Yonge-Sheppard Condominium News August 2014 From the Editor ……. 88 Having recently voted in a provincial election, it is now time Opening Soon to turn our attention to October’s municipal election when we High-rise vote for Mayor and local councillor. condos and townhomes Once again we are being asked to choose among those who Water Garden behind 88 Sheppard Ave. E. want to represent us in local government. With condo owners being a majority of voters in the area, this is the time Identifying the to ensure our elected officials are focused on and committed Best Condo Communities to issues of importance to the condo community. he selling price for a condo reflects more than the Yonge-Sheppard Condominium News has been in touch T value of real estate. It encompasses how buyers with candidates for Mayor and those running for local feel about a suite in combination with how a building is councillor in Wards 23 and 24. We have asked them to managed, amenities in the building and the quality of respond to issues identified as priorities for condo residents common areas. Condos in buildings with a reputation for in the Yonge North Corridor. good management and popular programming can sell for a premium over what appear to be comparable suites in Beginning in September, Yonge-Sheppard Condominium other buildings. News will distribute a weekly communication to condo property managers and condo residents each identifying one Condo owners can and should view suite selling prices in major issue and how the candidates in office have their building as an indicator of how the building compares responded. Property managers will be asked to post the to those in the area. Condo owners who find suites in their weekly notice for resident viewing. building regularly selling for less than similar suites in Inside …… neighbouring buildings should consider the reason why this is occurring. It may mean that their condo building is Condos and Aging Pg 2 Toronto Pan Am Games Seeks Volunteers Pg 3 not offering a comparable lifestyle package. Local Parks New and Improved! Pg 5 Doris Ave. Extension South of Sheppard Pg 5 Yonge-Sheppard Condominium News monitors high-rise Art Walk North Returns Pg 8 St. Lawrence Market North Pg 8 Update on Road Infrastructure Pg 14 Continued page 4 Condo Market Report Pg 15 …. and more Yonge-Sheppard Condominium News Yonge-Sheppard Condos and Aging Condominium News is published monthly. Yonge-Sheppard ondo life offers numerous advantages as one ages. Condominium News is a free publication C distributed to A condo has fewer indoor maintenance issues, no outdoor maintenance, offers protection condominium from indoor weather, and indoor garages. buildings on and near Yonge St. north of There are opportunities for socialization that include cards, gardening, sports and much Highway 401 via e- more. For those who want more of a challenge and have available time, there are mail. opportunities to help manage aspects of condo life by participating in various committees, To receive your free and planning or organizing programs. subscription to Yonge-Sheppard As one ages, however, even the brightest and most active often slow down. Some will Condominium News require walking assistance in the form of a cane, wheelchair or scooter. When this time via e-mail, inquire comes, condo life becomes not just enjoyable but necessary. about advertising or submit an article for publication, visit our Retrofits in a home to accommodate mobility may include destruction of walls, widening website at doorways and installing a lift, all of which may reduce a home’s resale value. The cost to YSCondoNews.com or retrofit a house for a scooter can be $25,000 or more. contact us at YSCondoNews@ Transition to condo living can solve many problems. A suite usually is on one level with easy gmail.com. access to building elevators. There may be ramps in a building to facilitate those who have difficulty navigating stairs. Also, condo rules are generally sufficiently flexible to accommodate those with mobility challenges. Where package deliveries are left with the Contact Us Concierge, for example, someone with mobility issues may be allowed to receive such items at their suite. YSCondoNews.com [email protected] twitter.com/YSCondoNews While condo life is simpler, it is not a replacement for those who require significant facebook.com/YSCondoNews assistance or services not generally available in a home. Condo corporations are not qualified, and lack the resources, to provide such assistance. For seniors residing in a Continued page 3 August 2014 Yonge-Sheppard Condominium News www.YSCondoNews.com Page 2 Condo Education Condos and Aging Toronto Condos and Aging the halls or who is at