Toronto Condo and Real Estate Blog

Preview opening Thursday September 18 - only registered guests will be allowed to attend. Contact us via email at laurin@jeffreyteam.com or phone 416-388-1960 to book your spot.

Neilas Inc.’s new condominium project in Leslieville is designed to foster a close-knit community, according to the builder.

Dubbed Stage East because of its location just east of the film district, the building will be set on a deep and narrow site on Queen Street East at Leslie Street, within an up-and-coming section of the city.

“It’s just at the east end of what would be considered the ‘hot’ area,” lead architect Richard Witt of Raw Design says of the development, which will open for sales on May 16.

“This is the first [development] which will be going in on that strip, so it’s going to stand out just because it’s a new building,” he adds.

The building will consist of two four-storey towers linked by an interior courtyard and glazed corridors leading to a freestanding elevator. There will be 24 units between the towers.

“The way that we’ve arranged the building around this courtyard — with these glazed links — no one’s going to be a stranger in the building,” Mr. Witt says.

“Everyone is going to see you walking through the corridors and know who everyone is. It’s a real community that we’re trying to make here.”

A green roof will be put on top of the mezzanine, while the courtyard and balconies will have landscaped dividers. Operable windows will be installed, and the south side of the building will have large overhangs.

Bike storage space will be provided, and residents will have access to a vehicle through an auto-sharing operation.

“The Queen Street streetcar is right there and there’s access to bike paths along the lake not very far away,” Mr. Witt adds.

The building will have retail shops fronting on Queen, and residents will be within walking distance of parks with sports facilities.

Suite sizes range from 530 to 863 square feet in one-bedroom, one-bedroom-plus-den or two-bedroom plans.

Interiors will include walls of windows; high-end, contemporary finishes; and private terraces averaging 250 square feet.

“In all our projects, we try to provide as much outdoor space as possible,” Mr. Witt explains.

“There’s something really nice about being in the city, but also being outside in your own space.”

The largest model will have 863 square feet of living space on two levels, with two bedrooms and a den, a balcony and a 350-square-foot wraparound terrace on the roof.

“All the top [floor] units… have absolutely fantastic sunrooms up at the top that have wraparound terraces,” Mr. Witt says. “They’re sensational units.”

Parking and lockers will be available for an extra cost, and maintenance fees have not been set yet.

Occupancy is slated for fall, 2009.

Preview opening Thursday September 18 - only registered guests will be allowed to attend. Contact us via email at laurin@jeffreyteam.com or phone 416-388-1960 to book your spot.

—————————————————————————————————————

Also, Monarch is offering 2% off suites at both Nautilus and Quay West. Discount applies to the condo, parking and locker! It is a limited time offer (they aren’t even telling us how long it will run) so if either of these projects interests you, contact us today via email at laurin@jeffreyteam.com or phone 416-388-1960.

—————————————————————————————————————

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

GTA Resale Housing Remains Stable in August

The Greater Toronto Area real estate market remained stable throughout the first half of this month, Toronto Real Estate Board President Maureen O’Neill announced today.

“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall real estate market.”

With 3,019 transactions in the Greater Toronto Area during the first half of the month, sales were down 13% compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.

In the City of Toronto, 1,192 transactions were recorded, down 15% from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.

“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11% between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.

In the 905 Region there were 1,827 sales to mid-month, down 12% from the 2,069 transactions that took place in the same period a year ago, and off 10% from the 2,021 sales recorded in the first two weeks of August 2006.

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.

In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.

There are currently 26,128 active listings, up 28% from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.

Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.

In Whitby (E15) transactions increased 12% compared to the same period a year ago as a result of strong detached home sales.

Detached home sales also led Aurora (N06) to a 21% increase in transactions.

Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.

“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.

————————————————————————————————————

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

New Law Requires Real Estate Agents to Collect and Verify ID of Buyers and Sellers

New federal laws and regulations designed to prevent money laundering and anti-terrorist financing went into effect June 23, 2008. Realtors must obtain proof of identity from all parties in any real estate transaction, even if one of the parties is not represented by a real estate agent. Realtors must also track the source of funds received during the course of a real estate transaction, such as the deposit. If the client is a corporation, corporate documentation and the names of the corporation directors must be provided and the corporation must disclose if a third party is involved in the transaction.

“Real estate agents have had legal obligations under the federal government’s push to prevent criminal activity and terrorism since 2001, when Canada’s first comprehensive laws to combat money laundering and terrorist financing were introduced,” says RAHB President, Ann Cosens. “Real estate agents were required to report only suspicious transactions or transactions involving more than $10,000 in cash.”

These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC.

As part of the new rules, Realtors are required to keep all identification and the receipt of funds report on file for at least five years and provide it to FINTRAC. Realtors are also required to complete a report on the receipt of all funds received during a real estate transaction.

Also, under the new FINTRAC regulations, real estate agents dealing with clients they never meet must also verify identification. The broker office involved can do this with a service agreement with an agent or mandatary in the area where the client is located. The agent or mandatary must then meet the client, verify the identification of the client, and provide the information to the broker office handling the real estate transaction.

To comply with the new regulation, real estate agents will need to get more acquainted with their clients.

————————————————————————————————————

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