If you spend time in the Junction, then you’re likely well aware of the transformation that is currently underway.
It continues to grow at an incredible pace, and the shortage of new residential properties on the market, in combination with high demand, means that residential units in the Junction are getting more and more expensive.
We are thrilled to share that new developments are being built – like the CRAFT Residences – that will provide more land ownership opportunities to community members in our favourite neighbourhood. The opportunity to invest in the growing future of The Junction has never been better!
*Artist rendition of CRAFT new construction building*
There are lots of benefits to purchasing a new build property.
While these buildings can take a number of years to complete, you don’t have to fully pay for your reserved unit until you take possession, which won’t be for a couple of years in most cases. Each building has its own payment structure, but most require an initial deposit of anywhere from 5-20% to reserve your unit. You also benefit from any price appreciation in the market during that time, and any growth that the community has during those years.
CRAFT Residences in particular will bring 87 new units to The Junction, and is a collaboration between the industry’s elite developers, architects, and contractors. The 8 story art deco building will not only be visually appealing, but will bring together fine craftsmanship and hints of the unique urban fabric of The Junction.
*Artist rendition of CRAFT new construction building unit interior*
There are lots of great opportunities to get involved and invest in the City of Toronto. If you’re looking for more information on CRAFT Residences, or any other new construction in your neighbourhood, then be sure to contact us. We would be happy to connect with you and help you invest in your neighbourhood!
Why Buy Someone Else’s Renovation? Build your Dream Home Instead!
We have a super cute house listed for sale 28 Nesbitt Drive. Located in Rosedale, this home is in one of Toronto’s best neighbourhoods – tucked away in a quiet, family-friendly part of the city.
While this home has a lot to offer currently, it would benefit from renovations. With a budget of $150,000, you could build a new kitchen, bathroom, and install hardwood floors throughout, which would leave you with a beautiful, modern detached home right in the heart of the city. A location like this, close to all the bike paths and on a country-like lot setting, doesn’t come up every day after all!
What are the Best Options to Renovate?
Why stop there though? You could always take advantage of this spacious lot and build up and out. With a lot size of 43.28′ x 100′ deep – the total lot coverage area is 4,238 total square feet. Considering that set backs are maintained – you would be allowed to build with an incredible 80% lot coverage – translating into a 3,390 square foot house!
Take a look at how incredible this home would look with a second story built on top! Please note that this photo has been edited to demonstrate the allure of adding a second floor, and does not represent the current state of the home.
How Much Would the Renovation Cost?
Lets look at the benefit of simply building up. If you buy the property for $1.5 million – when you factor in land transfer tax, you are into the property for around $1,550,000. You can then add on 2,000 square feet to the house at a cost of approximately $300 per square foot, meaning you will need a budget of roughly $600,000. To be safe, we can add a 20% price buffer, meaning a budget of $720,000 should easily cover the overall cost of the renovation. This number, combined with your purchase price of $1,550,000 equals a total cost of $2,270,000.
It’s important to note that two storey homes in this area are currently selling on average for around 2.7 million dollars. Therefore, by buying and building – you can save almost $430,000 and keep that cash in your pocket when you decide to sell the home in the future! The absolute best part of this deal is that you get to pick the finishes, the hardwood floors, the colors, the layout of the house, the appliances and so much more. All of the details are in your control, and you can build out the home of your dreams in the neighbourhood you never thought would be an option!
If you want to check out photos of this home, check out our listing page here and give Stu a call today to discuss building, or buying it already renovated!
Living in the Financial District: Discover the Centre of it All
Thinking about moving to the Financial District? Learn how to live large (and stylishly) in the area with our neighbourhood guide…
Do you have an appreciation for the finer things in life? Would you like to enjoy them in one of the most fast-paced and exciting neighbourhoods in the city? If so, the Financial District may be the perfect place for you. Home to the corporate headquarters of some of the most powerful companies in North America, this dense section of downtown Toronto is dominated by gleaming office towers and magnificent condo buildings. No doubt about it: living here is all about convenience and luxury. If you’re thinking of making the Financial District home, here’s what you should know.
The basics
For many Torontonians, the Financial District defines downtown. It’s easy to see why. Bordered by Yonge Street to the east and University Avenue to the west, the area couldn’t possibly be more central. Queen Street West and Front Street are generally considered to be the district’s north and south boundaries, respectively. Within this urban pocket, you’ll find not only office towers and luxury condo buildings, but high-end restaurants, night clubs, and shops. Bay and King Streets connect to form what’s generally considered to be the area’s central intersection, though recent growth has pushed much of the action further south. As a result, property closer to Union Station has become a hot commodity for companies looking to open up new headquarters.
Who lives in the Financial District?
Executives, stock brokers, entrepreneurs, and other ambitious professionals call the Financial District home. Area residents tend to be young and single. What you won’t find are many families (but if it’s great schools and a kid-friendly lifestyle you’re after, there’s no shortage of Toronto neighbourhoods that will be a better match.)
Where to eat & shop
For fine dining, upscale cocktails, and shops curated with refined tastes in mind, you can do no better than the Financial District. Here’s just a small taste of what you’ll find in the area.
Bay Street gourmets will want to check out Local Mercatto. Pair a divine modern Italian dish with the perfect wine (and enjoy the softly-lit ambiance while you’re there). If you’re a seafood fan, you’ll fall in love with the Chase Fish and Oyster. Tuna, halibut, scallops—all of your favourites are perfectly-prepared, and combined with other unique ingredients to provide a phenomenal dining experience. Meanwhile, Greek food is taken to the next level at Estiatorio Volos, while Speakeasy 21 serves up dishes with a diverse array of influences—from humus plates to gourmet tacos.
