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The Junction Triangle 

 

Written & published by Roman Korobkin - December 6th 2017

 

The Junction Neighbourhood is steeped in history. From its humble beginning dating back to the late 1800’s, many factories and industries attracted European immigrant workers that came to this country looking for opportunities and a better life. The neighbourhood was named for the four rail lines that pass through, known as the West Toronto Diamond. 

 

Fast forward over 100 years to present day and you will see a different picture. One of a vibrant neighbourhood that offers a high quality of life for its residents. No wonder the Junction Triangle was recently awarded the 1st place in Toronto Life’s GTA’s Next 20 Hot Neighbourhoods. For the locals, this is not a surprise considering all that their neighbourhood has to offer.  And you don’t need to be a millionaire to buy here! 

 

These days with the rapid gentrification of this once industrial neighbourhood we have seen revitalization that has made it one of Toronto's hottest areas to live/work and play. The main Junction strip is located along Dundas Street, West of Keele Street. The Junction Triangle offers another stretch of commercials storefronts that shouldn’t be missed, specifically, on Dupont Street between Symington Ave & Dundas. It’s a little less known but is quickly becoming a go-to spot. There you will find great restaurants, coffee shops, art galleries & an organic food store. 

 

Here are a few links for some of the area businesses. 

 

Art galleries 

Image Foundry - 1581 Dupont Street

ESP Gallery - 1558 Dupont Street   

 

Coffee

Cafe Con Leche - 1571 Dupont Street 

2nd Nature Organic Bakery & Cafe - 1597 Dupont Street

Wallace Espresso - 1642 Dupont Street  

 

Food

Urban Acorn Catering - 1565 Dupont Street 

Caldense Bakery - 337 Symington Avenue 

 

Restaurants / Bars

Farmhouse Tavern - 1627 Dupont Street 

Thai Lime - 1551 Dupont Street

Koji Sushi - 1553 Dupont Street

Love Chix - 1588 Dupont Street

Mattachioni - 1617 Dupont Street

Tuck Shop Kitchen - 1640 Dupont Street

Rancho Relaxo To Go - 1635 Dupont Street 

Dupont BBQ Grill House - 1507 Dupont Street

 

Cool shops/businesses

Urban Gardener - 1640 Dupont Street

 

 

Rebarn -  1611 Dupont Street

 

As you can see, even in this small section of Dupont, there is a great selection of solid businesses. On a warm sunny day, you will find the patios full of people chatting it up and enjoying a drink. Tech companies, breweries and other businesses have also found the Junction to be an ideal spot. The lower commercial rents attract investment and startup companies with young talent who have the money to spend on quality food, coffee and drinks. This is a win-win for area businesses and residents. As more business and investors discover the benefits of opening up shop in the Junction, there will be no shortage of unique spots, chic restaurants, great coffee joints & fantastic bakeries in the coming years. 

 

Families are flocking to this neighbourhood as well. For some parents raising kids in a condominium is tough so relocating to the Junction is an easy move considering its close proximity to the downtown core. It’s also an ideal option for millennials, first-time buyers or anyone who doesn't want to be mortgage poor. With an easy walk to Bloor subway, GO / UP service, bike-friendly lanes, easy errands like grocery shopping, pharmacy stores, hardware stores, minutes to High Park, Bloor West Village & the downtown core, the Junction offers a quality of life that surpasses even some more affluent areas in Toronto. 

 

Price wise, you could get a starter semi-detached home or townhouse in the 700's. 

Here is a map search for what is available now: http://roman.realtor/top-10-up-and-coming/junction-triangle

 

If a condo matches your lifestyle/budget better, the prices are far more competitive compared to the downtown core:

2 BDRM - approx mid 400's to mid 500’s; 

1+1 BDRM - approx mid 300's to mid 400’s; 

1 BDRM - approx mid 300's to about 400K. 

Here is a map search for what is available now: http://roman.realtor/condo-search-map---junction

 

Just like other old communities in Toronto the Junction has many gorgeous century old homes. Stained glass windows, antique fireplace, crown moulding & beautifully decorated ceilings are found in some homes. The area has also seen a lot of condo development in the recent years. Churches / industrial buildings are being converted into lofts, big condo complexes are built and more are planned, boutique style lofts are now easily found all over the neighbourhood. 

 

So there you have it. The Junction is the place to be and live. With so much to offer, its popularity will only keep increasing in the coming years. It will grow as a community and reach tremendous potential. Perhaps it’s time for you to consider moving to the Junction. 

