Skip to main content
Tag

condo

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
Love0

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:

Screen Shot 2018-09-08 at 12.01.08 AM
Screen Shot 2018-09-08 at 12.03.37 AM
Screen Shot 2018-09-08 at 12.04.08 AM
Screen Shot 2018-09-08 at 12.04.21 AM
Screen Shot 2018-09-08 at 12.04.26 AM
Screen Shot 2018-09-08 at 12.04.33 AM
Screen Shot 2018-09-08 at 12.04.38 AM

[Show as slideshow]

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?

Fill out the form below to be kept in the know with prices, floorplans and launch dates:

    Property Type

    Budget

    Timeline

    Subscribe to our Monthly Newsletter

    May 12
    Love0

    Loft Purchase

    By Testimonials

     

    Mark inspires a level of trust and confidence during one of life’s most challenging and risky moments, namely the purchase of a new home. Add to that risk the complexity of buying in Toronto’s market and the situation can lead to a roller coaster ride. Mark’s knowledge of Toronto’s market, his professionalism, calm and strong interpersonal skills are just what I needed in getting back into the market after 15 years. He understood my needs so well that I bought the first home he showed me after he steered me away from a lovely home with what proved a sketchy renovation that I had first seen on my own. My new home is utterly gorgeous and suits my lifestyle and creativity to a tee. It is a total pleasure working with a professional like Mark Savel and I will work with him again if I buy a third property.

    – Cass

    Apr 17
    Love0

    What is a Status Certificate and WHY are they important to review before buying a condo?

    By Advice For Buyers, Video Blog

    One of the most important parts of the condo buying process, is reviewing the corporations Status Certificate! 

    What is A Status Certificate?

    A status certificate is a collection of documents, issued by a condominiums property manager that contains info on:

    • Contact information – lists out the legal name of the Condo Corporation, Property Management, and Board of Directors.
    • Maintenance fee amount (Expenses) – both at time of issue and if there are any plans to increase in the near future.
    • Budget – what the building is spending its monthly maintenance fees on.
    • Reserve Fund – how much they have saved for the repair and replacement of components in a condo (ie. savings for roof repairs, parking garages, upgrades, etc)
    • Legal Proceedings/Claims – if any lawsuits are levied against the corporation, or if the corp has levied any against others.
    • Leasing of Units – how many units are currently tenanted in the building
    • Notices – announcements of maintenance fee increases, any planned repairs, or other factors that may impact maintenance fees
    • Bylaws and Rules – The bylaws and rules list what you can or can’t do in a building…Some buildings in the city have outright bans on pets or restrictions on certain breeds and weights.
    • Insurance Requirements – policies the corp has in place, and requirements for new purchasers to have.

    How Order a Status Certificate

    A seller can request a status certificate by contacting the buildings property manager.  The management company will have 10 business days to prepare and can deliver it in either hard copy or in digital via email. 

    How Much is a Status Certificate

    The certificate will cost $100 + HST and can be paid by either the buyer or seller, depending on how a deal is structured.

    Why You Must Request a Status Certificate

    Sellers – I often suggest ordering one before you even go to market with your property.  As a seller, you have a duty and responsibility to disclose any and all details that could impact the sale of your condo.  By ordering a status in advance, you’ll be made well aware any potential pitfalls and can disclose these issues to potential purchasers ahead of time to avoid any issues with closing.

    Buyers – In a condo, values are closely tied to how well the building is run (second to location of course).  If fees skyrocket, you may find that the buildings value will appreciate much slower (or actually depreciate) than a building with lower maintenance fees.  A building with known problems can also have an impact on financing and insurance resulting in higher monthly costs – knowing this in advance can allow you to negotiate a better price, or walk away from the deal all together!

    Who Reviews the Status Certificate

    It is crucial, you take it to a Real Estate Lawyer who has experience in condo dealings.  They are trained in knowing what to look for and the right questions to ask. DO NOT take it to general law firm, or rely solely on a realtors review of it!

    How Long Do you Have to Review a Status Certificate 

    Most clauses generally allow 2-3 days for lawyer review.  It’s a small window of time, so it’s best have a candid conversation with your lawyer in advance and tell them exactly how you plan on using the property. 

    A common misstep is with buyers who spends months out of country.  If their plan is to rent it on AirBnB while away, it’s best to make sure there aren’t any rules or bylaws preventing you from doing so!

    Remember, a Status Certificate is generally valid for only 90 days – so if a seller produces a Status dated older than 90 days, ensure you request a new one.

