Toronto Loft Conversions

We know classic brick and beam lofts! From warehouses to factories to churches, Laurin and Natalie want to help you find your perfect new loft. More »

Modern Toronto Lofts

Not just converted lofts, we can help you find the latest cool and modern space. There are tons of new urban spaces across the city. More »

Unique Toronto Homes

Not just lofts, we can also help you find that perfect house. From the latest architectural marvel to a piece of Toronto\'s Victorian past, the best and most creative spaces abound. More »

Condos in Toronto

We started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite. More »

Toronto Real Estate

For all of your Toronto real estate needs, contact the Jeffrey Team. Laurin and Natalie are dedicated to helping you find that perfect and unique new home to call your own. More »

 

Tag Archives: credit

Things will be great when you’re downtown

Lauren Ferranti-Ballem, National Post

When complete strangers buy into a condo building, they’re in for a big surprise. It doesn’t take long before they’re going for a swim with one of their neighbours and befriending others at the pub, on the treadmill, or in the shops downstairs. Then it dawns on them: They’ve lucked in to a vibrant neighbourhood — and life is good.

Let the kids have their condos. Let them fill their glittering jewel boxes in the city sky and live the adult life of maintenance fees, maxed credit cards and weekday hangovers. But as we well know, silly readers, condos aren’t just for kids. In fact, their elders, the ones who have flown the empty nest for a smaller, more sensational pad, may just be having more fun.

Valerie Rabold and her husband sold the family home in Markham and decamped for London recently — lofts that is. With their daughter on her way to university, the couple purchased their Esplanade condo four years ago. In the 12 months they’ve lived there, they have made an admirable effort to get a taste for the St. Lawrence Market neighbourhood.

“We don’t eat much at home anymore,” Ms. Rabold says. “There are just too many reasons not to.” Among their favourite spots only steps away, The Hot House Café, The Jersey Giant pub and Jason George, and, in winter, when they’re willing only to dash from the elevator to table, the brand new Keg outpost, Spaghetti Factory, Scotland Yard and Fionn MacCool’s, all in a row right below their building.

With two other couples of foodie friends nearby, the six have made a pact to experiment: dinner at a new restaurant every month from now on. On the rare nights they do stay in, the Rabolds entertain on their large private, flower-studded terrace. Between meals, they enjoy meeting up at the St. Lawrence Market for both groceries and antiques and strolling the grounds of St. James Park a few blocks north. They have tickets to the opera, are members of the Art Gallery of Ontario, and marvel at the steady stream of action that often shuts down the streets: festivals like Woofstock, bike races and the occasional Hollywood production. “There’s never a dull moment,” Ms. Rabold says. “We should have made the move years ago.”

Just west is the site of 300 Front Street, a Tridel development at the foot of the CN Tower. When Niyousha Falaknazi, a 34-year-old banker, moves into her loft in the summer of 2012, she imagines attending all of the consumer shows at the Metro Toronto Convention Centre without having to stress about parking, and spending lots of time eating out, taking nighttime walks along Queen’s Quay and entertaining guests in a private cabana lounge around the building’s rooftop pool. “I want to be close to the lake and where it’s all happening,” she says. “People keep asking me where I will buy my groceries, but for me it’s more important to consider where — which bars and restaurants — I’ll spend my nights.”

Rooftop infinity pools, paparazzi-proof private cabanas, fire pits and outdoor kitchens, bars and showers — this ain’t Miami, it’s the future of amenities for Toronto condo dwellers. Situated as they are in bustling neighbourhoods, developers are nevertheless making a strong case for staying home. Renata Casey, a 28-year-old professional, can’t wait until it’s her turn to host family Thanksgiving — in the party room that spills on to a rooftop terrace 55 storeys high. The term party room may not be apt — it evokes stained carpet and folding chairs and tables. The amenity space at UCondos, Ms. Casey’s future home in the heart of Yorkville, is designed with the clean lines and soft lighting of a modern lounge, and an anything-but-modest skyline backdrop. “I can’t wait to share this view with my guests,” she says. “I almost prefer to stay in with these kinds of amenities.”

As she currently lives in the area, Ms. Casey’s not at a loss when she is forced to go out. She brunches with croissants at Le Pain Quotidien, uses the University of Toronto’s verdant campus for runs, and spends special occasions on One’s wraparound patio.

Shawn Foley, a first-time buyer at Nicholas Residences, just south of Bloor, enthusiastically adds to the list of quintessential Yorkville meeting places. Though his building isn’t slated for occupancy until spring of 2013, as he works in the area, he’s getting a head start, establishing residency on the patio at Hemingway’s, and classics like The Pilot and Roof Lounge at the Park Hyatt.