 

 

Feel free to reach me via email at roman@livingcentral.ca or by phone at 416-624-2124. I will gladly help you with any questions you might have.

 

 

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Selling a home that you and your family have lived in for years can easily be overwhelming and emotional. For most people, their real estate is their biggest asset so making sure you get top dollar for it is essential. The gains on primary residences are not subject to any tax so for many this money is crucial to the family.

Taking a detailed look at recent comparable sold properties in the neighbourhood is the first step. After the review of what has been selling you would look at what is for sale now as this is also a key indicator of the health, demand & price direction in the current market.

CONDO
To determine market value for a condo suite / townhouse you need to look at several recent sales in the building & area. How do they stack up to yours?  Floor level, exposure, layout & square footage, age and size of the building,  quality / reputation of the condo, maintenance fees, number of washrooms, number of bedrooms, style and quality of the finishes, parking and/or locker inclusion. Also, what is for sale now? How do these options compare to yours and how long have they been listed for? Every situations is different so sometimes the selling price is not always supported by these factors. Case in point, I had a 5th floor suites for sale in a high demand modern condo at King & Spadina. We were asking 859K for a suite that was facing the back alley way with no view. We sold for 847K after 35 days on market. At the same time there was another suite with the exact same layout & higher floor with a beautiful unobstructed view. Asking price was 869K and it sold for 865K after 56 days on market.

FREEHOLD HOUSE
For freehold houses you need to look at similar size homes with similar lots. This way you are comparing apples to apples within the same neighbourhood. Then start comparing number of bedrooms, number of washrooms, square footage, age of the home, quality & age of the finishes, basement finished or not, energy efficiency retrofit, garage size, proximity to major streets / highways / railroads. What is for sale now, how do they compare and how long have they been listed? Once again, there are situations that defy reason. I was selling a small 2 bedroom bungalow in a high demand North York neighbourhood. Even though this home was smaller then others for sale at the same time and was the 2nd house in from a busy main street, we managed to sell it for 1.95m. Bigger 4 bedroom, 2 storey houses were selling for 2.2-2.4M just streets away.  

Depending on where the current market is heading and how much competition there is will determine what pricing strategy is right for your individual case. In some situations, it does make sense to list at a lower price to attract more attention. In this strategy, you would set a specific offer date about 1 week after the posting and look at all offers at the same time. Buyers will also compare your home to similar sold options & will be submitting their offers in a “competition mode”. A multiple offer situation benefits the seller as it provides more control over the closing date, conditions in the offer and the price overall. If this strategy does not work for your current market or home, the traditional approach could be best for you. Introducing your home for sale near market value with room to negotiate down is generally what most sellers opt to do.

Feel free to reach me via email at roman@livingcentral.ca or by phone at 416-624-2124. I will gladly help you with any questions you might have. 

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Are you thinking of buying or refinancing? Here is what to expect in 2018.

As you know, mortgage interest rates have been going up steadily over 2017, which is already making it harder to buy. In addition, you may have heard about so called “stress test” that OSFI (Office of the Superintendent of Financial Institutions) is to implement in 2018. What does this mean for you?

As of January 1st 2018 you will have to qualify at a higher interest rate than you will actually be paying. So let’s assume the bank is offering you 3.5% fixed interest mortgage for a 5 year term. In 2018 you will be qualifying at 2% more bringing your qualifying rate to 5.5% in this case. This reduces your buying power by approx. 15%-20%. For example, if you qualify for a $500K mortgage in 2017, this will drop by approx. $75K-$100K which will bring your total qualified mortgage to approx. $400K- $425K.

Naturally, the banks are in the business of making money. If they see that their profit margins falling due to these new “stress test” changes there is a good chance that amortization periods will be made longer. With a longer amortization period, i.e. 25 to 30 years etc. your payments are stretched out over a longer period of time making them less per month and, therefore, work better from a qualification perspective. In general, there is no doubt that the longer amortization will be a more popular choice as of 2018.

Both the interest rate increases (more to follow in 2018) and stress test do not bode well for any buyer, especially, if you are a first-time buyer. We are already seeing a major surge in rental demand & rental price per square foot in Toronto. This is due to more people opting to rent instead of buy.  

With all the current changes that the government has implemented, it is unlikely that the monthly mortgage payment for a new homeowner will go down.

On one hand, measures were put in place to make housing more “affordable”, however, on the other hand, they are driving rental rates sky high and almost guaranteeing that the next generation of “would be” buyers will remain renters for longer, if not forever.

