270 Wellington St W #624

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250 Wellington St W #624***LEASED***
$1,990
Bedrooms: 1+1
Bathrooms: 1
Parking: Included
MLS #: C3407177

Live in the heart of the Entertainment District in Tridel’s the Icon. North facing one bedroom plus den suite with parking & locker. Outstanding location close to TTC, restaurants, Toronto’s nightlife & theatres. Amenities Include: 24Hr concierge, visitor parking, gym, rooftop terrace with Bbq, cyber lounge, billiards, aqua spa. Approx. 657 Sq.Ft. hardwood floors, granite countertops. Steps to PATH & the heart of Toronto’s business and entertainment districts.

Property Information:
Square Footage: 600 – 699
Parking: Included
Balcony: Open
Laundry: Ensuite

Photos:

Map/Walkscore:

80 John St, Unit 2910

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80 John St #2910
$419,900
Bedrooms: 1
Bathrooms: 1
Parking: None
MLS #: C2857308

Live large & luxurious at Festival Tower! The condo is home to Toronto International Film Festival & situated in the heart of the Entertainment District across the street from PATH system, steps to Financial District, TTC, Theatre, Nightlife. Full Miele appliances. Enjoy beautiful east view of the city sky line. Grand amenities such as indoor pool with waterfall, roof-top sundeck, theatre, grand party room with bar, yoga studio, sport lounge and much more!

Property Information:
Square Footage: 500 – 599
Locker: None
Balcony: Open
Laundry: Ensuite

Photos:

no images were found

Map/Walkscore:

250 Wellington St W, Suite #540

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250 Wellington St W #540 ***LEASED***
$3,200
Bedrooms: 2
Bathrooms: 2
Parking: Included
MLS #: C3403831

Live in the heart of the Entertainment District in Tridel’s the Icon 2. Executive furnished 2 bedroom corner unit, almost 900sq.ft with windows in every room. Includes parking. Steps to Financial District, PATH, TTC, subway, theatres, nightlife, restaurants & shopping. Amenities include 24hr concierge, rooftop gym and terrace, bbq, workout pool, cyber lounge, billiards.

Extras: All stainless steel Kitchen-Aid appliances: double oven, French door fridge, B/I microwave/exhaust, dishwasher. Stacked washer/dryer.

Property Information:
Square Footage: 800 – 899
Parking: Included
Balcony: Open
Laundry: Ensuite

Photos:

Map/Walkscore:

Toronto Condo Rentals Q1 2013

According to Urbanation this month, there has been enormous increase of rental transactions in the first quarter of 2013, over 31% from a year ago. This reflects the ongoing demand for downtown condominium living and the slight hesitation of potential buyers from making the commitment to purchase given all the unbalanced negative media sentiment on the condo market.

While some of these buyers are sitting on the sidelines with a “look and see” attitude, they nevertheless require housing, and as a result of this new demand, have been subjecting themselves to higher rental rates. Consequently, it is not surprising to see that rental rates increasing by 10% in the past two years alone. This is also an indication of continued interest in downtown condominium living – especially in the sub-40 year-old urban demographic.

In addition, some potential buyers have been squeezed out of the market due to new CMHC mortgage underwriting regulations, forcing them to remain in the rental market. While mortgage rates remain near all-time lows, landlords are definitely benefitting from lower carrying costs and higher rental revenue. In fact, many of our Axon client investors have now been able to achieve double digit returns on their equity on many of the properties we have acquired for them recently.

Therefore, it is simply a matter of when those potential buyers sitting on the sidelines recognize that once they have a reasonable amount of down payment available, how much cheaper it actually is to buy versus rent given today’s historically low mortgage interest rates. Until then, they will continue to face Toronto’s 1% vacancy rental rate – which has no signs of abating.

While many like to quote that interest rates are expected rise in the future, the amount that they actually do so, given that the world economies are still on the mend, is debatable. I often tell my investors and buyers that if they are really scared of high interest rates in the future, they can always get a 10 year mortgage at less than 4%.

Given this environment, if anyone is looking for an income property, this is one of the best times to acquire given that we have entered a more normalized condo resale market. On the flip side, renters that have some savings available should come forward in trying to find out how they can acquire a property sooner than later and carry it for less than they are paying for rent. Owning property protects the Tenant from unregulated rental increases (on properties built after Nov, 1991), landlord’s asking for their property back for themselves or their relatives to move in, and also from potential disposition by the landlord of the property.

