Toronto Condo and Real Estate Blog

From The Condo Guide

Brownstones on Wallace, an amazing development by Montevallo Developments, celebrated its grand opening recently, and to no one’s surprise, it was a huge success!

Brownstones on Wallace, located at Wallace, just west of Symington, a few blocks north of Bloor, boasts great features in a charming residential neighbourhood setting. An intimate new collection of smart towns, it is located in an up-and-coming Toronto neighbourhood just minutes from trendy Bloor West Village.

Brownstones on Wallace is designed to complement the dynamic lifestyle of today’s intelligent cosmopolitan. The homes are designed for outdoor relaxation and indoor comfort. Each home offers a patio or roof deck, perfect for barbecues at dusk and leisure moments unwinding in the sun. Efficient space planning and brilliant design touches distinguish these homes as remarkably adaptable and sophisticated places to live. An impeccable canvas, Brownstones features timeless architectural details ideal for accommodating diverse interior visions with elegance and sophistication. In terms of dollar per square foot, these spacious homes represent a great real estate buy in Toronto – making them both a savvy purchase and a wise investment. Three-bedroom, all-brick townhomes start from the mid-$250’s, and include six appliances.

Brownstones on Wallace is located in the heart of it all, surrounded by eclectic shops, charming restaurants, a proposed major Hollywood film studio and luscious parks. Working downtown is a breeze with the Dundas subway and GO station just minutes away.

High Park, a Toronto landmark, is a year-round playground just a short walk from Brownstones. Here, residents find an inviting setting for all kinds of outdoor pursuits. Residents of Brownstones on Wallace will enjoy all the benefits of living in an established neighbourhood: schools, parks, entertainment, a proposed bicycle trail and parkette, and playgrounds are all within walking distance of the Brownstones.

Interiors are dressed to impress, with features including hardwood flooring; Berber or 35-oz. carpeting in bedroom areas and stairs; ceramic flooring in the foyer, kitchen, bathroom and hallway; oak railings and pickets in natural finish; designer-selected hardware; colonial baseboard trim; and designer co-ordinated interior finishing packages.

Chefs rejoice! From top to bottom, the kitchens at Brownstones on Wallace are made especially for you. Choose from a variety of granite countertops, cabinetry and ceramic backsplash to customize your dream kitchen. Sleek stainless steel appliances include an oven with cooking range, a frost-free refrigerator, a dishwasher and a microwave with an integrated range hood fan. For preparing meals and for clean-up afterwards, a double stainless steel sink and single-lever faucet with vegetable sprayer makes each task a breeze.

Whether you’re getting ready for the busy day ahead, or want a place to wind down, your bathroom and ensuite is outfitted with the features to help you achieve your goals. Bathrooms feature full-height ceramic tile surround on the wall around the tub or shower stall, and decorative lighting fixtures add a chic touch. When you’re taking a shower, the single-lever pressure-balanced control installed in each shower head balances water flow and maintains consistent water temperature. Add the finishing touches to your ‘do with help from the framed mirror above the vanity counter.

Brownstones on Wallace helps you keep your energy consumption to a minimum. Features such as water-saver shower heads; homes that are insulated to meet or exceed Ontario Building Code; thermally insulated, energy-efficient, double-glazed windows; energy-efficient gas-fired combo system with condenser to provide heating/air conditioning with individual thermostat and fan control; and individual metering for gas and electricity will save you money and help protect the environment.

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.

————————————————————————————————————

Contact the Jeffrey Team for more information - 416-388-1960

By Bob Finnigan,The Condo Guide

I have to be honest and tell you that I cringed when I saw the Toronto Star’s article about the investors lining up overnight to get first crack at purchasing a suite in a waterfront condo project. I would always prefer to see a long line-up of first-time buyers taking advantage of a great market opportunity, which is exactly what was quietly happening at the same time at a different development of affordable townhomes in Mississauga.

What concerned me about the lakefront condo example was the impression that some readers might have been left with – that the housing market has been taken over by investors, which is simply not the case, even at the project in question.

That said, investors always have and always will play a role in the Toronto real estate market, and it’s not a bad thing, within reason. Without investors, the rental housing supply in the GTA would be much lower, and rents would be much higher. Investor condos, many held by regular, hard-working individual owners, represent a solid 25% share of the rental housing supply.