What are your thoughts?   

#stresstestcanada #OSFInewrules #romanrealtor #humpdayrundown

Establishing your budget - The crucial step before you start the search

Published November 21st 2017 - Written & posted by Roman Korobkin

Are you eager to start a search for the home of your dreams? Whether it's your first purchase or you are looking to upgrade to something bigger as your family expands, or you are considering another neighborhood, you need to stop and evaluate your budget first. You don’t want to get into a situation when you fall in love with a home and realize that you can’t afford it or can’t get mortgage approval from the lenders.

 

If you don’t have a preferred lender already, your Realtor should be able to recommend you a reliable mortgage broker that will help you shop around for the best deal. It may not take long to get pre-qualified for a certain amount, but don’t stop there. You might as well print the pre-qualification letter yourself as in the end, it does not mean anything. You need to devote some time to get an actual pre-approval from the lender. This process involves a review of your pay stubs, tax returns, credit report and other documents required by the lender. Try to be proactive and ensure that all the documentation is available upfront in order to not delay the pre-approval process. Documentation will be required for all the borrowers on the loan.

 

Once you are pre-approved for a certain amount be prudent in assessing your own budget. Banks don’t know your full financial situation and can actually pre-approve you for a higher amount rather than the one you can afford. Therefore, go through the documents and see how much the monthly payments would be for the principal and interest on your mortgage. Say you are pre-approved for $600K, thus, at 3.5% fixed interest rate / over 30 years your monthly payment is approximately $2,700. Now, if you are looking for a house, add on property taxes and homeowner’s insurance. Of course, over the years things need to be replaced like windows & shingles and many maintenance related items will need to be addressed. Depending on the house age, size and its current conditions you need to budget at least a few hundreds of dollars per month as well. If you are buying a condominium/condo townhouse see how much the maintenance fees are. These costs usually include landscaping of common areas, maintenance of indoor common spaces, costs related to recreational amenities such as pool, gym, tennis courts, and water, sewer, and garbage removal costs. Keep in mind that some maintenance fees include utility costs for heating and air conditioning and some do not.

 

In general, rule of thumb is that your housing expenses (including mortgage payment, property taxes, and insurance) should be at a maximum of 30% of your pre-tax income and your total monthly debt service payments (such as car lease payments, student loan, visa/line of credit payments and the mortgage) should not be higher than 40% of your pre-tax income.

 

So now that you are pre-approved for a mortgage & have assessed your ideal budget, it’s time to start the search! Be clear with your Realtor as to what your maximum budget is and stick to it. 

 

Feel free to reach me via email at roman@livingcentral.ca or by phone at 416-624-2124. I will gladly help you with any questions you might have.

ESTABLISHING YOUR BUDGET - THE CRUCIAL STEP BEFORE YOU START THE SEARCH

Published November 17th 2017 - Written & posted by Roman Korobkin





Are you eager to start a search for the home of your dreams? Whether it’s your first purchase or you are looking to upgrade to something bigger as your family expands, or you are considering another neighborhood, you need to stop and evaluate your budget first. You don’t want to get into a situation when you fall in love with a home and realize that you can’t afford it or can’t get mortgage approval from the lenders.

If you don’t have a preferred lender already, your Realtor should be able to recommend you a reliable mortgage broker that will help you shop around for the best deal. It may not take long to get pre-qualified for a certain amount, but don’t stop there. You might as well print the pre-qualification letter yourself as in the end, it does not mean anything. You need to devote some time to get an actual pre-approval from the lender. This process involves a review of your pay stubs, tax returns, credit report and other documents required by the lender. Try to be proactive and ensure that all the documentation is available upfront in order to not delay the pre-approval process. Documentation will be required for all the borrowers on the loan.

Once you are pre-approved for a certain amount be prudent in assessing your own budget. Banks don’t know your full financial situation and can actually pre-approve you for a higher amount rather than the one you can afford. Therefore, go through the documents and see how much the monthly payments would be for the principal and interest on your mortgage. Say you are pre-approved for $600K, thus, at 3.5% fixed interest rate / over 30 years your monthly payment is approximately $2,700. Now, if you are looking for a house, add on property taxes and homeowner’s insurance. Of course, over the years things need to be replaced like windows & shingles and many maintenance related items will need to be addressed. Depending on the houses age, size and its current conditions you need to budget at least a few hundreds of dollars per month as well. If you are buying a condominium/condo townhouse see how much the maintenance fees are. These costs usually include landscaping of common areas, maintenance of indoor common spaces, costs related to recreational amenities such as pool, gym, tennis courts, and water, sewer, and garbage removal costs. Keep in mind that some maintenance fees include utility costs for heating and air conditioning and some do not.

