Bay Street condo sells for $1.035-million in under a week
1001 Bay St., No. 2604, Toronto
Asking price: $1,065,000 (January, 2023)
Selling price: $1,035,000 (January, 2023)
Previous selling prices: $890,000 (May, 2018); $210,367 (April, 1990)
Taxes: $3,608 (2022)
Days on the market: Five
Listing agent: Elli Davis, Sotheby’s International Realty Canada
Only seven potential buyers toured this two-bedroom corner unit near Queen’s Park before an offer close to the asking price was accepted in January.
“A good listing well priced is moving within a week,” said agent Elli Davis.
What they got
The angular shape of the more than 30-year-old high-rise building gave this roughly 1,200-square-foot condo a triangular footprint. The open entertaining areas face northeast, and the bedrooms are oriented southeast.
Set back from the large picture windows are two full bathrooms and a kitchen, renovated with onyx and marble tile flooring, stone countertops and stainless-steel appliances. The unit also comes with stacked laundry machines.
A storage locker and parking spot complete the package.
Monthly fees of $993 cover the cost of water, cable, and internet, plus use of a saltwater pool, basketball and squash courts, and a rooftop garden on the 27th floor.
The agent’s take
“1001 Bay is a nicely run building with lots of amenities and 24-hour security,” Ms. Davis said.
“It’s just south of Bloor Street, near Wellesley, so you can walk to a lot of amenities, like the Manulife Centre and Eataly.”
This unit stood out for its elevated sightlines, style, and space. “It showed really well with marble floors in the living and dining area,” Ms. Davis said.
“It has good views, and many builders are building very small suites, and this one offered almost 1,200 square feet.”
European real estate stocks hammered by banking turmoil – Financial Times
What is included in my trial?
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 € per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
A massive chunk of Toronto's Kensington Market is now for sale at $24 million – blogTO
A large portion of Toronto’s eclectic Kensington Market community is on the chopping block, with a group of properties hitting the market for a combined $24 million, and potential plans to redevelop the site with a new mid-rise building.
Realtors are shopping a group of seven properties around that includes 23 Saint Andrew Street plus 25 through 35 Kensington Avenue, located just northwest of the Dundas and Spadina intersection.
The document circulating mentions the possibility of purchasing additional properties at 21 and 23 Kensington Ave plus an easement lot attached to 23 St. Andrew, which would add 0.173 acres to the site and increase the developable footprint to 0.66 acres.
The site is currently home to a collection of Victorian semi-detached homes with commercial frontages and includes a handful of businesses such as vintage store Fashion Old and New.
If sold off, it is expected that the new owner of the properties would redevelop the site with a higher-density development, and the document specifically notes the potential for an eight-storey building on the land.
Toronto’s Official Plan does indeed designate this pocket of the city for mixed-use development, though, like pretty much everything else proposed under the city’s archaic zoning by-laws, any mid-rise plan would require a rezoning to move forward.
The site is located within the planned Kensington Market Heritage Conservation District (HCD), which aims to conserve the area’s cultural and built heritage. This would likely only prove a small speed bump in any redevelopment plans, as new development is still permitted in an HCD as long as it adheres to the surrounding style.
Federal Government Amends the Foreign Buyers Ban Regulations – British Columbia Real Estate Association
On March 27, 2023, the federal government announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s (the Act) accompanying Regulations, effective March 27, 2023. The Act was passed in June 2022 and the regulations came into force January 1, 2023.
Here’s what you need to know about the amendments to the Foreign Buyers Ban.
Enable more work permit holders to purchase a home to live in while working in Canada.
The amendments allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.
Repealing existing provision so the prohibition doesn’t apply to vacant land.
Repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.
Exception for development purposes.
This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province, and controlled by a non-Canadian.
Increasing the corporation foreign control threshold from 3 per cent to 10 per cent.
For the purposes of the Prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3 per cent to 10 per cent. This aligns with the Underused Housing Tax Act’s definition of ‘specified Canadian Corporation’.
While the BC Real Estate Association (BCREA) welcomes these amendments because they provide greater flexibility to newcomers and businesses seeking to contribute to Canada, we remain opposed to the legislation’s highly political and largely non-evidential assertion that foreign ownership plays a significant role in Canadian housing attainability.
The federal government’s need to amend this policy demonstrates its overly hasty policy-making process. The negative unintended consequences that necessitated the amendments could have been mitigated with proactive, fulsome sectoral consultation. The negative fallout from this legislation once again highlights a concerning trend at all levels of government to implement policy affecting major economic sectors without adequate advance sectoral consultation.
BCREA is committed to continuing our advocacy efforts calling for the establishment of a Permanent Housing Roundtable to bring together all stakeholders in the housing sphere and help address its challenges with an inclusive, holistic and innovative approach.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
How To Choose The Perfect Type Of Fundraiser For Your Cause
Pierre Poilievre is neither for nor against the Liberals' industrial strategy. Quite the opposite – The Globe and Mail
As Canadians miss out on benefits, Ottawa promises automatic tax filing is on the way – BNN Bloomberg
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Search for life on Mars accelerates as new bodies of water found below planet’s surface
Business19 hours ago
Bank of Canada ‘ready to act’ if financial turmoil spreads
Media19 hours ago
2023 Media Layoff Tracker: Rough Year For Journalism Marked By Increasing Layoffs
News20 hours ago
What is the grocery rebate in federal budget 2023? Key questions, answered
Health21 hours ago
WHO Experts Say Healthy Kids, Teens May Not Need More COVID Shots
Investment21 hours ago
2X Receives Strategic Growth Equity Investment from Recognize
Business21 hours ago
Musk, other tech experts urge halt to further AI developments
Art11 hours ago
Art collector Myriam Ullens killed outside her home in Belgium, allegedly by her stepson – Art Newspaper
Sports20 hours ago
Toronto Maple Leafs vs. Florida Panthers – Game #74 Preview, Projected Lines & TV Info