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 stunning city views to the North.
The real value is in the separate den – you won’t find any “nooks in the wall” here. The separate room can be used as a nursery, guest bedroom or work from home office!
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.
Envision the home of your dreams at 80 Virginia – complete with front pad parking and a fully fenced in backyard!
The detached two storey home is ripe for redevelopment amongst its custom-built houses along the street. It currently features two large bedrooms, three bathrooms and two kitchens and sits on a 22 x 105 ft lot. As it nears the end of its useable life, 80 Virginia makes for the perfect opportunity to build a home that suits your needs. Schools, Parks,
Shopping, restaurants, transit and even Michael Garrison Hospital, are all just a short commute away!
For the “down-to-earth” dweller who distains heights – this spacious corner unit is perfect for you! Located at DNA 3, this second-floor unit offers and efficiently laid out floorplan complete with kitchen island, built-in appliances and an open concept living/dining space. The bedroom has ample closet space and can comfortably fit a queen-sized bed.
Wrap around windows provide ample natural light and give the suite a very airy vibe. Unwind after a long day on your private balcony or meet-up with friends on the rooftop terrace.
Conveniently located in King West, the building features a ton of amenities and services including front desk concierge/security, well-equipped gym, entertaining room, and a roof-top deck complete with BBQs and lounges. Grab all your groceries and more from the various businesses at the base of the building too!
The month of May marked the second full month of Covid-19 lockdowns in the City of Toronto. See how each real estate segment performed during the month.
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
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!
Iceland is home to many things… waterfalls, lagoons, and even really, really, realllllly good hotdogs – but did you know, it’s also where you’ll find one of the BEST DESIGNED BUILDINGS IN THE WORLD!
Located in downtown Reykjavik, The Harpa Concert Hall (as it is officially known) is home to the Iceland Symphony Orchestra and the Icelandic Opera. It has four large halls – the largest can accommodate up to 1800 seats. But it’s size alone isn’t the only reason why you can’t miss it… the envelope of the building is wrapped with 714 uniquely shaped glass panels, each giving off a different colour or shade depending on how the light hits it! It is also the proud winner of the prestigious European Union Prize for Contemporary Architecture – Mies van der Rohe Award, the European Commission and the Mies van der Rohe Foundation beating 335 other works from 37 European countries!
The History of The Harpa
The hall was designed in collaboration with Danish-Icelandic artist Ólafur Elíasson along with his Studio, and the Danish firm Henning Larsen Architects who also built the Opera House in Copenhagen.
Harpa celebrated its opening with a concert on May 4th, 2011 – but its rise to fame started much earlier. Construction started in 2007, and at that time the plan was to build an “Icelandic World Trade Center” complete with hotels and luxury apartments. But then the financial crisis hit in 2008, and deeply impacted the country. Things got so bad that the project was essentially put on hold and sat half finished. Thankfully Icelandic Government stepped in to save the project and funded it to completion.
According to the Grayline Iceland blog, the hall got its unique name through a public competition: Over 1,200 residents entered over 4,000 names. The winning name, Harpa, is an Old Icelandic word that refers to a time of year, and it is also a month in the old Nordic calendar, and the first day of the month of ‘Harpa’ as it was known was the first day of summer.
Visiting The Harpa Concert Hall
After crossing waterfalls, and hot-springs from your to-do list, be sure to include a stop at The Harpa. It’s free to visit, though access to certain areas may be restricted while events are being held. It shouldn’t take more than an hour to see, and offers a warm refuge from the windy Reykjavik streets!
Visiting The Harpa for your first time is much like walking into a giant igloo (much warmer of course)! The sheer size of the place is incredible, and the transparent walls allow for some spectacular views of the bay and mountains in the distance. The ceilings are capped with reflective mirrors that further distort the sense of space inside the Hall. You’ll be in awe at the architectural and engineering marvel that went into its construction… but if “world-class design” isn’t your thing, there’s also a restaurant and gift shop (complete with furry hats) – as well as guided tours of the Hall.
Prior to visiting Iceland, I had no idea the Harpa even existed. With all that the country has to offer, visiting “another building” never really registered on the itinerary of things to do – but after seeing it’s beauty first hand, I’d highly recommend it as something everybody should see while in Iceland… below are some of the other sights we took in while on the trip:
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!
If you are a landlord in Ontario wanting to move back into your rental property, then this post is for you!
In the past, all you had to do was simply notify the tenant of your intention to move back in, and the tenancy would effectively come to an. (with proper notice of course)
Unfortunately, many (shady) landlords weren’t using this method in the most honest of ways. Instead of moving back-in, some landlords would simply relist at a higher price. Naturally, this displaced many tenants resulting in unnecessary moves and extra costs. The Ontario government quickly got wind of this and moved swiftly to shut the loophole down.
