Monthly Archives: March 2009

Bloor West Village: A History

By Richard Fiennes-Clintonbloor-brewery-copy

Bloor Street began because of beer.  Joseph Bloore came from England either in 1818 or 1819, and established the Farmers Market Inn, a tavern, just north of Saint Lawrence Market.  He was a successful tavern owner for about ten years, and at some point around 1830, he sold his inn and bought some land near the Second Concession Line, which is now known as Bloor Street.  The land that he purchased was near the area where present day Bloor Street intersects with Sherbourne Street.

Here, Bloore started a brewery, which was a very profitable business to enter in nineteenth century Toronto.  Drinking was a popular pastime, not just as a social activity, but also because of the city’s nineteenth century sanitation.  A number of creeks and rivers used to run through the city.  Many of them started off in the northwest section of the city and ran down to empty out into Toronto’s harbour.  By the 1830s, these had become little more than open sewers, with people throwing in all their waste from homes and farms.  Indeed, in the 1830s, there were at least two cholera epidemics that killed at least one in ten Torontonians.  Because of the filthy, infected water, just about everyone drank, and starting up a brewery or distillery was almost a sure path to success.

Bloore prospered, and got into property development, helping to start up the town of Yorkville and the town of Rosedale, both of which were separate entities outside the city of Toronto at that time.  His name would eventually be immortalized in the naming of “Bloor Street”, one of Toronto’s major east / west arteries.  By 1855, the name Bloore had been adopted but at some point in the past, we’ve lost the “e” on the end.  It’s not uncommon for Toronto’s street names to go through such transitions.

In 1855, of course, Bloor Street had not grown up, or out to the east and west, as it has today.  Our story of Bloor West Village skips ahead about 110 years, to the late 1960s, when the introduction of the Toronto subway system breathed new life into that stretch of Bloor Street West, between Keele and Jane Streets.  The Yonge Street line of the subway was constructed from Union Station up to Eglinton and was opened in the 1950s.  An east west route was planned, as well, but there was some debate as to where to build it.  Many people saw Queen Street as a more important east / west route, and in fact plans were drawn in for an underground streetcar route, along Queen Street East.  The station was actually constructed, and still sits, abandoned, underneath the Queen Street station that is part of the Yonge Line.  Ultimately, the Bloor line that we are all familiar with today was put into place, and it brought a flood of commuters up and down Bloor Street.

Today, Bloor West Village is the home to a vibrant shopping community, with hundreds of shops, restaurants and services.  It’s also home to the city’s first Business Improvement Area, founded back in 1970, about three years after the subway started running underneath Bloor Street.  With the rise of suburban shopping malls, and the fear that commuters would be hidden away underground in the subway, instead of riding above ground on streetcars, the Bloor West Business Improvement Area was founded.  For nearly forty years, it has been instrumental in helping to sustain the Bloor West neighbourhood.

The Bloor West Village area is bordered by some residential neighbourhoods.  To the north is the residential community of High Park North.  It includes many semi-detached houses built in the early twentieth century, as well as a number of newer, high rise buildings that were constructed after the coming of the Bloor subway line.  The major north / south thoroughfares are Keele Street, as well as Dundas Street, which jogs to the north as it intersects Bloor Street.  The portions of both Keele and Dundas Streets that run through High Park North are primarily residential.  As for schools in High Park North, Humberside Collegiate Institute, a secondary school, dates back to 1894.  High Park North is also home to Western Technical-Commercial School, High Park Alternate Junior School, and Keele Street Community School.  High Park North is also home to two branches of the Toronto Public Library.

The community of Runnymede-Bloor West Village also lies to the north of Bloor West Village.  Historically, the homes in this area were often two storey brick buildings, but many of these are being torn down to make way for newer, larger homes.  This community, now with about 10,000 people, was annexed to the city of Toronto in 1909, which is when a lot of development began.  The neighbourhood is home to a number of festivals, including a large Ukrainian cultural festival held in September of each year.  Just like High Park North, the area is well serviced by schools, libraries and public transportation.

