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Nov 13
Love1
a red brick house with ivy growing up the side of it

Toronto Vacant Home Tax 2024-2025: Complete Guide & Important Changes

By Advice For Buyers, Advice For Sellers

Hey there, Toronto property owner! If you’re scratching your head about the Vacant Home Tax (VHT), you’re not alone. As someone who’s spent countless hours researching and writing about Toronto’s Real Estate scene, I’m here to break down everything you need to know about this hot topic in our city’s housing policy.

body of water near trees and high rise buildings during daytime

What’s New with the Vacant Home Tax in 2025?

Let me start with some fresh updates that might affect your wallet: Toronto has increased the VHT rate to 3% of your property’s Current Value Assessment for 2024. That’s right – if you’ve got a $1 million property sitting empty, we’re talking about a $30,000 tax bill. Yikes!

But don’t panic just yet. I’ll walk you through everything you need to know to either comply with or legitimately avoid this tax.

Key Program Changes for 2024-2025

The City of Toronto has just rolled out some major updates to the VHT program. Here’s what’s changing:

  • Extended Declaration Period: You now have from November 1, 2024, to April 30, 2025, to submit your declaration
  • Increased Tax Rate: The rate has jumped from 1% to 3% of your property’s Current Value Assessment
  • New User-Friendly Portal: Launching November 1, 2024, making declarations easier than ever
  • Multilingual Support: A dedicated Customer Care Centre through 311 offering support in 180 languages
  • Email Confirmations: You’ll receive confirmation of your declaration via email (if provided)

What Counts as “Vacant”?

A property is considered vacant if it was unoccupied for more than six months during the previous year and it was NOT your principal resident. Now heres where it gets confusing, so to keep it simple, heres 2 considerations to ask yourself:

  1. Is the property considered your principal residence for at least 6 months
  2. If it’s not – was it occupied or was it vacant during last calendar year for longer than 6 months?

If it is NOT your principal residence and HAS been vacant for 6 months or more THEN ITS CONSIDERED VACANT. Important to note, it doesn’t have to be a continuous 6 months either. It can be spread across the year – important for those with short term rentals.

If it IS your principal residence, and as long as a property remains your principal residence, you can declare the occupancy status as occupied and the tax will not apply. This applies even if you leave for extended periods of time due to travel or work (e.g. snow birds). To claim this occupancy status, the property must be your principal residence for at least six months of the taxation year. Also, don’t try an be smart – You can only have one principal residence.

But don’t panic – there are several valid exemptions!

Legitimate Exemptions (Yes, They Exist!)

Here are some situations where you might be off the hook:

  1. Medical Care: If you or your tenant is receiving long-term medical care and is out of the house for it.
  2. Principal Residence: The property was your main home
  3. Death of Owner: The property owner passed away during the year
  4. Renovations: Major renovations with valid permits (but there are specific requirements)
  5. Legal Issues: Court orders preventing occupancy
  6. Transfer of Legal Ownership: Property was sold during the year

Be sure to check the exact details with City of Torontos Vacant Home Tax portal

Important Dates to Mark in Your Calendar

? Here’s your timeline for 2024-2025:

  • November 1, 2024: Declaration period opens
  • April 30, 2025: Final deadline for declarations
  • June 1, 2025: VHT bills mail-out begins
  • September 15, October 15, November 17, 2025: Tax payment due dates
  • December 2025: Deadline for Notice of Complaint submissions

How to Make Your Declaration (It’s Easier Than You Think!)

I remember my first time filing a property declaration – it seemed daunting until I actually did it. Here’s your step-by-step guide:

  1. Visit the MyToronto Pay portal
  2. Have your property tax roll number ready
  3. Choose your property’s occupancy status
  4. Provide any supporting documentation if claiming an exemption
  5. Submit and keep your confirmation number
    Pro Tip: Keep your confirmation number! The city has made this easier by providing email confirmations or printed confirmations upon request.

What Happens If You Don’t Comply?