In general, rule of thumb is that your housing expenses (including mortgage payment, property taxes, and insurance) should be at a maximum of 30% of your pre-tax income and your total monthly debt service payments (such as car lease payments, student loan, visa/line of credit payments and the mortgage) should not be higher than 40% of your pre-tax income.

So now that you are pre-approved for a mortgage & have assessed your ideal budget, it’s time to start the search! Be clear with your Realtor as to what your maximum budget is and stick to it.

Feel free to reach me via email at roman@livingcentral.ca or by phone at 416-624-2124. I will gladly help you with any questions you might have.

Six questions to ask when starting your search for a right neighbourhood for you

November 15th 2017

Written & posted by Roman Korobkin












 

First things first. Sitting down with an experienced mortgage broker and getting pre-approval is crucial to understanding your financial ability to buy. It’s wise to get this step out of the way so you know your budget which is the starting point in the home search adventure. 

There are a number of factors that would guide you in finding the ideal neighbourhoods to consider. Ask yourself the following questions:

1. How will you be commuting to work?

Say you work downtown at Bloor and Bay and considering Mississauga as an option. If you are planning to use public transportation it means taking GO train which will cost you approximately $16 per day not including TTC pass and potential parking costs if you have to drive to GO train station. This adds up to a minimum of $450 per month. Also, consider the fact that some of the GO train stations don't have enough parking spots which means either reconsidering your travel time to make sure you get a spot or making other arrangements ( drop off/ pick up). Is that doable?

2. What amenities are of importance to you?

There are several things to consider: shopping, parks, restaurants and entertainment,  bicycle lanes, ski hills, community centres etc.Think how often you do grocery shopping. What is your shopping style? For example, if you like buying little to keep it fresh and usually shop for a meal on a daily basis, you probably want something in a walking distance so you can quickly pop by anytime by foot. Downtown, High Park and East End would be ideal locations to search for as more of an outskirts areas would require you to take a car for an errand.

3. What do you value more -  bigger lots or proximity to Downtown?

Let's take High park as an example. Yes, it is a beautiful area, but if you are originally from burbs you will probably feel cramped in a narrow lot spaces and small yards. Meantime, you will enjoy the proximity to the parks, downtown core, public transportation etc. 

Also, think about the garage space. Do you have a car? Or maybe 2 cars? There are almost no options that would suit your needs as the garages are really small there and in some cases, they don't exist. You would think, that's ok, as I can park outside, but you might not get much luck as, firstly, there might be no more permits available for sale ( sometimes the waitlist is for 2 years), or there is just no spots left, period. I can only imagine coming home in winter night and not being able to park nearby making you carry all the bags with food you bought through the snow. On the other hand, if you cycle most of the time that would be an ideal location for you.

4. What is the social demographic / household income in the area?

Do you prefer to live in a certain community? For instance, you are of an Italian heritage and actively engage in cultural events and gatherings. Probably Markham area would not be a place for you. Think of what neighbours would be your ideal neighbours. I would recommend driving around the neighbourhoods during after school time, around 3:30 pm just to see who lives in the area.

There are also statistics available that shows things such as what language is mostly spoken in the area, what the average household income is,  whether the majority of the houses are owners' occupied or tenanted and what professional fields' the majority of residents are in.

5. What are the schools in the area?

If you have kids or are planning to have kids I am sure you already thought about this. It can definitely be overwhelming, but there are tools available to help you with the research, such as Fraser Institute rating performance and historical EQAO. Additional things to take into consideration is whether you are looking for Catholic, Public, Private, French Immersion or French-language schools.

6. How safe is the neighbourhood?

There is a map created by CBC that shows 8 different types of criminal categories presenting statistics relating to assault, sexual assault, break and entry, robbery, drug charges, stolen vehicles, theft $5000+ and murder in Toronto neighbourhoods. It is based on the statistics dated from 2004 to 2011 which is a bit outdated but is still worth checking out.

By looking at your neighbourhoods from this perspective you will quickly narrow down the top picks on which you should focus on. I will gladly help you if you have any questions. I could be reached via email at roman@livingcentral.ca or by phone at 416-6242124. I help people buy and sell real estate throughout GTA.