Baker Real Estate Incorporated is delighted to welcome Madison & Company Properties, LLC to the Peerage family. Peerage Realty Partners Completes Acquisition of Substantial Partnership Interest in Leading Independent Residential Brokerage in Denver | Peerage Realty Partners
According to the Altus Group September 2018 statistics released by BILD, the new home market in the Greater Toronto Area has picked up momentum. There were more sales and more project openings than there were in August. In addition, the gap between the benchmark prices for condominium apartments and single-family homes is closing. In September, that price for condos rose to $789,643, and for single-family homes lowered to $1,119,533. The discrepancy is largely due to a shortage of new homes across the board, including condos. According to BILD, a strong new home market has approximately nine to 12 months’ worth of inventory, but our condo market in September had only about five months’ worth.
Condos continue to dominate the market. In September, 1,494 of the 1,747 new home sales were condo apartments. The moral of the story is to get into the new condo market sooner rather than later. Look at how much return-on-investment condominium-owners have earned who purchased years, and even months ago.
To read the entire BILD news release with the Altus Group statistics, visit https://bit.ly/2z11FwU
Among the many condominium choices across Toronto and the Greater Toronto Area are beautiful penthouses that offer incredible views and unparalleled luxury. Remember that penthouses are usually offered late in the selling cycle; think of it as saving the best for last. These outstanding residences have gracious, spacious layouts, and again, views that take your breath away.
One example is E2 Condos by Metropia and Capital Developments. Located on Yonge Street in Toronto, E2 boasts architectural innovation taken to new heights, and its exterior by TACT Architecture lives up to that promise. The glass-wrapped tower’s location on the northeast corner of Yonge and Eglinton, earns a 99 per cent Walkscore® because it is so convenient to local amenities and public transit. In fact, the condominium will feature underground access to the other three corners of Yonge and Eglinton, as well as the Eglinton subway and Eglinton LRT. For more information, and to register, visit e2condominiums.com .
Another brilliant example of penthouse availability in Toronto is Panda Condos at Yonge and Dundas. This condo by Lifetime Developments rates 100 per cent on both Walkscore® and Transit Score. Imagine living this close to Dundas Square, where music, film and community events keep the area’s energy pulsing with excitement. Eaton Centre, Ryerson University, the Elgin & Winter Garden Theatre, luxurious world-class shopping and the city’s finest dining establishments are all just a stroll away. For more information, visit PandaCondos.com, call 416-821-3790 or stop by the Presentation Centre at 3080 Yonge Street #3056 Tuesday and Wednesday 12 to 6 p.m. or Saturday 12 to 5 p.m.
You will still find a selection of wonderful suites at Lumina, the 9th and final tower in fabulous Emerald City. Suite prices begin from the low-$400,000s, and for a limited time, when you register online, you will receive $1,000 voucher toward your purchase. With Lumina already significantly sold, the opportunity is simply too good to pass up.
Master-planned Emerald City is located at Don Mills Road and Sheppard Avenue East in North York. This is one of the most convenient locations in Toronto, across from Fairview Mall, and close to the Don Mills subway station and access to Highways 401 and 404/DVP. Since the community opened 10 years ago, we have seen the value of real estate in this area increase substantially, which is all the more reason to get in now while you still can.
Lumina will rise to an intimate 13 storeys and will encompass building amenities including an elegant ground-floor lobby with sitting area and its own gathering lounge; a shared indoor pool; family play lounge with TV, WIFI access and table tennis; theatre room with seating; yoga studio and fitness room; landscaped outdoor terrace with outdoor dining and barbeque area; multipurpose room with common lounge and billiard table; private dining room with warming kitchen; and guest suite shared with the Peak and the Point on the block.
All residents also have the use of the facilities at the Parkway Forest Community Centre, with its full-size gymnasium, weight room, running track, dance studios, youth lounge, craft rooms, YMCA-run daycare, outdoor pool and pavilion, and a 13-acre family park with children’s playground.
