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For Lease: 1001 Roselawn #319

LEASED

1001 Roselawn #319

Forest Hill Lofts

Price: $2,999

Bedrooms: 2

bathrooms: 2

loft living

Enjoy living in this spacious 1100 sqft Art Deco inspired two-bedroom, two-bathroom Forest Hill Loft with its own private 375 sqft rooftop terrace, and the recreational Beltline Trail and public transit at your doorstep. A genuine open-concept hard loft, it features 13ft ceilings, fluted columns, exposed ductwork, ample mezzanine storage space, and 10ft windows spanning the entire width.  Unique features include an electric fireplace, engineered hardwood floors, and custom bookshelves with built-in tv. Rent includes private parking spot, locker, private terrace, and all hydro, heat, A/C and water usage. 

Contact Us

book a time to view the property!

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Covid-19

Are AirBnBs Allowed to Operate in Toronto During Covid-19?

Ontario bans short-term rentals during Covid-19

UPDATE: On June 5th, 2020, the government has lifted its ban on short-term rentals. Read the latest here!

On April 4th, 2020, the Province of Ontario passed the Emergency Management and Civil Protection Act. In an effort to prevent non-essential travel during Covid 19 – the Act calls for a temporary halt on short-term rentals, like Airbnb, from operating in the City of Toronto and the Province of Ontario.  

According to the Emergency Management and Civil Protection Act: 

(1) Every person who provides short term rentals in rental accommodations shall ensure that any rentals booked after April 4, 2020 are only provided to individuals who are in need of housing during the emergency period.
(2) Subsection (1) does not apply in respect of hotels, motels and student residences.

Fines for operating an AirBnB during Covid-19

The government stated that short-term rentals can be offered to individuals who are in need of housing during the emergency period – however, it should also be noted that those caught operating in violation of the Act could face fines of up to $100,000 for individuals and $10,000,000 for corporations.

What should airbnb hosts do with their rental during Covid-19?

As we continue to practice social distancing and limit non-essential travel, we see the demand for short-term rentals declining in the months and possibly years ahead.  It may be an opportune time to consider offering your rental as a longer-term option (ie. a year or longer) or by selling.

AirBnB hosts are also being encouraged to offer their listings to healthcare staff and first responders so they can be close to their patients—and safely distanced from their own families. You can enroll your listing directly through AirBnB to help those on the frontline directly!

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New Condo Developments

What Are they Building at 529-543 Marlee Ave? 819 Glencairn Ave.

More changes are coming to Marlee Ave! An application has been submitted by KFA Architects and Planners on behalf of 809726 Ontario Ltd to build a 9 storey, residential condo on the corner of Marlee and Glencairn.

Where Will the Condo be Built?

The lot is located on the North East corner of Marlee and Glencairn. The application was submitted to re-develop the addresses known as 529, 537, 539, 541 and 543 Marlee Avenue as well as 811 and 813 Glencairn Ave. For application purposes, the building is referred to 819 Glencarin Ave – but that name may change as the approval process progresses.
 

What is Currently on Site?

The lot is occupied by a three strorey mixed use building with commercial uses at grade and walk-up apartments above. 
Sidenote: we know this corner very well, as we’ve had many dinners at Li Cheng’s!

How Many Units Will be Built?

The current application calls for 84 residential units with retail at grade. The retail space can be divided into a variety of options, from 1 large unit to 6 smaller ones.

What Type of Layouts Will 819 Glencarin Ave Have?

The current proposal is calling for:
28 one bedroom units
24 one bedroom and den units
28 two bedroom units
2 two bedroom and den units
2 three bedroom units

What Will The Project Look Like?

What Amenities Will the Building Have?

Plans are calling for a gym and party room along with a shared outdoor balcony.

Will the Condo have Parking?

Three levels of underground parking will be included in the design, along with 79 parking space with two spaces for commercial use and eight for visitors. They will also have bicycle parking off of the main level.

When Will 819 Glencairn Ave Be Built?

Plans were submitted to the city in September 2017 and the first community consultation meeting was in January 2018.  There was a lot of community push back and a many changes suggested to the overall project.  As more info is known, we’ll update the blog!

Our Thoughts on the Project

Marlee Ave is ripe for development – it has the vibe, feel and potential to become “The Ossington” of midtown! This application is the second of the year for the strip (first being a series of stacked townhomes at Wenderly Ave), and atleast to us, a welcomed addition to the area.  

In January 2018, we attended the community consultation and unfortunately many in the room didn’t share the same enthusiasm for the project as we did!  There was a small handful of the usuals who flat out wanted no changes whatsoever.  BUT there was also a larger group that were open to redevelopment, so long the height was brought down.  

Personally, we think 9 storeys is perfect for the area! A short walk south on Marlee is where you’ll find several condos, built in the 70’s, with heights of over 20 storeys tall. We also like the use of red brick for the exterior, helps set it apart from yet another boring glass building.  

From the sounds of it, it looks like the architects will be going back to the drawing board to makes changes to the proposal. Be sure to check back as we’ll be providing updates as more is known!

Categories
Advice For Buyers Video Blog

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

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