risk of falling should not expect other Pan Am Games continued from page 2 residents or condo management to be available when assistance is needed. Such individuals as well as those Seeks condo who require who require assistance getting out of bed, with meals or in Volunteers nonmedical assistance or taking medication may no longer be capable of completely companionship businesses independent living. hungsen Leung, such as Seniors for Seniors C Member of (416-481-2733 or Chartwell Lansing Retirement Residence (416-250-7029 Parliament for www.seniorsforseniors.ca) or www.Chartwell.com) is one of numerous retirement Willowdale called on are available to help. residences serving Yonge North Corridor individuals who Willowdale’s residents require assisted living and related services. They differ to register today to There comes a time for some from similar operations of past years. These residences become a volunteer at when it is no longer safe to recognize that improved living standards and affluence one of the largest live alone even in a condo. have resulted in higher expectations. Like condominium sporting events ever This is when it comes time to buildings, these residences offer improved programming hosted in Canada: the consider the value of moving and services to accommodate this growing market. Toronto 2015 Pan and to a retirement residence. An Parapan American individual who may get lost in Games. More than 20,000 volunteers, some requiring bilingual language skills, will be needed to work in areas from visitor support to Continued page 4 August 2014 Yonge-Sheppard Condominium News www.YSCondoNews.com Page 3 Community Update Identifying the Best Condo Communities Toronto Pan Am Identifying the Best Condo Communities continued from page 1 Games Seeks Volunteers condo sales in the Yonge North Corridor. During the period March 18, 2014 to June 20, 2014 continued from page 3 approximately 560 condo units were identified as sold. The table below shows condo sales by suite size. transportation and Condo Sales in the Yonge North Corridor March 18, 2014 to June 18, 2014 medical services. They The majority of condo will help make the sales were of suites Average Games a unique and between 600 and 1200 Average Days Selling welcoming experience square feet. This group for athletes and visitors represents 73% of all Units Sold on Market Price from all across the Yonge North Corridor Total 561 28 $402,670 Americas. condos sold during the 0 to 499 sq ft 7 1% 36 $232,540 period. The smallest 500 to 599 sq ft 60 11% 27 $298,511 The Pan American sized units, under 500 600 to 699 sq ft 113 20% 24 $319,452 Games will take place square feet, represent 700 to 799 sq ft 70 12% 26 $351,160 from July 10 to 26, 1% of sales and took 800 to 899 sq ft 87 16% 25 $408,514 2015, and the Parapan longer to sell. The same American Games will is true for the largest 900 to 999 sq ft 70 12% 29 $425,183 take place from August condo suites, those from 1000 to 1199 sq ft 75 13% 37 $463,007 7 to 15, 2015. Games 2250 to 2499 square 1200 to 1399 sq ft 33 6% 24 $458,336 events and activities will feet. 1400 to 1599 sq ft 27 5% 36 $592,863 be held in Toronto and 1600 to 1799 sq ft 7 1% 30 $689,571 in municipalities across Looking more closely at 1800 to 1999 sq ft 7 1% 15 $721,926 the Greater Golden condos from 1600 to 2000 to 2249 sq ft 2 0% 8 $987,450 Horseshoe. 1799 square feet, the 2250 to 2499 sq ft 3 1% 47 $860,000 above table shows the For more information on average selling price to be $689,571. Within this group the highest selling property was located volunteering click here at 188 Doris Ave. It sold for $850,000 after being on the market for 28 days. For the buyer the or go to combination of this suite, building management, amenities, availability of social programming www.toronto2015.org/. and overall lifestyle was such that they felt a premium price was warranted. At the lower end, the selling price for similar sized suites at both 30 Greenfield Ave. ($581,000) and 730 Grandview Ave. ($575,000) were below the average selling price and about $270,000 less than the price paid for the 188 Doris Ave. suite. There are many reasons why some suites sell for below average prices. Perhaps the unit required considerable work thereby justifying a reduced selling price. At times a lower selling price is justified to accommodate a quick sale or specific closing date. Conversely, below average selling prices could indicate that a condo building is not keeping up with its neighbours in terms of quality and lifestyle. A lower selling price may be due to a weak reserve fund or Continued page 5 August 2014 Yonge-Sheppard Condominium News www.YSCondoNews.com Page 4 Community Update Doris Ave.