There has always been speculations of what the next up and coming area in Toronto will be and with homesales prices being cooled off it's always best to know which area will represent the best return for your money.


If finances are a key factor, two developing areas that are not yet gentrified and will prove a good investment.

One is the Riverside/Leslieville community, which is the hottest area in the city, with prices one-fifth to one-quarter of those for condos in the Waterfront, St. Lawrence Market and King Street West neighbourhoods.

The area from River Street east to Leslie Street, between Queen and Dundas streets, is extremely vibrant, with buildings being bought up and renovated.

Within this sector, Leslie and Broadview and Carlaw avenues would be great streets on which to buy.

Condo prices there are in the $200,000 to $400,000 range, although some can be found for as little as $180,000.

The West Donlands, between Parliament and River streets, south of Queen down to the Gardiner Expressway, is another up-and-coming area that offers good value. Condos there will sell for $400 to $450 a square foot.

Within the next two years, prices of condos along the Queen strip from Leslie to Dufferin Street will be all in sync at $500 to $600 a square foot.

Sections of Richmond, Adelaide and Kings streets between Parliament and Sherbourne will also become a great places to live. Prices, however, are slightly higher than in the Leslieville neighbourhood because land closer to Yonge Street is more expensive.


Before you buy it's always good to do your own research

http://www.torontolife.com/features/next-hot-neighbourhood/?pageno=1

Thinking of selling your home? Here are some ways to beautify it that might help net you a higher sale price:

Be aware that you might not get every penny that you put into improving the house back in the selling price. Still, there are ways to profit from home renovations - and they don't have to be expensive ones.

Kitchen and Bathroom:

The two key areas to focus on are the kitchen and the bathroom. Prospective home buyers often pay particular attention to these parts of the house and if they're in mint condition it could translate into bigger demand for your place.

Renovating those rooms generally yields a payback of 72 per cent in the case of the kitchen, and 68 per cent in the case of the bathroom, according to a study by the Appraisal Institute of Canada (AIC).

So how do you improve their looks? Consider installing new fixtures, cabinets, and tiles.

As far as kitchens go, stainless steel appliances have been trendy for a number of years now, but some experts believe they may be on their way out because of the perception that they're high-maintenance to clean.

If your house only has one bathroom and you're considering installing another, keep in mind that it could cost in the tens of thousands of dollars. When going that route keep tubs, toilets and sinks white, not coloured.

Paint:

The AIC also suggests that one of the cheapest solutions, though time consuming, is to slap a fresh coat of paint on the walls. Doing that yields a 73 per cent payback on average. So, if you spend $1,500 on the paint and materials, you can expect it to increase your home's selling price by $2,625 (a profit of $1,125).

But keep in mind that hot pink-coloured walls probably won't do much for your home's value. Make sure that your decor is modern and classy. Consider shades of white and muted versions of popular colours.

Simple Decor:

Keep things simple - avoid personal touches and custom work if you think you might re-sell the home. Your taste might not be that of the prospective buyer.

Also, custom touches can be more expensive and it's unlikely the money you put in will be recouped.

Lighting:

Another small change that can make a big difference is lighting. Rooms can take on a whole new feel with the right lighting - and the change is a relatively inexpensive one. Consider adding new light fixtures in hallways, kitchens, bathrooms and living rooms. You could receive as much as an 84 per cent return in the selling price.

Flooring:

Hardwood floors are the only way to go when springing for new flooring. Laminate may look nearly as nice, but wood is worth the extra dough. New hardwood floors can increase a home's value by up to 10 per cent. Choose light coloured oak or maple as opposed to darker colours.

Deck:

Adding a deck in the back yard can be a good investment, adding about 90 per cent of its cost to your home's resale value. Before embarking on such a project though - or any major home renovation for that matter - it's a good idea to speak to a professional realtor or appraiser - who can advise you on whether the improvement is worth your while.

The AIC's study highlighted the top ten renovations and the average rate of return:

Interior painting and decor - 73%
Kitchen renovation - 72%
Bathroom renovation - 68%
Exterior paint - 65%
Flooring upgrades - 62%
Window/door replacement - 57%
Main floor family room addition - 51%
Fireplace addition - 50%
Basement renovation - 49%
Furnace/heating system replacement - 48%

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Here is an article about Toronto Condos. This article to summarize it, states that the Toronto Condo prices have fallen to there lowest and the confidence of buyers is falling. I think it's important that we all do our research before we start making definitive statements. As John Mehlenbacher, chief operating officer for Condo Store Inc. says;

"I think you have to understand that the fall figures have to be taken in perspective," he says. "First, they come at a time when the overall economy is heading downward, and second, the months from October through to almost March are traditionally the slowest time of the year for sales.

