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Tag Archives: property values

Biggest property tax increases expected in Davenport, Willowdale neighbourhoods

Andrew Livingstone – Toronto Star

Homeowners in the Davenport and Willowdale neighbourhoods will likely end up paying more property tax next year, based on recent assessments.

But they’re also the neighbourhoods with the highest increases in property values.

“Our values are consistent with the trends and patterns in the real estate market,” said Joe Regina, with the Municipal Property Assessment Corp. which assesses properties across the province. “These are generally in high demand (and) it’s outpacing their supply.”

Parkdale-High Park, Trinity-Spadina, Rosedale, Davenport and Willowdale all came in well above the average 22.8-per-cent increase in the value of city homes since 2008.

The assessments, which are done every four years, will be used to calculate property taxes in 2013. To cushion the impact, the increased assessments are phased in over four years, with the average assessment going up 5.5% per year to reach the full amount in 2016.

The key to determining a tax bill is where a property ranks with respect to the average in the municipality. If the increase in assessment has been above average, the homeowner will see a tax increase; if it’s average there will be no change; and if it’s below average, the resident will get a tax decrease.

Homeowners in hot real estate neighbourhoods are at highest risk of seeing their property taxes go up in 2013.

Davenport ranked highest out of Toronto’s 44 wards with an increase of 33.72%. Wards 23 and 24, both in Willowdale, were the next highest with 31.44% and 29.56% increases, respectively.

Property assessments in Trinity-Spadina rose 29.25%, Rosedale jumped 28.73%, and Parkdale-High Park was up 27.03%. Rouge River in Scarborough recorded a 27.41-per-cent jump in assessed value.

Wards in North Etobicoke, Centre Etobicoke and York West were well below the average. Assessed value of York West properties increased 13.98% (Ward 8) and 14.97% (Ward 7). In Etobicoke North they rose 15% (Ward 1) and 16.03% (Ward 2), while Etobicoke Centre wards increased 16.64% (Ward 3) and 17.39% (Ward 4).

Due to the variety of buyers in the market it’s hard to pinpoint what areas will be hot, however neighbourhoods in the vicinity of the subway lines are popular for first-time buyers, said John Pasalis, president of Realosophy Realty.

“These areas are most affordable,” Pasalis said. “Neighbourhoods like the Dovercourt area, they’ll be popular.

An area with houses around $600,000 or close to downtown and near the subway will be in high demand, Pasalis said, adding some areas in the east end, like Leslieville, remain affordable, but he imagines that won’t last long.

The Toronto Real Estate Board home index lists the Junction Triangle/High Park area as having the highest increase in house values measured over five years – not four, like MPAC – at 41.77%.

Pasalis said “blue chip” areas will remain in high demand for second-time buyers and families looking to upgrade and focus on quality schooling.

“Davisville, Riverdale, the Beach, they’re still within reach for most second-time buyers,” he said. Houses in the $750,000 to $850,000 range are still available to dual-income families with kids in those areas, he added.

Sales in condo-centric areas like Liberty Village and City Place will slow in the coming years, Pasalis said.

If the market cools and prices begin to dip, condo owners looking to upgrade to something bigger might be caught in a tough spot, he said.

“Some young condo owners are buying houses first before selling their condos and they end up being in a pinch if it doesn’t sell on time,” he said. “It’s already starting to create challenges for some people, and I think that’s going to continue.

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

Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.

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  • Parkdale

    Park­dale spans from Duf­ferin Street to Ron­ces­valles Avenue. It is bounded by the Lake Shore to the south, and the rail line to the north, all the way up to Bloor Street.

    Once upon a time, Park­dale was one of the most upscale neigh­bour­hoods of Toronto.  The wealth of South Parkdale’s res­i­dents and the qual­ity of its hous­ing stock chal­lenged that of even Rosedale. Many sum­mer homes of wealthy Toron­to­ni­ans were built in here.

    Park­dale became Toronto’s ‘play­ground by the lake’ in 1922, when the Sun­ny­side Amuse­ment Park and Bathing Pavil­ion opened for busi­ness on Parkdale’s beaches. Sun­ny­side Beach was the place to be and be seen for a gen­er­a­tion of Toron­to­ni­ans. It was a lake­side vil­lage, with the mas­sive, Coney Island-esque water­front play­ground at its doors. Com­bined with the more middle-class ori­ented North Park­dale (above Queen), the entire neigh­bour­hood offered pop­u­lar appeal to a broad range of Toronto residents.

