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Home listed low near Withrow Park draws eight offers


31 Grandview Ave., Toronto

Asking price: $999,000
Selling price: $1,342,000
Previous selling prices: $540,000 (2006); $117,000 (1994)
Taxes: $4,497 (2017)
Days on the market: Six
Listing agent: Sandra Pate, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The action


The foundations of this 2½-storey house were laid in 1909.

There were few ownership opportunities in the desirable neighbourhood near Withrow Park this spring. This semi-detached house on a 14-by-120-foot lot gained extra attention with an opening price under $1-million. Competition between eight buyers drove the final purchase price to $1.342-million in May.

“It isn’t a very big house, it’s only about 14 feet wide,” agent Sandra Pate said.

“I couldn’t find any comparables in Riverdale that were that narrow, so we had to be conservative [with the price].”

What they got


The kitchen features granite counters and hardwood floors.

The foundations of this 2½-storey house were laid in 1909, but the interior is fairly modern with open living and dining areas, as well as an eat-in kitchen with granite counters, hardwood floors and a back door to a south-facing backyard and laneway.

Three bedrooms fill out the top two floors. The basement has its own entrance, open den, kitchen and bathroom.

The agent’s take


The basement has its own entrance, open den, kitchen and bathroom.

“Grandview is a special street because it’s a one-block street and you don’t get any through traffic, it’s right beside the park and you’ve got nice proximity to Danforth without being too close,” Ms. Pate said.

“They also have their own street fair. It’s a very neighbourly street, so I knew it would be popular.”

This property is also in top shape with heated floors in the upstairs bathroom to a waterproofed basement. “[The sellers] did a lot of work when they first moved in,” Ms. Pate said.

Appeal stalls Toronto’s short-term rental rules for at least at year | The Star

You may have heard that the City of Toronto was changing the rules regarding short term rentals. This by-law was to take effect this fall, but has now been appealed and won’t be heard until 2019. So, short term rentals continue, which is believed to be affecting the super tight vacancy rate in our city. Keep in mind that every condominium has different rules. Many have changed their by-laws to prevent rentals for shorter periods than six months. If you’re thinking about renting a condo suite short term, check your rules carefully.

 

An appeal of new rules for Toronto’s short-term rental housing has been postponed for a year, leaving the regulations in limbo as the city undergoes what critics call a “destructive rental crisis.”

The hearing before the Local Planning Appeal Tribunal was scheduled for two days last week. When the tribunal concluded the hearing would actually take five days, it was rescheduled for the next date when a hearing room, the adjudicators and all parties involved were available.

That date is Aug. 26, 2019.

The tribunal could then take up to eight weeks to release its decision.

Now, Toronto is on track to lose thousands of long-term rental units to the rapid growth of home-sharing companies like Airbnb over the next year, say supporters of the restrictions.

“This is unbelievable,” said Councillor Gord Perks. “This is another year of more people who are going to lose their homes.”

Meanwhile, it’s business as usual for short-term rental operators, said Mark Dellamano, president and owner of NOTL Vacation Rentals.

“If they delay it for a year, I’m quite happy with that,” said Dellamano. His company has a rental service and acts as a property manager for owners of downtown Toronto investment properties. Now that operators have a “whole year, a whole other summer season,” they’ll be more likely to invest more money in short-term renting, he said.

In that year, Toronto could lose about 3,000 rental units in the midst of a “very destructive rental crisis,” said Geordie Dent of the Federation of Metro Tenants’ Association.

Between 2014 and 2016, the number of short-term rental listings tripled to cover 10,800 properties, said a city staff report. By August 2018, Toronto had more than 17,500 Airbnb listings, according to Inside Airbnb, an independent data project.

Thorben Wiedtz, a spokesperson for Fairbnb, said the increase this year alone is “shocking” and said the next year with no regulations will “make a huge difference” to people trying to find affordable long-term rentals.

“We are in a housing crisis. It’s urgent. We shouldn’t have to wait another year,” said Dominque Russell, chair of Friends of Kensington Market.

City council approved the restrictions, including a ban on nightly rentals of self-contained basement apartments and otherwise vacant condos, last December. They were set to go into effect at the beginning of June, until three short-term rental operators appealed the bylaw change to the tribunal’s predecessor, the Ontario Municipal Board.

Until the appeal is heard, the city cannot begin “any process of implementing and enforcing regulations,” said city spokesperson Bruce Hawkins. It will lose out on short-term operating and charging fees, totalling an estimated $1 million, according to a staff report.

The Local Planning Appeal Tribunal is meant to be “faster, fairer and more affordable” than the OMB, said the province when it announced the change last year.

