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.
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???)
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.
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.
The Future is here and the Realtors have spoken; We want Electronic Real Estate Transactions! The new generation of 2.0 Realtors have put pressure on the Ontario Real Estate Association (OREA) and their local boards to allow electronic signatures on Agreements on Purchase and Sale (aka Offers documents).
Spring Realty is fighting for this amendment and we won’t stop! This will make each Real Estate Transaction more efficient and will create more legible documents. I’m sure our Lawyers will be happy about that one.
The Electronic Commerce Act of, 2000 currently excludes electronic signatures on documents that create and transfer interests in land (your APS), as well as:
1. Wills and codicils.
2. Trusts created by wills or codicils.
3. Powers of attorney, to the extent that they are in respect of an individual’s financial affairs or personal care.
5. Negotiable instruments.
6. Documents that are prescribed or belong to a prescribed class.
We’re not sure whether the 6 others exemptions are going to be addressed. On May 17th we got our wish when Progressive Conservative MPP Todd Smith (Prince Edward-Hastings) and Liberal MPP Yasir Naqvi (Ottawa Centre) proposed an Amendment to the current Act to allow Electronic Real Estate Transactions.
As a leader in paperless technology Spring Realty couldn’t be more excited about this! Our iPads are all charged up and waiting for this amendment to become reality. Keep in mind that this technology is already used in the Banking, Insurance, and American Real Estate Industries so it’s just a matter of time before our Government makes this happen for us.
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!
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
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.
Many stories of unhappy home buyers have been circulating lately and one even ended up on the cover of the Toronto Star. Spring Realty managing director, Brian Hawrysh commented: “The reality of buying a house in Toronto is that it’s likely not a new build”.
What this means is, DO YOUR HOMEWORK! Never, ever, ever buy a house that hasn’t been properly inspected. If your sales rep or broker is advising you make an offer without inspection then you need to find another agent to help you. In this competitive Toronto Real Estate Market many houses in desirable neighbourhoods are experiencing multiple offers, where the cleanest, highest offer wins. By clean, I mean, an offer without conditions. You wouldn’t omit a financing condition if you hadn’t already secured financing would you? Then why not just do an inspection prior to making the offer? Ask the Seller for the Survey, this will help identify if the home, and other structures are within the appropriate property lines. Call the City to check on building permits, have they been passed? Any outstanding issues? This is totally acceptable and the small expenditure could save you thousands in the long run, or at least provide you with the information required to make what is for most, one’s largest financial investment.
Home inspections however may not unearth all of a home’s deficiencies. An inspector can’t look behind walls to find hidden knob and tube or look through drywall to find an improperly cut joist. These unexpected issues are just a part of home ownership. You do your best to protect yourself when buying by hiring an experienced Real Estate Broker, conducting a home inspection with a qualified home inspector, using a solid Real Estate Lawyer and ensuring you have set aside an adequate reserve fund equivalent to 2-4% of the purchase price to handle unexpected repairs and regular maintenance.
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. Find us on Facebook and Twitter too!
We have floor plans and prices ready for you!
(Original post from March 31, updated April 15th and a further update April 16th)
Breaking news from Spring Realty (thanks to our top secret insider). The East Village Leslieville Project is finally here!!! Check out the renderings at the bottom of this post.
After hearing rumors a month or so ago I could not dig up a thing on East Village Leslieville, but as of last night (March 30th)the website went live and we at Spring Realty got extremely excited! This spring, Leslieville will offer a new condo/loft project.
From the City of Toronto document obtained by another Spring Realty insider (April 15th) it seems as though the address will be 1321 Gerrard St East (100% confirmed as of April 16th btw)! This document outlines the proposal for 31 stacked TH style units with underground parking. From the preliminary renderings they look to be quite an improvement from the current state of the old Coffee Time site. The two building complex will contain 31 residential units with a number of underground parking spaces. There should be a variety of suites but we’ll know for sure in the coming weeks. The suites will have roof terraces and plenty of green space to enjoy. At approximately 1:30pm on April 16th another Spring Realty Insider contacted us with the name of the developer!!!!
Most locals are familiar with Abode Lofts and the Leslieville Lofthouse Project on Colgate Ave just North of Queen off Carlaw. Well, George Popper (Urban Fabric Development) is at it again with 1321 Gerrard. Taking it to a new level, building a contemporary stunner in the East End. Now that I know George is behind this, I’m even more confident it will be a massive success. Can not wait for this! Spring Realty will have floor plans before anyone else and we will get you in the door first.
