Incredible Investment Opportunity!!
• 2,050 sq. ft., 4 bath, 2 bdrm 2 story - $549,000
Parliament/Dundas, Toronto - Area undergoing revitalization. Property is right across from massive $1-billion Regent Park redevelopment new condos and mixed-use. Major retailers Rogers, Tim Hortons, and Sobeys, future Arts & Culture facility and Aquatic Centre. Rare C1V1 Zoning, permits office, retail, restaurant or live/work.
Office/ Apartment area 1,250sf. Retail area 800sf. Total area 2,050sf
4 parking spaces onsite.
Newly renovated 2x one bedroom apartments on upper floor.
Lots of basement storage space.
Property information
On March 4th, many in the industry expect the Finance Minister to announce changes to mortgage lending regulations. Possible changes include:
· increasing minimum down payment from 5% to 10%;
· decreasing maximum amortization from 35 years to 30 years;
· amending method to qualify variable rate mortgage clients.
These changes are significant for most first time buyers planning to enter the market. In the past, policy changes have not been effective immediately; however, lenders will often change their guidelines before the government deadline.
I’ve attached a few recent articles regarding these possible changes:
http://www.theglobeandmail.com/report-on-business/big-six-banks-urge-ottawa-to-tighten-mortgage-rules/article1458585/
http://www.theglobeandmail.com/report-on-business/dont-tighten-mortgage-rules-ottawa-urged/article1461723/
http://www.theglobeandmail.com/report-on-business/ottawa-weighs-stricter-mortgage-rules/article1463856/
Regent Park, located in Cabbagetown in downtown Toronto, is bounded by Gerrard Street East to the north, River Street to the east, Shuter Street to the south, and Parliament Street to the west. With majority of the building as part of an ambitious social housing project in the 1950s, the city government developed a plan to demolish and rebuild Regent Park in the next 10-15yrs.
Toronto Community Housing is working together with The Daniels Corporation, its development partner, and the community to revitalize the neighbourhood. The revitalization is well underway with tenants and homeowners living in new buildings on new streets. Commercial and retail uses will be opening and phas two is in the works. Phase 2 includes a new indoor aquatic centre, a new central park, a new community centre, and now an arts and cultural centre. Community consultations for these amenities are underway and phase two construction will begin spring 2010.
In 2002, Toronto Community Housing held consultations with more than 2000 residents, neighbours and agencies and at that time, participants made it clear that arts and culture should play an important part in the neighbourhood. Part of the vision will also include some market condominiums and new retail along Dundas East and Parliament Street.
New development by Daniels Corporation One Cole Condominium.
In the city of congestion, small is big. Much emphasis is placeed on energy efficiency, affordable housing, urban densification and adaptvie re-use, teeny slick designs as live-work space...Microlofts design are gaining popularity in the West Coast.
I first came across them in Asian cities, and recently L.A., San Francisco, and the new arrival in Vancouver. No more than 200-300sf, about the size of two parking spaces, the adaptable interior includes space for sleeping [murphy bed], living, kitchen and bathroom, micro-lofts are offering affordable rental and ownership solution in the urban centres.
Wouldn't this create a world of possibilities for adaptive re-use of small abandoned buildings? The other question is whether by shrinking the square footage of living space, when the cost for square foot remains the same, is worth the sacrifice for the convenience and amenities of city living? Perhaps more lessons can be learned from the design of small spaces such as ships cabin, mini-homes, ?
The Alexandria, L.A.
Typical Japanese Apartment Floorplan
Japanese Capsule Hotel
Related Articles:
'Micro-lofts' a solution to Vancouver housing woes? by CTV British Columbia
Big city, small condos: 'Micro-lofts' to come to Vancouver Times Colonist
- Brand New!! Cabbagetown - corner of Parliament and Dundas
- Min 1 yr lease. Available March 1.
- Monthly Rent $1480, includes parking, heat, central air, water, common elements
- Tenant pays hyrdro, phone, internet, cable
- Rent now, and enjoy 3 months free promotion with Rogers for internet, phone or cable
- More photos HERE http://toronto.kijiji.ca/c-housing-apartments-for-rent-1-bedroom-den-Downtown-Brand-New-Spacious-1Bdrm-Den-W0QQAdIdZ181740172
- Non Smokers preferred
- 650sf unit plus huge balcony
Onsite Sobeys, RBC, Rogers, Tim Hortons, Autoshare
Fully equipped health club quality fitness centre
Residents cafe with WiFi capabilities, tv's and billiard table
24 hour concierge service
Exclusive 20,000sf green rooftop terrace
Direct TTC streetcar line to Major Hospitals, U of T, City Hall, OCAD, AGO, Eaton Centre, Chinatown, Kensington Market
Minutes to DVP ramp
Steps to Cabbagetown, St Lawrence Market, Distillery District, Financial District
Suite Features:
granite kitchen counter, stainless steel appliances
9' ceilings + floor to ceiling double glazed windows
Ensuite laundry/storage
Email: kunghsien@yahoo.ca for further details.
