Monthly Archives: February 2010

Jameson Avenue: Faces in the Crowd

Posted on February 27, 2010 | Leave a comment

By David Dunkelman

Jameson Avenue in West Toronto stretches from the pedestrian walkway at Lakeshore Blvd. to the hustle and bustle of Queen Street West. It’s a wide boulevard lined with walk-up and high-rise apartment buildings. Parkdale Collegiate, one of Toronto’s oldest high schools, is located along this route.

The wide, pedestrian-friendly sidewalks are lined with street planters designed to enhance the streetscape and return Jameson Avenue to the prominence it enjoyed from the mid-1800s to early 1900s, when Parkdale was one of Toronto’s  elite neighbourhoods.

The street planters — over 70 of them — were recently enhanced with over 560 photographs imprinted on their concrete bases. These include black-and-white photos of past and current residents, as well as archival images from the neighbourhood.

This project, known as Impressions, is one of North America’s largest outdoor street photo installations. This street gallery was created by artist Jim Bravo and photographer Kate Young, with enthusiastic participation from local residents.

Impressions was coordinated by Mural Routes, a not-for-profit organization dedicated to enhancing communities through public art murals. Support was also provided by the city of Toronto Public Realm Section –  Transportation Services. The featured photos are lively and entertaining and bring a sense of community to the streetscape. It is this type of initiative that is helping to revitalize the Parkdale neighbourhood.

David Dunkelman is a Broker and ABR* with Royal Lepage R.E.S.Ltd/Johnston and Daniel Division.  David is also the Author of “Your Guide to Toronto Neighbourhoods”. *ABR* The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER’S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

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House Price Index: Release date – February 2010

Posted on February 26, 2010 | Leave a comment

Source:  Teranet House Price Index

Canadian home prices in December were up 5.2% from a year earlier, double the 12-month advance recorded in November, according to the Teranet-National Bank National Composite House Price Index™. December was the third consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. The turnaround is due to eight straight monthly increases in the countrywide index. December’s robust 1.2% monthly gain pushed the composite index above the pre-recession peak, that is, to a new record.

The December monthly rise exceeded 1% in four of the six metropolitan markets surveyed: Calgary (1.6%), Vancouver (1.3%), Toronto (1.2%) and Montreal (1.1%). For Montreal it was the first vigorous increase in four months, corroborated by data from the Greater Montreal Real Estate Board showing a tightening of the resale market in December. The Vancouver gain, though slightly greater than Montreal’s, was the smallest recorded in the seven months since prices in this market began rising again. For Toronto it was the second smallest.

Halifax-area prices declined 1.9%, their first retreat in six months. The monthly rise in the Ottawa market was 0.4%, about the same as in the previous two months.

The 12-month appreciation was 7.1% in Toronto, 6.2% in Ottawa, 5.1% in Vancouver, 5.0% in Montreal, 2.9% in Halifax and 0.1% in Calgary. It was the first time in 18 months that Calgary prices were higher than a year earlier. Vancouver having passed that point in November, 12-month deflation is now a thing of the past in all of the markets surveyed. However, Calgary prices are still down 9.3% from their pre-recession peak of August 2007 and Vancouver prices are down 1.1% from their peak of June 2008.

NOTE:  The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given at www.housepriceindex.ca

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Paying off the Mortgage with an Income Property

Posted on February 25, 2010 | 1 Comment

Tackling a mortgage can be daunting, especially for those who haven’t done it before. Mortgages are usually the largest debt one will ever have, and it’s a long-term commitment. One option is to make the house help pay for itself by turning it into an income property. It’s a bit of a sacrifice, and isn’t for everyone. But if you’re looking for a way to make the mortgage payments less hefty, renting out a part of the home, such as the basement, is a possibility you can consider.

Save money on utilities

When others are renting, utilities being included is one of the more attractive facets of an apartment, even a basement apartment. If the homeowner pays for them, they can then charge more per month in rent and no one will be any the wiser. However, this makes it especially important to really make sure the apartment is thoroughly insulated, has green appliances and conserves energy in every way possible to lessen the overall cost to you.

Don’t go overboard

You’re not trying to sell the place at the moment, but if you intend to in the future then spending extra on the decor, flooring and counter tops would be a good investment. However, if you’re only renting out part of the home, it’s not for a return on your investment as much as it is to help off-set the cost of your mortgage payments. The space has to be livable, but doesn’t necessarily have to be overdone, and many little extras won’t bring in extra rent money. However, putting in appliances such as washers, dryers and dishwashers or installing a bathtub will create room for you to boost the rent anywhere between $25 and $50 for each item.

Do it the right way

The most attractive basement apartments have separate doors to the outside and are squared away for optimal privacy. Sometimes doing this can include costly renovations, and it’s a good idea to ensure that no matter what type of renovation you decide to undertake that all necessary permits are taken care of.