As long as the Toronto downtown condo rental market remains healthy and renting instead of selling remains an option for investors, I expect condo prices to remain stable. Indeed, this is one of those times in the market when the shrewd investor looks at it as a perfect entry point.

 

If you would like to speak with me about your future real estate investments or switching from renting to owning, please do not hesitate to contact me at 416-929-1660 or email me at kaive.wong@axoncapitalrealty.com

 

Sources:

  • Urbanation’s Q1-2013 UrbanRental Report

Toronto: Canada’s 2nd Most Walkable City

The quality of pedestrian life is a topic of frequent discussion in Toronto. Axon has even written about a few of these topics in previous posts. Just how well is our city doing to cater to the needs of our pedestrians? The answer, according to WalkScore, is – pretty good.

WalkScore, a Seattle-based mobile app company that helps create ratings of walkability, recently named Toronto as Canada’s second most walkable city. The numbers are based on the proximity of amenities like grocery stores, cafés, and libraries. Our city was just shy of first place, which went to Vancouver.

Our city’s score was dragged down by the growing number of suburban neighbourhoods like Scarborough, according to the CEO of WalkScore, Josh Herst. The Toronto core, on the other hand, fares quite well. The three districts that ranked the highest were the Bay Street Corridor, Church-Wellesley Village and Kensington Market, all with ratings close to perfect.

Councillor Kristyn Wong-Tam, whose ward includes two of these areas, had this to say:

 “I think it’s good to be able to benchmark how we’re performing against other urban centres. The walkability and desirability of a neighbourhood are linked,and if it’s not walkable then it won’t make people feel as safe and if you don’t have people on the streets, chances are your economic viability is low.”

Why is walkability an important index for cities? There’s the obvious reason of convenience for urban dwellers. In fact, buyers will often look at this index when deciding on their dream condo and on our individual building blogs, we provide a WalkScore for each Toronto condo. A recent Toronto Public Health study actually found overwhelming consumer preference for walkable neighbourhoods. The study also found that residents of very walkable neighbourhoods tended to have lower body weights and that these neighbourhoods featured better air quality and traffic reduction.

WalkScore’s team includes urban planning, environmental, and technical experts. It is the only international ranking system of its kind. Everyday, it calculates over 6 million scores in more than 15,000 real estate sites. Studies have shown that one additional point on a Walk Score can mean about US $3,000 added to home values.

Here is WalkScore’s ranking of Canada’s cities:

1. Vancouver (Walk Score: 78)
2. Toronto (Walk Score: 71)
3. Montreal (Walk Score: 70)
4. Mississauga (Walk Score: 59)
5. Ottawa (Walk Score: 54)
6. Winnipeg (Walk Score: 53)
7. Edmonton (Walk Score: 51)
8. Hamilton (Walk Score: 51)
9. Brampton (Walk Score: 48)
10. Calgary (Walk Score: 48)

A score of 90-100 would make an area a “walker’s paradise.” Many of downtown Toronto’s neighbourhoods have scores of 98+. If you are looking to move to the city, please contact us for more information.

We would also suggest browsing through some of the condos in Toronto’s most walkable neighbourhoods. Here’s a short list:

Elev’n21
Bloor Street Neighbourhood
Burano
Chaz
College Park
FIVE
Lumiere
Murano
Nicholas
U
X & X2

Sources:

http://torontoist.com/2013/01/toronto-is-the-second-most-walkable-city-in-canada-says-walk-score/

http://www.thestar.com/news/gta/article/1318764–toronto-ranked-second-most-pedestrian-friendly-city-by-walkscore

http://metronews.ca/news/toronto/520737/toronto-ranked-second-most-pedestrian-friendly-city-in-canada/

http://www.walkscore.com/score/Toronto/

http://www.newswire.ca/en/story/1103091/vancouver-toronto-and-montreal-top-walk-score-s-first-ranking-of-most-walkable-canadian-cities-and-neighbourhoods

Toronto Design Offsite Festival 2013

This past weekend kicked off the 3rd Annual Toronto Design Offsite Festival, with a slew of festivities in the Junction neighborhood. The week long festival is meant to showcase the best and brightest Canadian designers in more than 40 venues located across the city. These include longer-term exhibitions and stand-alone events. The festival runs from January 21st to 27th.

