Developer plans 8 Storey Condo in Leslieville

New Development in Leslieville East

A little while ago we reported that developers were getting set to announce some serious plans for development along Queen Street East in Leslieville and Riverside. Back in August a development group named Trolleybus (um kind of a ripoff of Streetcar…) held a meeting with the BIA and local property owners to discuss their latest project. Here are some details and notes from that meeting.

Who

Trolleybus Developments along with Rockport Development Group are experienced Toronto developers with thousands of completed units under their collective belt so we’re not concerned with their ability to get this done. Unlike that mess at Pape & Queen! They’re calling in the highly skilled designers and architects from RAW Design and will hopefully hire a local Broker to handle sales (perhaps us???)

What

Their focus is to build an end-user friendly building with wide open floor plans with a nice mix of condos, townhouses, and retail at 1327 Queen Street East on the South East corner of Queen and Laing. The Townhouses will have Memory Lane addresses.

  • 8 Stories proposed with 2 street frontages. One on Queen St and the other on Memory Lane
  • 13,000sqft of Queen Street retail which could be broken down into five to seven separate spaces. We’d totally get one.
  • 150 Residential units in the mid-rise tower with various floor plans and sizes
  • Underground Parking and lots of auto-share spots
  • 8 large Townhouses fronting on Memory Lane

Good or Bad?

That’s up to you to decide but I give this one a giant stamp of approval. The Eastern portion of Leslieville has been neglected for long enough. Some businesses have managed to stay afloat here but many have come, failed, and moved on. There simply aren’t enough people walking about and shopping there. This development will be a game changer for East Leslieville businesses and will also spike home prices along this stretch. Locals will have the typical objections like parking issues, traffic congestion and shadowing but I’m certain that the City of Toronto will approve this. Perhaps they’ll only approve 6 stories or maybe they’ll get the full 8. Either way, I like the mix of floor plans, the focus on the end-user, and the large townhouses on Memory Lane.

There’s no question that we’ll be THE first to know anything about this so if you’d like to to know more before anyone else. Get in touch right away and we’ll hook you up. Got an opinion? Comment below. Also there’s a public meeting March 24th from 7-9pm at the Maple Cottage located at 62 Laing Street. No need to RSVP, just show up.

 

 


Show Up in Places & be Human

Show up in places and be human. This phrase has been resonating through my body since one of my favourite speakers, Seth Price of placester.com said it during his talk at Agent Reboot in Seattle this past week. How simple is that? Just show up, and be human.

What does this mean to us?

This means we operate in a “No Hard Sell” zone. Just follow us on Facebook or Twitter to get a taste. When we meet, the goal is to get to know you, not to sell you. We want to build a relationship with you. We want to earn your trust and work hard for you. 2014 is the year of customer service, and we want to service the heck out of you!

What does this mean to you?

We may not be a good fit for you. It’s as simple as that. If after a couple of meetings we’re not connecting at a natural, human level, we’ll have you move on to another Sales Rep. It’s happened before, and it’s likely to happen again. We just prefer to wake up in the morning and like the people we work with. Wouldn’t you like that too?

2014 is the year of customer service, and we want to service the heck out of you!

 


This is why your pet shouldn’t be home during showings.

Pro Tip – If you can’t be home to take your dog or cat out while buyers are coming to view your property, do us all a favour and put your little friend in a doggie daycare. Or find a friend to look after your furry beast while you’re not there.

Was on a property tour with my clients this morning and the Agent representing the first house we visited had given us a heads up that there would be a friendly dog in the enclosed back porch (wasn’t insulated and it was freaking cold btw) and we were to ensure she didn’t get into the house. At first I was excited to met the friendly canine. It’s no secret that I love dogs! Well guess what…the little savage got into the house and rather than show my clients the home I had to run around and try to contain the savage beast. It then proceeded to take a huge dump on the carpet and added a little pee to make sure the poop really got in there good.

Being the nice guy that I am I picked up the firm log and tossed it. Since I don’t typically carry around poop bags I used the listing agents freshly printed feature sheet as a pooper scooper.

“Sorry dear Seller, but your cute little pup left a fresh turd in your basement too, thought I’d leave that one there to teach you a valuable  lesson. Oh, and by the way dear Seller, my clients didn’t even bother to look at the whole house. You lose.”

We are there to help sell your house, not be a temporary pet sitter. The 15 mins we spent picking up dog shit and chasing the little bugger around could have been spent finding a solution to your particular design choices but my clients decided it wasn’t worth spending any more time there as we had 3 other properties to view, so we left.

