I met, a potential client, a couple of years ago ……., last year she said to me she was planning on buying a condo in two years time.
She had her eye on a particular condo complex. A beautiful high-end older complex, so the units were larger. She needed space, a minimum of 1400 sq ft.
Then in February this year she called to say she wanted to buy sooner rather than later ………, no problem. However, there were no units available for sale in that complex……..
Condo Corporations have two different types of expenses:
1. There are the OPERATING EXPENSES such as snow removal, general maintenance and other recurring expenses for the up-keep of the property. and 2. There are the MAJOR PLANNED EXPENSES. These expenses are pre-planned, and paid for, from the Reserve Fund. Such expanses include the replacement of assets of the corporation and the updating and renovation of the common elements.
Therefore, the best accounting practice would be to have two separate bank accounts to make it easier to monitor and keep a track of all the expenses.
Housing market headlines can be confusing: Markets are up. Markets are down. Markets are changing. Markets are about to change.
In some areas sales volumes are down, due to lack of activity. In other areas prices are up, due to lack of inventory. The media has to write news items every day, and they put their spin from one day to the next, to make it interesting.
There are several factors to consider such as active listings, demand, price range, price movement, product type eg, commercial, residential houses, residential condos. … (5 comments)
The two markets (houses and condos) within the Greater Toronto Area housing market …….
RealNet Canada Inc. and the Building Industry and Land Development Association’s research show that in February 2015. 1. The average price of a new house in the Greater Toronto Area was $733,578 and this is a 12% increase over the previous year. 2. The average price of a new condo, on the other hand, increased less than 1 per cent during the same time period, going up to $442,672.
The limited supply of land in the Toronto area is increasing … (3 comments)
The Toronto businessman who purchased the Stollerys building at the southwest corner of Yonge and Bloor streets is planning a building, according to him, that will put the intersection “on an international map.” This is one of the busiest intersections in the city
The tower is being called ‘The One” and it is going to be 80 storeys high.
The plan, designed by British architect Norman Foster, will replace the Stollerys buiding that has occupied this famous corner of the city for 114 years. If approved, it … (3 comments)
toronto condos: Buying Real Estate is an emotional business,
- 03/08/15 01:15 PM
Buying Real Estate is an emotional business, mainly because buying a property is one of the biggest financial decisions for a person or persons who decide to invest in a home. This decision could affect their lives for years to come.
The right neighbourhood, the appropriate schools, community facilities that meets the needs of the family or individual are important factors when choosing the location of the property.
If buying a condo, the other considerations are what is the reputation of the Builder; and what facilities or amenities are included within the building complex.
Tribute Communities is building a new condominium complex at College St and Spadina called ‘The College’.
It is a medium-rise building of 15 Storeys with 226 units. The price range is $343,990 to $615,990 for unit sizes ranging from 452 sq ft to 1035 sq ft. The ceiling height is up to 9’. Amenities will include an exercise room, billiards room, lounge, concierge, etc.
It will be close to The University of Toronto’s St. George campus and close to Streetcar routes making it easily accessible by public transit.
Towards the end of 2014, builders were putting the finishing touches on about 10,000 new condo units in Toronto, that were made available to buyers in early 2015. This is eight times more than the monthly average over the past decade. The majority of the new condo units have already been sold, mainly to investors.
However, the influx of new units has increased the number of unsold units to a 21-year high. It is a big increase, especially in light of the fact that the city’s condo market has … (4 comments)
Recently, Urbanation has been engaged in consulting work, for the market in new purpose-built rental buildings.
In their research they found that some new purpose-built apartment rental projects have been achieving higher per sq. ft. rents than comparable condo project units.
They chose 5 recently completed rental apartment buildings, and compared them to condo projects that were of a comparable scale as the rental buildings.
With 4 of the projects, the average rent for purpose-built units was 4.4% higher or $0.12 more psf; but when the 5th project … (5 comments)
Factors that were taken into account for the ranking were based on business environment, democracy, food security, safety and livability indices.
Although the overall rank was #1; Toronto was placed 4th on two of the indices: the Business Environment and Livability rankings, and only #8 in the Safe Cities category. Tokyo was #1 in this category based on indices that included pedestrian friendliness. One of my colleagues who was there a couple of weeks ago, did mention to me, … (4 comments)
In the last quarter of 2014, 4975 condominium units were reported as sold on the Toronto MLS system. This is an 8.3% increase over the last quarter of 2013.