But the tribunal faces “quite a challenge” handling new appeals within the required six to 12 month time frame, while also dealing with the a backlog of “legacy” cases filed under the OMB, said planning lawyer Leo Longo, who represents one of the appellants.

Longo noted that all parties, including the city, agreed to the delay in the hearing.

Samantha Beattie is a city hall reporter based in Toronto. Follow her on Twitter: @samantha_kb

Word of mouth spurs off-market sale of Annex condo – Globe & Mail, August 24th, 2018

217 St. George St., No. 13
(GEORGE AND DUPONT, TORONTO)

ASKING PRICE: $929,000 Selling price: $1.08-million

TAXES: $2,770 (2017)

DAYS ON MARKET: N/A

LISTING AGENT: Sandra Pate, Royal LePa ge Real Estate Services Ltd., Johnston and Daniel Division

 THE ACTION: News that this two bedroom suite in the Annex was coming to market reached an outof-country buyer, who submitted a $1.08-million bid just days before its planned debut at the end of March.

“It wasn’t ever marketed; I was approached by an agent from another company – while we were preparing it for the Multiple Listing Services – who heard that it was coming to market,” agent Sandra Pate said.

“There hadn’t been one available in the complex for quite a while, so pricing was challenging. But, there was a unit across the street that was bigger – but not as nice – and it sold for $1-million.”

WHAT THEY GOT: This two-storey suite with a street-level entrance and 1,245 square feet of living space is in the original section of a former single-family home that has been incorporated into a large condominium with more than 50 units.

On the second floor is a family room with hardwood floors, a balcony and the kitchen with breakfast-bar seating.

The third level has one of two bathrooms and both bedrooms, including one with a walk-in closet. Monthly fees of $507 excludes hydro and cable costs. Parking is included, as well as access to visitor spots.

THE AGENT’S TAKE: “It had the advantage of being in the older part of the building and was a central front suite with a balcony,” Ms. Pate said. “It has a good layout over two levels … it’s almost like a house.”

The property is also pedestrian-friendly. “The best of the city is within a few minutes walk, including all of the great shops and cafés in Yorkville, Bloor Street, the subway, the [Miles Nadal] Jewish Community Centre, U of T, Varsity Stadium, Koerner Hall, Hot Docs cinema, many of the major hospitals and a selection of fantastic museums,” Ms. Pate said.

 

East York home attracts 13 bids in absence of alternatives


Sydnia Yu, Special to The Globe and Mail

41 Wolverleigh Blvd., Toronto

Asking price: $859,000

Selling price: $1,021,000

Previous selling price: $490,000 (2007)

Taxes: $3,907 (2017)

Days on the market: 5

Listing agent: Sandra Pate, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The Action: East York homeowners were slow to give up their properties late last year, so roughly 100 buyers moved quickly through on this turn-of-the-century residence when it was listed in November. Within days, 13 parties pledged to make it their own and one accomplished that feat with a $1.021-million bid.

“There was a house that had come up a week before [nearby], so I’m glad we weren’t directly competing with it because it’s was more renovated,” agent Sandra Pate said.

“We didn’t have any really good comparable sales higher than about $900,000 to $950,000, so we didn’t expect that kind of price [we got].”

What They Got: Close to Greenwood station, this three-bedroom and two-bathroom house retains a classic appearance with hardwood floors everywhere from the main living and dining areas to a lower level family room with a gas fireplace.

The eat-in kitchen has access to a south-facing deck and an office in the basement provides a secondary exit to the 20-by-122-foot lot.

The Agent’s Take: “It’s quite wide, so it’s a fairly spacious house for the area,” Ms. Pate said.

“And it has legal front yard parking. So many semis in East York have driveways that are too narrow and don’t have a proper parking spot.”

Buyers also appreciated the proximity of amenities on foot. “It’s literally a block and a half to the subway station and two blocks to the Danforth, which is pretty great,” Ms. Pate said.

Older Broadview condo with city views draws over-asking bid

Sydnia Yu
Special to The Globe and Mail
Published January 25, 2018

BROADVIEW AVE., NO. 1107, TORONTO
ASKING PRICE: $639,000
SELLING PRICE: $640,000
PREVIOUS SELLING PRICE: $530,000 (2014); $425,000 (2010); $275,000 (2007)
TAXES: $2,868 (2017)
DAYS ON THE MARKET: Seven
LISTING AGENT: Sandra Pate, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division

The Action: Owners rarely vacate two-bedroom suites at Helliwell Place, a building perched on the edge of the Don Valley ravine. So this one was quickly seized on by a buyer who bested one other bidder with a $640,000 offer in October.