Finally, don’t hesitate to ask for references, bank statements or conduct credit or background checks like any landlord would. Renting out your home should benefit you, not turn into a nightmare.

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Building permits increase across Toronto, Condominiums in Particular

Posted on February 24, 2010 | Leave a comment

By the end of last year, the money spent on building permits being taken out had risen 15 per cent since the end of November across the city of Toronto. The amount of building permits for the month of December alone totaled $1.2 billion according to a recently released Statistics Canada report.

The city of Toronto is already looking at a significant increase in condominiums dotting the skyline, as permits for multiple dwellings rose 30 per cent in December alone, which could be alluded to the fact that the Building Industry and Land Development Association released statistics showing that Toronto’s downtown condominium sales had risen a staggering 995 per cent in December compared to December 2008, the deepest point in the recession thus far. Only 166 new condos were sold in the city during that month, many of which at discounted prices because of the economy. In December 2009 alone, 1,800 condos were sold at their asking price in stark contrast to the previous year.

The recent announcement of the new mortgage rules, however, are seeding fears that the condo prices might be driven down again because of the higher down payment first-time buyers will have to make on the condos, which is 20 per cent according to the Canadian Press.

More building permit statistics:

According to the federal statistics agency, almost eight per cent more money was spent on building permits for the city of Toronto in 2009 than in 2008, and Toronto had the most money spent on building permits out of all of the Canadian cities surveyed. Toronto had almost twice as much as Vancouver and Montreal, coming in second and third place respectively. Cities with the largest fall in the value of their building permits included Ottawa and Edmonton.

Across the country, over $34 billion in residential building permits were taken out, and $6.2 billions dollars worth were taken out in December by contractors.

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Info for Seniors: Programs To Retrofit Your Current Home

Posted on February 23, 2010 | Leave a comment

By Myles Slocombe

For senior citizens or the loved ones of seniors that may be weighing different options as they give thought to living accommodations as the golden years progress, there is of course an alternative to moving into a retirement home and for those who may not be aware, Canada Mortgage and Housing Corporation (CMHC) offers a Home Adaptations for Senior’s Independence program that could provide some assistance.

Essentially, through this program anyone who is renovating a home for the convenience of someone over the age of 65 that is a low-income senior can apply for a forgivable loan of up to $3500.00. Renovation items can include walk-in showers with grab-bars, walk-in bathtubs, wheelchair ramps and the retrofitting of doors and cabinets, etc.

For more information on the Home Adaptations for Senior’s Independence program, please click:

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_004.cfm
For more extensive renovations such as widening doorways and relocating plumbing for laundry and/or a bathroom on main floor, CMHC also offers the Residential Rehabilitation Assistance Program for Persons with Disabilities.

For more information on this program, please click:

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_003.cfm

As a substitute or in addition to retrofitting, there are additional options that can provide an accommodation solution, including moving into in-law suites in the homes of family members as well as utilizing a service sector that is rapidly expanding to meet the needs of our growing demographic of seniors: home-care providers. More information on these options to be provided in an upcoming post.

Myles Slocombe is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Myles is also a regular contributor to the Muddy York Blog.  Myles’ web site is located at www.keystoneconnect.ca

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The Impact of the New Mortgage Rules on the Market

Posted on February 22, 2010 | Leave a comment

Ottawa has expressed concern over the possibility that many Canadians are taking on more debt than they can afford because of the current record-low interest rates that will inevitably rise. While Finance Minister Jim Flaherty has said that Canadians are snapping up homes and putting themselves into debt they won’t be able to get out of, a recent survey by the Canadian Association of Accredited Mortgage Professionals suggests otherwise.

The Muddy York Real Estate Blog previously reported that the survey data reflected the Canadians were being more cautious with their mortgages. 86 per cent of Canadians are opting for fixed rate mortgages despite the record-low interest rates, and the majority of Canadians are borrowing much less than they can afford to.

Now, economists and banks are warning the government that changing the current mortgage rules will hurt the housing market. Minister Flaherty has said that the government is lowering  the maximum amortization period from 35 years to 30 years as well as increasing the minimum down payment from five per cent to 10 per cent.

Similar measures had been put in place almost two years ago, when the minimum down payments were increased from zero per cent to five per cent, and the maximum amortization rate was lowered from 40 years to 35 years.

The CEO of ING told the Globe and Mail this month that, “I worry about government-based tightening of the mortgage rules creating a much worse reaction – too fast of a cooling, which is not really good for anyone.”

On the other hand, the head of Home Capital Group Inc., a mortgage lender told the Globe and Mail that, “…this is just a bit of tweaking, which would help make the long-term market very secure.”

Whether or not the mortgage regulations will in fact be changed or not will be announced in early March when the federal government’s budget is announced.