I hate to be the bearer of bad news, but the consequences of non-compliance are steep:

  • Fines starting at $250
  • Potential tax rate of up to 3% of your property’s value
  • Risk of audit
  • Legal penalties for false declarations

Disputing a Vacant Home Tax Assessment

If you believe you’ve been incorrectly assessed, you have until December 2025 to submit a Notice of Complaint. Here’s what you need to do:

  1. Gather your evidence
  2. Submit your Notice of Complaint form
  3. Provide supporting documentation
  4. Wait for the review decision

Need Help? Where to Get More Information

Still have questions? Don’t worry, we’ve all been there. Here are your best resources:

Conclusion

This beefed-up VHT program is Toronto’s way of saying “let’s get serious about housing.” The goal? To nudge property owners toward renting or selling their vacant properties, ultimately feeding into the city’s affordable housing initiatives.

Remember, whether you’re a seasoned property owner or new to the game, staying on top of these requirements isn’t just good practice – it’s essential for avoiding costly penalties. Keep these dates in your calendar, and make sure you’re ready to declare when the time comes.

Want to stay ahead of the curve? Start gathering your documentation now and keep an eye out for that online portal launch in November. Your future self (and wallet) will thank you.

brown concrete house

Frequently Asked Questions (FAQ)

General Questions

Q: Do I have to declare even if I live in my property?

A: Yes! All residential property owners in Toronto must declare annually, even if you live in the property as your principal residence.

Q: What is the tax rate for 2024?

A: The Vacant Home Tax rate has increased to 3% of your property’s Current Value Assessment (CVA), up from the previous 1%.

Q: How many properties in Toronto need to declare?

A: Approximately 820,000 properties within Toronto require an annual declaration of occupancy status.

Declaration Process

Q: When can I submit my declaration for 2024?

A: The declaration period opens November 1, 2024, and runs until April 30, 2025.

Q: What happens if I miss the declaration deadline?

A: While late declaration fees are currently waived, your property could be deemed vacant by default. It’s best to declare on time to avoid any complications.

Q: How do I get proof of my declaration?

A: You can:

  • Receive an email confirmation (if you provide your email address)
  • Print or save the confirmation page with your confirmation number
  • Request a printed confirmation by calling 311

Property Status Questions

Q: How long can my property be empty before it’s considered vacant? A: A property is considered vacant if it’s unoccupied for more than six months during the calendar year, unless it qualifies for an exemption.

Q: Does the six-month period need to be consecutive? A: No, the six months don’t need to be consecutive. The total time throughout the year is what counts.

Q: What if I’m traveling but this is my main home? A: If the property is your principal residence, it’s exempt from the Vacant Home Tax even if you’re away for extended periods.

Payment and Financial Questions

Q: When do I need to pay the Vacant Home Tax? A: For 2024, payments are due in three installments:

  • September 15, 2025
  • October 15, 2025
  • November 17, 2025

Q: How much revenue does the tax generate?

A: The program generated $56.5 million in 2022 and $50.6 million in 2023. With the new 3% rate, the city expects approximately $105 million annually.

Exemptions and Special Cases

Q: Will the city check my utility usage to verify occupancy?

A: While utility data may be used in audits, it’s not the primary verification method since approximately 45% of residential properties don’t have individual meters.

Q: What if I’m renovating my property?

A: Properties under renovation with proper permits may qualify for an exemption. Be sure to maintain all documentation related to your permits and renovation work.

Support and Help

Q: How can I get help with my declaration?

A: You have several options:

  1. Call 311 to reach the dedicated Customer Care Centre (support available in 180 languages)
  2. Visit Tax and Utility counters at Toronto City Hall or civic centres
  3. Use the online portal at toronto.ca/VacantHomeTax

Q: What if I disagree with my tax assessment? A: You can submit a Notice of Complaint until December 2025 for the 2024 tax year. Be sure to gather all supporting documentation before submitting your complaint.

Program Impact

Q: What happens to the money collected from this tax?

A: Revenue supports various housing initiatives including:

  • The HousingTO Plan
  • Toronto Community Housing Corporation improvements
  • The Multi-Unit Residential Acquisition (MURA) program
  • Other affordable housing initiatives

Important Disclaimer

⚠️ Please Note: While we strive to keep this guide up-to-date, tax regulations and programs can change. This article is for informational purposes only and should not be considered legal or financial advice. The information provided is based on the City of Toronto’s Vacant Home Tax Program as of November 2024.

