Toronto Real Estate and Neighbourhoods Blog | Move Smartly

Toronto Moving Tips: Regifting, Reusing and Recycling Clutter

Urmi in Lifestyle

This week, I find myself having to confront old demons to prepare for a big move.  The New Year will find me simultaneously downsizing and upgrading to share a home with a wonderful partner.  While I'll be moving to a more spacious place, a purge is in order because showing up with boxes full of junk (including a mortifying CD collection that has taken to following me around) doesn't exactly say, "hello beloved one!"  (Neither does showing up with a Deepak Chopra book collection of the same name.)

This move around, I've decided to combine my yen for streamlining with the giving spirit of the festive season.  By planning months ahead of my actual move, I can avoid a last-minute dash for the dumpster (and EcoGuilt™) by choosing to regift, recycle and reuse wherever possible.  Whether you are planning to move now or soonish, you may want to take a similar approach to de-cluttering.  Here are some helpful services and ideas I've come across in the GTA:

Canadian Interest Rates Impacted by US Subprime Collapse

John in Money, Media Roundup

Rob Carrick from the Globe and Mail had a great article last week that highlighted the effects the US subprime mortgage collapse is having on Canadian mortgage rates.

In a previous post, I highlighted the differences between fixed and variable rate mortgages. I specifically discussed how variable rates are primarily based on the prime rate whereas five-year fixed rates are based on the current rates in the bond market.

Chart: Govt. of Canada marketable bonds, avg. yield: 3-5 year

Banks go to the bond market to borrow the money that they in turn lend to you for your five-year mortgage. The rates that banks pay to borrow the funds often depends on the yield for comparable five-year bonds in the marketplace. One of the benchmark yields that the industry keeps an eye on is the yield for five-year Government of Canada bonds. The yield on government bonds is important because they typically represent the most secure bond in the market. This means that the interest rates that banks are paying to borrow money, and the interest rate you are paying for your mortgage, is going to be at some premium over and above the current yield for a comparable government bond.

Fairbank: Toronto Neighbourhood Explorer

Jesse in Toronto Neighbourhoods 

Getting lost in one’s own neighbourhood takes dedication and skill. Having moved to the neighbourhood of Fairbank (check out Realosophy’s neighbourhood profile for school and housing stats) a year ago, I thought I had gotten a feel for my surroundings and that losing my way was a thing of the past. My confidence was shaken this afternoon as I did what I thought was un-doable and got lost ten minutes away from my house. Thank goodness I had my Vince Guaraldi cd to keep me company as I wove throughout the residential streets that make up Fairbank.

Why Home Buyers Need Title Insurance

Rachel in Legal, Home Buying

Title insurance is widely used in Ontario real estate transactions and is often used to replace or augment what is referred to as the ‘solicitor’s opinion on title’.  In a previous post, I discussed title-related risks and what you as a HomeBuyer can do to protect yourself.  One method of protection is a policy of title insurance, and in this post, we will delve a little deeper in to what that means for the HomeBuyer.

Media Roundup - November 23, 2007

Media Roundup

The National Post reports that Toronto is North America's condo King with condo sales reaching a projected 21,000 by the end of this year.  By comparison, New York usually records about 10,000 condo sales a year.

Housing News

Councillor Ootes is pressuring the City to sell off its high-value single family dwellings which are subsidized for those with low incomes.  The idea is that one of these $500,000 plus homes housing a single family could be sold off and the money divided among several families who would presumably find suitable high-rise units on the edges of the city.  But do all families in need of housing assistance belong in the same tower blocks?

Urban News

A great post from spacing.ca on how pedestrians in Athens are taking back the streets from unruly drivers - and rather carefree parkers.  Though the activist collective - self-styled the 'Street Panthers' - provides in-depth analysis of the problem in Greek, some pictures tell a universal story.

City News

And yes, Toronto experienced its first snowfall this week.  For those who are prone to snowflake-induced anxiety, here is the City's coping plan.

The Distillery District: Historical Toronto or EuroArt Disneyland?

Urmi in Toronto Neighbourhoods, Urban Issues

I particularly enjoyed reading Jesse's take on the history and future promise of the Distillery District this week, since I've been wondering about this neighbourhood as well.  I, like Jesse, am excited to see a piece of Toronto's history preserved rather than merely lamented.  But, at the risk of sounding impatient, I have some misgivings about the Distillery's developmental trajectory as it currently stands. 

Now, it's not the 'condos going up on artifacts' thing that bothers me.  I am not one to oppose building on history in some misguided attempt to keep things 'sacred', which in the sociocultural realm of North America, all too often means keeping things dead and preserved in underutilized museums.  No, I believe that finding new reasons to visit old things makes a whole lot of sense.  So revitalizing this beautifully historic area is a no-brainer.

However, I do wonder if the District will be home to the right mix of residential, commercial and social establishments to make it sufficiently lively.  Developers have gone to great (and commendable) lengths to make the arts and art studios a principle draw of the area.  But too much drawing makes Jack a dull boy.  As dedicated Jacobins (not to be confused with their equally militant French counterparts) know all too well - a neighbourhood that is not frequented at most hours of the day and night, day in and day out, is a neighbourhood in danger of becoming unsafe and unpopular.  But given that I have visited the District on many a weekend now, either to take in a play, eat or drink, I'll allow that as more office spaces are taken up and condos are completed, the 'mix' may evolve into something with more persistent magnetism (after all, Chekhov can pull you into the old neighbourhood only so many times).