    Parkdale Real Estate Map

    Park­dale Real Estate Map

    Of course, Park­dale ‘s his­tory started long before the pres­ence of Sun­ny­side Park in the area. The Vil­lage of Park­dale was estab­lished in 1812 when a great par­cel of land was granted to James Brock, the cousin of Sir Isaac Brock, in lieu of salary. How­ever, the devel­op­ment began only after Brock’s death in 1830, when his widow Lucy Brock sold the lands that became the major part of Park­dale to John Henry Dunn and William Gwynne.

    By the late 1800s, Park­dale has become one of Toronto’s most upscale and desir­able addresses, an elite res­i­den­tial sub­urb. Parkdale’s sta­tus as an inde­pen­dent vil­lage was con­tro­ver­sial at the time; local leg­end has it that gyp­sies were signed up as local res­i­dents in order to pro­vide enough num­bers to qual­ify Park­dale as inde­pen­dent. Park­dale was even­tu­ally annexed into the City of Toronto in 1889.

    Unfor­tu­nately, Parkdale’s promi­nence took a major down­turn in the 1950s with the clo­sure of Sun­ny­side Amuse­ment Park, and the con­struc­tion of the Gar­diner Express­way.  With access to Lake Ontario sev­ered by the Gar­diner, many of Parkdale’s afflu­ent cit­i­zenry departed the com­mu­nity.  Prop­erty val­ues began to decline, and fur­ther plum­meted with the con­struc­tion of var­i­ous low-rent apart­ment build­ings and social hous­ing.  The remain­ing South Park­dale man­sions fell largely into dis­re­pair, as they increas­ingly became divided into room­ing houses and bach­e­lor apart­ments through the 1970s.

    Parkdale Real Estate

    Park­dale Real Estate

    Park­dale still has some ‘big city’ social prob­lems to con­tend with. How­ever these con­cerns are being addressed as the neigh­bour­hood revi­tal­iza­tion has been well under way for decades, help­ing the area to recover its poise. A local res­i­dents group known as the Park­dale Com­mu­nity Watch, ded­i­cated to the safety and well-being of the neigh­bour­hood, recently received an award as the best neigh­bour­hood watch group from the Inter­na­tional Soci­ety of Crime Prevention.

    Though Park­dale lacks the mega renewal projects tak­ing place in other inner Toronto neigh­bour­hoods, there are many indi­ca­tions that the com­mu­nity is slowly rein­vig­o­rat­ing itself.  Prop­erty val­ues are on the rise, as the trendy shops and gal­leries of Queen Street West con­tinue to pop up fur­ther and fur­ther west, now reach­ing well into Park­dale. For­mer hotels such as The Drake and The Glad­stone have been trans­formed into cool urban night spots.

    The new lofts and town­homes of King West and Lib­erty Vil­lage are also at Parkdale’s doorstep and with that, a new gen­er­a­tion of home­own­ers with fresh eyes will con­tinue to drive improve­ments to Parkdale’s com­mer­cial stretch.  At the other end of Park­dale is Ron­ces­valles Vil­lage, a neigh­bour­hood very much on the rise in pop­u­lar­ity, with its sphere of influ­ence touch­ing the west­ern periph­ery of Parkdale.

    Homes in Parkdale

    Homes in Parkdale

    Homes in South Park­dale, below Queen, are truly remark­able.  There are sev­eral grand, detached Vic­to­rian man­sions, many of them three storeys high with five or more bed­rooms.  Those with their orig­i­nal details still intact make a pre­fect can­vas for the artis­ti­cally inclined. These grandiose man­sions were built between 1875 and 1895 and some of the bay-and-gables man­sions that had been con­verted into room­ing houses are now being immac­u­lately restored, mix­ing ele­ments of Queen Anne and Richard­son Romanesque styles.

    You will find afford­able grand detached Vic­to­rian hous­ing, often three storeys high with five or more bed­rooms, on Cowan Avenue and Dunn Avenue, south of King Street and on Mel­bourne Place. These homes on the won­der­ful tree lined streets remind us that Park­dale was once Toronto’s wealth­i­est district.

