Toronto Real Estate Blog

From The Condo Guide

Designer Mike Niven of Mike Niven Interior Design was on-hand recently at the sales centre for iLoft at Mystic Pointe, showing future residents how to make the most out of colour, texture and tone in their own suites. The free seminar was hosted exclusively for iLoft purchasers and guests who were given a sneak peek at hot upcoming trends in the marketplace.

The event, hosted by developer Camrost-Felcorp, offered the purchasers a chance to ask Niven – one of North America’s most celebrated interior designers – their own decor-related questions, while enjoying refreshments and getting to know their future neighbours.

The seminar will help iLoft residents accentuate a long list of already stunning suite finishes offered in the building, including an exclusive stainless steel “ibar” breakfast island, custom-quality cabinetry, plus five built-in appliances including a stainless steel dishwasher, stainless steel frost-free refrigerator and stainless steel self-cleaning range with ceramic top. Laminate plank flooring in the living and dining rooms, rich ceramics and spa-like bathrooms are just a few of the other highlights.

lofts.jeffreyteam.com/torontosoftlofts/iloft.htm” title=”iloft mystic point lofts” target=”_blank”>iLoft is the newest condominium building at Mystic Pointe – Camrost-Felcorp’s successful 16-acre, master-planned waterfront community in south Etobicoke. Just 10 minutes from downtown, iLoft is handy to the Gardiner Expressway, the Mimico GO station and the TTC. It also offers easy access to numerous parks, including Humber Bay Park, as well as a 24-hour Sobeys, Ikea, Sherway Gardens, schools, libraries and the spectacular Humber Bay Shores waterfront for biking, picnicking or a leisurely stroll.

Buyers will also enjoy 24-hour concierge service, as well as a range of on-site amenities located in the 14,000-sq.-ft. Camrost Sports and Entertainment Centre, which features a landscaped sky-garden set atop a four-storey podium. There will be an outdoor swimming pool with a whirlpool and sundeck, a barbeque area, an indoor whirlpool, a well-equipped exercise lounge, an aerobics studio, and two squash courts with a spectator gallery. For entertaining, residents will also have use of a party room, a private dining room, billiard and card rooms, a library, and a screening room with theatre-style seating, a large-screen projection system and a DVD player. There is also a business centre, cedar saunas and spa studios.

iLoft’s two-storey lofts range in size from 720 to 1,080 sq. ft. and are priced from $221,900 to $355,900. The flats come in one-bedroom, one-bedroom plus den, two-bedroom and two-bedroom plus den layouts from 620 to 875 sq. ft., priced from $191,900 to $306,400.

The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.

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Grassy roof to help cool building and provide relaxation area for residents

Excerpt from an article by Valerie Hauch – Toronto Star

A condominium to be built at the juncture of Adelaide St. E. and Frederick St. has been designed to Rezen-ate with those who want to live downtown and live green.

The 13-storey Times Group Corp. building called Rezen will have a green roof with grasses to reduce cooling costs and a number of eco-friendly features in the suites.

The roof will also include an area for residents to relax on lounge chairs or cabana beds or use the barbecue station.

Residents will have a few minutes’ walk to the St. Lawrence Market, subway and Yonge St. and the historic Distillery District and entertainment districts are close by.

Maintenance fees will be 42 cents a square foot, kept low because there will be no expensive recreational facilities like swimming pools to maintain. However, the main floor will include an aerobics-yoga studio that opens onto an outdoor patio.

Sizes of suites range from a one-bedroom, 549-square-foot unit priced at $198,900, to a three-bedroom-with-den 1,284-square-foot-unit priced at $453,900. It’s also possible to combine units up to 1,781 square feet.

A storage locker is extra at $3,500 and buyers of units that are 717 square feet or larger can purchase a parking spot at $25,000.Expected first occupancy for Rezen is Dec. 15, 2007.

Read the full article

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Neighbours back Options for Homes’ condo towers proposal after learning the costly extras would be eliminated

Excerpt from an article by Shelly Sanders Greer – Toronto Star

It’s not uncommon for concerned residents to pack a Committee of Adjustment meeting when a builder plans a couple of 23-storey condominium towers for their neighbourhood – especially when the developer needs approval from the city for several variances to make the project work.