For the most current and authoritative information about the Vacant Home Tax Program, including:

  • Latest tax rates
  • Declaration deadlines
  • Exemption criteria
  • Program updates
  • Official forms and documentation

Please visit the City of Toronto’s official Vacant Home Tax webpage: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

Always consult with qualified tax professionals or contact the City of Toronto directly through 311 for advice specific to your situation.

Resources and Support

For the most up-to-date information, visit:

Oct 23
Love1
Kitec

Understanding Kitec Plumbing: A Guide for Toronto Condo Owners

By Advice For Buyers, Advice For Sellers, Real Estate

Introduction

Toronto condo owners beware – if your building was built using a Kitec plumbing system, you may have a big problem behind your walls! This blog post highlights everything you need to know about identifying, managing, and mitigating the risks associated with Kitec plumbing in your property.

What is Kitec Plumbing?

Kitec plumbing, a system developed as a more cost-effective alternative to traditional copper plumbing, uses plastic pipes with zinc fittings. Initially seen as a promising solution for residential construction, Kitec plumbing systems have since been linked to significant failures. These failures are not just minor inconveniences but can lead to severe water damage as the pipes are notorious for bursting.

Common Issues with Kitec Plumbing

There are three primary issues that lead to Kitec plumbing failures:

  1. Heat Sensitivity: Kitec pipes cannot withstand high temperatures. With a melting point of 82 degrees Celsius, they are unsuitable for the high-temperature hot water systems common in residential buildings.
  2. Zinc Corrosion: The brass fittings containing zinc corrode over time, leading to blockages and eventual pipe failures. This process is accelerated by fluctuating water temperatures and pressure, causing the plumbing system to degrade faster.
  3. High Water Pressure: Unfortunately, Kitec plumbing cannot endure the high water pressure typical in many buildings, leading to pipe bursts.

Identifying Kitec Plumbing

If your condo was built between 1995 and 2015, it might be at risk. The telltale signs include bright orange and blue tubing visible under sinks, typically in kitchens and bathrooms. However, these colors alone are not definitive indicators, as Pex plumbing shares similar hues. Check for the “Kitec” or “KTC” markings on pipes and fittings to confirm.

What to Do If You Have Kitec Plumbing

For those unfortunate enough to discover Kitec plumbing in their home, remediation is key. Buildings have generally followed one of two paths:

  1. Individual Remediation: Condo management may ask each unit owner to replace their plumbing. This approach leaves some units at risk, as not all owners may comply, potentially affecting neighboring properties.
  2. Building-wide Replacement: The more reliable option involves the entire building undergoing a comprehensive plumbing system overhaul, usually managed by a single contractor. While initially costly, this approach eliminates future risks and enhances resale value by addressing the systemic plumbing issues uniformly.

Protecting Your Investment

If you are in the market for a new condo, work closely with your realtor to ensure due diligence is performed. This includes:

  • Confirming the building’s construction dates and checking for any history of Kitec usage.
  • Asking management about any past remediation efforts.
  • Ensuring that your offer includes a clause requiring the seller to guarantee the absence of Kitec plumbing.

Conclusion

Living with Kitec plumbing is manageable but requires proactive steps to prevent catastrophic failures. By addressing these issues early and comprehensively, condo owners and buyers can protect their investments and ensure peace of mind, staying clear of the so-called “Danger Zone” of plumbing failures. Stay informed and work with knowledgeable professionals to steer clear of the pitfalls associated with Kitec plumbing.

Apr 23
Love1

A Comprehensive Guide to Toronto’s Best Hotel/Condos Buildings

By Advice For Buyers, Toronto

Toronto, a city known for its dynamic lifestyle and diverse real estate offerings, has seen the emergence of a unique housing trend – the hotel/condo hybrid. Combining the comfort of hotel living with the convenience of condominium amenities, these developments offer residents a lifestyle that’s both luxurious and convenient.

In this blog post, we’ll explore some of the noteworthy hotel/condos in Toronto, each bringing its own distinctive charm to the urban landscape.