As of September 1st, 2017, the rules surrounding how and who can move back in have changed significantly. As per the Landlord Tenant Board: A landlord may apply to terminate a tenancy on the basis the rental unit is needed for use by the landlord, the landlord’s family member, or a person who provides or will provide care services to the landlord or landlord’s family. Notice how they didn’t say cousins or even siblings? It must only be an immediate family member, and the move must be in “good faith”.
You also to compensate the tenant for displacing them. Yes, you read that right – landlords now have to: compensate the tenant in an amount equal to one month’s rent or offer another rental unit acceptable to the tenant.
Examples of Evicting a Tenant as Bad Faith
Some examples the board provides of termination in bad faith include:
advertises the rental unit for rent;
enters into a tenancy agreement in respect of the rental unit with someone other than the former tenant;
advertises the rental unit, or the building that contains the rental unit, for sale;
demolishes the rental unit or the building containing the rental unit; or
takes any step to convert the rental unit, or the building containing the rental unit, to use for a purpose other than residential premises.
These provisions only apply during the period that begins on the date the landlord gave the tenant the notice and ends one year after the former tenant moves out of the unit.
Fines or Remedies
If a landlord is caught breaking the rules, the LTB may order the landlord to pay:
a specified sum to the tenant for all or any portion of any increased rent that the former tenant has incurred or will incur for a one-year period after vacating the rental unit;
reasonable out-of-pocket moving, storage and other like expenses that the former tenant has incurred or will incur;
an order for abatement of rent;
an administrative fine not exceeding the greater of $25,000 and the monetary jurisdiction of the Small Claims Court; or,
any other order that the LTB considers appropriate.
Steps a Landlord Must Take to Move Back Into Their Rental Property
If you and your family truly do need to move back into a rental property – make sure you follow all the correct procedures:
Give proper notice.
Compensate the tenant in an amount equal to one month’s rent or offer another rental unit acceptable to the tenant.
Ensure only you or an allowable family member is moving back in and that the move is being done “in good faith”
With a max fine of up to $25,000, going about it in the wrong way is no slap on the wrist! Full details can be viewed on the Landlord Tenant Board website… and of course, none of this is to be taken as legal advice – just my experience in the wild world of Toronto Real Estate.
Can a Landlord Refuse to Rent to a Person who has a Pet?
Yes! In Ontario, a landlord can refuse to rent to their property a person who has a pet… however, once a lease has started, a Landlord cannot simply evict a tenant for having a pet.
Confused yet? Let me explain:
According to the Landlord and Tenant Board: “A landlord can refuse to rent to a person who has a pet.” They also mention that “A service animal is not considered a pet” and therefore if a tenant with a service animal makes an application to rent, that isn’t grounds for a refusal.
Now here’s where things get tricky…
The board also says: “A tenancy agreement cannot forbid a tenant from having a pet. And once there is a tenancy agreement, a landlord cannot evict the tenant simply for having a pet. This is true even if they agreed that the tenant would not have a pet.”
What this means is that once a lease starts, a landlord cannot evict or prevent a tenant from getting a pet. It also means that any wording in an agreement to lease which prohibits a tenant from having a pet is unenforceable. Even if the tenant hid a pet from you in the application process (ie. lied about having any pets), you still cannot evict them for having one.
HOWEVER… there are certain situations that The Board lists for when a landlord can start the eviction process and they are:
the pet is making too much noise, damaging the unit or causing other tenants to have allergic reactions;
the breed or species is inherently dangerous (e.g. a tenant’s pit bull could be considered “inherently dangerous” even if it hasn’t bitten anyone);
the rules of the condominium corporation does not allow pets like the one tenant has.
The important distinction to make here is that a Landlord cannot evict the tenant just for having a pet, but rather only if a situation similar to the examples above occurs.
Can the Landlord Charge the Tenant a Damage Deposit?
A landlord cannot collect a damage deposit to pay for damage done to the unit. Also, a landlord cannot use the last month’s rent deposit to cover damages in the unit. The rent deposit can only be used for last month’s rent before the tenancy ends.
If the landlord finds that a tenant has damaged the unit or caused damage to the building, the landlord can give the tenant a notice of termination and/or ask them to pay for the damages. If the tenant doesn’t pay, the landlord can apply to have the LTB determine if there are damages and what should be done about them.
Tenants with Pets Summary
Before a lease starts, a landlord can deny a tenants application simply for having a pet (Service animals excluded since they are not considered pets).
A lease cannot contain any language that prevents a tenant from having or getting a pet.
Once a lease is signed, a landlord cannot evict a tenant just for having a pet.
A landlord cannot charge a tenant with a pet any sort of additional deposit for having a pet.
