Toronto Land Transfer Tax Rebates

December 17th, 2007

New Info Regarding Toronto Land Transfer Tax Rebates Provided By City

The City of Toronto has indicated that it has been able to make arrangements that will allow purchasers who are eligible for a full rebate of the Toronto Land Transfer Tax to close their transactions without paying the Toronto Land Transfer Tax upfront (and then receiving a rebate at a later date). The City previously indicated that these arrangements would not be made until the “spring of 2008″, but has now indicated that changes will be made by February 1, 2008, when the Toronto Land Transfer Tax takes effect.

Toronto Land Transfer Tax is not payable on transactions closing before the tax takes effect on February 1, 2008. For transactions closing after the Toronto Land Transfer Tax takes effect on February 1, 2008, the City of Toronto allows for certain rebates, as described below.

Details

According to the City, purchasers who are eligible for a full rebate of the Toronto Land Transfer Tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes the following:

Purchasers who have entered into an Agreement of Purchase and Sale for a property on or before December 31, 2007; and first-time home buyers where the total Toronto Land Transfer Tax is $3,725 or less ($3,725 is the amount of Toronto Land Transfer Tax payable on a home purchased for $400,000).

First-time home buyers with Toronto Land Transfer Tax payable above the maximum rebate amount of $3,725 (those purchasing homes above $400,000) will be required to pay the total Toronto Land Transfer Tax, and then receive the maximum rebate of $3,725 at a later date from the City. Once all changes have been made to Teranet’s collection system, in the spring of 2008, these buyers will only have to pay the balance of the Toronto Land Transfer Tax above $3,725.

More Information

Complete details of the Toronto Land Transfer Tax are available here or by calling the City of Toronto at 416-338-0338.

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

Toronto Loft Profiles - West Village Lofts

December 15th, 2007

Loft living in Forest Hill

If you’ve always wanted to live in a loft but it wasn’t convenient for you to live downtown, your dream has come true. Stafford Homes Ltd. has built a beautiful, three-storey loft project at the corner of Dufferin Street and Hopewell Avenue, just north of Eglinton Avenue on the western edge of prestigious Forest Hill, near the aptly-named Forest Hill Lofts.

It’s easy to enjoy this unique lifestyle in such an incredible location at 550 Hopewell Avenue. Minutes from the Allen Expressway, West Village Lofts offers easy access to Hwy. 401 and the upscale Yorkdale Shopping Centre. Overlooking the Walter Saunders Park and the Greenbelt Trail, West Village Lofts is just a short drive to the city’s downtown core and to the upscale Forest Hill Village. A beautiful Loblaws superstore is at the corner of nearby Bathurst and St. Clair, while just east of that is Sir Winston Churchill Park and running track and the historical Casa Loma.

Transportation is simple with easy access to TTC and the Eglinton West subway station. The lofts, however, include parking so there’s no need to worry about where to leave your car during the day or overnight.

West Village Lofts is a boutique soft loft building contains 29 unique residences, all with an array of quality features and finishes. The beautiful exterior is done in an architectural stucco finish and has new double glazed oversized commercial grade windows to allow plenty of natural light into each suite.

Some of the West Village Lofts suites have a private, oversized balcony or terrace making it the ideal place to sit and enjoy a cool drink on a hot summer night. While some of the lofts boast individual entrances, the other suites are accessed through a contemporary designer lobby. A designer interior elevator cab lifts you from the lobby to the second and third floors so there’s no need to worry about climbing the stairs when you’re not up for the exercise.

However, you won’t mind climbing the stairs to get to your designer loft. Soaring 12-foot ceilings greet you when you walk in the door, making you immediately aware of the bright, open spaces and the sleek designs. The exposed steel beams give the suite a true lofty feeling, as do the exposed circular ductwork at the ceiling and the polished concrete flooring with metal flakes. Each loft is pre-wired for cable television and a rooftop satellite dish, telephone and Internet, making access to the outside world easy, and convenient.

West Village Lofts have gourmet kitchens that feature granite countertops and contemporary European-styled steamlined cabinets with frosted glass upper cabinet doors. The 40-inch upper cabinets allow for plenty of storage space. Elongated tubular brushed chrome door and drawer pulls bring out the stainless steel appliances: a top-mount, frost-free refrigerator/freezer; a built-in, multi-cycle dishwasher; a smooth-top free-standing range; a combination microwave and range hood; and a sophisticated wine cooler. The open-concept kitchens with free-standing islands as per plan also come with a glass tile backsplash and four halogen pot lights over the main counter.