    When Should You Walk Away From Purchasing a Condo

    No matter how in love you’ve fallen with your new purchase – there are a number of reasons you may want to walk once the status certificate is reviewed: 

    • If the corporation has a low reserve fund – with no plans of replenishing
    • Lawsuits that could result in a loss to the building
    • Indications of an increase to monthly fees or large repairs
    • Being blacklisted from lenders or insurance companies

    Accompanying Documents That Also Come With a Status Certificate

    Other important documents that accompany the status include:
    • The Declaration
    • Bylaws
    • Rules and Regulations,
    • Certificate of Insurance
    • Current Budget
    • Reserve Fund Study
    • Management Agreements
    • Financial Statements
    • New Owner Information
    • Move-in and Out forms
    • Other Building forms

     

    Jan 08
    Love0
    Most Expensive Condos of 2017

    The Most Expensive Condo Buildings in Toronto for 2017

    By Luxury Real Estate

    30 Toronto Condos Sold For More Than $3.5 Million in 2017

    It was a roller coster of a year for real estate prices in Toronto in 2017! In the housing market, things started out strong throughout the first quarter with a lot of the momentum pouring over from the little supply we saw in 2016 – but prices for homes quickly leveled off starting in April and continued throughout the remainder of the year. The condo market in general remained a “hot ticket item” and saw great growth throughout 2017… that too was true in the luxury condo market.

    In our second year of covering sales in the luxury condo market, we saw a 36% increase in the number of condos selling over $3.5 million in Toronto – reaching 30 suites sold in 2017 vs the 22 sold in 2016! 

    And it wasn’t just sales numbers that were up – prices were too.

    How Much Was The Most Expensive Sale?

    The most expensive condo sale recorded in 2017 was $11,500,000 (or $1900/sq.ft.) – nearly double the $6,000,000 record of 2016. The 6000 sq.ft. plus penthouse, located in Yorkville came complete with a private pool, hot tub, and private roof top terrace with panoramic views.

    Most Expensive Condos of 2017

    Which Luxury Buildings in Toronto Had The Most Sales? 

    The Four Seasons Private Residences had the most amount of sales on this years list with 5 luxury condos being sold in 2017. The Residences At The Ritz Carlton and the Imperial Plaza came in second with two sales over $3.5 million in each.  In 2016, 36 The Hazelton, had two sales on the list, but none clearing $3.5 million in 2017.

    Most Expensive Condos of 2017

    The majority of the sales took place in the Annex/Yorkville neighbourhood, with 14 sales recorded. The C01 Waterfront came in second with 5, followed by Rosedale-Moore Park with 4 sales.

    What Was The Sold Price to List Price Ratio?

    The average sale, sold at 95% of its list price, meaning there was about 5% negotiating room.

    Most Expensive Condos of 2017

    What Were The Average Days on Market for Luxury Condos in Toronto?

    On average it took about 75 days for these higher end condos to sell.  The fastest sold in 2 days and the longest was technically a hold over from 2016, sitting for 410 days!

    Most Expensive Condos of 2017

    How Much Was The Highest Maintenance in 2017 For these Luxury Condos?

    The highest fee was $6135/month + Heat, A/C and Hydro but also included a private roof top terrace, pool, hot tub, and 4 parking spaces.! The lowest was $1,675.98 and did not include parking.

    Most Expensive Condos of 2017

    With Luxury Prices, Comes Luxury Taxes

    The city took in their fair share of taxes from these high end condos! The average amount paid between the 30 was $22,841/year.  The highest of the lot was $64,758 and the lowest was $7,650!

    Most Expensive Condos of 2017

    Oct 24
    Love0

    How Will the B-20 Mortgage Guidelines Impact Your Purchase?

    By Advice For Buyers, Video Blog

    For the second time this year, new guidelines are being introduced that will impact how Canadians get approved for a mortgage… and for the second time this year, a lot of people are confused by what these changes mean! I’ve put together a short video to better explain who IS and ISN’T affected by it, and what it all means.


     

    10 Ways The New Changes May Impact You

    1. The new guidelines would introduce “STRESS TESTS” for all purchasers taking out a mortgage with MORE than 20% of a downpayment.
    2. If you’re putting LESS than 20% down, taking a VARIABLE mortgage, or a term of less than 5 years – you’re already subject to qualifying under a stress test. No change to this segment of the market.
    3. If you’re putting down MORE than 20% – you too will also be subject to the test.
    4. The guidelines will require purchasers with more than 20% down to qualify at the Bank of Canada Rate OR the Contract Rate + 2% (which ever is higher)
    5. For Example: Say the banks are offering you a 3% fixed rate for 5 years.  In order to be approved for it, you must actually qualify at 5% (3%+2%).  
    6. Because purchasers are qualifying at a higher rate, many will see their max budget amount reduced by roughly 15-20%
    7. The new guideline ONLY apply to those lenders that are deemed a Federally Regulated Financial Institution (currently 85 in Canada).
    8. Those that don’t fall under Federal Regulations are not subject to the new guidelines.  The most popular alternative is CREDIT UNIONS like Duca or Meridian… although there is some discussion that they may adopt similar measures to the B-20 Guidelines. 
    9. Although many will see their MAX budget reduced – it’s important to remember that NOT EVERYONE wants to spend the max a lender can make available for them.  I know of many clients who chooser to only spend 60, 70 or even 80% of their max budget on a purchase.
    10. Like all changes in the market, there will be an adjustment period of probably 4-6 months for people to adjust to the changes.

    More Reading:

    Final Revised Guideline B-20: Residential Mortgage Underwriting Practices and Procedures

    Canada’s banking watchdog sets tougher rules for mortgage lending

    New mortgage stress test to hit ‘move-up’ home buyers

    Apr 10
    Love0
    Shangri-La Penthouse

    The Shangri-La Toronto Penthouse Collection

    By Architecture, Luxury Real Estate

    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!

