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Leased: 120 Parliament St #720

Leased

120 PARLIAMENT ST #720

East United Condos

Price: $1,700/month

Bedrooms: 1

bathrooms: 1

BE THE FIRST TO LIVE AT EAST UNITED

Be the first to live in the newly completed, East United Condos by the SigNature Communities!

This spacious 1 bedroom plus den unit features 9-foot ceilings, an open concept living and dining room (perfect for entertaining), and a private balcony with views to the West.

The bedroom can comfortably fit a queen-size bed, and comes with ample closet space. The landlord is in the process of having window coverings installed throughout.

The building amenities include a Fitness Centre, Rooftop Terrace, Yoga Studio, Party Room and front desk concierge. 

Contact Us

book a time to view the property!

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Advice for Landlords Covid-19

Short-Term Rentals Allowed to Re-open in Ontario

The Ontario government has lifted its ban on short-term rental. The government announced the opening short-term rental of cottages, condos and other sites as of June 5th, 2020. They will be permitted to resume as long as health and safety measures are put in place.

This announcement comes after the province shut down non-essential short-term rental operations due to COVID-19 back on April 4. Under Ontario’s Emergency Management and Civil Protection Act, short-term rentals — defined as 28 days or less — were only allowed to be rented to people in need of emergency housing.

Bylaw Changes for AirBnB’s in Toronto

If you’re operating an AirBnB in the City Of Toronto, it’s imperative to remember that all short-term rentals must comply with the Licensing and Registration Of Short-Term Rentals  bylaw that remains in effect!

According to the City of Toronto website:

The amendments now permit short-term rentals (any rental that is less than 28 consecutive days) across the city in principal residences. Within their principal residence, people can rent up to three rooms or their entire home.

With this decision, the Licensing and Registration Of Short-Term Rentals  bylaw have also come into effect. The City is now moving forward with the implementation of the bylaw, as adopted by City Council.

Once the licence and registration system is ready, short-term rental companies will be required to obtain a licence and operators will be required to register with the City and pay the Municipal Accommodation Tax (MAT) of four percent.

The City is planning to implement the regulations for short-term rentals in phases. New online registration, licensing and enforcement systems are being put in place. 

For more information, visit the City of Toronto’s Short Term Rental page!

Categories
Monthly Market Updates

Toronto Real Estate Market Report – May 2020

May traditionally marks the busiest month for real estate in Toronto… this year – not so much. Self-isolation,  social distancing, and the overall uncertainty of the future reduced much of the activity we typically see in May. However, activity did start to pick up towards the end of the month!

April marked the first month of full lockdown, and really set the benchmark for comparison purposes. It’s important to distinguish market activity with pre and post COVID-19 numbers to get an accurate pulse of where the market is heading.

In May – sales, listings, active listings and prices posted much higher numbers than in April. Sales and new listings doubled (over 50%), month over month, and the average price increased to $863,000 (an increase of more than 5%). Speaking from my own experience, I also witnessed a huge uptick in emails, calls and showings on my listings. 

Because context is important, now more than ever, it has to be said that May typically records the highest numbers of the year… but not so in 2020. 

On a year-over-year (YOY) basis: sales were down by over 75% and new listings by 54%. We also saw a 68% increase in days properties sat on the market – a clear indication of a much cooler May. Prices did see a small gain of nearly 3% compared to May 2019, but still much less than the double-digit appreciation we saw in Q1 (January, February and March) of this year!

Detatched Houses

  • 432 sales took place during the month of May
  • 119 more homes than the previous month (38% increase in sales)
  • 748 fewer homes than the previous year (63% decline in sales)

  • The average price of a detached home was $1,422,273
  • Up $172,543 compared to the previous month (13% increase in price)
  • Up $37,280 compared to the previous year (2.7% increase in price)

Semi Detached Houses

  • 164 sales took place during the month of May
  • 38 more homes than the previous month (30% increase in sales)
  • 244 fewer homes than the previous year (59% decline in sales)

  • The average price of a Semi-Detached home was $1,143,322
  • Up $46,000 compared to the previous month (4% increase in price)
  • Up $92,790 compared to the previous year (8% increase)

Town Houses

  • 164 sales took place during the month of May
  • 56 more homes than the previous month (51% increase in sales)
  • 202 fewer homes than the previous year (55% decline in sales)

  • The average price of a Town House was $794,626
  • Up $9,727 compared to the previous month (1% increase in price)
  • Down $1,463 compared to the previous year (0.18% decrease in price)

Condos

  • 727 sales took place during the month of May
  • 245 more sales than the previous month (50% increase in sales)
  • 1,102 fewer condos than the previous year (58% decline in sales)

  • The average price of a Condo was $674,028
  • Up $61,728 compared to the previous month (10% increase in price)
  • Up $31,137 compared to the previous year (4% increase in price)

TRENDS TO WATCH

  1. In April, the Government put a ban on short-term rental services (think AirBnB). As a result, we saw a lot more rental units come to market in the condo sector.  With an oversupply of available units, we saw rent prices come down significantly. The government has lifted its short-term restriction, so we’ll see the impact this may have on the supply of condo rentals.
  2. Canada Mortgage and Housing Corporation (CMHC) is in the process of announcing stricter lending criteria for anyone purchasing with less than 20% down. This could create a mini push for buyers into the market before the new rules take effect.
  3. Bidding wars are back. I’ve seen several houses sell way over asking (and market value) in the last few weeks. Much of this can probably be attributed to the pent up demand from months prior – curious to see if this continues into the traditionally quieter summer months!