If you’re looking for great retail options in the Financial District, visiting the PATH is a must. At over 30 kms long, this series of corridors is the largest underground shopping network in the world. Transit hubs, office buildings, and other major sites in the area are connected through these pathways, where you’ll find over 12,000 shops. If you work in the district, there’s no more convenient way to find that brand new suit or statement necklace than on your walk home along the PATH.
Things to do
When you’re not hard at work—or enjoying a gourmet meal or round of retail therapy—there’s still plenty to do in the Financial District. On the weekends, busy professionals who call the area home like to unwind. Spas like Senses and Pearl on King provide luxurious massages, facials, and all the pampering you’ll need to make it through the work week. A perfectly-crafted cappuccino can be just as relaxing, which is why locals also regularly hit up top-notch java joints like Boxcar Social and Sam James Coffee Bar.
While you’re out and about, why not take a walk around and marvel at the district’s stunning architecture? From the glass towers of Royal Bank Plaza to the steel and granite simplicity of TD Centre (which is over 50 years old), there’s no shortage of must-see buildings in the area. Don’t forget about Cloud Gardens, an award-winning conservatory that features a beautiful little waterfall.
Getting around
Many Financial District residents get around on foot or bicycle, but the TTC is the primary mode of transportation for commuters who live outside the area. Subway stops that serve the district include King, Andrew, and Union. The latter is also a major hub for rail travel, and it sees a whopping 200,000 travellers every day (thanks in part to the important role it plays in the GO Transit system).
Real estate
Living in the Financial District is all about luxury, and that mentality extends to the housing market. Making the area home usually means settling into a gorgeous condo or penthouse. Think high-end building amenities, opulent finishes, and panoramic views. Needless to say, homes in the area tend to be on the pricey side, with condo prices regularly surpassing the $1M mark.
Looking for your dream condo in the Financial District? Reach out to learn more about the area—or check out some of the gorgeous listings on the market!
4 Tips For Finding the Right Mortgage Lender
Gearing up to apply for a mortgage? Here’s how to find a lender who will guide you through the process successfully…
If you’re like most home buyers, you’ll need to obtain mortgage financing before you can purchase your dream property. There are a number of important decisions you’ll need to make, but one of the most critical is who you’re going to work with. The truth is, not all lenders operate in the same way—or provide the same benefits.
If you’re looking for a professional who can help you achieve your home-buying goals, it pays to weigh your options. Here are four simple tips for finding the lender that’s right for you…
1) Get your credit in order
No matter which lender you decide to work with, they’ll be in a better position to help you if your credit score shows that you’re a responsible borrower. Luckily, there are steps you can take to raise your score relatively quickly. Start by ordering a copy of your credit report to ensure that it’s accurate. Errors can damage your score, so if you find any, be sure to correct them right away.
If possible, you should also pay down the balance on your existing credit cards. Be aware that it’s not just the amount of debt that you have that matters—it’s also the amount of credit available to you in proportion to what you owe. By asking if you can up your limit (or getting a card from a new issuer), you may be able to increase your ratio of unused credit to the debt you have to pay off. This boost could potentially improve your score, which will allow you to put your best foot forward when you start looking for a lender.
2) Broker or bank: know the difference
There are a few different types of lenders you can go to for a mortgage. But for most borrowers, it comes down to two options: banks and brokers. There are benefits associated with both. When it comes to your bank, the preexisting relationship you have with them can make the process very convenient. They know you well, which means they’re well positioned to help you understand how different mortgage options would fit into your overall financial situation.
Though they’re used slightly less often, brokers are becoming increasingly popular with buyers. The biggest benefit of working with them is that they’ll comparison shop for you. Unlike banks, they have access to outside financial products and services—which means they can help you find the best rates and conditions available. Having said that, if you feel more comfortable working with your bank, you may be able negotiate with them.
3) Do some online research
Whether you decide to go the lender or broker route, it pays to do your homework. Begin with a bit of online sleuthing. It’s true that most consumers will google a service provider before working with them. But when it comes to something as important as a mortgage, a thorough assessment is crucial.
If you’re thinking of working with a particular professional or institution, dig into their website. How credible does it look? Is all of the information it contains straightforward and easy to understand? Big banks are pretty much guaranteed to have a professional online presence, so smaller lenders may require a bit more vetting. Remember that third-party reviews can also give you a good idea of what working with someone is really like.
4) Ask the right questions
During the home-buying process, there’s nothing worse than being blindsided by unexpected delays. Unfortunately, lenders are notorious for holding things up at closing with last-minute requests. That’s why it’s so important to ask about loan-processing times.
You’ll also want to know what to expect in terms of costs. Will you be charged if you want to lock in an interest rate? How much will your loan application and processing fees be? Looking ahead, will you be charged a prepayment penalty if you’re able to pay off your mortgage ahead of schedule?
Before you commit to working with a lender, you should know exactly what to expect. Consider making a list of questions before you go in to speak to someone—and ask your real estate agent if you need help understanding how obtaining your mortgage will fit into the home-buying process.
Have questions about applying a mortgage—Or the home-buying process? Get in touch. We’d be happy to answer any questions you might have about the selling process!