But it’s an extreme rarity when the builder has the residents’ full support. In fact, you might call this a case of YIMBY – yes, in my backyard.

Such was the situation this fall involving The Village at High Park, a proposal to house 600 people in affordable and environmentally friendly buildings near Keele and Dundas Sts. Nobody opposed the variations, and the 30 residents present told city officials they support the extra height and density requests.

Businesses have come and gone, and some buildings that once contained thriving stores and restaurants have been left empty. One that became a derelict eyesore was an old Canadian Tire building at 417 Keele St., a half block north of Dundas. A couple of years ago, The Nexxt Corporation came in, bought the Canadian Tire land, and had plans to build a large, upscale condo on the site.

Eventually, in response to community opposition, Nexxt dropped its plan. But Nexxt contacted another developer, Options for Homes, which has a history of developing affordable condos on less-desirable land, and creating strong communities. The Distillery District in east downtown got its start with an Options project – 70 Mill St.Clark was one of the opponents, but when she heard the developer was Options for Homes, which eliminates costly extras and sells condo suites at cost, she quickly became a proponent.

“I read an article about Options for Homes in the Star and I had been to the Distillery District, so I got quite excited,” she says. “They organized a neighbourhood meeting, wanted to discuss the impact and concerns, and asked us how a development could be done to address concerns.”

“Going from a traditional condo to an Options condo, plus the design changes, got rid of all the opposition,” says Pino Di Mascio, a planner and partner at Urban Strategies, which worked with The Nexxt Corporation as well. “Residents thought the building was too tall and worried about what 600 extra people would do to a neighbourhood. But Mike had endless meetings and was open to concerns so that… people were comfortable with this project.”"Our approach takes $100 a square foot off the price,” Labbé says. “It will cost $98,000 for a small, 400-square-foot bachelor unit. The most common size will be the one-bedroom-plus-dens at 630 to 645 square feet. They will be priced in the $147,000-$155,000 range. The largest suite, at 970 square feet, is $212,000, 15% lower than market value.”

Parking spots cost an extra $15,000, but Labbé hopes that many of the new residents will consider the car-sharing plan, especially since the building will have only enough spots for 70% of the residents.”This is not a matter of choice, but an opportunity given,” he explains. “There will be 20 to 25 smart cars and vans available. A computer system will register who has a car and for how long, and residents with driving licences and the proper insurance will be able to book a car through the Internet or by phone.”

Construction is slated to begin in July 2007, with summer 2008 occupancy, if all goes as planned.

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An intimate luxury condo in Forest Hill provides purchasers with the freedom to personalize suite layouts and room sizes

Excerpt from an article by Tracy Hanes – Toronto Star

The 10-storey glass tower of One12 St. Clair, a former insurance company office, is surrounded by limestone landscaping and designed by Page + Steele Architects.

The 20 condo suites are large, in two- and three-bedroom layouts ranging from 1,726 to 2,531 square feet. Prices start at $1 million, and for $3.4 million, buyers can choose a two-storey, 4,000-square-foot penthouse on the ninth and 10th floors.

“This is an exclusive neighbourhood that begs for this type of this product,” says Stan Grossman, vice-president of One12 St. Clair Ave. West Holdings Inc., the development company. “We’ve identified a niche in the marketplace and provided an option for large condos.”

Main rooms will have 10-foot coffered ceilings and cornice mouldings, while the kitchens provide granite or marble countertops, European cabinetry, premium appliances and choice of hardwood or porcelain tile floors.

The condo building’s lobby has a stone floor with marble detailing, exotic wood walls, leather finishes and an amber-and-butter colour scheme.

Additional shopping is nearby at Bloor St. and the Yorkville neighbourhood, while downtown cultural amenities such as theatre and concert venues are easily accessible.

The project was originally called St. Clair on the Avenue, but the name was changed to avoid confusion with another development in the area.

