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Tag Archives: scarborough

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.

—————————————————————————————————–
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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  • Toronto Real Estate Neighbourhoods

    Toronto is often called “the city of neigh­bour­hoods” because of the strength and vital­ity of its many com­mu­ni­ties. The city has upwards of 240 dis­tinct neigh­bour­hoods within its bound­aries. Before 1998, Toronto was a much smaller munic­i­pal­ity and formed part of Met­ro­pol­i­tan Toronto. When the city amal­ga­mated that year, Toronto grew to encom­pass the for­mer munic­i­pal­i­ties of York, East York, North York, Eto­bi­coke, and Scar­bor­ough. Each of these for­mer munic­i­pal­i­ties still main­tains, to a cer­tain degree, its own dis­tinct iden­tity, and the names of these munic­i­pal­i­ties are still used by their res­i­dents. The area known as Toronto before the amal­ga­ma­tion is some­times called the “old” City of Toronto, “Toronto proper”, the Cen­tral Dis­trict or sim­ply “Downtown”.

    The “for­mer” City of Toronto is, by far, the most pop­u­lous and dense part of the city. It is also the busi­ness and admin­is­tra­tive cen­tre of the city. The uniquely Toron­ton­ian bay-and-gable hous­ing style is com­mon through­out the for­mer city.

    The Old Toronto refers to the City of Toronto and its bound­aries from 1967 to 1997. It is some­times referred to as the “South” or “Cen­tral” dis­trict, and includes the “down­town core”. Some of these names such as “The Fash­ion Dis­trict” are (or were) used as mar­ket­ing for the areas or by BIAs; this area is actu­ally called “King-Spadina” by locals. Another exam­ple is the “Old Town of York”, known also as “King and Parliament”.

    The “inner ring” sub­urbs of York and East York are older, pre­dom­i­nantly middle-income areas, and eth­ni­cally diverse. Much of the hous­ing stock in these areas con­sists of old pre-war single-family houses and post-war high-rises. Many of the neigh­bour­hoods in these areas were built up as street­car sub­urbs and con­tain many dense and mixed-use streets. Mostly they share many char­ac­ter­is­tics with sec­tions of the “old” city, out­side of the down­town core.

    East Toronto, Ontario (Incor­po­rated 1888, annexed by Toronto in 1908) was an incor­po­rated com­mu­nity in what is today a part of the city of Toronto, Canada. It cov­ered much of what is today the Upper Beaches neigh­bour­hood, stretch­ing up to Dan­forth Avenue in the north. The cen­tral street in the com­mu­nity was Main Street, run­ning south from Dan­forth to Kingston Road. The main com­mer­cial cen­tre of the town was located at the inter­sec­tion of Main and Lake View (now Main and Ger­rard). As Toronto’s true main street was named Yonge, the name Main Street was main­tained even after amal­ga­ma­tion with the city of Toronto. This explains why Toronto’s “Main Street” is far from the city centre.

    East York, located north of Dan­forth Avenue between the Don River and Vic­to­ria Park Avenue, devel­oped con­tem­po­ra­ne­ously with the West End of the old City of Toronto, and is sim­i­lar in form and char­ac­ter. It is cur­rently admin­is­tered as part of old Toronto. How­ever, until 1997, it was an autonomous urban borough.

    The “outer ring” sub­urbs of Eto­bi­coke, Scar­bor­ough, and North York are much more sub­ur­ban in nature (although these bor­oughs are devel­op­ing urban cen­tres of their own, such as North York Cen­tre around Mel Last­man Square).

    For admin­is­tra­tive pur­poses, the City of Toronto divides the city into 140 neigh­bour­hoods. These divi­sions are used for inter­nal plan­ning pur­poses. The bound­aries and names often do not con­form to the usage of the gen­eral pop­u­la­tion or des­ig­nated busi­ness improve­ment areas. A num­ber of neigh­bour­hood maps of Toronto do exist, some pro­duced by real estate firms and some by inter­net por­tals. A project to map the neigh­bour­hoods accord­ing to the com­mon usage of the res­i­dents was done by the Toronto Star news­pa­per. Based on feed­back from Star read­ers, it has pro­duced the most com­pre­hen­sive, albeit infor­mal, Toronto neigh­bour­hood map.

    After the update of Toronto Mul­ti­ple list­ing ser­vice (MLS) on July 5, 2011, the Toronto Real Estate Board (TREB) intro­duced a new search­ing mech­a­nism for the Toronto MLS, used by real estate agents oper­at­ing in the region. MLS searches can now be refined at three lev­els and MLS users can search houses by area, then by munic­i­pal­ity, and then by neigh­bour­hood or com­mu­nity. It uses Bing Maps. This was the first change of this mag­ni­tude in about 50 years of Toronto MLS his­tory. Even if many are upset by the name of the area they live in!