Although the number of re-sale units listed for sale grew in that 2014 time period and also added to by newly completed units that became available on the market; the demand for these units was much greater than the supply.
The condo segment of the real estate market has not shown any signs of slowing down in the Toronto, ON … (4 comments)
The number of units rented across the Greater Toronto Area in 2014 increased by 15% over the previous year, according to the Market Research firm Urbanation.
New rental units that are becoming available, from the release of keys to buyers in the newly completed condo buildings are much smaller in size than the older buildings and so, although the rental rates are higher, they have not increased much, only about 1% over the 2013 rates.
In my experience, I find that young people moving to Toronto, to live and work, prefer newer … (4 comments)
Bank to Condos ….. Over a hundred years ago, the Dominion Bank opened its new Headquarters on the SW corner of King St and Yonge St. Now in 2014 this building is undergoing restoration work which includes repairing and cleaning the very rare white terra cotta facade; in the process of trying to make it look like it did in 1914. This is the second restoration work, as in 2006 a new portion was added that rose 49 Floors, while keeping the original 14 storey building. This landmark today has offices, hotel suites, restaurants and condos with luxurious penthouses. … (3 comments)
33 Harbour Square is located in downtown Toronto, on the waterfront at Queens Quay West and Bay Street.
These apartments were built in the early 1970’s. During that time the rental market was saturated and so the management decided to incorporate, and the building was converted to a condominium complex in 1978.
In1978, a typical two bedroom sold for $80,000 and the maintenance fees were $150. In November 2012, the 2 bedroom units are listed as follows:
33 Harbour Square is the first condo … (2 comments)
Many condo buildings are adding featuresto the common areas, so as to make it feel like an extension of their home, for the condo unit residents.
These can be a patio or a landscaped area with seating.
Plants in these landscaped areas, soften the bleakness of the concrete towers and add a sense of warmth and comfort.
Another comforting feature is water. A little pond or a little waterfall can do the trick. These areas, then become a place to read or relax.
… (0 comments)
toronto condos: Achievement …..
- 04/18/12 04:49 AM
Achievement ….. Yes I did it; I achieved the 100,000 points mark. Wayne and Jean Marie (from my previous blog ‘I am Excited’), well (I took up your challenge) here it is ‘My Milestone Reached Post’.
It was not quick and easy for me, but more importantly, I learned a lot about the real estate business as well as other matters, such as websites, SEO, home inspections, etc. by just signing in every day (I did miss some days) and reading the blogs. I do not remember exactly when I joined Active Rain, except that it was in or … (4 comments)
I just came home, after attending a community consultation meeting for the lands at the above location.
A mixed-use development is proposed for this site. The proposal includes a 75-storey residential tower with a 5-storey podium along York St. and a 6-storey podium along Harbour St.
Most of the attendees were against the project with a few angry voices being raised. There were a couple of attendees who asked Councilor Adam Vaughan, what they could do, to kill the project, that’s how strong their sentiments were tonight. … (0 comments)
Menkes is proposing a 31-storey office tower building and also two 70-storey residential condominium towers. This proposal is raising concerns for area residents, who think that this community is already at capacity.
Members of the York Quay Neighbourhood Association (YQNA) fear breakdowns in traffic, transit and pedestrian flow, as this area includes:
1. The Harbourfront Centre
2. Rogers Centre
3. Air Canada Centre and
4. The … (0 comments)
toronto condos: B. streets Condos
- 11/24/11 07:57 AM
B. streets Condos is a new development in the Annex. Its location is the old Loretto College. So, it is a great location on Bathurst Street just south of Bloor Street.
Furthermore, everything is within walking distance, with a TTC station nearby, a mix of restaurants and several shops along Bloor Street.
It is designed by Hariri Pontarini Architests and is going to be a 9 storey mid-rise with 195 units. The units will range from 380 sq ft studios to 1250 sq ft three bedroom suites. Prices range starting in the mid-$200’s to close to a … (4 comments)
RE/MAX Condos Plus Market Report SALES COMMENTARY: September followed August as another in the string of excellent sales results for the Toronto Real Estate Board with 7,600 sales taking place. This was 25% higher than September of 2010. On a year-to-date basis (for nine months), sales are ahead by 2.6% over last year and we should end the year at just under 90,000 sales – the second best year since 2007. The condo market continued to mirror the overall market for sales.
Looking to October, we expect sales to be only slightly higher than … (2 comments)
Condos, then Freehold Houses, then Townhouses and then back to Condos
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