Register online at EmeraldCityLife.ca, visit the presentation centre on Sheppard Avenue East, across from Fairview Mall (Next to 80 Forest Manor Road), or call 416-492-0001.
Sales will launch soon at Line 5 Condos, the first phase of a multi-tower condominium community at Yonge & Eglinton brought to you by Reserve Properties and Westdale Properties in one of Toronto’s best locations. Situated at 117 Broadway Avenue, close to Yonge and Eglinton, Line 5 is steps to everything you need.
Walk to great restaurants, local bars and entertainment venues, schools, parks and recreational facilities, cinemas, several grocery stores, coffee shops, the Yonge-Eglinton Centre, Goodlife Fitness, Sporting Life and Sunnybrook Health Sciences. Access to the Yonge Street subway line and the LRT is also only a walk away, and a trip to downtown Toronto is only 7.5 km, or 15 minutes. The Don Valley Parkway and Bayview Extension are only 10 minutes away, making traveling around the city and beyond convenient. In fact, Yonge and Eglinton is the second-largest transit hub in Toronto, after Yonge and Bloor!
Phase 1 will eventually be home to two towers (36 and 33 storeys). Line 5 will rise from a multi-storey podium housing luxurious resident amenities. These will extend to an inviting courtyard entry; 24-hour concierge service; fitness, interactive training and stretch/yoga studios; a spa lounge; sauna and steam rooms; party lounge with catering kitchen; three outdoor barbecue and dining lounges; an art studio; outdoor theatre; outdoor pool and lounge; outdoor games lounge; social club; shared work space; library lounge; and demo kitchen. PHEW! The opportunities for exercising, energizing, entertaining and socializing are phenomenal.
Line 5’s exterior is designed by the IBI Group to be a stylish addition to this premium neighbourhood. Prices for the suites, which will range from studios to three-bedroom designs (all with a balcony), will begin from the $300,000s, which is incredible in Toronto today, for both investors and those who intend to live in their suites! This is an amazing opportunity to live close to downtown while enjoying a less hectic pace. Watch for Phase 1 to open soon!
This fall, the third phase of M City will go on sale, and we are already being inundated with inquiries. The newest tower, M3 Condos, will soar to over 80 storeys and will be the tallest building in the City of Mississauga. Brought to you by Urban Capital Property Group and Rogers Real Estate Development Limited, M3 Condos will sport a positively stunning exterior by IBI Architects. Think angled lines, strong edges and dynamic facades. And oh, just imagine the views from that astounding height! Vistas will take in downtown Toronto, Lake Ontario and in some cases, residents will be able to see the breathtaking Scarborough Bluffs.
Construction is underway on the successful M City master-planned community, which will eventually encompass 10 towers. Situated in a prime location minutes to Square One, the condominium places residents close to the proposed 22-stop Hurontario LRT, which will add 20 km of north-south lines through the hearts of Mississauga and Brampton. Talk about convenience!
Residents of M3 Condos will live just to the north of the M City Park, a tranquil outdoor paradise in this urban area. Watch for the launch of sales coming soon. Register now at MCityCondos.com.
The recent changes to Ontario’s Condominium Act bring more protection for the rights of suite owners, which is a wonderful thing. Those rights include the ability to elect board members, vote at owners’ meetings, review corporation records (put request in writing and give reasonable notice), request a meeting of owners and that an issue be added to the agenda, obtain a court order to force the corporation to carry out a duty required under the government act, and remove a director with a majority of votes.
These rights are yours as long as you uphold your responsibilities to pay your condo fees; maintain and repair your suite; follow the condo corporation’s declaration, by-laws and rules; resolve disputes in the appropriate manner; and elect the board that runs the corporation. These rules and by-laws are in place to protect everyone’s safety, privacy and general quality of life.