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Toronto’s Underground City: Follow the PATH

Posted on February 21, 2010 | 2 Comments

By David Dunkelman

Toronto can experience some pretty harsh winters. Want to avoid them? Check out PATH, Downtown Toronto’s underground walkway that links 27 kilometres (16 miles) of shopping, food courts, services and entertainment destinations. PATH is accessible from most Toronto neighbourhoods via the Yonge-University-Spadina subway line.

PATH provides an ice- and snow-free shopping experience in the winter and a refreshing air conditioned marketplace in the summer. Approximately 100,000 daily commuters and thousands of tourists make PATH one of Toronto’s busiest pedestrian corridors.

PATH originated in 1900 when the T. Eaton Co. joined its main store to its bargain annex by way of a tunnel. When Union Station opened in 1927 a tunnel was created to connect it to the Fairmount Royal York Hotel. The 1970s saw great expansion of PATH when a tunnel was built connecting the Richmond Adelaide Centre to the Sheraton Centre.

PATH was officially recognized and branded by the city of Toronto in the 1980s. Signage was introduced in the 1990s to help make navigation easier. PATH does not follow the grid patterns of the streets above so without all the excellent signage now in place it would be easy to get lost.

PATH received a Guinness World Records acknowledgement as the largest underground shopping complex. More than 50 buildings and office towers connect to PATH in addition to five subway stations, two department  stores, six major hotels and a railway and bus terminal. The Hockey Hall of Fame, Roy Thomson Hall, Air Canada Centre, Rogers Centre, CN Tower, City Hall and Metro Hall are all connected through PATH. PATH basically encompasses an area from Dundas Street south to Front Street and from Yonge Street to University Avenue with some extensions to the west. PATH is a whole other world, worth checking out.

David Dunkelman is a Broker and ABR* with Royal Lepage R.E.S.Ltd/Johnston and Daniel Division.  David is also the Author of “Your Guide to Toronto Neighbourhoods”. *ABR* The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER’S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

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York Quay Revitalization, Phase II Public Meeting – March 2, 2010

Posted on February 20, 2010 | Leave a comment

Waterfront Toronto and Harbourfront Centre plan to replace the 212-spot surface parking lot — a 1.4 hectare area in the heart of the Harbourfront Centre site — with an underground parking garage.  This important new piece of parking infrastructure will open up this spectacular waterfront site for future public space including Canada Square, a beautiful waterfront square and a second urban square above the parking garage.

On March 2nd, Harbourfront Centre and Waterfront Toronto will be holding a public meeting to present plans and discuss key features of the York Quay Revitalization Project, Phase II including the underground parking garage, Canada Square and the planning of a future Cultural Retail Village.

UNDERSTANDING THE PROJECT
Harbourfront Centre operates a 10 acre site along Toronto’s central waterfront which encompasses York and John Quays. In 2000, Harbourfront Centre developed a master plan for the revitalization of its site designed to reclaim underutilized spaces for recreational, cultural and commercial purposes and strengthen public access to the water’s edge. The master plan also included a vision for Canada Square, an urban plaza at the water’s edge.
This project, now known as the York Quay Revitalization Project, has since evolved to include elements from the winning submission of Waterfront Toronto’s 2006 Central Waterfront Design Competition. In its submission, the design team, West 8 + DTAH envisioned a vibrant, mixed-use cultural village for the site including Canada Square and another urban square bordering Queens Quay.   World renowned landscape architectural firm Michael Van Valkenburgh Associates Landscape Architects recently won the contract to design this Phase II work.

An overview of the project will be provided by Harbourfront Centre and Waterfront Toronto, and a presentation on some preliminary ideas for the parking garage and Canada Square will also be given by Michae l Van Valkenburgh Associates Landscape Architects.

Public feedback will be solicited and members of the project team will be on hand to answer questions and share ideas.

PUBLIC MEETING DETAILS:
Tuesday, March 2, 2010
Harbourfront Centre, 235 Queens Quay West
York Quay Centre, “Lakeside Terrace” Meeting Room
6:30 p.m. – 8:30 p.m. (Presentation and Discussion)

FOR MORE INFORMATION:

Please visit www.waterfrontoronto.ca

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Muddy York Update – TREB Market Update – Mid-February 2010

Posted on February 19, 2010 | Leave a comment

The Toronto Real Estate Board released the mid February 2010 statistics for the Greater Toronto Area.  The number of sales to date was 3,555 in the first half of the month compared to 2,044 in mid-February of 2009.   The average price for the GTA was $429,997 mid-February of last year compared to $364,748 this year.

In the Central District of Toronto, the average price was $471,958 compared to $400,467 last year.  The number of sales to date was 1,430 compared to 816 in mid-February of 2009.  The year-to-date total sales are up 74% compared to last year with the average price up 18%.

Source:  Toronto Real Estate Board

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