Bathrooms are equally luxurious, with marble or granite vanity tops and contemporary streamlined high-gloss lacquered vanity cabinets. A unique, free-standing acrylic claw foot tub with a Victorian faucet gives the bathroom elegance and charm. A separate shower with a frameless tempered glass door is surrounded by ceramic tile.

Your loft also has the added convenience of a stacked white washer and dryer, hidden away in a convenient closet or storage area. You’ll also appreciate the security of the building - a card-accessed security system with an enterphone with in-suite monitoring capabilities. The monthly maintenance fees are approximately 34 cents per square foot, including building maintenance and water.

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

1930s Theatre Has New Role As Lofts

December 9th, 2007

By Dave Leblanc

Ever since being given John Sebert’s The Nabes: Toronto’s Wonderful Neighbourhood Movie Houses (Mosaic Press, 2001) for Christmas a few years ago, I’ve been on the lookout for survivors or thoughtful adaptive reuses of these little gems. They hail from a time when you could walk to everything - places such as the local produce market, shoe repair shop, and theatres where you could enjoy the small luxury of a movie.

It’s a game my wife and I play: If we see a convenience store or a laundromat that looks as if it might have had, shall we say, a grander past, we go home and consult the book to check if we’re right.

Recently, I was driving along Kingston Road west of Victoria Park when I spotted what most will remember as a pool hall, but in its former life had been a rather large, 700-seat movie theatre called the Scarboro, built in 1936 as part of the B&F theatre chain.

When I took a closer look, I noticed that the building was being converted to lofts but, based on the conceptual drawings on the boarding, would still keep its original art deco facade.

Streamline moderne is a later, stripped-down version of 1920s and ’30s art deco that favoured simple horizontal banding over ornate decoration. Buildings done in this style are few and far between in Toronto, since modernism eclipsed the emerging style in the 1940s before it could pick up much steam. Which is to say that when one is being lovingly restored and will soon be a place folks can call home, it’s a cause for celebration.

Behind this thoughtful reuse of the Scarboro is former chartered accountant turned real estate developer Les Mallins and his company, Streetcar Developments Inc. Quite different from your average developer, Streetcar was formed in the early 2000s when the now 33-year-old Mr. Mallins spotted a century-old building for sale in his neighbourhood of Queen Street East near Woodbine Avenue.

He was, in his own words, “just begging for something to lead me in a new direction,” so he purchased the building with the intention of transforming what turned out to be a former bowling alley into a retail space. However, he soon “came to [his] senses,” he jokes, because “as little as I knew about construction and development at the time, I knew even less about retail.”

So, deciding to explore a loft conversion, he walked across the street from his house to introduce himself to neighbour Bill Hurst, an architect who also happened to have his practice located a few doors down from Mr. Mallin’s new purchase.

“He asked me to hold on a moment, he went inside and brought out some concepts that he had been working on because he was thinking the exact same thing for the building!”

That’s when Streetcar Developments was born (as well as the Academy Lane Lofts), and each project since that first success has been similar: smaller, infill-type projects in older parts of the city that the streetcar still services. “We’re not interested in the suburbs,” Mr. Mallins says matter-of-factly.

Interestingly, the branding for each building - the bowling alley, a former vinegar factory (Queen City Vinegar Co. Lofts) and a couple of new buildings - not only reflects the individual character of each but seems to be a smooth fit in their respective neighbourhoods.

“I think that when you’re doing infill projects . . . you need to understand what it means to be entering someone else’s neighbourhood,” he explains. “I think the mentality that works very well for large real estate development companies or high-rise builders is not going to work in this kind of environment.”

But infill development is not without its unique challenges, especially when dealing with purpose-built buildings. During excavation for a parking garage at the Modern Beach Lofts at 952 Kingston Rd., the team found the original, sloped, eight-inch-thick reinforced concrete theatre floor, but, because of the tight site, they couldn’t bring in heavy equipment.

“We’ve got four of our labourers going at it with jackhammers and it was just so time-consuming - never mind expensive- it was really time-consuming and unforeseen,” he laughs.

So far, the prognosis for 952 Kingston, which the company purchased in 2004, looks pretty good. Set back from the movie theatre’s two-storey facade will be a new three-storey addition by architect Charles Gane of Core Architects that takes its design cues from the original.

“He took pictures of other streamline moderne buildings and we came up with the concept of the rounded facade with the clean lines that go all the way around the building,” Mr. Mallins says.

“There was quite a bit of thought put into trying to both match the old to the new but even within the new, bring streamline elements into it.”

If all goes according to plan, the curtain should rise on this restored beauty by the end of the year.

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