Anne Marie Lorusso, sales representative

Some say parking is a killer in the east end.  I know more than a few downtown people that have ‘summer cars’ or motorcycles or other toys that they need to keep somewhere.   Many downtown men would love to have a man-cave of their own.  This is that space women can send their husbands off to play with and keep their toys.

You can now OWN a solid secure 3 car garage(almost 1000 square feet) near Queen & Coxwell rather than paying to rent a garage space from someone else never knowing when they’ll oust you to take it back because they’re selling their house.  There is also a smal loft area for storage of tools or spare tires, etc.

I haven’t investigated it yet but there’s a possibility that a small  loft apartment could be built above the garage for living space.  Since you would have the deed to this property, this is a very attractive option making the property worth much more money.

This property would carry for $670 per month including property taxes.  Call me for more details… 416-806-3423.

Immaculate starter home with a bright open concept.  This large modern eat-in kitchen with a picture window & ceramic backsplash.  Walk out the back door off the main floor laundry room mud-room to the beautifully landscaped charming fenced in private garden with huge trees.

This home and it’s garden has been superbly maintained and decorated with a neutral decor.  This home is just a 15 minute drive to downtown Toronto! Drive down to the Beach in 5 minutes.   Attention families – this home is just steps to the popular Birchcliff Public School and steps to Rossetta Mclean Park.

Included with this home: Fridge, Stove, Built-in Dishwasher, Washer, Dryer, All Window Coverings, Ceiling Fan, Garden Shed, Reshingled Roof ’07, Furnace 2004, Alarm Monitoring May 2011. Exclude: Master Drapes.

Carrying costs done TWO WAYS: 

#1 – $1067 per month plus taxes and utilities with 5% down or $16, 295 you’ll have a mortgage of $309, 605 which, if financed over 35years at 2.25% fixed.

#2 - $1615 per month plus taxes and utilities with 5% down or $16, 295 you’ll have a mortgage of $309, 605 which, if financed over 25 years at 3.89% fixed.

All figures are based on approved credit.   Just call and ask how this works.

Here’s the link to the live listing…

http://www.torontomls.net/PublicWeb/CL_CF.asp?link_no=32448925.222000&t=l&fm=F

Click on a photo to open the slideshow…

         

One of the park’s signature design elements is the oversized, granite rock formations located on the beach and in the plaza space next to Corus Quay. The rocks, which will feature candy-coloured stripes made of a flexible and durable thermoplastic, will add to the whimsical feel of the park.

The granite rocks were selected from a quarry in northern Quebec by Waterfront Toronto and the park’s design team. The granite was then sliced into 1.5 metre-wide pieces using an industrial strength saw, categorized and trucked to the park site. Much like putting together a jigsaw puzzle, crews used a 165-tonne crane to assemble the rock outcropping piece by piece on site. The granite outcropping at the beach is over six metres long and wide, and about one metre high. The second rock outcropping at the plaza is more than double the size of the rock at the beach. These signature granite outcroppings will be used as informal seating, play and gathering spaces. 

Watch the video via this link… http://tinyurl.com/22wkgtd

The Park’s two neighbours

Canada’s Sugar Beach has two important neighbours – Redpath Sugar to its west across the Jarvis Slip and Corus Quay, the new headquarters for Corus Entertainment on its eastern edge. The park’s design bridges the gap between old and new by celebrating Redpath’s important industrial heritage and the new creative vibe Corus Entertainment brings to the waterfront. All summer long, Corus employees will spill out into the park using its unique plaza space for concerts, film screenings and other live events against a backdrop of large freighters docking in the slip to deliver sugar to Redpath.

 

This won’t hurt a bit, homebuyers.

The mortgage rule changes announced Tuesday by Financial Minister Jim Flaherty will weigh a bit on real estate speculators and heavily indebted people who want to fold their high-rate credit card debt into a lower-rate mortgage. But for rank and file homebuyers, the changes will barely be perceptible when they take effect on April 19.

“This should have a limited impact on what I see daily,” mortgage broker Peter Majthenyi said in an e-mail he fired off after Mr. Flaherty’s announcement. “I believe it’s more a message that ‘Big Brother’ is watching and cares.”