Which type of investment serves best as a hedge against inflation?
Select one of the answers:
1] An income property that will maintain its value
2] An investment which acts as an annuity
3] An investment in municipal bonds
4] An investment which has great liquidity
The answer is 1] An income property that will maintain its value.
An income property that will maintain its value does so by providing an increased income when inflation makes money worth less. This property thus keeps its exchange value compared to other properties and so protects against inflation.
Walkscore.com is a website which helps homebuyers and renters search for a home in your City's most walkable neighbourhoods i.e. close to amenities, shopping district, or a public space. The scoring system calculates the location of the address based on the approximation of the distance from your home to walkable nearby amenities with or without reliance on a car. Scoring is anywhere between 0-100.
90-100 being the most walkable described as the Walker's Paradise
70-89 being very walkable, and one can almost get around without a car.
50-69 being somewhat walkable where daily trips still require a car.
25-49 being a location that is car dependent.
0-24 is car dependent only.
Goto www.walkscore.com, type in an address and see what's your walk score.
Before - Suburban Lot in Victoria B.C.
After -Finished Structure
WESTROCK , Victoria, B.C.
In the summer of 2004, SOS Design opened the door to its new "storefront" office in Vic West, demonstrating a commitment to responsible design by incorporating many green building techniques.
This particular project faced restrictions relating to small lot subdivision. Therefore, every effort was made to create a feeling of spaciousness, enhanced by an abundance of natural light within a very small building envelope.
By blasting rock on the site, they were able to create an 800 square foot office space which is entered at street level, keeping the private entrance tucked away at the back of the house, one level up. To help offset the small lot, they developed a roof deck which has views over the harbour to the Olympic Mountains beyond.
For more information, visit SOS website: http://www.sosdesign.ca
"Leaders in Sustainable, Healthy and Efficient Building."
Related Articles:
Keeping it simple - Times Colonist December 11, 2004
Two Live-Work Homes by SOS Design - Apartment Therapy
Westrock Live/Work in Victoria B.C. by SOS Design ORDER THE BOOK! $19.95
KENYON’S PAD
This waterfront property presented some unique design challenges. The primary focus of the program was to provide an independent living unit for a young person with special needs.
Two separate, self-contained homes were created that are bridged by a shared entry pavilion. A storm water culvert that passes directly through the site was managed and transformed to create a water feature that cascades down the sloping site, pausing in a pool which passes beneath the entry pavilion, before finally spilling over a cliff and into the ocean below. The placement of buildings on the site was carefully considered to provide living spaces which extend into the garden as well as capture views and provide abundant natural daylight.
Skylights were used extensively to bring light deep into rooms which would otherwise have no access to daylight. Of the many conscientious choices that were made by the owner in the construction of this house, the most impressive, by far, is the decision to install a geo-thermal heat pump system with a heat recovery loop in the ocean below, to provide heat (radiant in-floor) and domestic hot water. There are future plans to install an extensive green roof.
For more information, visit SOS design's website: http://www.sosdesign.ca
Bloordale Village, along Bloor Street West bordered by Dufferin and Lansdowne, has often received a lot of negative publicity in the past. Being so close to the Annex, recently new art galleries, film studios and new developments nearby are slowly revitalizing the area. With real estate prices climbing in areas like Parkdale, Beaconsfield Village, The Junction and Trinity Bellwoods, not too many neighbourhoods in the central core along the subway line are affordable anymore.
Bloor-Gladstone Public Library emphasizes community and openness, offering a nice face-lift to the street front.
Area Attractions:
Paul Bright Gallery 1265 Bloor St W
Mercer Union 1286 Bloor St W
Toronto Free Gallery 1277 Bloor St W
Funktion Gallery 1244 Bloor St W
Starving Artist 584 Landsdowne Ave
The Holy Oak Cafe 1241 Bloor St W
Pre-approvals and rate holds have been a standard offering with most lenders. I recently received a newsletter from a mortgage broker I work closely with in Toronto [Rosanna Younan from Premiere Mortgage Centre], informing me that two big lenders, TD and FirstLine (part of CIBC) have decided to stop pre-approvals within the broker channel. The big question is whether the majority of lenders will follow the lead.
Canadianmortgagetrends.com highlights some lender concerns regarding pre-approvals:
pre-approvals frequently don't close (less than 1/3 of pre-approvals close)
pre-approvals are expensive to process and the return for lenders is debateable. The lender is tying up human resources to process applications, as well as capital to hedge rates.
The next few weeks/months may see the trend continuing or lenders may start charging a rate premium on pre-approvals (presently the policy with a few).
Many good lenders are currently still offering preapprovals and more the reason for anyone considering a purchase or refinance, within the next 4 months, to arrange for a rate hold.
Would mortgage pre-approval/ rate hold become extinct?
