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Tag Archives: retirement

Investing in Toronto condos for life

by Denise Lash

In the same way a chameleon changes colour to suit its surroundings, a well-thought-out condo purchase will adapt to its owner’s changing circumstances. A realistic assessment of your needs, a modest amount of investigation and planning, and a bit of luck are all that are required to make your condo a multi-purpose living space and a sound investment for years to come.

My friend’s son recently started university in Toronto. Faced with the realization that his rent was going to form a substantial part of his bill, she bought a two-bedroom condominium for him. The “rent” he pays is just enough to cover the mortgage and monthly common expenses, but is still below market rates. He can put his savings towards other expenses and she can use the rent to pay down the condo, effectively keeping the money in the family. As her other children graduate and enter the workforce, the condo may see double duty as an affordable first home for them.

The choice of the unit was made with an eye to her own future. She hopes to travel in her retirement and the condo will give her the security and peace of mind to remain absent for extended periods. My friend is also realistic. She loves her current home, but knows there will come a time when it will be too much for her to handle. At that point, with the nest empty, she can downsize into the condo. In the years in between, she plans to rent the condo and use that income to pay down the mortgage.

What factors should you look for if you’re considering this strategy? First, since you’re in for the long haul, look for a unit built by a reputable developer. Speak to other owners and search the Internet. And don’t overlook the obvious: examine the construction materials and finishings in the unit. You don’t have to be an expert to recognize quality at this level.

Next, look for an active board of directors and management. Are the grounds and common facilities maintained? Is the parking garage in disrepair? Regular and attentive maintenance can prevent owners from being faced with potentially crippling special assessments to carry out major structural repairs down the road. Consult with your lawyer or agent to ensure that the condo’s rules and regulations will be appropriate for your needs.

You also require a building that will suit your needs and those of your children over time. If you plan to live in the unit in your retirement, you may place a premium on a building that offers guest suites and has adequate guest parking. Is having handicap access likely to be an issue for you in the future? You may also want to have 24-hour security and indoor parking.

Another factor you need to consider is location. If the condo is going to serve as student housing for your children, proximity to the college or university is important. Try to get a sense of the local community. Is the character of the area likely to remain the same or is it changing? If you are counting on an unobstructed view from your balcony, avoid purchasing in a building where other properties in the immediate vicinity are likely to be developed.

Of course, life doesn’t always go according to plan, so be realistic about whether you want the financial commitment of a second home. You also have to be prepared to take on the time-consuming duties of a landlord—or pay someone else to perform that role for you. But a condo can offer many years of varied use to all members of your family.

Denise Lash is a condominium lawyer at Miller Thomson LLP and host of the television show MondoCondo.

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  • Boomers ready to downsize, says survey

    REM Online

    For their next move, Canadian boomers are looking to downsize to smaller homes. According to the TD Canada Trust Boomer Buyers Report, four-in-five Canadian boomers say their next move will be to a smaller home, either to save money (46%) or to enjoy more luxurious features (34%).

    Three-quarters of boomers say it is important that they pay off their mortgage before they retire, but less than half (44%) have paid off their entire mortgage. Of those boomers with a mortgage, one-third have paid off more than 60%, but one-quarter have a long way to go, having paid off less than 25% of their mortgage.

    For their next home, the majority of boomers (61%) plan to purchase a detached house. Although condos come in as second choice at 24%, more than half say they are at least considering a condo because they involve less maintenance and offer better security and amenities such as a gym or pool. The top reasons that most boomers prefer houses over condos are that they prefer to have a backyard and garden and don’t want to pay condo fees.

    However, some boomers say they will stay put. Forty-nine percent will not move, either because they want to avoid the hassle of moving, because their house is already the right size for them or they like having extra rooms for guests to visit, says the report.

    Nine percent of boomers currently own a vacation property and a further 12% plan to buy one for their retirement.

    More than a third of boomers surveyed are considering buying a property south of the border. One-quarter say opportunities created by the depressed real estate market have sparked their interest, while another 12% were already considering real estate opportunities in the United States. The most important criteria for buying a vacation property include location, price, low maintenance, and the ability to have friends/family visit.