The main thing you have to do is check your condominium declaration, which will help define your responsibilities with your individual suite. Be sure to get insurance specific to the condo, which should insure “attached” items in your suite such as counters, cupboards, vanities and the like (including any upgrades they purchased). If these become damaged, suite owners are responsible for repairing or replacing them, which can be a major expense.
As for the amenities and common elements in the building, you own a percentage interest in those, and you share the upkeep, repair and maintenance of them with your neighbours. To find out more about the rights and responsibilities of condominium owners, check out Consumer Protection Ontario’s website on “Owning a Condo” at www.ontario.ca/page/owning-a-condo. And remember that common courtesy, respect and kindness are expected of condo owners at all times.
Graywood Developments and Alterra have a vision for the former Weston Bread Factory on Eastern Avenue in Leslieville – to transform it into Wonder Condos, a striking 7-storey boutique condominium that will marry historic and modern elements. Launching this fall, Wonder Condos will rise from the original structure and will offer hard lofts, regular lofts, suites and townhomes. The hard lofts feature high ceilings and exposed brick and duct work. Diamond + Schmitt Architects has pulled out all the stops to create an exterior that speaks to the area’s heritage yet will carry residents into the 21st century in style.
The condominium will be located at the major intersection of Eastern and Booth Avenues. This convenient address earns a Walk Score® of 89, making it “Very Walkable,” meaning that most errands can be completed on foot. The Transit Score is 94, rating it as a “Rider’s Paradise,” and with a score of 100, it is a “Biker’s Paradise” as well!
The residence will offer approximately 300 units in one-bedroom, two-bedroom and three-bedroom layouts. Wonder Condos is sure to become a wonderful, exciting landmark in Eastern Toronto. Register today at WonderCondos.com
At Baker Real Estate Incorporated, our sales representatives field a lot of questions about condominiums. One of the most commonly asked is “What do I actually own when I buy a suite in a high-rise building.” You should know that you own your unit and the exclusive use of your balcony or terrace, if the design comes with one. You also own a percentage interest in all of the building’s common elements such as the lobby, pool, fitness facilities, theatre room, etc. That percentage is determined by the square footage of the suite you choose, and your maintenance fee is calculated from that. In essence, you share the upkeep, repair and maintenance of these amenities with your neighbours.
A professional company manages the condominium and is responsible to the board of directors. The condo corporation’s duties include handling these items, as well as administering the reserve fund, which is there to cover any expenses incurred in the upkeep, repair, improvements and landscaping of the building over time.
Condominium suite owners have the same rights as a low-rise owner, in the sense that you can mortgage your suite, sell it or lease it. Condominium regulations, however, may prevent people from renting to different people for short periods of time and essentially using the suite as a hotel. Be sure you check into this element of ownership before you make your decision.
This gives you an overall idea of what you own when you purchase a condo, but it is your responsibility to research your individual situation. If you have any questions, ask them up front, before buying. You should know exactly what is included in your purchase price so you have a pleasant closing and resident experience. Be sure to have a look at CMHC’s Condominium Buyer’s Guide at https://bit.ly/2nlxA5E
If you want an idea of how much potential a new condominium in Toronto has as far as resale someday, take a look at listings and what they go for. So far this year (as of July), the average sold price has topped the average listing price for every month except January, in which case the average listing and sold prices were the same. In 2017, “sold” was more than “listing” for all but three months. In short, condos are in demand, and indicators suggest they will continue to be for the foreseeable future.
New condominiums are the strongest arm of the real estate industry in the Greater Toronto Area. Investors and end-users are discovering that en masse; hence the ongoing demand. We have continued immigration to Toronto and the GTA, and soaring low-rise prices have led people to consider more financially attainable condominiums. The convenience of the condo lifestyle also appeals to today’s frantically busy population.
Condos are a great investment, whether you intend to rent one out or live in it. To keep your eye on Toronto resale listings, check out https://bit.ly/2voncyy, which is updated regularly.