Like a lot of Toronto, the Bloor West Village area is blessed with plenty of green space and park areas.  The jewel in the crown of Toronto’s parks is, perhaps, High Park.  High Park spans 398 acres, or 1.6 km2.  The park is a natural wonder, with many rustic trails and also more cultivated and landscaped areas as well.  There are plenty of places for walking dogs, both on and off a leash.  There are two main playground areas for children, as well as a cafe, a sports field, Grenadier Pond, and the High Park Zoo.  Animals have been kept in High Park since 1893, and today the High Park Zoo is home to llamas, bison, peacocks, cattle and sheep, amongst others.  Even in the winter, activities continue on an artificial ice rink, which is available for skating and hockey.

The park began as an agricultural estate for John George Howard, who had a successful career as an architect, engineer and landscaper.  In 1837, he had constructed a Regency Style home for himself, which he called Colborne Lodge, and which today is operated as a museum by the City of Toronto.  Visitors to the Colborne Lodge museum can see some of the Howard family’s original furnishings, as well as a few of John Howard’s watercolour paintings of the city.  Howard originally purchased about 160 acres in the area, in 1836, and retired there in 1855.  At the time, the property was quite outside the city of Toronto boundaries, and that feature made it exactly what Howard was looking for in a retirement destination.  He named the estate itself “High Park” because it stood at the city’s highest point along the older Humber Bay shoreline.  colborne-lodge-high-park-copy

In 1873, Howard transferred over 120 acres of the property to the city of Toronto, specifying several conditions when he did so.  He indicated that no alcohol would ever be served on the grounds, for example, and in exchange for the property, Howard got a life long pension from the city.  Additional land belonging to the Howard family, and to other family estates, was eventually added to the park to make up the nearly 400 acres of modern day High Park.

John George Howard’s wife died in 1877, and he died in 1890, at the age of eighty-six years old.  Both of them are buried in High Park, right across from their home, Colborne Lodge.  A large monument marks their gravesite.  At the front of this large stone monument is a section of fence purchased from Saint Paul’s Cathedral in London, England.

Today, the revitalized commercial area of Bloor West Village, as well as the surrounding residential areas and High Park, one of Toronto’s most treasured public spaces, makes it a popular neighbourhood for both visitors and residences.

Richard Fiennes-Clinton is the founder of Muddy York Walking Tours, which is a company dedicated to bringing Toronto’s past back to life in fun and exciting ways. For more information on Muddy York Walking Tours visit www.muddyyorktours.com or call 416.487.9017.

THINGS TO EXPECT FROM A REALTOR WHEN SELLING A HOME:

By Dave Forbesbusiness-people

1.    Has knowledge of current market conditions, process and requirements.
2.    Helps you price your home correctly and prepare it for sale.
3.    Knows how to effectively market your home.
4.    Handles the marketing of your home through various methods including advertizing , the multiple listing     service, open houses and the internet to name a few.
5.    Gives you the quickest exposure to the maximum number of potential buyers.
6.    Qualifies potential buyers to determine whether your home fits their needs and if they can afford it.
7.    Coordinates the showing of your home and handles all incoming phone calls and scheduling of appointments
8.    Offers objective views without emotional ties.
9.    Handles the negotiations of all offers, presenting offers and counter offers to you.
10.    Provides the names of qualified lawyers, homes inspectors, and contactors etc. who may be of assistance.
11.    Explains the closing process.
12.    Coordinates all home inspections (if any)
13.    Follows up thorough the entire transaction keeping you informed every step of the way.

Dave Forbes is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division.  Dave is a regular contributor to the Muddy York Blog. Dave can be reached at dforbes@trebnet.com or visit his website at www.daveforbes.com.

Is there Power of Purchase in Purchasing a Power of Sale Property?

By Gareth R. Jonesmortgage-key

Answer:    Maybe

There is an old myth still actively circulating that some Lenders are in the Power of Sale (POS) business and place Mortgages with the anticipated hope that the Borrower will default on the payments and huge profits will be realized by Lenders from the resulting sale.