    Shangri-La Penthouse

    Shangri-La Penthouse

    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

    Shangri-La Penthouse

    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!

    Shangri-La Penthouse

    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.

    Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse

    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!

    Shangri-La Penthouse

    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!!!

    Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse

    Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse

    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.

    Jan 26
    Love0
    3140 Dufferin St

    3140-3170 Dufferin St. To Be Redeveloped

    By Architecture, New Condo Developments

    What Do They Want to Build at 3140-3170 Dufferin Street and 60-68 Apex Road?

    Add another application to the developing Dufferin St strip! In 2015, RioCan submitted an application to amend the Official Plan at 3140-3170 Dufferin Street and 60-68 Apex Road.  Currently the site is home to TD Canada Trust, Staples, Tim Hortons and Swiss Chalet… but if all goes according to plan, 2 new condo towers will be built on the site.

    The application is calling for two mixed-use buildings of 28 and 22 storeys separated by a new public road. The proposed redevelopment will include 578 residential units and 5,632 square metres (60,622 square feet) of at grade retail space. It will also include 878 parking spaces, 1135 bicycle parking spaces and even a new public park as part of the redevelopment. Below are some early drawings of what the development may look like:

    3140 Dufferin St 3140 Dufferin St


    According to the proposal, the building will look as follows:

    Building One

    Building One (or Block 1), will front on Dufferin Street, will include the development of a 22-storey mixed use building with 263 residential units and 4,848 square metres (52,183 square feet) of grade-related retail and service commercial space.The building will consist of a 5-storey podium along all street frontages, an 8-storey mid-rise component along Dufferin Street and a 17-storey tower component above the 5-storey podium. The podium transitions to a mid-rise component for Levels 6, 7 and 8 located along the Dufferin Street, providing an outdoor amenity area in the northwest quadrant of the 6th level.

    A total of 263 units are provided within Block 1, including 92 one-bedroom units, 136 two-bedroom units, 27 three-bedroom units, and 8 live-work units. Amenity spaces are provided on Levels 6, 9, 14 and 18. In total, Block 1 includes 617 square metres of indoor amenity space and 1,869 square metres of outdoor amenity space.

    The building includes two levels of underground parking and parking areas central to Levels 2-5, accommodating a total of 444 parking spaces. A total of 667 bicycle parking spaces are provided.

    Building Two

    Building Two (or Block 2) 

    Block 2, located West of Building One, will have a site area of 4,470 square metres (excluding the public park and half of the northsouth public road) and will include the development of a 28-storey mixed use building with 315 residential units and 784 square metres (8,442 square feet) of grade-related retail and service commercial space.  The building will consist of a 6-storey podium and a 22-storey tower. 

    The ground floor includes two retail units, one along Apex Road and the other in the northeast corner of the building. The residential lobby has frontage on the proposed new public street located south of the retail unit. The ground floor also includes 10 townhouse units within the podium that front onto the proposed new public park and 6 live/work units within the podium that front the proposed new public street, between the residential lobby and retail unit. The interior of the ground floor is utilized for bicycle parking, waste facilities, elevators and stairs, all accessed by a central hallway. The remainder of the podium (Levels 2-6) is occupied by residential units along the perimeter and a double-height fitness area on Levels 2/3.

    Residential units within the podium are accessed by a central hallway connected to the centralized elevators and stairs. An outdoor amenity area is located on Level 4. Additional indoor and outdoor amenity space is provided on Level 9, 14 and 18. The top of the podium, at Level 7, is utilized for a green roof. The tower contains residential units accessed by a central hallway, which is connected to centralized elevators and stairways. The proposed height to the top of the 28th floor is 89.0 metres, with a height of 95.0 metres to the top of the elevator overrun/rooftop mechanical. 

    A total of 315 units are provided within Block 2, including 8 bachelor units, 99 one-bedroom units, 149 two-bedroom units, 53 three-bedroom units, and 6 live-work units. Amenity spaces are provided on Levels 2, 4, 9, 14, and 18. In total, Block 2 includes 1,309 square metres of indoor amenity space and 1,012 square metres of outdoor amenity space.

    My Thoughts on the Proposal

    The success of the Treviso development is proof that Dufferin, North of Lawrence is ripe for development! The west side of Dufferin has much larger lots than the East, and I think utilizing the lands make most sense.  The retail at grade helps keep business in the area, and the towers above can add to the shortage of housing options in both the city – and the Dufferin and Lawrence neighbourhood.  In the City report, there were a lot of items that needed addressing, but my hopes is that they all get sorted out and the Dufferin strip continues to develop!

    THE TORONTO LIVINGS PODCAST

    New Episodes Weekly

    A Journey Through The City’s Diverse Neighborhoods, Cultures, And Of Course, The Food!

    Sage Real Estate LTD., Brokerage

    2010 Yonge St.,
    Toronto, ON M4S 1Z9
    O: 416-483-8000

    Connect With The TorontoLivings Team