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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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    Naturally sophisticated in Lawrence Park

    Tasteful landscaping and parterre gardens will surround the Blythwood at Huntington condos

    Tracy Hanes – Toronto Star

    In contrast to the busy traffic on Bayview Ave., all is calm inside the sales centre for Blythwood at Huntington condos. There’s a sophisticated serenity about the foyer with its marble floor, subtly elegant tones and domed ceiling.

    It’s the type of vibe that should appeal to the local Lawrence Park crowd who may be growing weary of the maintenance demands of their large homes and are looking for alternatives in the neighbourhood.

    “And the ravine will be a big draw,” says Jim Ritchie, sales and marketing vice president for Tridel, which has partnered with Concert Properties on the project, to occupy the site of a former chiropractic college.

    Oh yes – the ravine. The 120-unit condominium building will overlook the Sherwood Park ravine, a protected greenspace with stands of century and-a-half-old oak, elm and maple trees. The views from the sales office kitchen vignette hint at what condo dwellers can expect to see from their balconies: scenes of old-growth forest that change from verdant green in summer to a blazing palette of reds and golds in fall.

    To take advantage of the views, the buildings (eventually there will be two) will not face Bayview Ave.; they’ll be perpendicular to the street to face the woodland, which will be just 15 metres away.

    “The vast number of suites will face onto the ravine,” says Ritchie.

    Blythwood at Huntington isn’t the first project Tridel and Concert have partnered on. “We’ve been building their luxury retirement buildings, including Tapestry in Etobicoke,” says Ritchie. “It was a natural fit.”

    The eight-storey building in the first phase, designed by Kirkor Architects, is classical in style and will be reached from a tree-lined driveway and formal roundabout, surrounded by landscaping and parterre gardens. Wrought iron gates and clipped boxwood hedges will face Bayview Ave.

    “Our targeted buyer in all likelihood moving down from a large home,” says Ritchie, but says the suites may also appeal to well-heeled younger professional couples. “There is a need for a luxury condo project in the area. We have created different sizes suites, different exposures, to appeal to various demographics.

    “This is geared to the end users. It’s not an investor building,” he says.

    Since its mid-May opening, more than 25% of the suites, which start at $550,000s and go to $2.5 million, have sold. (HST is included). All suites are two bedroom; some also include dens and/or family rooms. Sizes range from 920 to just under 3,000 square feet.

    “But we are combining two suites together to make one large suite for one of our buyers,” says Ritchie.

    Designer Alex Chapman of Chapman Design Group was recruited to design the interior spaces and common areas.

    “This (type of project) is Alex’s niche,” says Ritchie. “What he did from a design perpective here is first class.”

    Because the people who buy here are the type who enjoy entertaining, spaces are designed to accommodate gatherings. Suites will be outfitted with cornice mouldings, nine-foot ceilings, engineered hardwood, porcelain tiles and Irpinia kitchens with extended cabinets, convection ovens, granite countertops and Energy Star stainless steel appliances. The model kitchen is traditional with a modern sensibility.

    Huge renderings of suite interior rooms show possible colour palettes, including some sophisticated schemes combining hits of mauve or red with grey-brown neutrals.

    “One thing we pride ourselves on at Tridel is that we’re able to fully customize our colour selection,” says Ritchie. “We’ll move things around for buyers and we will put palettes together. People expect us to help them and lead them to the right choice. It’s timeless design. We find that people not only want to buy a new residence, but they’ll want to bring in all new furnishings too.”

    The lobby will set the luxurious tone with its intricately patterned marble floor, domed ceiling and seating area with fireplace. Amenities include concierge service, party room with bar, guest suites and outdoor terrace as well as private dining room and service kitchen. The party can be divided into smaller rooms for intimate gatherings or opened up for larger celebrations. On the lower level will be an outfitted fitness, weight and yoga studio and swimming pool and steam rooms.

    The building will be built to LEED (Leadership in Energy and Environmental Design) standards, to offer energy savings and eco-friendly features to residents.

    The condo’s location in Lawrence Park is within easy access to numerous amenities. The Canadian Institute for the Blind is across the street and Sunnybrook Health Centre is just north, as is York University’s Glendon campus. Also close by is a 24-hour grocery store, restaurants and boutique shopping.

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

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