Although, there are unscrupulous Lenders out there who do conduct their business this way, the vast majority do not. These Lenders are well known within the Brokerage community and are completely avoided by most reputable Mortgage Agents/Brokers.

Today, usually every effort is made with the homeowner to redeem themselves, pay arrears of taxes, interest, utilities etc. prior to Lender formally commencing the process. Lenders may adjust amortization, payment frequency etc. to accommodate. It is predominantly lifestyle changes, such as unemployment/change of employment, illness, poor cash management, divorce etc. that has caused the arrears in the first place. Seldom is it determined that the Mortgage should not have been advanced due to improper qualification of Borrower at time of application The Lenders do not want the property, nor do they want the aggravation of selling it. Lenders also have a fiduciary responsibility to the Borrower, as documented in the original Mortgage Charge, to act within the guidelines of Law, if or when the disposition need arises.

There are also Purchasers that, when speaking with their Agents, will tell them, “Just show me POS’s, I’m only interested in getting a great deal, at the bank’s expense!!”

Question: How do you know if a Power of Sale is a good deal?

Let’s see an example:

In June 2007, Mr. Smith bought his home for $300,000 with a 5% down payment ($15,000) insured through CMHC and a $7,000 premium was added to the $285,000 mortgage totaling $292,000.

A year later, June 2008, Mr. Smith lost his job and has not been able to find replacement work since. As of August, 2008 Mr. Smith has not been able to pay the Mortgage, taxes, utilities, insurance, make any repairs or do any maintenance on his property and is now six months in arrears. Notice was sent to Mr. Smith 45 days after his default that Power of Sale proceedings would commence immediately. During the first three months of arrears, Mr. Smith and the Lender worked together attempting to rectify his situation by changing his amortization period to 35 years and having his payment date changed to coincide with his Unemployment cheques. Mr. Smith did manage, under the new arrangements, to make partial payments and clear a small portion of arrears.

The end result, and after exhaustive efforts, Mr. Smith finally decided that he could no longer continue on and agreed to vacate the property, handing the property over.

The market has softened somewhat since Mr. Smith made his purchase 18 months ago and because of his situation and his inability to maintain, the property, now vacant, does not show well.

Mathematics:

Mortgage:    $290,000 ($3,000 paid down)
Interest:    $17,000
Taxes:        $6,000
Utilities:    $1,400
Insurance:    $800

Total:            $315,200

Add Disposition Costs:

Commission and Legals:    $22,000
Property Maintenance:    $2,100
Miscellaneous charges:    $2,000

Total:                $26,100

Cost/Value to Lender from above: $341,300

A realistic listing price for this property when expecting to recover losses would be $349,000 allowing for some negotiation and other miscellaneous costs.

Is $349,000 or even $339,000 a fair listing price in today’s market?

Make sure that all research is done on properties that are fair comparables and do not assume that all POS’s are a great deal and Lenders have deep pockets. This mortgage is insured through CMHC and the Lender will receive their funds. It is the disposition costs and arrears that they may not receive. Whether they are willing or able to absorb these costs relies heavily on the Lender’s policies and market conditions.


Gareth R. Jones A.M.P.(FSCO Licence #M08009150) is a Mortgage Agent with Home Loans Canada- (the Brokerage arm of CIBC Mortgages, Lending and Insurance). FSCO Licence #10423. Gareth can be reached at Gareth.Jones@HLCmortgages.com.

Countdown to Earth Hour 2009!

By Bess Stathopoulospolarbears

The City of Toronto and its residents and businesses will join millions of people around the world and turn off the lights for Earth Hour to show our support for action on climate change on Saturday March 28, at 8:30pm.

In 2008, Toronto’s electricity demand dropped a whopping 8.7 per cent during Earth Hour when thousands of Toronto residents and businesses turned off their lights.