When you decide to sell your house, make sure you find a solution for your pet while you’re not home. Spring Realty employee #4 and official mascot, Cody the Closer usually hangs out at Bark Place Hotel & Spaw and when you list your home with me, I’ll pay for two weeks of 9-7pm doggie day care..problem solved.


Best Mortgage Rates Sept 13th, 2012 & Some HELOC Changes.

1 Yr – 2.74 – 3 Yr – 2.64 – 5 Yr – 2.89 – VRM 2.65%

The new guidelines (B-20) announced by the Office of the Superintendent of Financial Institutions (OSFI) kick in at the end of October and many lenders are changing policies now in anticipation of this.  Not ideal, especially for those that decide they would like a home equity line of credit (HELOC), or want to buy a home with 100 percent financing.

That doesn’t mean that you can’t get a HELOC, but the new guidelines limit the maximum amount that you can take out of your home.  Under current rules, you were able to take up to 80% of the value of the home as a HELOC.  The new guidelines cap this at 65%.  The intention is to reduce the ATM effect that was occurring with many homeowners, and contributing to the record household debt levels.  We can still refinance to 80% as a traditional mortgage – phew!

The next notable change is that the government now requires a borrower to have a 5% down payment.  No longer can the client use 100% financing in the form of a 5% cash back offer to finance their purchase.  Some people have great credit, but life happens and they just can’t save enough money for that 5% down and still pay all the household bills.  This represents a very small part of the market and for some reason the government thought it would be a good idea to target these borrowers.

So for the majority of Canadians that go to their bank to arrange their mortgage, these options are no longer available.

But, if you deal with a mortgage broker, or a credit union, you will still have access to these products.  Since OSFI governs federally regulated institutions (i.e. banks), most lenders fall under this purview.  But, credit unions are provincially regulated so they can dodge this bullet and continue to offer HELOCs to 80% loan-to-value, as well as 100% financing.

If you or someone you know is considering any of these borrowing options, then I’d encourage them to talk to their mortgage specialist soon before the major lenders have all changed their policies to comply with B-20.  But if the need arises after October 31st, rest assured, we can still explore options.  You just need to consult your local mortgage broker.

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each week for you to enjoy. Heard about our awesome new home search tool? We’ve opened up the MLS just for you. Make sure you login to our custom Spring Realty Homefinder Tool and give it a spin! Find us on Facebook and Twitter too!

 

 


Best Mortgage Rates August 8 2012: Bye bye sub 3%?

It’s a quiet week for economic news, coming off a long weekend.  The unemployment report is out on Friday, but that’s the only real noteworthy item this week.

Best Mortgage Rates Canada 5yr fixed 10yr fixed variableWhat will be making more headlines will be the increase in bond yields we’ve seen the last week or so, as much as 25 basis points (bps).  At these levels lenders are starting to increase their rates and we’ve already had a few send us notice.  This could mark the end of the sub-3% five year rates.  We still have a few but unless yields reverse, more lenders will increase.

If you were sitting on the fence about whether or not to jump in now, this could be your wake-up call before all the rates bump.

Best to contact your mortgage professional and talk to them about getting pre-approved so they can lock in these rates for 120 days.

BEST RATES

1 Yr – 2.39

3 Yr – 2.64

5 Yr – 2.89

VRM – 2.65

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each week for you to enjoy. Heard about our awesome new home search tool? We’ve opened up the MLS just for you. Make sure you login to our custom Spring Realty Homefinder Tool and give it a spin! Find us on Facebook and Twitter too!


Mortgage Minute for May 10, 2012

Another quiet week but some housing numbers came out higher.  Most analysts expect those numbers to ease so they aren’t giving much attention to the results at this point.

The unemployment rate is announced on Friday and that may provide more of an indication of the strength of the improvement.

There has also been continued talk for the need to increase rates at some point as household debt continues to strangle families.  Other sources are noting that when it comes to borrowing, numbers are still in line and don’t appear to be over extended.

It will be interesting to watch over the upcoming months how the economy plays out and if Mark Carney will ever actually pull the trigger and increase rates.  Even if he did, he could only do it a little as Canadian manufacturing would go into a tailspin once the Canadian dollar increases further from its lofty price.

Todays Top Rates

Fixed – 1 year
Fixed – 3 year
Fixed – 5 year
Variable
2.74%
2.94%
3.05%
2.8%

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Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each Wednesday for you to enjoy. Please remember to subscribe to the Spring Realty Insider list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments right to your inbox.

