Rarely available, home for lease in the Casa Loma community! This freshly painted, four bedroom house measures in at over 2000 sq.ft. on the main floor and an additional 700 + sq.ft. below.
The well equipped kitchen includes and gas stove top, ample counter space, and stainless steel appliances. Create memories of your own in the separate family room or relax in the professionally landscaped backyard and enjoy the privacy of a fenced in yard.
Also included in the monthly rent: Stainless Steel Fridge, Gas Range and Hood, Oven, Dishwasher, Clothes Washer and Dryer, Gas Fireplace. All utilities to be metered separatly and the responsiblity of the tenant to pay.
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.
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
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.
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.
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:
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!
The Ontario Government is introducing a new standard lease for all residential rental agreements in Ontario! All residential leases signed on or after April 20th, 2018 will have to be written on the new forms and this will include all single and semi-detached houses, apartment buildings, rented condominiums and secondary suites (such as basement apartments).
Where Can I Download a Copy of the New Lease Agreements?
Why is the Government Introducing the New Standard Lease Agreement?
As part of the Ontario governments Fair Housing Strategy – they promised to overhaul the process and create a standardized lease agreement. The purpose of the change is to make the wording of residential leases consistent across the province. For years, many agreements have included clauses and conditions that are not allowed in a lease as per the Residential Tenancies Act.
How Has The Wording Changed in the New Lease Agreements?
The new agreements are written in a easy to understand language and go further in-depth than the current lease docs being used. It also outlines the rights and responsibilities of both tenants and landlords, and explains what can (and cannot) be included in a lease.
You may have been using the same lease for years, not knowing that the clauses and conditions in it were not allowed. For example, the new agreement states that a landlord can only ask for a deposit equal to 1 month of rent. Many (us included), have made it standard practice to ask for First and Last month as a deposit. Another example is in regards to the NSF charge a landlord can ask for when a cheque bounces. We’ve seen leases that require a $50-200 fee – a sum that is way over the $20 allowed by The Act. The new agreements very clearly state that no more than $20 can be charged as a fee for Non Sufficient Funds.
Although these items may seem like a change – remember, these were the rules all a long – they weren’t very well enforced or made clear in past contracts.
Is This Going to Change Rental Values
It’s unlikely to have much of an impact (up or down) on values. This is more a change of process as opposed to a change of policy.
Are There Exceptions to Those who use the New Lease Agreements?
The standard lease form does not apply to most social and supportive housing, retirement and nursing homes, mobile home parks and land lease communities, or commercial properties. The government will develop separate standard leases to address these other types of residential tenancies.
Can I Still Add My Own Clauses to the New Standard Leases?
The 15th Clause of the new agreement states that a landlord and tenant can agree to additional terms provided the term are written in plain language and clear set out what the landlord or tenant must or must not do to comply with the term. If a term conflicts with the Residential Tenancies Act, 2006 or any other terms set out in the lease, the term is void and cannot be enforced.