So don’t forget to turn off your lights and celebrate at Nathan Phillips Square your family and friends. Enjoy a free concert presented by the City of Toronto and World Wildlife Fund Canada, the family-oriented, all-ages concert will feature Suzie McNeil, Crash Parallel, Karl Wolf, The Matt York Band, and Samba Squad.

Free Earth Hour Celebration Concert details:

Date: Saturday March 28, 2009

Time: 7 p.m. – 9:30 p.m. (Lights off for Earth Hour from 8:30 – 9:30 p.m.)

Location: Nathan Phillips Square, City Hall, 100 Queen Street West (Queen or Osgoode subway stops)

WWF (World Wildlife Fund) created Earth Hour to help people join together and demonstrate, through the simple act of turnings off the lights for one hour, their concern and support for action on climate change. The website for more information is www.earthhourcanada.org

Bess Stathopoulos is a Sales Representative with Royal LePage R.E.S. Ltd – Johnston & Daniel Division. Bess’s website is located at www.myblissfulhome.com

“BUYER BEWARE” …WORDS TO LIVE BY

By Alain Lambert

Moving from one residence to another can be a stressful experience. By its very nature, moving disrupts your life. There are many decisions to be made and made details to be attended to. For some people it can be an overwhelming experience…especially if the move does not go well!

moving1
Given these truisms, it is sometimes surprising how little thought many consumers give to choosing the right mover. All too often, they wait almost until their closing date to even start the process. Others use “lowest price” as their only criteria when deciding who will be entrusted with everything they own!

Unfortunately, consumers who do this often end up regretting their decision. They learn a hard lesson about the difference between “best price versus best value”. Newspapers, radio and television stories abound about customers who have had disappointing experiences with movers who did not deliver on their promises.

The media often reports on “moving horror stories”.  Last year, CTV’s “W-5” Program aired an expose on one such company and profiled a number of customers whose moves turned into virtual nightmares. You can read the transcript of the show or view a video at www.ctv.ca. Search for their W5 program archive. Other similar new stories have appeared on CBC Marketplace, NBC Dateline, and CBS News and in local stories all across North America. When interviewed, most admitted that they were partially to blame for not having done their homework before choosing their mover.

Some of the complaints in the W5 story  included:

  • Final price exceeded quoted price by 40% or more and furniture held for ransom until customer agreed to pay
  • Customers spent weeks trying to track whereabouts of their possessions
  • Mover misrepresented himself in yellow pages as being a member of a national van line
  • Customers advised that there would be no settlement for damaged items even though they had paid an additional premium for cargo protection
  • Delivery dates not met – in one instance the customer waited over two months for delivery
  • Unable to contact moving company to register complaints (unreturned calls
  • Driver threatened not to deliver goods unless excessive increase in charges paid and brought a Rottweiler dog with this to add to intimidation factor

Unfortunately stories like this are all too common especially when customers do not make an effort to find out if the company trying to obtain their move really is a reputable mover. Today there are far too many shady individuals preying on consumers. They place large ads in the yellow pages or have a fancy website and so consumers assume they must be reputable.moving2

A few of the things they generally don’t have are:

  • Clean, modern trucks and moving equipment
  • Trained personnel
  • Clean, palletized, secure and pest controlled warehouses
  • A track record for good service including legitimate testimonials
  • Proper insurance coverage for trucks, warehouse goods and cargo in transit
  • A willingness to settle claims and resolve problems to the customer’s satisfaction
  • Adherence to agreed pickup and delivery schedules
  • Appropriate compensation if shipment is late being delivered
  • A peer company at the destination location to assist the customer get settled
  • A “arms length” arbitrator to help settle problems if solution not reached with mover

These deficiencies are the main reason why these types of companies can offer their services at a very low price. Basically you are not getting much for your money and in many instances you are taking a terrible risk with all of your worldly possessions.  This is not to say that a small moving company cannot do a good job. What it does mean is that you should carefully check out the mover’s credentials. Don’t just accept the word of the salesman or the wording in their advertisements.