"I think you have to wait until spring before making any definitive judgments on the resale market."

Click Here To Read Article

"Mr. Lamb pushes that time frame a bit further. He thinks it will likely be mid-year before buyers have passed through that psychological low point and start returning to the market. "I think this time next year you will find people kicking themselves in the behind saying they wish they had bought in December or early in the new year. There are great buying opportunities out there now."

According to the Toronto Real Estate Board, the median price of all condos sold in November was $226,000, compared with $241,000 in the same month in 2007. Sales last November, however, totalled only 906 units, while a year earlier, 1,837 suites changed hands.

What is a Conventional Mortgage?

A conventional mortgage is considered to be a mortgage where the down payment is equal to 25% or more of the purchase price. It is a mortgage that generally does not require Mortgage Loan Insurance.


What is a High Ratio Mortgage?

A High-Ratio mortgage is a mortgage which is greater than 75% of the purchase price or appraisal, whichever is less. High-Ratio mortgages require Mortgage Loan Insurance which is provided by either Canada Mortgage and Housing Corporation (CMHC) or Genworth, a private Insurer, and protects the lender against loss. Mortgage Loan Insurance premiums range from .50% to 3.75% of the mortgage amount and are calculated based on the overall loan to value.

For instance, borrowers with a 5% down payment, a loan to value of 95%, would pay a premium of 3.75% while those with a 20% down payment, a loan to value of 80%, would pay an insurance premium of 1.25%. Mortgage Loan Insurance should not be confused with Mortgage Life Insurance.

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Purchasing a new condo development is not like purchasing a home, or puchasing a re-sale condo. The cost of closing a new condo development deal can be very costly if you don't ask the right questions and make sure you know exactly what your paying for. You should make sure you know 1. The real cost of both closing the deal and then living in that new condo each month 2.Exactly what you will get for the price you pay 3.The rules you will have to abide by.

A Condo in the $200,000 range may carry total closing cost of $8,000 or more. This fee includes not only the expected cost, such as legal fees, provincial and City of Toronto Land Transfer tax but also a few other charges levied on the developer by the municipality which is passed on to you.


Monthly Payments

Aside from your mortgage it's important to pay attention to what you will have to pay each month. Maintenance fee are a monthly fee that you have to factor in also, the average maintenance fee in Toronto 43 cents per square foot, and it probably wouldn't include electricity since most condo have their own hydro meter.

Typical Monthly Expenses:

* Mortgage payments
* Maintenance (this could be condominium fees, or allocated maintenance fees)
* Property and content insurance
* Property taxes
* Utilities

Typical One-time Expenses:

* Mortgage application and appraisal fee
* Property inspection (optional), due at time of inspection, not common in condos
* Legal fees, due at the time of closing
* Legal disbursements, due at the time of closing
* Property survey (sometimes provided by seller), due at the time of closing
* Land transfer, deed tax or property purchase tax, due at the time of closing
* Mortgage interest adjustment (if applicable), due at the time of closing
* Home and property insurance, at closing and ongoing
* Moving expenses, due on the date of move
* PST on High Ratio mortgages


[Excerpt from The Globe and Mail]

What you are getting

If the extra cash required on closing comes as a shocker, so might the look of your suite when you finally move in, says Katarzyna Sliwa of Davies Howe Partners.

“Don’t assume the finishes and fixtures you see in the model suite or artist’s renderings will be the ones you get in your suite,” she says. “They may be upgrades.”

And do not expect your suite to be a mirror image of those model suites even if they have similar layouts. The model suite may be 1,150 square feet, compared with your 1,100.

“You have to ask if those are the appliances or the faucets or the tiles you are paying for or are they upgrades,” she says. “You have to know just what a 10-foot by 10-foot room really looks like.”Purchasers should also understand that occupation and closing dates may well be delayed, Ms. Sliwa adds. “Have your lawyer explain the Tarion [Warranty Corp.] rules governing delays and have a standby plan if your condo is delayed.”