According to condo market analyst Jeanhy Shim, the expansion in total annual condo sales over the past three years has come from increased activity in the 905 areas together with condo projects appearing in new locations and neighbourhoods within the 416 area code.

Shim says investor activity has increased of late, but she believes it has more to do with the launch of several high-profile projects that are attractive to investors based largely on their location than any dramatic change in the market. As for line-ups, Shim says they are “nothing new, we’ve been seeing them for years.”

Shim points out that in recent years, some Toronto brokers have actively been going overseas to Singapore, the UK, Korea and India to promote Toronto condos as a great long-term investment because prices are so affordable compared to other international cities.

“These are not the stereotypical 1980’s style investors. Most are still looking at the long-term hold, and it makes sense because condo rents have bounced back and the condo vacancy rate (in contrast to purpose-built rental vacancies) remains at record-low levels (below one per cent),” she says.

Shim says the latest census data on population demographics statistically shows why we’ve been experiencing a condo boom. And interestingly, these stats suggest that the boom will continue for several more years to come, particularly as the baby boomer generation really starts to enter the 55-plus age. “So, the demand for condos is still likely to be driven by real buyers whose housing needs are changing,” she asserts.

I agree with Shim, and I think it’s a good explanation for the 28% increase in condo sales in June, as reported by RealNet Canada Inc. The same RealNet report reveals that high-rise condo sales are up 7% in the first six months of this year, yet the condo price index is up just 1.7%, from $314,370 last June to $319,698 this June.

So while investors are certainly a real factor in the Toronto condo market and are helping to drive the sales, they are not driving prices up dramatically or impacting affordability in a big way. And, that’s a good thing.

A healthy, sustainable housing market is good for us all, and that’s what our Toronto condos market is.

The Building Industry and Land Development Association (BILD), formally known as the Greater Toronto Home Builders’ Association and Urban Development Institute (GTHBA-UDI), is the voice of the residential land development, home building and professional renovation industry in the Greater Toronto Area. For more information, visit www.bildgta.ca.

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 condos across the greater Toronto area.

————————————————————————————————————

Contact the Jeffrey Team for more information - 416-388-1960

From The Condo Guide

Ontario New Home Warranties Plan Act (ONHWPA) now administered under the Tarion Warranty Corporation

How does it work? Every builder must, by law, be registered. Check registration numbers and ONHWPA rating. Each home is enrolled after a permit is issued. In a condo situation, both the common elements and the individual units have separate registrations. Make sure all of these are in place before closing. Many homebuyers want to know how much they are covered for under the warranty program. ONHWPA only insures your deposit up to $20,000 plus accrued interest. But, under the Condominium Act (CA), provided the money is paid to the builder’s lawyers in trust, all of your deposit is protected. Your condominium is covered by Tarion from the date you take possession and have completed your Certificate of Completion and Possession (CCP). The common elements are covered only after registration of the Declaration and Description.

Deposits

Most Builders put the name of their lawyer in the Agreement of Purchase and Sale. This makes sense. It lets you know where your money is going, and that it is protected. But this is not always the case! I recently reviewed an Agreement of Purchase and Sale that had no provision for a third party escrow of funds. I believe this is sloppy drafting by the Vendor’s lawyers, and it sure would scare me if I was a Purchaser – particularly if I was giving a deposit in excess of $20,000. Pursuant to sec. 81(1) of the CA, if the deposit is placed with the vendor’s solicitor, it is protected.

Furthermore, a major question is – what about interest? On all condos purchased under the provisions of the CA, interest is payable according to sec. 82(3) from the date it is paid until the unit is available for occupancy. The rate is the government-proscribed rate, which is two per cent below the Bank of Canada rate, which is used for short-term advances to members of the Canadian Payments Association adjusted semi-annually on March 31 and September 30 of each year.

The 10 day “cooling off” period

Sec. 73(2) of the CA now says that you may rescind the Agreement provided you give notice within 10 days of the letter of receipt of the Disclosure statement and the date you receive a copy of the Agreement of Purchase and Sale signed by the Builder.

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.

————————————————————————————————————

Contact the Jeffrey Team for more information - 416-388-1960