the Shangri-La and set the record for most expensive condo in Toronto at $8,000,000.
We toured the unit before it sold and absolutely loved the everything it offered – from its white oak chevron flooring to the gas fireplace wrapped in Calacatta marble… Check out more photos below!
Which Luxury Buildings in Toronto Had The Most Sales
In 2017, the bulk of sales occurred at The Four Seasons Residences, but in 2018 there was a five-way tie spread out over several buildings. 88 Davenport (The Florian), 183 Wellington (The Ritz Residence), 1 St. Thomas, 200 Russel Hill and back again for another year The Four Seasons Residences each recorded three sales over $3,500,000!
Which Luxury Buildings Had The Highest Maintenance Fees
A penthouse at the Hazelton Lanes Private Residences recorded the highest maintenance fees at a monthly rate of $6211.82/month. The same unit also made the list for the largest terrace, measuring in at 3507 sq.ft!
Which Million Dollar Condo Had The Most Amount Of Parking Spaces?
The penthouse at Theatre Park offered the most amount of parking spots with 4. The penthouse took up the entire 47th floor and featured a 360-degree 2,100 Sq.Ft. wrap-around terrace.
How Long Did it Take for Luxury Condos to Sell in Toronto?
On average it took about 40 days for these condos to sell. The longest took 185 days, and the shortest was sold in just one day!
Where Are The Majority of Luxury Condos Located in Toronto?
The majority of condos that sold for more than $3,500,000 were located in the downtown core and the majority of them in the Yorkville neighbourhood. The Residences of the Ritz Carlton and the St. Regis Hotel were two other two popular buildings located on both the east and west sides of the core!
On November 15th, 2018 Doug Ford and the Conservative Government announced plans to scale back rent control in Ontario. The plan will reverse the April 2017 “Rental Fairness Act” originally put in place by Ontario’s then-Liberal government which expanded rent control to all private rental units in Ontario.
Who Will Be Impacted By The Changes to Rent Control?
The new policy will not impact all units in Ontario but rather all newly built units occupied AFTER November 15th, 2018. That means that if you’re planning on renting a unit that was built and occupied PRIOR to November 15th, 2018 – these changes will not impact you at all, and rent control will continue to be in place. Units that are subject to rent control can only increase the monthly rental rate by a predetermined amount set by the government each year. For units without rent control – there is no cap for how much you can increase per year!
How Will The Loosening of Rent Control Impact The Market?
Our first reaction to the change was that this would be HUGE news for the pre-construction market. On the surface, a condo with no rent control seems very appealing to condo investors. But digging (in the video below) a bit deeper, reveals that possibility of the opposite being true…
With these new changes, Tenants will have a choice between living in a rent-controlled unit with relatively minor yearly increases, versus non-controlled rents that can spike to any amount each year. Our assumption is that a tenant will be willing to pay more at the start of the lease in exchange for the stability and peace of mind that a rent-controlled unit will offer them.
In 2017, Toronto saw a big jump in rental prices once the “Rental Fairness Act” came into effect. Since landlords knew they would be limited in how much they could increase the yearly rent, many came to market on the higher end in an effort to hedge against lost rental rates for units with long term tenants. We anticipate a similar impact as there will be an even higher demand for units with rent control.
How Will Changes Impact Landlords and Condo Investors
If you are a landlord of a unit that is built and occupied AFTER November 15th, 2018, you have the option of increasing your rent by any amount, once, per 12 month period.
For landlords of units built and occupied BEFORE November 15th, 2018 the amount you’re allowed to increase per year shall continue to be capped by the yearly amount decided by the government.
When trying to decide if your unit is subject to rent control, it’s important to remember that the date your unit was built and occupied determine if it’s impacted by the changes, and that it has nothing to do with when a lease was signed.
Lastly, remember that governments change… and just as the last one introduced rent control to all units, the same can happen in the next election. Whether you invest in a rent-controlled condo or one with no control, make sure you examine the pros and cons of each carefully!
Premier Kathleen Wynne, Finance Minister Charles Sousa and Housing Minister Chris Ballard announced plans to cool Ontario’s housing market. We’ve summarized the proposed changes, and included our thoughts on how it we feel it impact the market:
Rent Control For All Tenants
Current rent controls, only apply to properties built prior to 1991 leaving many of Torontos downtown condos exempt from increase limits (currently set at the rate of inflation). The new proposals will now cover all properties regardless of when they were built.
They are also looking into unlocking provincially owned surplus lands that could be used for affordable and rental housing development and a $125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges.
These steps won’t really do much to add to the current lack of supply, and with the introduction of rent controls, will probably deter developers from ever actually building new rental stock.
I do think that rent controls are needed, but at rate higher than just inflation – something as simple as inflation plus 5% would result in only a $140 rate increase/month on a $2000 rental. I was hoping the Liberal government would have introduced some controls on Hydro and Heat costs to help with monthly affordability for all!