The Residences at The Ritz-Carlton, Toronto

Location: 183 Wellington St W, Toronto, ON M5V 0A1
Developer: Cadillac Fairview & Graywood Developments
Architect: Kohn Pederson Fox Associates
Year Completed: 2011
Number of Floors: 51
Number of Units: 159
Sizes: 1,397 – 11,000 Sq.Ft.

Features:

  • Luxury Redefined: As part of The Ritz-Carlton brand, these residences offer unparalleled luxury, with high-end finishes, stunning views, and access to the hotel’s amenities. The 24 hour concierge is available to help with valet parking, chauffeur services, and security. The building is equipped with an expansive gym, yoga studio, saltwater pool and spa!
  • Prime Location: Situated in the heart of the Entertainment District, residents enjoy easy access to theaters, restaurants, and cultural attractions. The Ritz-Carlton, is directly connected to the PATH, Toronto’s downtown walkway linking 27 kilometers of underground shopping, services, and entertainment, as well as St. Andrew subway station. The condo is also within walking distance to the city’s attractions, restaurants and sports venues; The CN Tower, Ripley’s Aquarium, Roger’s Centre and Scotiabank Arena (formerly Air Canada Centre), as well as the Metro Toronto Convention Centre

Shangri-La Toronto

Location: 180 University Ave, Toronto, ON M5H 0A2
Developer: Westbank and Peterson
Architect: James Cheng
Year Completed: 2012
Number of Floors: 66
Number of Units: 393
Sizes: 819 – 4,400 Sq.Ft.

Features:

  • Opulent Living: The Shangri-La residences exude opulence, with spacious layouts, contemporary designs, and top-tier amenities. Our favourite space in the Shangri-La is the stunning Lobby Lounge. Residents do have their own private entrance, but walking through the lounge is always a special treat. They have an expansive drink menu with an array of small-bite options. For something a bit more upscale, Bosk is the ideal place to have a conversation, business meeting or special date night.
  • Five-Star Services: Residents can indulge in the hotel’s world-class services, including a spa facilities (Miraj Hammam Spa), fitness center, and an indoor lap pool, hot tub and sauna!

St. Regis Residences Toronto

Location: 311 Bay St, Toronto, ON M5H 4G5
Developer: JFC Capital ULC
Architect: Zeidler Partnership Architects
Year Completed: 2012
Number of Floors: 58
Number of Units: 118
Sizes: 1,300 – 11,000 Sq.Ft.

Features:

  • Timeless Elegance: Formerly known as the Trump Hotel – the property was sold for nearly $300 million, and was rebranded to the St Regis in 2017. Today, the St. Regis Residences embodies timeless elegance, offering a refined living experience with bespoke services and sophisticated design. Residents have exclusive access to the Sky Lobby on the 32nd floor, which comes complete with 24-hour concierge, a fitness centre, a fully equipped gym, an indoor pool, and direct elevator access. Room service and maid service is also available (at an extra cost)
  • Coveted Location: Situated in the Financial District, residents are near Toronto’s business hubs and cultural attractions. Residents can dine out right in the building at either the Astor Lounge (perfect for drinks and small bites) or at the Louix Louis Grand Bar and Restaurant on the 31st floor… you’ll definitely want to check out the 60 ft mural on the ceiling of the Grand Bar. Painted by local Toronto artist Madison van Rijn, the mural, known as a ‘Bouquet of Whisky’ is inspired by a glass of Canadian whisky and looks just as refreshing as one. Salute!

Four Seasons Private Residences Toronto

Location: 50 Yorkville Ave, Toronto, ON M4W 0A3
Developer: Menkes Developments & Lifetime Developments
Architect: architectsAlliance
Year Completed: 2013
Number of Floors: 55
Number of Units: 210
Sizes: 655 – 9,038 Sq.Ft.

Features:

  • Yorkville Elegance: Nestled in the upscale neighborhood of Yorkville, the Four Seasons Private Residences provide a sophisticated living experience with stunning views of the city. You’re steps away from the cities finest shops in the city, with all the big brands at your doorstep.
  • World-Class Amenities: Residents enjoy access to the renowned Four Seasons amenities, including a spa, fitness center, and gourmet dining. D Bar is the destination of choice for those looking to unwind with a cocktail and some lite bites. Cafe Boulud offers a more formal setting and features a menu highlighting seasonal locally sourced ingredients and one-of-a-kind style.