It is always recommended that you speak to your Lawyer about any concerns with the deal that you have worked out during your 10 day recission period.

It is law, that all new home buyers receive a 10 day rescission period that allows purchasers to review all of the condominium documentation at their leisure. Purchasers may for any reason and without explanation in those 10 days rescind their offer and receive their deposit back. This allows a buyer to go forth with an offer to ensure they do not lose the unit of their choice to another buyer., At the same time, it ensures clients have adequate time to read the necessary documentation, so that they may make an informed purchasing decision

"The Condominium Act allows a developer to charge tenants for three main expenses in the period between occupancy and condo registration: property taxes, a prorated share of common operating expenses and interest on the unpaid balance of the purchase price.
That interest rate is based on what the Bank of Canada says is the rate for one-year mortgages."

Occupancy Fees or "Phantom Rent" as it is also known is a fee that is paid during the period of time when you take occupancy of your unit and when you take ownership of your unit. The period from when you take occupancy of your unit and when you take ownership of your unit is called "occupancy period" or "interim occupancy". In Ontario it is important to note that you do not own your unit until it is registered in the Land Registry System, This process can take long because there are over a hundred condo developments being registered.

Once your unit is ready and liveable, you take possession of it, but not ownership. During this time you must pay the developer for the right to live in the unit.

Your Occupancy fee is roughly equivalent to the interest on the amount outstanding on the purchase price. For example, a condo of $200,000 with a down payment of 25% means you must pay monthly occupancy fees roughly equal to interest payments on $150,000

The occupany period ends when the building is registered, your mortgage kicks in, and you get the deed to your property.

• There is no way to say absolutely how long the occupancy period will be with that being said, the occupancy period is normally 3-6 months, but the higher your unit is in the building, the shorter the occupancy period will be. So if you have a unit on the ground floor, you can expect a longer occupancy period.
• Experienced developers who are familiar with the process tend to have shorter occupancy period.
• An all-cash sale will do away with the occupancy fee ("Phantom Rent")

Recommended Read from the Globe and Mail: http://www.theglobeandmail.com/servlet/story/LAC.20081121.BELFORD21/TPStory/National

For 2009 I will be implementing a referral program. Upon the completion of a sales transaction, you are eligible to receive one of the following:


1. Anyone who refers someone to me, upon completion of a sales transaction, will receive a referral fee of 10% of my commission on that transaction.
2. 25% cash back from the commission fee if you choose to buy/sell with me.


These offers are available in Greater Toronto area only. Some conditions apply
Contact me at info@jasonrjohnson.com for more information.


Please Fill out the Form below:

This Development offers both sandblasted brick and beam hard Lofts and trendy concrete soft lofts. Located at eastern and Broadview, owners can slip onto the DVP and be uptown or downtown within minutes.

LOFT Type: HARD
AVG $ per Sqft: $443
Highest $ per Sqft: $649
Developer: Sorbara Group

Exterior:





Interior:








Current Listing:



68 Broadview Ave, 307
Toronto, Ontario M4M2E6
Map Coord: 120-22-S

Price:$309,900

· Condo Apt · Balcony: None · Park Spaces: 1
· Loft · Exposure: W · Garage Spaces: 1
· Rooms: 3 · Maint: $302.27 · Park/Drive: Undergrnd
· Bedrooms: 1 · Apx Age: 0-5 · Park Desig: Owned
· Washrooms: 1 · Apx Sqft: 700-899 · Central Vac:
· Ensuite/Laundry: Y · CAC: Y · Elevator:
· Laundry Lev: Main · MLS#: E1491103
· Bldg Amenities: Recreation Room Security Guard Security System

Outstanding Unit In This Award Winning Loft Conversion. Open Concept Layout With 10.6' Ceilings. Exposed Post And Beam Construction. 2 Exposed Brick Walls. Exposed Duct Work. Great View Of City Skyline Thru Oversized Picture Windows. Custom Designer Kitchen With Centre Island That Seats Four.

I strongly recommend all interested buyers to be accompanied by REALTOR®. A Realtor will guide you through the selection and the purchase process and negotiate with the vendor on your behalf, as well will refer you to professional such as lawyers and finance/mortgage. Please fill out the form below or you may Call me @ 416.487.4311

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