Another fact that most customers do not understand is that there is very little in the way of consumer protections laws in Canada or the United States when it comes to moving companies. This is one reason why reputable moving companies choose to affiliate their firms with one of the major national van lines. In Canada there are only four of these organizations. By doing so they become part of a larger, umbrella organization that oversees the quality of services offered by its agents. They ensure that only those companies who meet pre-set standards and remain financially solvent are allowed to be part of the van line. This kind of stability, emphasis on customer satisfaction and overall accountability are part of what you are paying for when you book a move with a van line affiliated agent. This is part of the “value” you receive for your moving dollars.

Alain Lambert is Director of Business Development for AMJ Campbell, Canada’s largest moving company. Alain can be reached at 905.284.0232 or at alambert@amjcampbell.com. AMJ Campbell’s website is located at www.amjcampbell.com.

Toronto’s Rock Solid Neighbourhoods – Yonge & Eglinton

By Frank Jones

With all that Yonge and Eglinton has to offer such as great local schools and the Eglinton Center with 100 plus quality stores and the Subway underneath taking about 10 minutes to any station downtown, it’s only going to get better. From my home on Maxwell Ave I can walk to the Community Center in less than 3 minutes to go swimming or skating depending on the season, or up to the Library with my son in only 4 minutes.

Homes in this convenient location in my opinion are very reasonably priced. Other area’s north of here have been invaded for their somewhat larger lots over the past 10 years, builders and developers competed with home buyers and bought up and rebuild most of the older homes.  What seemed expensive 10 years ago to buy and rebuild isn’t so true today with all that this area has to offer compared to anywhere else in the city.

And now the Yonge & Eglinton area neighbourhoods such as Chaplin Estates will be experiencing some fantastic new changes in the near future in my opinion.  As per the city of Toronto’s own web site www.Toronto.ca, the Yonge-Eglinton Centre, along with a number of other areas, has been identified as a location where the City would like to encourage major investment and accommodate some of the anticipated growth.

The goal of the Yonge-Eglinton Centre review is to bring forward new Secondary Plan policies and Urban Design guidelines to direct future development in the Yonge-Eglinton Centre in a manner which is compatible with the existing surrounding Neighbourhoods.
I feel it safe to expect local property values to increase with removal and redevelopments of the existing bus station and the homes that front on the East side of Duplex ave to Berwick ave and around the corner on the North side of Berwick Ave.

Local home owners should welcome  a new park off Duplex Ave and the new 3 story Townhomes going in on Duplex Ave. Also the new 14 story Condo building that will be built on Berwick close to Yonge St. Last but not least the new commercial retail and office space that will be built along the South side of Eglinton Ave West of Yonge St.

What’s New

The Final Report and Urban Design Guidelines for the Yonge-Eglinton Centre was considered on February 4th, 2009 Planning and Growth Management Committee Meeting. Visit www.Yonge-Eglinton.ca or www.Chaplin-Estates.ca  to see the detailed plans from the City of Toronto for Yonge and Eglinton.

There are also other factors affecting the Chaplin Estates neighbourhood that I predict will produce positive returns for home owners in the future.

Frank Jones is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division.  Frank can be reached via email at thejoness@rogers.com or visit his website at www.central-toronto-real-estate.com

BEING ENTERTAINED IN TORONTO

cn2-copy

By LoriAnn Toplak

Lets face it, Toronto is one of the most vibrant cities in North America, if not the world.  Surprisingly though, many Torontonians have yet to enjoy all this city has to offer  From restaurants offering every cuisine imaginable, to culture; from health clubs to attractions, and not to mention world class shopping, Toronto has it all.

What better way to spend an afternoon, than with a visit to the CN Tower, the ROM or the Art Gallery?  On a hot summer day, Harbourfront will keep you entertained with boat tours, shopping or dining on the docks.  The Toronto Island provides activities for the entire family including the Centerville Amusement Park, zoo, bicycle rentals, roller blading paths and lots of green space for picnics, Frisbee or sunbathing.  For animal lovers, a visit to Reptilia or the Toronto Zoo will provide hours of fun.
Historical buffs can enjoy Fort York, Casa Loma, or Mackenzie House.