Picture Courtesy of todesignoffsite.com

The Toronto Design Offsite Festival (TO DO) is a non-profit, independently focused event that is meant to provide a platform for designers from Toronto and across Canada. The exhibitions and events are intended to engage the public and promote design practices by drawing on the wide variety of creative thinkers and design professionals.

Two examples of the incredible events that are occurring as part of the TO DO include The Happy Show at the Design Exchange, and Full Circle at WORKshop Inc.


Picture Courtesy of todesignoffsite.com

The Happy Show, which runs until March 3rd, is located at the Design Exchange on King Street West, nearby the King Edward Residences. This exhibition launches the gallery’s season and is emblematic of their new mandate. The Happy Show features the work of graphic designer Stefan Sagmeister, who has attained international renown for his commercial work. Famous names the designer has produced work for include LEVI’s, as well as album covers for the Talking Heads and Rolling Stones.

Picture Courtesy of todesignoffsite.com

Through The Happy Show, Sagmeister makes creative use of typography to give visitors a window into his mind, as he explores the psychological boundaries of happiness. The exhibit features the results of ten years’ worth of the designer’s experiments with meditation, cognitive therapy and mood-altering pharmaceuticals.

Picture Courtesy of todesignoffsite.com

Full Circle, which runs until March 16th at WORKshop Inc. on Bloor Street, is located very near the One Bedford condominium. This exhibition features the work of a number of artists including Andrew Zerebecky, An Te Liu, Carol Moukheiber, Jimenez Lai, and Lubo Brezina.

Picture Courtesy of todesignoffsite.com

Using the concept of “coming full circle” as a point of departure, the exhibition explores the various ways of conceiving of the circle, ranging from shape to mathematical equation. The themes the show explores include those of history, biology, location, relocation, and polarity.

Picture Courtesy of todesignoffsite.com

Sources:
www.todesignoffsite.com
www.todesignoffsite.com/events-2/workshop-full-circle/
www.todesignoffsite.com/events-2/dx-the-happy-show/

Posted on January 22, 2013.

Massey Tower – 197 Yonge St

Neighbourhoods Page » Bay Street Corridor

Developer: MOD Developments
Number of Units: 687
Number of Floors: 50
Status: Preconstruction

The 60-storey tower will be a dramatic addition to the 1905 Canadian Bank of Commerce heritage building and the new retail pavilion located on Yonge Street. The entrance and lobby will be through the restored bank building. You will be minutes away from every amenity you could hope to find. Steps to the Financial District, King and Queen West, the University of Toronto and the Discovery District, you’re really in the middle of all the action!

Amenities:

  • Fitness and weight rooms
  • His and hers change rooms with steam rooms
  • A piano bar
  • Cocktail lounge
  • Party room
  • Kitchen & dining room
  • Rooftop garden with water feature, seating areas, and planting
  • Two 24 hour concierges
  • Guest suites

Karma – 21 Grenville St

Neighbourhoods Page » Bay Street Corridor

Developer: Lifetime Developments
Number of Units: 495
Number of Floors: 50
Status: Preconstruction

Karma Condos is currently under construction and completion is slated for 2015. Located near Yonge and College the is the optimal location for anyone wanting to live right in the hrat of the city. Close to Ryerson, University of Toronto, Yorkville, Eaton Centre and more!

Amenities:

  • Concierge
  • Rooftop Terrace
  • Movie Screening Room
  • Workout Facilities
  • Guest Suites
  • Games Room
  • Party Room with Bar
  • Steam Room

Eleven Residences – 11 St Joseph St

Neighbourhoods Page » Bay Street Corridor

Developer:  Barney River Investments
Number of Units: 206
Number of Floors: 18
Completed: 2010

Eleven Residences is a unique project. It was originally built and registered as a condominium, but all the units were sold to one owner who rented them out. Five years later the owner decided to sell the suites individually.  The original building remains but the suites were completely transformed into high-end luxury condos and townhouses. Located in a prime area of Toronto, in the Bay Street Corridor and a short walk from Yorkville, you will find that everything you need is at your doorstep when you become an owner at Eleven Residences.

Amenities:

  • Gym/Fitness Room
  • Rooftop Deck
  • Party Room
  • 24 Hour Concierge
  • Visitor Parking
  • Meeting Room
  • Movie Screening  Room