Conclusion

Toronto’s hotel/condos redefine urban living, offering residents a blend of luxury, convenience, and world-class services. Each development brings its own unique character and charm, catering to different tastes and lifestyles. Whether you’re drawn to the opulence of The Ritz-Carlton, the contemporary elegance of Shangri-La, or many offerings of The Four Seasons these hotel/condo hybrids enhance the city’s real estate landscape, providing an elevated living experience for those seeking the best of both worlds. Explore these iconic residences and discover the epitome of sophisticated living in the heart of Toronto.

Connect with us below for more information about any of these hotel/condo projects!

Feb 04
Love1
brown sofa near glass window

The Pros and Cons of Open Houses in Toronto

By Advice For Sellers

Selling your home is a significant undertaking, and one question that often arises is whether hosting open houses in Toronto is worth the effort and investment. In this blog post, we’ll explore the pros and cons of open houses to help you make an informed decision about whether they are the right strategy for selling your home!

The Top 5 Pros of Open Houses:

  1. Exposure to a Wide Audience: Open houses attract a broad range of potential buyers, including those who might not schedule private viewings. This exposure can increase the chances of finding the right buyer for your home. The more people through the door, the better the chance of getting the most for your home.
  2. First Impressions Matter: Open houses allow buyers to experience your home in person, creating a tangible connection. A well-staged and inviting presentation during an open house can leave a lasting positive impression. Remember, we don’t sell like how we live… so don’t take it personally if your realtor advises clearing out personal effects.
  3. Feedback and Market Insights: Hosting an open house provides an opportunity to gather feedback from potential buyers. This insight can be valuable in making necessary adjustments to the price or to enhance your home’s appeal in the market.
  4. Sense of Urgency: Creating a sense of urgency by having specific viewing hours can motivate potential buyers to make decisions quickly, especially if they see others expressing interest in the property.
  5. Facilitates Networking: Real estate agents often use open houses to network and connect with potential buyers. This can lead to additional exposure for your property through word of mouth and industry connections.
brown staircase

The Top 5 Cons of Open Houses:

  1. Security Concerns: Opening your home to the public may pose security risks. While most visitors are genuinely interested in purchasing, there is a potential for theft or unauthorized access. Always have jewelry, laptops, and any other high-value items removed from the home.
  2. Inconvenience for Sellers: Hosting open houses can be disruptive for sellers, requiring them to vacate the premises for extended periods. Balancing privacy and the desire to showcase the home can be challenging.
  3. Quality of Leads: While open houses attract a wide audience, not all attendees may be serious buyers. Some people might be curious neighbors or individuals who are not financially prepared to make a purchase.
  4. Limited Time Frame: The limited time frame of an open house might not be sufficient for potential buyers to thoroughly explore the property. Private showings often allow for a more relaxed and detailed viewing experience.
  5. Effectiveness Varies: The effectiveness of open houses can vary depending on the market, location, and property type. In some cases, the return on investment may not justify the effort.

    If you’re interviewing multiple realtors before choosing the right one to sell your home, ask them to outline all the processes and procedures they use to host a safe and efficient open house!
brown wooden dining table with white chairs near kitchen

The 3 Best Tips for Maximizing An Open House:

  1. Effective Marketing: Promote your open house through various channels, including online listings, social media, and traditional marketing methods. Don’t discount the old-school methods of sidewalk signs and door to door marketing.
  2. Well-Staged Presentation: Ensure your home is impeccably staged for the open house to create a positive and memorable impression. (and yes, a tray of freshly baked cookies is always a good idea)
  3. Security Measures: Implement security measures to protect your property during open houses, such as removing or securing valuable items. Have your realtor keep a log of all guests and visitors

Is Having an Open House Worth it for Your Home?

The decision to host open houses when selling your home ultimately depends on various factors, including your comfort level, the local market conditions, and your specific goals. While open houses can provide exposure and valuable insights, they come with potential drawbacks. Carefully weigh the pros and cons, and consider consulting with a real estate professional to determine the most effective strategy for showcasing your home in the competitive real estate landscape.

