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New property listed in Regent Park, Toronto C08

I have listed a new property at 202 19 River ST in Toronto. See details here

Vinegar Lofts! Don't miss this rare opportunity to own a stellar 2 bdrm loft with soaring ceilings, parking, over 1200sf (including terrace) in one of the few authentic loft conversion buildings in the downtown core. This super quiet 36 Unit residence offers the epitome of real hard-loft living with exposed yellow brick walls, sky-high wood ceilings with Douglas fir posts & beams, massive loft- style windows. As if that wasn't enough, this loft features a Gallery-Style Entry, an oversized modern, open concept renovated kitchen with party-sized centre island, a sun-soakedLiving/Dining with walk-out to a huge south-west facing terrace (approx. 200sf), concrete flooring through out and lots of ensuite storage. Steps To Transit, Parks, Restaurants, Financial Core, Queen/KingE. Quite honestly this one has all the Wow-Factor your dream home can hold!!

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Toronto Real Estate: Market Surprises, Tax Hikes, and Opportunities

This month, I’m discussing both the real estate market and a potential increase in property taxes.

If you’re interested in the specifics of the market, you can see the stats here.

There were more sales than I expected to see, perhaps prompted by a drop in interest rates. If there was anything surprising, it’s that there wasn’t an even further decrease in condo prices. Judging by the amount of interest (or lack thereof) in the condos currently on the market, I’d have expected that owners who really needed to sell would be more accepting about the current state of the market and be willing to negotiate.

So far in January, I’ve seen a ton of new listings, but I don’t think we’ll see a huge number of sales until we’re further into the spring market, like March or April. But it’s so hard to make predictions, not knowing the fallout from what’s happening in the US, not to mention potential elections here.

There are always opportunities in the market, it just depends on what you see as an opportunity. There are a number of condos available for sale that have been sitting for a while. If you’re an investor with a lot of cash to put down, there are deals to be had.

If you’re curious about what’s happening in your neighbourhood, send me a message.

The other news that will directly impact all homeowners is the proposed property tax increase coming for 2025, which works out to a total of 6.9%. There is an actual tax increase of 5.4% and a city building levy of 1.5%.

It sounds like a lot, but keep in mind that the taxes are calculated on assessments from 2016. If the city kept the tax rate the same but homeowners were taxed on the 2024 value of their home, people would be in shock.

To put it into dollars and cents, if your home was worth $1M in 2016, the proposed increase (city council will vote in February) would be $388. Annually.

There is a program for seniors who earn a low income (and may have been living in their home since the 50s) to apply for a tax grant. Hopefully the majority of Toronto homeowners can find an extra dollar a day to add to our property taxes.

The bottom line is that yes, property taxes have gone up by 24% over the last three years, but It’s about time. We’ve had the luxury of super low taxes and, although everyone wants to dump on Olivia Chow because the increases are happening during her tenure, I think we can blame past administrations that let things get to this point. And still, we have a very low taxation rate. For example, someone living in Ottawa would be paying almost $12,000 in taxes on a million dollar home, compared to $7,153 in Toronto.

Nobody wants to pay more tax than they have to, but I am ok with the idea of paying more because the city is suffering. The only other option is for the province to fund more, but that would mean it has more control of our city, which is something we definitely don’t want. Let’s just hope that city council uses the funds wisely and we see improvements.

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New property listed in Waterfront Communities C1, Toronto C01

I have listed a new property at 1007 20 Blue Jays WAY in Toronto. See details here

Beautiful & well-maintained 2 bedroom plus den suite at Tridel's Award Winning Element Condo! Approximately 895 Sf + Balcony. A generous split-bedroom floor plan which is perfect for sharing or a home office. Open Concept Living & Dining Space with super-sized den which could be used as a separate dining space or a home office. The over-sized modern kitchen features granite counters & ceramic tile backsplash. The extra large primary bedroom features a private 4-piece ensuite bath and a large double closet. This suite is not lacking for storage with double closets in abundance. Parking is definitely included with this offering! Convenience Is Key Being located in the heart of the Entertainment District and only steps to restaurants, shopping, the Waterfront, Financial District, Cn Tower, Rogers Centre, Public Transit,Highways, Daycare. Don't Miss The 5-Star Facilities W/ indoor Pool, Gym, Concierge, Party &Meeting Rooms, Visitor Parking, and amazing roof-top terrace & More!

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