    The change was designed to elim­i­nate the obso­lete cod­ing sys­tems whereby Greater Toronto was divided into 86 arti­fi­cial dis­tricts denom­i­nated by alphanu­meric codes. Due to the grow­ing pop­u­la­tion in the city and the increas­ing dif­fi­culty of brows­ing the code-based sys­tem, TREB made this rad­i­cal change which is intended to sim­plify the use of MLS for real estate agents as well as home buy­ers.

    Because Toronto is an enor­mous munic­i­pal­ity of its own, the core city area will con­tinue to be split into coded dis­tricts, although each of the dis­tricts will in turn con­tain neigh­bour­hoods. Hence, the City will be eas­ily search­able as well.

    —————————————————————————————————–
    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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  • Condominium builders battle for the middle ground

    High-rise projects sandwiched between downtown and the suburbs have to offer more to compete effectively

    By Derek Raymaker – The Globe and Mail

    The vast choice in new high-rise condominium suites in central Toronto has wedged prices and demand in a nice equilibrium, if temporarily.

    At an average price of $331 a square foot across Greater Toronto, condominium prices are not spiralling out of control in the same way as new detached homes, even though four high-profile super-luxury projects, including one under the Ritz-Carlton banner, have been launched, driving up the average price.

    And Torontonians should be surprised and satisfied to know that condo prices here are in line with most other Canadian cities, and actually a bargain compared with Victoria, Vancouver and Calgary.

    When you pull yourself away from the economic analysis (which shouldn’t be too hard) and visit the sales centres of new downtown projects, you’ll find finely tuned marketing machines aiming directly at the lifestyle-oriented instincts of buyers looking for convenience and trendy design.

    But it’s location that will always trump these other factors, and a hot corner can be worth all the granite countertops in the world. There are over two dozen condo sales centres currently open in central Toronto, and there would seem to be something for everyone .

    The new projects competing with them in Etobicoke, North York and Scarborough need to offer more.

    Developers in this grey area of the high-rise market — not quite downtown, not quite suburban — have also gravitated to particular locations featuring either scenery or convenient transportation.

    In Etobicoke, the western lakeshore straddling the mouth of the Humber River continues to hit the right notes with buyers. The subway — and subway extensions — have guided North York’s high-rise development. And the Scarborough Town Centre transit and highway corridor is the site of pretty much all of the high-rise projects in that former borough. Of course, these all come with the discount you’d expect for being out of the trendy loop that exists south of Eglinton Avenue.

    None of this is rocket science to any savvy marketing team. But there is one key advantage these traditional low-rise neighbourhoods have over the trendy downtown projects that bodes well for future high-rise development. That is the prevalence of tens of thousands of older couples who want to sell their large maintenance-intensive houses, but not leave their neighbourhoods.

    There’s also the added bonus that many of these older buyers are able to buy a high-end two-bedroom suite priced at $500,000 or so with no mortgage after they sell their family house for $750,000 in pockets like Lawrence Park or The Kingsway.

    Bayview Avenue has been a particularly popular spot for new empty-nester buyers looking for a well-appointed suite with larger square footages than you’d find in downtown Toronto‘s shoeboxes in the sky to handle all the family heirlooms.

    Daniels Corporation’s Kilgour Estates, just south of Lawrence Avenue, has been a huge hit with homeowners from the immediate area, with prices starting at $474,000 and going up to $1,586,000 for between 1,072 and 2,293 square feet.

    Further north on Sheppard Avenue is Shane Baghai’s St. Gabriel Village, on a site to be shared with a church and to feature an emphasis on energy conservation. It has been on the market for a year with prices at $479 a square foot.

    The overall price picture outside of downtown features many projects with fairly expensive suites like those mentioned above, and loads of traditional high-rise condos catering to the first-time buyer on a budget, but not much in between.

    The early data for 2006 indicates it’s been a soft market overall in these areas, with a lot of building going on but not much buying.

    In west North York, the average high-rise suite price reported for February was $269 a square foot, up a modest 3.8% from February, 2005, according to data compiled by RealNet Canada. The North Yonge Street corridor reports a price of $316 a square foot, up 1.6% from February, 2005, while Scarborough was at $276 a square foot, up 6.1% from February, 2005.

    Etobicoke average suite prices are actually above the Greater Toronto average at $359 a square foot in February, up 3.1% from $348 in February, 2005.


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