We often see on MLS listings "Seller or Agent do not warrant retrofit status of basement", and if there is no mention that the unit is legal, it's probably not . The legality of basement apartments or converted rental units (i.e. granny flats, in-law suites, accessory apartments, non-retrofit units) are often in question, considering there are tens of thousands of basement apartments currently in the City of Toronto.
Under certain zoning by-law, basement apartments are permitted in single family homes as long as it meets certain requirements. In order to assist home owners, the City have a kit which will explain "how to create a legal second suite" through Access Toronto at 416-338-0338 or can be obtained at the desk. There is also an alternative site which provide a more detailed explanation of the physical requirements to meet building codes at Carson Dunlop Home Inspection and Consulting Engineers.
For anyone thinking of buying, selling or retrofitting a home with a basement apartment, These are the typical 4 questions to ask:
1. Does the zoning by-law in your area permit a basement apartment unit?
2. Does the retrofit meet fire code and minimum building code requirements (i.e. minimum ceiling height, fire rated walls, entrance sizes, egress, provision of parking spot etc.) ?
3. Does it meet the basic electrical safety requirement?
4. Has the unit been registered with the City and has a certificate of compliance?
From Toronto Real Estate Board June 19, 2009 -- The provincial government has announced some proposed changes to the way it would apply the proposed Harmonized Sales Tax (HST) to the purchase price of newly constructed housing. The provincial government has also announced proposed transitional details for newly constructed properties.
Background
The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).
• The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010.
• HST will not apply on the purchase price of re-sale homes.
• HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
Proposed Changes for New Housing Rebate
HST will apply to the purchase price of newly constructed homes. Originally, the provincial government indicated that it would provide a rebate to ensure that, on average, new homes under $400,000 would not be subject to an additional tax burden. Homes priced between $400,000 and $500,000 would be eligible for a portion of the rebate, and homes priced above $500,000 would be subject to the full HST. However, the provincial government is proposing some significant enhancements to these rebates, as follows:
• Enhanced new housing rebate - The province is proposing to enhance the new housing rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.
• New rental housing rebate - Similar to the enhanced new housing rebate, the province is proposing a rebate for new residential rental properties. This proposed rebate would support affordable rental housing across Ontario.
Proposed Transitional Rules for New Housing
The province is also proposing transitional rules for new housing. Generally, as part of the transitional rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010. The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.
More Detail
Additional detail on the proposed enhancements to the new housing rebate, rental housing rebate, and new housing transition rules is available from the Provincial Government here.
Property Description
An Urban Oasis..Meant For Entertaining...This Unique Unit Boasts Wonderful Upgrades,Granite Kit. Counter,Ceramic Backsplash,Closet Organizers,Solar Blinds,Exposed Concrete For That Loft Feeling,2nd Bdrm(As Per Builders Plans)Currently Used As Dining Rm.. Extras: Stainless Steel Fridge,Convec.Oven,Dishwasher,B/I Micro Range Hood,Centre Island,Washer & Dryer,Light Fixtures,Solar Blinds,Two Bike Racks,Parking,Heat Pump Owned,Upgraded Balcony W/Recycled Plastic Fl. ..Unparralled Amenities... |
Property Details
| MLS® Number: C1643044 |  | Parking: 1 |  | Garage: Undergrnd | | | | Type: Condo Apt | | Style: Apartment
|
| | Address: 285 Mutual St |  | Price: $ 379,000 | | Taxes: $ 2,432 | | Square Footage: 700-899 |  | Bedrooms: 2 + 0 |  | Bathrooms: 2 | | Basement:None |
|  | Heat Source: Gas | | Heat Type: Heat Pump | | Exterior: Concrete | | Deck / Balcony: Open | | Central Air: Y | | Total Area: 0.00 |
|
window.print();
The above information is deemed reliable, but is not guaranteed. Search facilities other than by a consumer seeking to purchase or lease real estate, is prohibited.
(The property above is brokered by Homelife Realty One Ltd., and may not necessary be listed by Anne Lok. They represent homes Anne has selected for her home buying clients and visitors to this website. Not intended to solicit individuals currently under contract with a Brokerage. Please contact Anne Lok for more information.)
Anne Lok,
Sales Representative H o m e l i f e / R e a l t y O n e L t d . B r o k e r a g e*
Office:
416.922.5533 Direct:
416-799-9632www.urburbia.ca *Independently owned and operated.
We are all aware that human population growth in particular at urban centres will impact future supply of food, our environment and the ecosystem. According Census, the Greater Toronto area grew by over 450,000 people between 1996 to 2001 to over 5 million people. How can we utilize the concrete jungles of urban centres to grow food?
The idea of doing intensive hydroponics agriculture in urban hi-rises, where the buildings recycle their own water, and produce their own power.
The concept of Urban Vertical Farming and Skyscraper Farming may soon change the concept of urban food production, where we will live and work close to inner city urban organic farm. The idea may seem far-fetched right now, but maybe it's time to get serious to turn vision into reality.