 


New East End Development: 1430 Gerrard St East Condo

Gerrard St East is the next big thing in Toronto’s East End with recent announcements of East Village Leslieville by George Popper and now this new mixed use development at 1430 Gerrard St East in Toronto’s Little India.

There isn’t any info in cyberspace yet so I took a drive over there to see what I could dig up. My chat with the general contractor on site was quickly cut short by an intimidating character in a nicely tailored dark suit. I’ve seen this man before in the area and found out that he is a prominent local property owner (he also owns the large building across the street that houses Dwarika Restaurant).

I was able to get some info from the contractor prior to being silenced! This old theatre, once called The Nazz Theatre ceased operation in the late 1970’s but was the main draw to the area for the Ontario South Asian Community. This historic theatre will be redeveloped keeping the existing structure and historic facade. The main level will include three retail spaces (one tenant already confirmed to be an Indian restaurant). The upper level will be loft conversion suites and 4 additional levels will be added to the top for a total of 6 stories.

Spring Realty, as always, has the most current information on 1430 Gerrard St East and will strive to keep you up to date. We will also get you ground floor access to the best plans and prices the moment they become available. Join our Spring Realty Insider club so you are kept in the loop. Spring Realty loves Facebook and Twitter so make sure you connect with us there too!


Mortgage Minute for May 2nd, 2012

Last Friday Finance Minister Jim Flaherty had suggested Canada Mortgage and Housing Corporation could be pulled out the mortgage insurance business. No timetable was offered, but said as long as “affordable mortgage insurance is available” it’s “not essential” it be offered by the government.

This comes as Ottawa puts CMHC under closer scrutiny and tighter control, in light of how big a player the agency really is in the overall Canadian economy. Through CMHC and its two private-sector competitors (backed 90% by the government) Canadians are approaching $1 Trillion in exposure to insured mortgages.

Oversight of CMHC is being moved to the country’s top banking regulator, The Office of the Superintendent of Financial Institutions. Control shifts from the federal human resources department to the finance department, which gets representation on the agency’s board through a deputy minister.

Finance Minister Jim Flaherty said that this will “contribute to the stability of the housing market and benefit all Canadians”.

Interest rates haven’t moved much over the past week.  Most of the current best rates are still available, although there are fewer lenders offering the lowest rates available.

 

Todays Top Rates

Fixed – 1 year
Fixed – 3 year
Fixed – 5 year
Variable
2.8%
2.99%
3.15%
2.8%

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Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each Wednesday for you to enjoy. Please remember to subscribe to the Spring Realty Insider list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments right to your inbox.

 


Midweek Mortgage Minute for April 25th, 2012

The Bank of Canada has made it clear it intends to run its own course when it comes to interest rates. Its latest policy announcement all but stated it is looking to start making increases by the end of this year.

A number of factors stand between the Central Bank and its willingness to raise rates: weaker than expected job numbers in the U.S., lower than expected inflation in Canada and simmering concerns about Eurozone debt.

Off the radar for the past several weeks, Europe is returning as an ominous blip. People simply aren’t prepared to accept the austerity measures they’re told are necessary. In Spain debt continues to get more expensive. If a Greek-style bailout becomes necessary it would clean-out the E.U.’s rescue fund. In France the anti-austerity Socialist candidate has won the first round in the presidential election. And in the Netherlands the prime minister has resigned over his inability to win support for an austerity budget.

All that being said, a couple lenders have increased their market leading low rates this week.  No signs of wide spread rate increases occurring.  More like some lenders adjusting their rates back into the competitive fold.  It’s not an uncommon tactic that lenders hold out lower rates longer than the rest of the pack in an attempt to bring in some new business.

Todays Top Rates

Fixed – 1 year
Fixed – 3 year
Fixed – 5 year
Variable
2.74%
2.94%
3.19%
2.8%

______________________________________________________________________________________________

Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each Wednesday for you to enjoy. Please remember to subscribe to the Spring Realty Insider list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments right to your inbox.

 


Mortgage Minute for April 4 2012

This week we all watched to see how rates changed post-2.99%.  Most lenders had increased their 5 year rates but a few are still quite low.  The four year terms were equally active since most lenders had 2.99% as a 4 year offering so adjustments were needed.  All 4 year rates are now above 3% with the best one at 3.09% offering full prepayment options.

Most consumers are finding it hard to accept the new rates, but with spreads as thin as they are, there simply isn’t the margin to offer the promotional rates anymore.