Sports fans can visit the ACC, tour the Rogers Center or the Hockey Hall of Fame.  Shoppers will love Yorkville, the Eatons Center or Yorkdale mall.  And, at the end of a busy day, there is no shortage of spas or wellness centers where you can enjoy a massage or specialty treatments to unwind.

Next time you’re faced with a long weekend or holiday, there’s no need to travel farther than Toronto – your own ‘backyard’.  For those wondering ‘what to do’ on a weekend or holiday, the 2-for-1 coupon book (free with a subscription to the Toronto Life magazine) is a great place to start.

LoriAnn Toplak, B.A., Sales Representative at Royal Le Page R.E.S./Johnston & Daniel Division.  LoriAnn is also a Member of The Institute for Luxury Home Marketing and can be reached at ltoplak@trebnet.com, or visit her website at www.lorianntoplak.com

THINGS TO EXPECT FROM A REALTOR WHEN BUYING A HOME:

business-people-2

By Dave Forbes

  1. Has up to date knowledge of current market conditions, prices, and requirements.
  2. Has the most information in one place about what is on the market.
  3. Access homes listed by other real estate professionals.
  4. Helps you determine how much home you can afford and the approximate monthly payments.
  5. Will explain the financing options available to you and possibly recommend a lender.
  6. Selects, researches and tours qualified properties in advance for you to view.
  7. Works with you to choose a home that fits your needs-feature, size and location.
  8. Provides an objective view with no emotional ties.
  9. Provides information regarding local taxes, utility costs, schools, churches, shopping and     transportation.
  10. Prepares a detailed offer and reviews same.
  11. Handles negotiation of all offers on your behalf.
  12. Provides the names of qualified lawyers, home inspectors, and contractors etc. who may be of assistance.
  13. Acts as a liaison between you and the seller to present offers and counter-offers until an agreement is reached.
  14. Follows up throughout the entire transition keeping you informed every step of the way.

Dave Forbes is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division.  Dave is a regular contributor to the Muddy York Blog. Dave can be reached at dforbes@trebnet.com or visit his website at www.daveforbes.com.

High Cost, Low Return

jethro-kitchen

By Jethro Seymour

Making improvements to your home to boost its value doesn’t have to cost a lot of money. Below are five ways to make your property more valuable without breaking the bank.

BASIC MAINTENANCE
Do you have a faucet or toilet that runs? Drawers or cupboards that don’t properly open and close? Appliances that don’t work like they should? Upkeep issues like these don’t cost much to fix, but when ignored, they can significantly reduce your home’s value in buyers’ eyes.

PAINT
Fresh coat of paint throughout your home is one of the least expensive, yet most effective things you can do. The result? It’ll make your home seem cleaner and newer, and -provided you choose a neutral shade, as you should when displaying your home for sale -it’ll cover up any colours that might otherwise put buyers off.

LIGHTING
Replace outdated light fixtures with more modern ones, and swap your current bulbs for brighter ones. Consider, too, adding light fixtures where there are none, perhaps to highlight your home’s best features. Flooding your home with light will make it appear larger and feel more inviting.

FLOORING
Soiled, damaged or outdated flooring is a top buyer turn-off. Have carpeting professionally cleaned or replaced altogether. Vinyl flooring, a popular choice in kitchens, is particularly inexpensive. If installing new floors, choose something neutral in colour and subdued in pattern.

KITCHEN AND BATHROOM FACELIFTS
These rooms are often what makes or breaks a home’s appeal, so update them: install modern, new light fixtures, faucet sets and drawer/cupboard hardware; replace damaged or outdated sinks; reface or replace cabinet doors; consider a new tub surround.

Jethro Seymour is a Sales Representative with Royal LePage R.E.S/ Johnston & Daniel Division.  Jethro is a regular contributor to the Muddy York Blog.  Jethro can be reached at Jethro@SeymourRealEstate.ca or visit his website at www.SeymourRealEstate.ca.