Olympics aside, the favourite Canadian diversion of the moment is to debate whether there is a bubble in the housing market. Those most worried about the housing market plunging have urged Mr. Flaherty to raise the minimum down payment for a home and reduce the maximum payback period.

But the 35-year amortization, favourite of first-time buyers across this land, remains. So does the 5-per-cent down payment, which is heavily relied upon in high-cost cities like Vancouver, Calgary and Toronto.

All the measures announced by Mr. Flaherty affect mortgages covered by government-backed mortgage insurance, where the buyer puts less than 20 per cent down. The key change for typical home buyers is that, regardless of what term or type of mortgage they choose, they’ll have to be able to afford the five-year rate.

This is a sensible way of building some slack into the system as we look ahead to a cycle of rising interest rates. If someone chooses a variable-rate mortgage, where the interest rate can be as low as 2 to 2.25 per cent today, they’ll have to be able to handle the payment at the current five-year rate. Right now, the posted rate at the big banks is 5.39 per cent.

You won’t have to actually make the higher payments required by the five-year mortgage. You’ll just have to theoretically be able to carry them and still remain within the limitations lenders set out on how much of your gross income can be consumed by debt (it’s 42 to 44 per cent, just so you know).

Mortgage brokers report that a lot of lenders were already ensuring clients could afford the payments on a three-year mortgage. So bumping up that up to a five-year term will only have a marginal effect.

“Are we going to see the odd borrower have to come up with more money or not buy they house they want? Absolutely,” Mr. Majthenyi said. “But will it have a dramatic effect? No.”

Another reason why the changes won’t be jarring is that a huge number of homebuyers are actually choosing five-year mortgages these days. A study issued by the Canadian Association of Accredited Mortgage Professionals last month showed that fixed-rate mortgages accounted for 86 per cent of mortgages in set up in 2009 and, of those, 70 per cent were for a five-year term.

People who borrow to buy investment properties to either flip for a quick profit or to generate income are also affected by Tuesday’s announcement. If you buy a property you’re not going to live in, then you’ll have to put down a minimum 20 per cent to qualify for mortgage insurance. That’s up from 5 per cent.

But Mr. Majthenyi said not all lenders even require clients to have mortgage insurance if they put 20 per cent down. He also said that stiff mortgage insurance premiums already discouraged people from putting 5 per cent down on an investment property.

“In my office of 10 brokers, I don’t think I know of one client we’ve processed on a high-ratio rental property,” he said.

The final mortgage change restricts the ability of existing homeowners to refinance their mortgages to take on more debt. The new ceiling is 90 per cent of the value of your home, compared to the current 95 per cent.

Mortgage broker Jas Grewal said one group that will be affected by this is recent buyers who made a small down payment and are struggling with high credit card balances and other debts. By folding these debts into their mortgage, they can reduce their interest rate from as high as 19 per cent down to something closer to 3 or 4 per cent.

“Let’s say you put 10 per cent down – if we go from 95 to 90 per cent, you’re not going to be able refinance,” Mr. Grewal said. “You’re going to have to wait until your house value goes up and gives you some equity.”

http://www.fin.gc.ca/n10/10-011-eng.asp 

Fabulous sleek renovation by designer! Ultimate in contemporary living. Open concept with dramatic high ceilings, new gourmet kitchen with onyx counter LED under cabinet lighting.  Walk out out from the kitchen to a private urban patio/deck.  The uniquely designed main bath has been tiled with authentic Carrera marble and an exquisite Venetian plaster finish and a rain showerhead.

 The location is in Trendy Queen W. steps to the entertainment district, no knob & tube, a new flat roof, top of the line finishes, pot lights, full finished basement; and high wooden baseboards. The front of the house has been professional landscaped.

 Stainless steel fridge and gas stove and built-in dishwasher in the kitchen.  Updated furnace & Central Air-conditioner. Full spacious basement with cold room which could be converted to a basement walk-out to the front of the house for a possible basement apartment. 4′ Cherry hardwood floors (3/4′). New vinyl siding. Almost all the windows are new. Excluding the dining room chandelier.

Click on one of the images below to open the slideshow…