Archive for July, 2012

Spotlight: “Garment Factory Lofts” In The Leslieville Area

Garment Factory Lofts In The Leslieville Area Photo

Anyone familiar with real estate in the Leslieville area knows that there isn’t much there in the way of residential condos/lofts. The majority of what’s available sits along the strip of Carlaw Ave that runs north of Queen Street East up to Dundas.

Up until just a few years ago, there were only a couple of loft buildings on the strip – the Wrigley Lofts and the iZone Lofts. And even these were a tough sell for some buyers, as the buildings definitely lean more towards the “hard” side of the loft divide.

Since then we’ve seen a handful of new developments spring up in the area; the Printing Factory Lofts, the new Flatiron Lofts, and the Garment Factory Lofts.

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Ouch! Feeling The Sting Of Flaherty’s New Mortgage Rules

Ouch! Feeling The Sting Of Flaherty's New Mortgage Rules Photo

There’s been a lot of talk over the last few weeks about how many buyers out there are actually going to feel the sting of the new mortgage rules that came into effect on July 9th.  While the media has been playing up the severity of the implications these new rules bring, most industry insiders feel that only a relative minority of purchasers will actually have their buying power significantly reduced.

I thought it might be a good idea to shed some light from a realtor’s perspective and take a look at a couple of real world examples.

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Toronto Real Estate Market Report: June 2012 Statistics

Toronto Real Estate Market Report: June 2012 Statistics Photo

Following is TREB’s market report for June 2012:  Greater Toronto REALTORS® reported 9,422 home sales through the TorontoMLS system in June 2012. The number of transactions was down by 5.4 per cent in comparison to June 2011. The year-over-year decline was largest in the City of Toronto, where sales were down by 13 per cent compared to June 2011. Sales in the rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.

“Buyers continue to face the substantial upfront cost associated with the City of Toronto’s unfair Land Transfer Tax,” said TREB President Ann Hannah. “Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the disproportionate decline in sales in the City versus surrounding regions.”