“Maybe less than five a year of the two-bedroom units [come available],” agent Sandra Pate said.

What They Got: Built in the early 1970s, this high-rise was largely designed with two- and three-bedroom suites. This south west-facing unit was recently remodelled with new sliding terrace doors and an open kitchen area off the living and dining area.

Two bathrooms, laundry machines, a locker and parking round out the unit’s assets. Each month, $919 covers utilities, cable, concierge and recreational amenities.

The Agent’s Take: “It’s a pretty popular building because it’s older and [units] are more spacious because of that,” Ms. Pate said.

“[Plus] it has a southwest view, which is the coveted view of the valley and city skyline.”

While units generally offer the same floorplan, this one was altered. “It also has a nicely renovated kitchen that was opened up … and all the interior walls in this building are concrete, so opening up walls there is tricky, hence highly coveted,” Ms. Pate said.

I’m in the News Again!

Ontario Foreign Buyer Tax is “Working,” says Finance Minister


Sales of Greater Golden Horseshoe Region homes to foreign nationals drop significantly


Home sales to overseas buyers in the Greater Golden Horseshoe Region dropped significantly in late spring and summer, immediately following the introduction of the foreign buyer’s tax, according to new Government of Ontario data.

Likely due in part to the 15% non-resident speculation tax (NRST), home purchases by foreign nationals between May 27 and August 18 were respectively down to 5.6% from 7.2% as a percentage of total sales in Toronto and to 3.2% from 4.7% in the Greater Golden Horseshoe Region.

The York region, a Toronto suburb in Toronto’s north end that’s particularly popular with foreign buyers, also recorded a decrease of 6.9% from 9.1% in sales to foreigners.

“The measures that we introduced as a part of the Fair Housing Plan are working,” said provincial Finance Minister Charles Sousa in a statement. “We are seeing increased housing supply and evidence that more people are finding affordable homes. Ontario continues to be a place that welcomes all new residents, drawn by its rising employment and strong economy.”

The Ministry of Finance’s NRST went into effect on April 21, 2017 and applies to land that contains at least one and no more than six single-family residences. It was just one of 16 measures included in the Fair Housing Plan announced by the Ministry of Finance to cool the rapidly rising house prices and rental rates.

However, local agents seem unfazed by the numbers and the new tax.

“Some foreign buyers need a few extra days to come up with the additional funds demanded by that 15% tax, which on a million-dollar home would be $150,000, but they still see Toronto and Canada as an outstanding real estate opportunity,” said Sandra Pate, Broker, 36 years in real estate, Johnston & Daniel, Royal Lepage, Toronto. “I think that as in Vancouver, foreign buyers in the GTA paused but over time, I don’t think that it will have an ongoing dramatic impact as buyers will either buy anyway or find ways to circumvent the NSRT.”

According to China’s largest real estate portal, Juwai.com, Chinese interest in Canadian homes still jumped 30% in the first half of 2017 compared to the previous year. Canada had been ranked third for Chinese buyers behind the US in first place and then Australia, but has now fallen to fourth place after Thailand.

“Canada is firing on all cylinders right now and is attracting a huge influx of new immigrants with many opting to live in the GTA, because only in Toronto can you get the safe, highly walkable neighbourhoods, great schools, parks, transit, leisure and entertainment, and a booming economy,” said Pate. “Real estate colleagues in other cities laugh when we complain about our high housing prices because from their perspective, in Toronto we get so much for so little for our real estate dollar.”

Notably, Juwai.com reports that of those surveyed who were buying overseas, 74.9% said they were buying for their own use, while 32.3% were investors and 23.7% want it for education. Respondents were able to select multiple answers. Apparently, the foreign buyer taxes in the Toronto and Vancouver areas and the Chinese government’s restrictions on cash outflows have not stopped Chinese interest in Canada. This country remains popular with students seeking a higher education, families seeking a better life and investors wanting stable returns.

“We work with a number of Asians and they are buying downtown, but prefer the northern regions, such as Markham and Richmond Hill,” said Pate. “They tend to buy and hold to rent because they see it as a good and secure investment.”

Between July 1, 2014 and June 20, 2015, the GTA’ immigrant population’s grew by 66,697 and in 2011, foreign-born people accounted for 46% of Toronto’s population, compared with about 20% of Ontario’s residents.

Toronto, with a population of 2.79 million people (5.5 million in the Greater Toronto Area) is heralded as one of the most multicultural cities in the world and is ranked as the safest large metropolitan area in North America by Places Rated Almanac. Over 140 languages and dialects are spoken in the region, and just over 30% of Toronto residents speak a language other than English or French at home.

Kara Kuryllowicz