    North of Queen, the homes are on a smaller scale and are inter­mixed with semis, but nonethe­less offer appeal on many lev­els. Houses in the north end, above Queen Street, were mainly built between 1900 and 1910.

    Queen Street West in Parkdale

    Queen Street West in Parkdale

    The Park­dale neigh­bour­hood pos­sesses many pos­i­tive attrib­utes. It has some of Toronto’s most vibrant shop­ping dis­tricts, won­der­ful tree lined streets, afford­able Vic­to­rian homes, and impres­sive man­sions that remind onlook­ers that Park­dale was once Toronto’s wealth­i­est dis­trict. Park­dale is also within walk­ing dis­tance of Toronto’s water­front parks and other green spaces.

    The main com­mer­cial shop­ping area in Park­dale has his­tor­i­cally been on Queen Street. This vibrant, cre­ative shop­ping dis­trict seems to be in a state of per­pet­ual activ­ity; it includes an eclec­tic mix of shops and restau­rants, many cafes, chic bars, bou­tiques and gal­leries. The liveli­est stretch of Queen West, includ­ing the Glad­stone Hotel, has some of the best archi­tec­ture west of the Annex.

    —————————————————————————————————–
    Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

    Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
    They did not write these arti­cles, they just repro­duce them here for peo­ple
    who are inter­ested in Toronto real estate. They do not work for any builders.

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  • Bedford Park

    The Toronto Real Estate Board’s neigh­bour­hood def­i­n­i­tion places Bed­ford Park within a larger neigh­bour­hood, called Bed­ford Park-Nortown. The bor­der of this larger area extends to Bathurst Street on the west, High­way 401 to the north, Hill­hurst Boule­vard (just north of Eglin­ton Avenue) to the south, and zigzags from north­east to south­west along Yonge Street and Avenue Road.

    Bed­ford Park began as a farm­ing ham­let north of Toronto. The ham­let was a pop­u­lar stopover for farm­ers mak­ing their way to mar­ket in the city. The neigh­bour­hood was likely named after the Bed­ford Park Hotel, which opened in 1873 at the south­west cor­ner of Yonge Street and Fair­lawn Avenue, just north of Lawrence Avenue.

    In 1890 Bed­ford Park was amal­ga­mated with the ham­lets of Davisville and Eglin­ton to the south, and incor­po­rated as the City of North Toronto. In the same year, the Met­ro­pol­i­tan Street Rail­way of Toronto began ser­vice to the area, encour­ag­ing res­i­den­tial development.

    Bedford Park

    Bed­ford Park

    Bed­ford Park is bisected by Yonge Street, lying north of Lawrence Avenue and east of Avenue Road. The north­ern bound­ary is Brooke Avenue on the West side of Yonge, and Snow­don Avenue to the east of Yonge. The east­ern bound­ary is Ronan Avenue. There is also a school at Yonge and Lawrence called Bed­ford Park Pub­lic School.

    Most of the orig­i­nal Bed­ford Park homes were built between 1890 and 1940. Bed­ford Park was orig­i­nally con­ceived as a mid­dle class hous­ing devel­op­ment on the north­ern bound­ary of the city, with mid-sized detached and semi-detached homes. The relo­ca­tion of the Rosedale Golf Club in 1909 to the sec­tion of the Don Val­ley north­east of Bed­ford Park brought about devel­op­ment of the more expen­sive neigh­bour­hoods of Lawrence Park and Ted­ding­ton Park. This has sky­rock­eted the prop­erty val­ues of Bed­ford Park homes.

    Bed­ford Park’s quiet streets, mature trees, good schools and parks, and prox­im­ity to High­way 401 and Lawrence sub­way sta­tion attract young pro­fes­sion­als and their fam­i­lies to the neigh­bour­hood. Many of the orig­i­nal homes still stand, with a num­ber hav­ing under­gone exten­sive ren­o­va­tions. Many of the orig­i­nal homes in the neigh­bour­hood have been torn down and replaced with larger, more mod­ern homes.

    —————————————————————————————————–
    Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

    Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
    They did not write these arti­cles, they just repro­duce them here for peo­ple
    who are inter­ested in Toronto real estate. They do not work for any builders.

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


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