Toronto Waterfront What's Happening?

Toronto Western Waterfront today consists of a chain of under-developed public parks and beaches that line the water’s edge between the Humber River and Ontario Place. These public spaces are cut off from the surrounding City – including two significant public open spaces (Humber Valley and High Park) and two long-established urban neighbourhoods (Swansea and Parkdale) – by a major transportation corridor comprised of The Queensway, CN Rail Corridor,

Gardiner Expressway, and Lake Shore Boulevard.

What area are we actually talking about? Two trails, namely the Martin Goodman and Humber River Valley Trails, Three City beaches, namely Gzowski, Sunnyside and Budapest Beaches, collectively known as Sunnyside Beach, Five City parks, namely Marilyn Bell Park, Lake Shore Boulevard Parklands, Budapest Park, Sunnyside Park and Sir Casimir Gzowski Park.

The area also features important historic sites, including the Joy Station, (remember the boarded up Gas station that has now been surgically replanted to the south side of LakeShore at Windermere) Sunnyside Bathing Pavilion and Palais Royale, and is home to a number of private recreational clubs, including the Boulevard Club, the Toronto Sailing and Canoe Club and the Argonaut Rowing Club.

As a destination, the Western Waterfront will provide extensive public open space along the water’s edge, just minutes from downtown Toronto and steps away from the long-established neighbourhoods of Parkdale and Swansea. For the City as-a-whole, the new Western Beach will mirror The Eastern Beaches in both framing the Central Waterfront and providing large-scale public windows onto the Lake itself. The Western Waterfront will comprise a series of expanded

and refreshed beaches, with improved beach water quality and opportunities for water-based recreation. These beaches will be anchored by a handful of year-round facilities, which will serve as service and recreation hubs for the park. Connections for pedestrians and cyclists to the Western Waterfront will be dramatically improved, with five dedicated links from the neighbourhoods to the north providing direct access to the water’s edge.

Well, Thats the Plan And it truly does explain why the Humber Bay Shore Community is in such demand for living and playing within the city. Bicycles, Pedestrians, Rollerbladers and Strollers all converge on the Boardwalk between the Argo Rowing Club and the landmark Humber Bay Bridge. All are struggling to compete for 660 parking spots along the Lake Shore and are within 300 feet of a street car stop. (But it would be way more stylish to have a NEW LRT)

More about Pets in Toronto Condos

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Stan Gelman is a local lawyer for Etobicoke and Mississauga. Stan can be reached at 905 270 5110 or through his website http://WiseLawyer.ca sgelman.sglaw@rogers.com

Financial Insecurity may slow Toronto Condo Construction

Some condominium developers in Toronto are starting to feel the effects of the global credit crunch, and analysts say that could put some projects in jeopardy.

A condo market analyst says 30 per cent of the 120 projects currently being marketed in Toronto are teetering because they can't get financing.

Projects already being built don't appear to be in any danger of grinding to a halt, said Jane Renwick, executive vice president of Urbanation, a condo consulting firm.

But Renwick is concerned about smaller projects that haven't reached the construction phase.
The "A" locations — the ones downtown, or near subway lines and being built by proven developers — aren't affected. It's the "B" locations being presold by unproven developers that are causing concern.

"The Tridels, the Menkes of the world, they will have no problem. They've got good, established relationships with the banking community. It's the marginal players, the new kids on the block, those are the ones that we're worried about and that could represent up to 30 per cent of the projects that are not under construction," said Renwick.

Mike Labbé, who runs Options for Homes, a non-profit company that develops condos and townhouses for people on low incomes, has heard from other developers that it's taking longer than ever to line up financing.

"It's getting tighter. It's getting harder to find. People are having to be more creative. They're having to come up with more of their own equity to make it happen," says Labbé.
To raise equity, Labbé says, some developers are even selling off land they were holding for future projects.

For construction workers like electrician Tony Pacheco, it's a worrying scenario.
"It's scary," said Pacheco, "but at this site here, we have lots of work."

Renwick says that if the situation continues, "we're going to have disappointed buyers.
"They are going to get their money back, they will get their deposit plus one per cent according to their purchase agreement. They'll be protected, but disappointed."

David Pylyp; While I do agree that the new projects may be difficult to sell in a changing economic environment, A) the Buyers have many choices to pick from, B)Their deposits are protected, C) if the project does not achieve critical mass their deposits are refunded or they may choose to re-invest in the new revised projects. A simple example of this was the High Park Lofts in Roncesvalles Village that was sold 3 times, thru 3 different developers until it achieved critical mass and was finally constructed. (site drawings, ceiling heights and floorplans were redrawn and revised)

There will be many more that are sold and resold prior to construction. It cannot be stressed enough, the cranes that you see going up on different sites around the west end of Toronto and along Humber Bay Shores, are building that have sold at least 75 to 80% of the proposed units, and THEN commenced construction.

Rising housing values and lack of inventory

Rising housing values and lack of inventory
challenge first-time buyers, says RE/MAX

“Homeownership continues to be primary objective”


While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues. Innovative financing has become key to homeownership in today’s environment – with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.

Doom and gloom reports coming from south of the border have yet to hinder overall momentum. First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership. They’re determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game.

Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report.

First-time purchasers continue to play a pivotal role at both a local and national level. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable.

Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability. Starting prices can be substantially lower than the market average.

The best value for the dollar continues to be found in the suburbs. For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the country’s major centres can be picked up as low as $150,000 to $175,000.

RE/MAX Ontario Atlantic

How to match the home you buy to your pocketbook

So, you've decided to take the big leap and purchase your first home. Most of us have a "dream home" tucked away at the back of our minds -- complete with six bedrooms, two fireplaces and a panoramic view. Before setting off to view properties you likely can't buy.

Your "dream home" can easily become a nightmare when most of your money goes to pay the mortgage and there's little left over for anything else. Overextending yourself financially is the quickest way to destroy the excitement of home ownership and add stress to your life.

Smart home-buying means knowing what you can afford and being practical about it. Most first-time buyers, in particular, lack the funds needed to buy a home without assistance from a bank or financial institution. Buying a home means combining savings with money borrowed through a special arrangement called a mortgage.

To keep mortgage payments within their means, most first-time buyers purchase what is commonly known as a "starter home." A starter home is just that -- a way of getting started in long-term real estate investment.

To match the home you buy to your pocketbook you have to realistically assess your needs, determine what you can afford and, usually, lower your expectations. Begin by enlisting the services of a real estate representative. This individual will help you target your home ownership dreams and provide valuable information on mortgage options, interest rates and incentives, such as government programs, for first-time buyers.

In the meantime, here are some ways to determine how much you can afford.
Set a maximum price rangeTo determine your "affordability" price range, you must calculate two amounts: the amount of cash you can afford to put towards the purchase (down payment) and the maximum amount of loan (mortgage) you can comfortably carry. Typically, household expenses should not exceed 35 per cent of your gross income.

Put down as much as you canThe key to getting started for most first-time buyers is the initial down payment. This is the part of the purchase price you have to put down as cash. You may be able to buy a home for as little as five per cent down. But remember that the larger the down payment, the easier it will be to manage the other expenses (mortgage, utilities and property taxes).

An ideal down payment is 25 per cent of the purchase price. Keep some cash in reserve though for unexpected expenses related to a home purchase and typical expenses such as land transfer tax, legal fees and moving expenses.

Know how much to borrow

To establish your maximum mortgage limit, a financial institution will determine the monthly payment you can afford by calculating your debt-service ratio. List all your loans (car, personal loans, monthly credit card balances). The sum of these and your mortgage payment, including principal, interest and taxes, should not exceed about 40 per cent of your gross income. The mortgage payment and taxes should not exceed about 30 per cent of your gross income.
Understand interest ratesThe size of the mortgage you can arrange, based on payments you can afford, depends on interest rates. The lower the rates, the larger the possible mortgage and the more affordable home-buying will be.

However, there are other variables to consider: How open is the mortgage? Is it portable? Would prepayment be allowed? Discuss your mortgage options with David Pylyp, banker or financial advisor. Decide what's best for you, establish a limit and stick to it.

Look at other sources of funds

If you have been contributing regularly to a Registered Retirement Savings Plan (RRSP), you may have to look no further for your down payment. The federal government's RRSP Home Buyers' Plan allows eligible taxpayers to withdraw up to $20,000 per person ($40,000 per couple) tax free from their plan to buy a qualifying home. However, you have to pay back every year at least 1/15th of the amount taken out until it is all paid back, or there will be a tax penalty.

The Ontario Home Ownership Savings Plan (OHOSP) is a provincial program which provides tax credits on annual contributions to an Ontario resident earning less than $40,000 a year (or less than $80,000 per couple) who has never owned a home. While there is no limit to the amount you may deposit in an OHOSP, you can only receive tax credits on annual contributions of $2,000 ($4,000 per couple) or less. Depending on your annual income and the money you invest, you can earn up to $500 individually or $1,000 a couple in tax credits a year. The plan must be closed and a home purchased by the end of the seventh year.

The Canada Mortgage and Housing Corporation's (CHMC) five per cent down mortgage program is available to both first-time buyers and those who have already owned a home. This benefits buyers who can afford the monthly payments, but would have trouble saving for a larger down payment. Under the program, CMHC may insure the mortgage on your home (against default in payments) for up to 95 per cent of the lending value. An insurance premium of about 3.75 per cent of the mortgage loan is charged. This amount can be added to the mortgage or paid on a monthly basis.

Other sources of funds you can tap into for a down payment include savings and investments and loans or gifts from your family or relatives. If you're already a homeowner and moving up, you can use money that you get from the sale of your present home.

Is it time to "move up?"

Chances are when you bought your first home you were thinking of it as a "starter home" and dreamed of owning a larger and better home one day.

With today's mortgage rates in the lowest range they've been for almost 30 years, you might be pleasantly surprised that you can afford that "move up" house now. Using the equity you've built up in your current home, your carrying charges may not be much larger than what you've been used to paying. If you're curious to find out, ask David Pylyp to help you calculate carrying costs on a "move up" home.

There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.

It's also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.
When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR®. Your options can be confusing at times, but a REALTOR® can help you make the right choices.
David Pylyp will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You'll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. David Pylyp, a REALTOR® is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.

Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you'll ever make so why not take advantage of current market conditions and enhance your investment today. OREA

Call David Pylyp today and let's get started.