View Larger Map
In the mean time, it is very important that you Contact Us to register for this project. Please use East Village Leslieville as the subject line. We will keep you updated the instant we get more information.
For real time updates please follow us on Twitter (@aramamourian, @springrealtyinc) or Visit our Facebook Page.
In an update to yesterday’s Mortgage Minute, Spring Realty Mortgage Expert Lee Welbanks had this to say:
“To no one’s surprise, the Bank of Canada left rates unchanged this morning. That means prime is still at 3%, where it has been for the last 18 months. They did leave the door open for an increase sooner than originally expected. If things continue to improve both domestically and internationally, then the need for continued stimulus is reduced and a rate increase could happen before the end of the year.
The Bank of Canada did note that household debt continues to be the major threat to the domestic outlook. This is echoing earlier sentiments and concerns that the government may step in to change mortgage rules so as to reduce the level of indebtedness that Canadian households are undertaking. We expect more news on this before the next budget is announced on March 29th”
Guess what? BMO is back with their 2.99% 5yr Fixed rate. Check out the full details to see if it’s right for you.
Lee Welbanks is a Mortgage Broker with The Mortgage Centre and trusted Spring Realty mortgage expert. To learn more about your funding options please Contact Lee today. 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.
Why should you invest in Nero Condos & Towns? Because this is a true Canadian Success story that dates back to the 1960’s. An amazing story, an amazing family, and an unbelievable location.
Maple Leaf Building Supplies opened up in the 1920’s and occupied the corner of Dundas and Manning until the 1970’s. Most of us are more familiar with the site under its current name; ML Lumber and Building Supplies. This name change came to be in the 1970’s when there was a change in ownership. The thriving building supply outlet was bought out in the 1970’s by The Silva family. The Silva Family immigrated to Toronto in the 1960’s and spent a decade embedding themselves in the community, they worked hard, they earned and they saved. After 10 years of hard work and perseverance they found themselves in a position to purchase the building supply outlet. Get their piece of the (Canadian) pie, so to speak.
This corner has been an anchor of the up and coming community at Dundas and Manning for decades and now it’s time for a change. Here’s where the story gets an interesting twist. Every day I get news of another proposed development site, big developer comes in buys the land, builds, and moves on.
Well in this case we have a business owner who loves his community, he loves his site and most of all he appreciates all of the years of sweat his family poured in to this property that he has decided to take on the development himself. Renato Silva, the current owner of the site has years of experience in the building industry in custom homes and of course development is in his blood. His new development company called Tofni Developments will partner with top design firms, top condo sales team Brad J. Lamb Realty to make this development a reality.
NERO Residences will be located at 209 Manning right at Dundas and Manning. Will offer an interesting selection of lofthouses starting at $650,000 up to $900,000 and a variety of soft loft suits ranging from 400-1000sqft at approximately $550/sqft.
Dundas and Manning borders on two vibrant communities; Little Portugal and Little Italy. Make sure to visit our neighbourhood pages to learn more about these hot spots.
Spring Realty is a new development insider (Join our Insider Club for immediate notifications) and we already have floor plans and prices. Contact us today to buy. Your true Platinum VIP Brokers for NERO Boutique Residences. We have builder agreements ready to be signed.
There is a light at the end of the tunnel and it’s called Spring, the season that is. It is our professional opinion that the main cause of this mild winter was the hot Real Estate market. Mother nature just didn’t have a chance against the sizzle created by multiple offers and low interest rates.
The Toronto Real Estate Board (TREB) has just released their February numbers. It is of no surprise to us that the arrows are pointing up, way up.
There were 927 Detached homes sold in the 416 in February achieving an average price of $818,815 that’s up 13% from last February and up 10% over last Month. The 283 Semi Detached homes averaged $585,325 and show similar increases with 12% increase from last year (2011) and up 11% from last month. Finally, TREB reported 1212 Toronto Condos sold in February averaging $371,334, up 4% from last year and 8% from last month.
An interesting trend to keep an eye on are those Buyers who once upon a time required detached homes seem to be compromising and going for the local semi’s. This new found demand is driving semi detached house prices up.
February was a busy month for Spring Realty. We managed to win a bid for a nice couple on their very first purchase and quickly sold two of our newest listings!
Make sure to sign up for the Spring Realty Insiders Club to receive updates on recent posts, hot properties and new development alerts. Any questions? Comment below or Contact Us today.