Jan 10
Love0

How Did the Toronto Real Estate Market Perform in 2018?

By Monthly Market Updates

How Did the Toronto Real Estate Market Perform in 2018?

2018 wasn’t much of a record-shattering year, and I don’t think anyone should be very surprised by the outcome! As we forecasted at the start of it, 2017 hit new heights in the city – and keeping on pace in 2018 would be nearly impossible. But that doesn’t make 2018 a disaster either. In fact, 2018 was a more balanced and easier to navigate market than in years past… so with that being said, let’s take a closer look at what happened!

Average Prices in Toronto for 2018

The average price of real estate in Toronto for 2018 was $783,082! There was a two-way tie for the highest average price with June and October both clearing $807,000. $736,783 marked the lowest average price and was set in January. Compared to 2017, the overall average price in Toronto declined by 2.85% or $23,000.

Total Number of Listings In Toronto for 2018

The busiest month of 2018 was May with more than 19,000 properties coming to market. As impressive as the number sounds, we were still 6,000 properties short of the 25,000 listings reached in May 2017. The slowest month for new listings was December with only 4,300 coming to market and was expected with the seasonal slowdown during the holidays.

Total Number of Sales

In total, we had 77,909 sales in 2018. That represented a sharp drop of 15,249 fewer sales (16%) compared to the 93,158 sales in 2017.

Days On Market In Toronto for 2018

It took 25 days (on average) for properties to sell in Toronto. From March to June that number went down to just 20 days, and in January and December, it went up to 30 days.

 

A Summary of 2018

To better understand 2018, we have to start back in 2017!

2017 was a pivotal year in the city, reaching historical highs for both prices and the number of properties sold. The driving source of the price appreciation in the market was the soaring prices for detached homes throughout the first part of the year. At its height, detached homes were selling for more than $1,500,000. Affordability coupled with buyer fatigue, government intervention and changes to mortgage lending resulted in a swift cool down from May to August. We saw prices start to pick back up from September to year end, but never quite reaching the highs we saw earlier in the year.

At the beginning of 2018, we cautioned that the media would focus solely on “Year over Year” comparisons. We also forecasted that the numbers wouldn’t be as strong as in 2017, and to expect sharp contrasts between the two years. It’s hard to get a real sense of where the market is at if you’re only comparing against a record-breaking year (and the same is true if we were to compare it with a less than stellar year). For this reason, we also added analysis of the three-month trend for each segment and gained a more accurate look at the direction of the market!

Prices of detached homes proved to be a double-edged sword. As they cut through the headlines of 2017 and boosted the monthly averages – they did the opposite in 2018, performing like more of an anchor bringing prices and overall averages down.

Detached homes experienced the biggest price decline in 2018. Prices were down by $76,000 on average (a 5.5% decrease year over year) to just $1,307,604.

On the other side of the scale, condo prices helped the market maintain its pace and took the top awards in several categories.

Condos represented the best-performing segment of the year – up 9.4% (from January-December 2018), they had the highest year over year appreciation – up 9% (or $49,900) and also recorded the highest number of sales at 16,348!

Townhouses started off strong, nearly tieing the 2017 record-setting price of $793,129 by recording a high of $792,180 in April of 2018. But from there on out, prices started shifting down with prices ending the year at $714,456.

In 2018, the Semi-Detached market caught our attention the most… and we think they’re going to continue to be the segment to watch in 2019! From January to November, prices have gone up by over 13% (even higher than condos). There are two main reasons for the sharp appreciation: Price Point and Housing style.

1. Price Point – semis have been hovering around the million dollar mark throughout the year. In many parts of the city, you can still buy a semi for less than a million dollars. This gives buyers the flexibility to purchase with less than 20% down (something that can’t be done with houses priced over a million). Even at the million dollar mark, semi’s represent a housing style (with land and a backyard) for much less than the detached average of $1.3 million!