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By Bob Aaron

Looking back on 2006, there can be no doubt that the real estate story of the year was title fraud. No other issue in this field seemed to fascinate and horrify the public as the victims’ plight.

It was bad enough that organized criminals had begun to steal the titles of innocent homeowners in increasing numbers, but the problem became much worse with an unfortunate decision of the Ontario Court of Appeal in late 2005.

In the case of Household Realty v. Chan and Liu, the appeal court ruled that a fraudulently signed mortgage was valid and enforceable against an innocent homeowner in a case where a wife signed her husband’s name using a forged power of attorney.

That decision turned 100 years of legal precedent upside down, and paved the way for the nightmares faced by innocent victims of title fraud in 2006. Based on the Household decision, Susan Lawrence, Paul Reviczky, Elizabeth Shepherd, Tisha Vo and others faced eviction from their homes when they discovered that fraudsters had stolen their identity and their titles, and sold the homes to innocent buyers.

The mortgages those buyers gave to their banks were valid against the defrauded owners, and the lenders were beginning eviction proceedings.

After a series of front-page articles on title fraud appeared in the Toronto Star and a private member’s bill was introduced in the Ontario legislature by MPP Joe Tascona, Government Services Minister Gerry Phillips was prodded into introducing Bill 152 in October. The legislation was designed to reverse the court ruling in the Household case, but only for future cases.

Sailing through the legislature and committee hearings in just two months, the Consumer Protection and Service Modernization Act, 2006 received third reading on Dec. 12 and Royal Assent on Dec. 20.

The new law ensures that ownership of a property cannot be lost as the result of the registration of a falsified mortgage, fraudulent sale or a counterfeit power of attorney. It also implements a streamlined and expedited Land Titles Assurance Fund process for victims of fraud so that registered title will be restored to them and a decision on compensation will be made within 90 days, instead of the two to three years that fund decisions required in the past.

The government plans to hear applications to the fund within 60 days of a claim being submitted, and make a decision on payment within 30 days after that.

Although the law is not retroactive, the government has also indicated that it will speed up the compensation process for victims whose claims were in progress before Bill 152 was introduced in October.

Existing fines for real estate fraud have been raised from $1,000 to $50,000, and access to the electronic land registration system by lawyers and others can now be suspended without notice in the case of suspected fraudulent activities.

Under the new law, banks and other lenders who do not exercise the “requisite due diligence” in registering mortgages are no longer eligible to make claims against the assurance fund. Also, title insurers who insure mortgage lenders and homeowners against fraud are now prohibited from making claims against the fund after they have made payouts to their insured.

The result of these two new prohibitions may be greater investigation of borrowers by banks, a possible end to mortgage arranging over the Internet without the applicant meeting a live person, and the possibility of higher title insurance premiums as the insurers can no longer recover their losses from the public purse.

Before, the Land Titles Assurance Fund was a fund of last resort. Under the new law, there is no longer any requirement that a victim must be unable to recover compensation through other means – such as suing the fraudster – in order to be entitled to compensation from the Assurance Fund.

Although not part of the official announcement at the time of Royal Assent, it is believed that the rules governing registration of a power of attorney may soon be tightened. It is possible that a requirement will be introduced so that a power of attorney can only be used if a lawyer certifies that all procedural formalities have been followed and that the person giving the power is the one who actually signed the document.

Another possible change to the land registration system would be to restrict the registration of deeds and land transfers to lawyers only.

In his presentation to the Standing Committee on Social Policy, Law Society CEO Malcolm Heins stated, “When it comes to effecting (property) transfers, those should only be done by a government employee or a lawyer, someone whom the Law Society regulates. When it comes to putting mortgages on properties, it would be our view that those should only be registered by lawyers, a government official or a licensed financial institution.”

Following passage of the legislation, Government Services Minister Gerry Phillips said, “Bill 152 guarantees further strong protections against real estate fraud so no property owners will lose their home as a result of real estate fraud.”

Let’s hope he’s right.

Bob Aaron is a Toronto real estate lawyer. He can be reached by email at bob@aaron.ca, phone 416-364-9366 or fax 416-364-3818. Visit the column archives at www.aaron.ca.