On the subject of high-end hotels and their swanky amenities, both The King Edward and Ritz-Carlton residences will play up their social spaces, with banquette-filled, oversized lobbies and buzzing bars. In the thick of the black-tie district, hemmed in by Roy Thompson Hall, a handful of theatres and the new film fest headquarters, the Ritz will offer a 21st-floor sky lounge for residents only, while one of Toronto’s oldest and most renowned meeting places, the King Eddy’s Concert Bar, will see a facelift. On the very same day she learned the historical hotel was converting a number of units to permanent residences, Nalina Williams, a self-employed event planner, purchased two condos in the building. “I love the history of the hotel and the area,” Ms. Williams says. “I look forward to entertaining my clients in the famous bar.”

There’s certainly no dearth of social options for residents of the new condos coming to downtown — among other notable mentions: the green space under the Gardiner that’s being prepped as a pedestrian-friendly outdoor vestibule for Panorama, a condo project by Raw Design architects that’s currently being occupied; the cobblestoned streets and niche boutiques leading to Gooderham in the Distillery District; and the deluxe gaming room at Chaz on Charles, sponsored by Sony and equipped with multiple screens, surround sound, wireless and leather articulating chairs that gamers could spend hours in — as if they needed convincing.

————————————————————————————————————–

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

————————————————————————————————————–


Incoming search terms
  • niyousha falaknazi toronto
  • HST will not affect resale homes

    Bill John­ston
    Pres­i­dent of the Toronto Real Estate Board
    Toronto Star Column

    As of July 1st, the new Har­mo­nized Sales Tax (HST) will be in effect and Ontario con­sumers will be hard-pressed to avoid this so called “tax on every­thing”. While that less than flat­ter­ing nick name for the HST may be pretty close to the truth, it’s not com­pletely accu­rate, espe­cially when it comes to real estate, where the HST applies dif­fer­ently depend­ing on the type of real estate, whether it is resale hous­ing, newly con­structed hous­ing, or busi­ness properties.

    Any­one who has ever pur­chased a home or has con­sid­ered pur­chas­ing a home knows that bud­get­ing for taxes is an impor­tant part of deter­min­ing what they can afford. Whether it is the on-going cost of prop­erty taxes, or the upfront cost of land trans­fer taxes, the cost of taxes on hous­ing can add up.

    With that in mind, one of the most impor­tant things to know about the HST is that, for­tu­nately, it will not increase the tax bur­den on the pur­chase price for home­buy­ers who pur­chase resale hous­ing. That’s because resale hous­ing, which was never sub­ject to Provin­cial Sales Tax (PST) or the fed­eral Goods and Ser­vices Tax, will con­tinue to be exempt from both taxes once they are com­bined under the HST.

    The same is not true for newly con­structed homes, which will be hit with addi­tional tax under the HST. Newly con­structed hous­ing has always been sub­ject to the GST, mean­ing thou­sands of dol­lars of tax for home buy­ers choos­ing this option. Now, with the HST, new hous­ing will also be sub­ject to PST, mean­ing thou­sands of dol­lars in added costs for home buy­ers of new housing.

    There is a sil­ver lin­ing for new hous­ing: the provin­cial gov­ern­ment pro­vides a rebate of 75% of the PST on the first $400,000 of a newly con­structed home, or a max­i­mum of $24,000. For exam­ple, some­one pur­chas­ing a new home priced at $500,000 would face $40,000 in addi­tional tax from the provin­cial por­tion of the HST, which would be reduced to $16,000 with the rebate. Obvi­ously, the rebate soft­ens the blow, but an extra $16,000 of tax for a newly con­structed home is noth­ing to laugh at.

    For­tu­nately, home buy­ers choos­ing to pur­chase a resale home don’t have to worry about pay­ing HST on the price of their home. That’s money that they can keep in their pocket, or use to keep their mort­gage costs down.

    There is also encour­ag­ing news when it comes to real estate for busi­nesses. Although the costs of pur­chas­ing or rent­ing a com­mer­cial prop­erty are sub­ject to HST, busi­nesses are allowed to claim tax cred­its to off­set these costs. Even bet­ter, when pur­chas­ing a com­mer­cial prop­erty, the busi­ness can claim the tax cred­its imme­di­ately so that no upfront costs are incurred for the HST, and cash flow is not impacted.