Standardized Lease Document for all Tenants
This was briefly mentioned in todays announcement – Its purpose was to ensure “illegal terms and conditions” were not included in leases. I’m not entirely sure how they plan on handling this one as the Landlord and Tenant Board already has pretty specific guidelines that cover what can and can’t be included in leases. Also, every rental provides its own unique set of challenges that require the crafting of pretty specific clauses. To have a standardized lease could leave both sides unprotected!
An Assignment Ban
The government wants to ban speculators from assigning their pre construction purchases before completion. It’s not clear how they plan on qualifying someone as a speculator vs. a buyer who’s outgrown their space before the project completes.
A typical project takes about 2-5 years to complete and in that time things can change. I’ve worked with several buyers that have outgrew their initial purchase and wanted to sell before the project closed. When buyers take this route, the often sell at less than market value, but for more than their original purchase price.
We don’t see very many properties sell by way of assignment as they are often tricky to complete and require builders approval before the sale can be finalized. Those that do sell, often sell for less than market value (which helps those trying to get into the market)- so I’m not really sure how this will help with affordability.
Speculation Tax for Non-Resident Foreigners
Several reporters at todays announcement asked the officials for data to back up the claim that foreigners are buying up all these properties – but each time the question was avoided. In reality, the government doesn’t currently collect this information. As part of todays announcements, all purchasers will now have to reveal their citizenship and where they live. Buyers will also have to disclose if the property will be used as primary residence or investment (something we already have to do when applying for a mortgage)
They also planned to introduce a 15 per cent tax on home purchases by non-resident foreigners… but of course, since they currently don’t have any real data on exactly how many foreigners are actually buying property at the moment – it’s hard to say if this actually take any competition out of the market.
Final Thoughts
I’m a bit relived that these aren’t the catastrophic changes some have speculated may happen. “This plan balances those needs to stabilize the market and prevent a sharp correction that would be harmful to everyone,” said Wynne. My take is that ultimately these measures won’t bring much change to Torontos real estate market.
If you’re a buyer, things won’t be getting any easier anytime soon. You’ll still be faced with 5-20 people bidding for your “dream home”, with or without the foreigner tax.
Sellers, the climb continues (unless you’re trying to sell an assignment). Economics 101 teaches us that this price increase is fueled by a lack of supply and a ton of demand.
Renters of properties built after 1991 who haven’t received a rent increase in the last 12 months – expect a price bump in the coming weeks.
Rise above it all at the penthouses of the Shangri-La in downtown Toronto! With the help of Kristen Duern from Chestnut Park Real Estate Limited, Brokerage and Anthony Lavignasse from Fixed Exposure, we took a tour of these super exclusive spaces to bring you inside the Penthouses of the Shangri-La!
Imagine coming home to one of four, 2 level penthouses that can only be described as something out of a fairytale… except in this story, the glass slipper is a glass and steel staircase, complete with a Boffi Italian kitchen to cook up and left over pumpkin!
Penthouse 6501 measures in at just under 5000 sq.ft (including terrace). I instantly fell in love with the white oak, chevron flooring and the triple sided gas fireplace, – bookmatched with Calacatta stone in the living room!
Living Room and Fireplace
Dining Room
Flanked between the Living and Kitchen area is the Dining Room. The open concept space opens up to the 1,500 sq.ft. outdoor terrace and is the centre focal point of the main level. My eyes were instantly hooked on the cherry blossom chandelier by Swarovski!
Kitchen and Family Room
And now for my favorite part of any home… the kitchen! This kitchen featured Boffi Italian walnut cabinetry, matching corian countertop and backsplash along with a Miele built-in coffee maker. Miele appliances were also used for the speed oven, steam oven, wall oven and gas cooktop. The Sub-Zero fridge and freezer are seamlessly integrated to match the look and feel of the space. The open concept layout spills over and into the spacious family room.
Terrace
The terrace can be accessed from both the family and dining room. At over 1500 sq.ft. the space features Basalt stone pavers, Gas BBQ with stone countertop and under counter fridge, a jacuzzi along with landscaping and even a irrigation system. One element many don’t think about when this high up is the wind! Especially in downtown Toronto, being this high can present its own set of challenges. The architects and engineers solved this by including massive glass walls, spanning nearly to floors high. The thick glass provides safety from below and gives owners use of the space, practically year round!
Upper Level
At over 1600s sq.ft. the second level can be reached by private ensuite elevator, or the gorgeous glass stair case! Upstairs is where you’ll find the three bedrooms. Each feature a variety of finishes from the white oak chevron flooring, to Calacatta heated marble and even Boffi walnut cabinetry… oh, and VIEWS!!!
Additional Features and Price
Each penthouse comes with a triple car garage, motorized sun shades, built in ceiling speakers, valet and limousine services! Penthouse 6501 is currently listed for $9,332,500 and has monthly maintenance fees of $2,878.22.