But even if the District evolves, will it ever drop that rather dismaying veneer of 'themed amusement park' it has so unfortunately taken on?  Take for example the ubiquitous signs that dot the place (see left).  While a bit of useful sign posting, perhaps for the benefit of frazzled theatre-goers making a last minute dash before the curtains open is in order, these signs are clearly out-of-control.  One of the primary reasons we live in bustling urban spaces is for the sense of adventure it affords us, which is somehow undermined by the notion of clearly planned and regulated pit stops.

Historic Distillery District: Toronto Neighbourhood Explorer

Jesse in Toronto Neighbourhoods, Toronto Condos and Lofts 

A short while, I had lamented on Toronto’s seemingly lack of recognition to buildings that were erected during its formative years; cement and cold steel had been laid down over top of our city’s collective heritage in the name of innovation. Construction of the Shangri-La condo had been halted so urban archaeologists could excavate as many artifacts as possible during the four months they were granted; perhaps the ghosts of Toronto’s past are determined to not be paved over and built upon once more.

                                                                                
The Distillery District is a small area just east of Toronto’s downtown core, home to a terrifically historic collection of buildings. Founded in 1832, the Gooderham and Worts distillery became the largest in the British Empire specializing in whisky (and, later on, anti-freeze) – these preserved red-brick Victorian-era buildings make up almost the entirety of district. Cobble stone roads line all the interior pedestrian-friendly streets- a nice way of saying 'leave your cars at home please'.

What Does the Future Hold for Toronto's Condo Investors? Windfall or Bust?

John in Condo Buying, Toronto Real Estate News

Now that the dust has settled on the insanity that was the 1 Bloor broker preview, we can start asking what the future holds for these condo purchasers.

The new condominium construction market has very different fundamentals from the resale market. New condominium construction sales are heavily influenced by investors who either buy units as rentals, or try to flip or sell them for a profit after the building is completed. A strong increase in activity by speculators is a sure sign that the market is getting over-heated. In the case of Toronto's new condo market, it’s estimated that 60-85% of new condo sales involved investors this year, up from 30-50% last year.

The week long lineup outside 1 Bloor is definitely one sign that things are getting over heated. But you can also 'hear' a lot of the irrationality in the market, if you just listen to what both realtors and investors are saying.  Things like, “you can’t lose”, “it’s the best address in Canada” and “it’s close to Yorkville”, are all meant to justify 1 Bloor’s high sticker price. The silliest argument I continue to hear is one that originally came from Donald Trump a few years ago: “Toronto real estate is undervalued when it is compared to other leading cities in the world. It is only going to increase in value.” The problem, of course, is the word "undervalued."  As compared to what?  The fact is, Toronto isn’t on the River Thames and it’s not an island. Comparing our real estate market to London and New York doesn't make a whole lot of sense.

Aura - Canada's Largest Condo Tower?

John in Toronto Condos and Lofts, Toronto Real Estate News

Ed. Note.  Whoops, looks like we are not immune to condo-gargantuanitis ourselves.  In our rush to crown a winner in Toronto's tallest tower sweepstakes, we "grew" the 243 metre Aura - by a lot.  A couple of our loyal readers have helpfully pointed out that the Trump Tower is still way on top at 281.88 metres. (November 20th, 2007)

Now that Bazis International has made it look easy to market Canada's tallest condominium at 1 Bloor, developer Canderel Stoneridge announced plans to build a condo that will surpass 1 Bloor in height and become, according to the developer, "a landmark building".

Slated to become Canada's tallest condo, Aura will be located at the corner of Yonge and Gerrard and is the third phase of the developer's The Residence at College Park.  Much like 1 Bloor, Aura will have a four level "podium" at its base comprised of retail tenants.  A quick glance at the marketing campaign suggests that Posh Spice would be at home here.

Given the one-upmanship that has come to characterize Toronto's condo boom, Aura may not be the tallest tower for very long.  The 75-storey, 243 metre Aura is just 16 metres taller than the current 1 Bloor design.  This has sent the developer of 1 Bloor scurrying to seek approval to increase the building's height to 278 metres to put it back on top. 

Aura will be open for sales in 2008.

John Pasalis is a sales associate at Prudential Properties Plus in Toronto and a founder of Realosophy. Email John

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Media Roundup - November 16th, 2007

Media Roundup

Toronto Real Estate Market News

Some mixed media reports on the state of Toronto's real estate market.  TD Waterhouse vice-president Patricia Lovett-Reid suggests that the Canadian real estate market is in great shape with no signs of a bubble:

"You have a bubble situation when there is a lot of speculation and leverage in the market. We are not seeing that in Canada now."

Ms. Lovett-Reid also believes that new condo sales are being 'driven by fundamentals, not speculation' because the buildings are pre-sold prior to construction.  In contrast, Re/Max is reporting that anywhere from 60-85% of new condo sales can be linked to investors.

Gehry Faces Lawsuit

Perhaps innovation comes with a price?  U.S. educational landmark, MIT, has filed a lawsuit against Toronto-born architect Frank Gehry, claiming that the crazily-angled Stata Center has posed numerous problems due to "design flaws."

Perhaps those living close to the Art Gallery of Ontario (AGO), currently undergoing a $254 million "innovative architectural expansion" at the hands of Gehry (see photo left), should insist on straight lines.

Taxing the Pooch

It may get hairy when the City gets back to talking taxes at the end of the month.  This time, it's about Toronto's dogs.  A new proposal may see professional dog walkers paying $200 to obtain a licensing fee.

Fun in Toronto

Looking for something to do tonight?  You might want to head down to the ROM to witness Toronto's first ever Lightsaber Battle.  The gang at Newmindspace (who we can thank for the Nathan Philips Square Pillow Fight) will be hosting the event this Friday, November 16th at 9:30pm.