    It won’t be long before the HST is a real­ity in Ontario and taxes on a long list of goods and ser­vices will increase. Although it would be nice if HST didn’t apply to any real estate trans­ac­tions, luck­ily, there is some encour­ag­ing news, espe­cially for home­buy­ers of resale hous­ing, who won’t see the pur­chase price of their home increase due to HST, and busi­nesses buy­ing or rent­ing com­mer­cial prop­er­ties, who will be able to off­set their HST costs.

    ————————————————————————————————————–

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

    ————————————————————————————————————–

    Double-digit gains characterize average price appreciation in most Toronto neighbourhoods in 2010

    Toronto’s housing market roared back to life in the first half of 2010, with single-detached homes and condominium apartments and townhouses posting unprecedented double-digit gains in average price in most districts, according to a report released today by RE/MAX Ontario-Atlantic Canada. This is in stark contrast to the July 2009 RE/MAX report that found that values in approximately 80% of neighbourhoods surveyed in Toronto had depreciated over the same period in 2008.

    RE/MAX examined 63 Toronto Real Estate Board (TREB) districts in the single-detached category between January and June of 2010 and found that 85.7% experienced double-digit gains. Mississauga’s Lorne Park (W13) led in terms of percentage increase in average price with a 30.2% upswing in the first six months of the year, bringing year-to-date values in the area to $880,373 (vs. $676,289 in 2009 and $830,041 in 2008). Markham (N01) ranked second with a 27.7% jump to $779,168 (vs. $610,322 in 2009 and $683,050 in 2008) while Armour Heights, Bathurst Manor (C06) came in a close third at 27.5% (rising to $732,535 from $574,599 in 2009 and $589,808 one year earlier). Mississauga’s Creditview, Erindale area (W16) secured fourth spot with an average price of $561,973 – up 26.5% over 2009′s $444,221 and 2008′s $476,877. Rounding out the top five was York Mills, Hogg’s Hollow, Bridle Path (C12) with a 26.2% increase over last year and an average price of $1,868,591 (vs. $1,480,296 in 2009 and $1,580,851 in 2008).

    “While first-time buyers dominated housing markets during the first half of 2009, move-up buyers ruled during January to June of 2010,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Rising interest rates and the introduction of the Harmonized Sales Tax (HST) in the province helped drive activity, with more than 50,000 sales reported year-to-date – a figure on par with record 2007 levels.”

    As in years past – the exception being 2009 – the second half of the year will be more tempered, with price appreciation moderating somewhat in most neighbourhoods. The one exception to the rule will be the hot pocket areas that continue to experience limited inventory.

    With affordability a growing issue for many in the Toronto market, the city’s vast supply of existing condominium apartments and townhomes offer a financially attractive alternative. Like single-detached homes, however, condominium prices were on the upswing in the first six months of the year in the 59 TREB districts examined – with 61% reporting double-digit increases.

    The Danforth, East York (E03) was the top performing condominium market in terms of price appreciation – with values up 28.2% to $222,421. While the increase is significant compared to the same period in 2009, it’s a more moderate 15% ahead of the $195,019 reported in 2008. Yorkville (C02) secured second spot, with a 22.6% increase in values, bringing average price to $653,745 – a serious uptick over the 2009 level of $553,302 but only a nominal 5.6 increase over 2008′s $619,151. Markham (N01) took third place with an increase of 22.1% to $332,590 over the 2009 figure ($272,316). Bayview Village (C15) – Toronto’s newest condominium corridor – saw a 19.6% increase, with values rising to $331,063. North York (C14) continued to experience upward momentum during the first half of the year, with average price on the Yonge St. line up 19.5% to $363,685, compared to the $304,342 reported during the same period in 2009.

    Overall, single-detached homes in TREB’s North district (north of Steeles Ave.) saw the greatest percentage increase, with year-to-date average price rising 17.5% to $617,723 (compared to $525,635 one year ago). Not surprisingly, condominium apartments and townhomes in the central core experienced the most significant upswing, with average price in TREB’s Central district rising 16.8% to $385,996, up from $330,517 one year ago.

    “Both housing types experienced serious percentage increases year-over-year – yet its important to keep those price hikes in perspective,” says Polzler. “Last year, 80% of those districts experienced a decline in value. The bounce-back – fuelled by unprecedented market conditions including a severe shortage in listing inventory – simply returned average prices to their normal course.”

    ————————————————————————————————————–

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

    ————————————————————————————————————–

    show
     
    close
    You want that dream home? Why you'll have to join the line in this thin housing market http://t.co/IRN3rvwxjE