2. Housing Style – Most people start the property ladder single, and in a condo. As they partner up and move up the ladder, a house is typically the next step. We think that as more condo owners trade up, demand for houses will increase (as we partially saw in 2017). The semi represents a more affordable option and smaller price gap when compared to a detached home. Most semi’s also come with 3 or more bedrooms. Bungalows (at times can be priced in the same range as semis) often times only offer 2 bedrooms. For those who want the space and style of a house but without the higher price found in the detached market – the semi is our pick best-appreciating segment in 2019!

Individual Market Performance by Segment

Detached Houses

Average Price: $1,307,604
Yearly Percent Change: -5.51%
Yearly Dollar Amount Change: -76,207.58

Yearly High: May $1,426,094
Yearly Low: December $1,145,892

Semi-Detached Houses

Average Price: $991,105
Yearly Percent Change: +1.75%
Yearly Dollar Amount Change: +$17,081.50

Yearly High: May $1,067,128
Yearly Low: August $891,208

Townhouses

Average Price: $738,458
Yearly Percent Change: +3.56%
Yearly Dollar Amount Change: +$25,407.17

Yearly High: April $792,180
Yearly Low: January $712,186

Condos

Average Price: $590,832
Yearly Percent Change: +9.03%
Yearly Dollar Amount Change: +$48,936.67

Yearly High: September $615,582
Yearly Low: January $543,279

 

Nov 16
Love0
Home rental ideas, loans, mortgages and real estate valuations for sale.

Doug Ford Scales Back Rent Control In Ontario – How Will It Impact The Market?

By Advice for Landlords, Video Blog

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!

Sep 13
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What Are They Building at Glencairn and Marlee? 831 Glencairn Ave

By New Condo Developments

Marlee Avenue is gearing up for another condo development! An application was submitted with plans for an 11 storey development at the South West corner of Marlee and Glencairn (831 Glencairn).  The application was submitted by Masseto Homes Inc and Chestnut Hill Developments (who also built The Address Of Highpark and Life Condos).  Plans are calling for an 11 storey midrise, with 224 units proposed!

Who Is Building The Condo at Glencairn and Marlee?

The project is being developed by Chestnut Hill Developments and Masseto Homes Inc.  The building is being designed by  Kirkor Architect + Planners and the application was submitted by Weston Consulting.

What Will the Condos at 831 Glencairn Look Like?

Early renderings depict an 11 storey mid-rise building, with commercial units on the main floor and residential units above.  The commercial component of the building will face Marlee, with the residents accessing the entrance from Hillmount and Glencairn Ave.

The building will have a “set-back” design and with an angular plane from the neighbouring properties to the west. Each residential floor would contain between 8 – 33 units (with fewer units on higher floors).  Renderings also show floor to ceiling windows, with balconies or terraces for most units! You can view more renderings below:

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What is Currently on Site?

The future condo is being proposed on the commercial lands known as 831, 833, and 837 Glencairn Avenue and the residential addresses located at 278, 280 and 282 Hillmount Avenue.

What Type of Layouts Will 831 Glencairn Ave Have?

Plans are calling for a total of 224 units, with the following unit breakdown:

167 One Bedroom units
35 Two Bedroom units
12 Three Bedroom units

The proposal also states: the site would be served by 190 parking spaces, with 168 dedicated to long-term residential use and the remaining 22 for visitors. 185 of these spaces are to be housed in a two-level underground garage, with the remaining five to be located at grade. Bicycle parking would also be provided, with 179 spaces in the underground levels and 51 at grade.

What Amenities Will the Building Have?

Details are still sparse in terms of the exact amenities the building will have, but according to the proposal, they will be located on the 11th floor.

When Will 831 Glencairn Ave Be Built?

The development proposal was submitted on June 27th 2018.  The project is still in its very early stages but is one we’ll be following closely… Check back often for updates!

Our Thoughts on the Project

This is the second midrise development proposal on Marlee, with the first, located on the opposite corner at 529-543 Marlee Ave.  The proximity to Glencairn Subway Station makes this development very transit friendly.  The area is ripe for development, but with many of the homes starting at $1.5 million and up, affordability is a big hurdle for most.  A project like this is great for first time home buyers looking to live in the area.  We also like the mix of 3 bedroom units, perfect for the older generation of residents looking to downsize!

Interested in Purchasing at 831 Glencairn Ave?

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