$799,000 to live in a 1913 printing factory &mdash; well, on top of one. <a href="https://strata.ca/toronto/201-carlaw-ave-the-printing-factory">The Printing Factory</a> is a very desirable loft residence that&rsquo;s divided into hard and soft lofts: <a href="https://strata.ca/toronto/the-printing-factory-201-carlaw-ave/unit-414-e4573774">Unit 414</a> is 2 bedroom 1 bathroom industrial loft located in the newly constructed portion of the building.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/02_ 201 Carlaw Ave - Unit 414-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/02_ 201 Carlaw Ave - Unit 414.jpeg"/><img src="https://strata.ca/slate-image/article-images/48/02_ 201 Carlaw Ave - Unit 414.jpeg" alt="Living room - The Printing Factory Lofts, 201 Carlaw Ave, Toronto, Unit 414"/></picture>The corner unit features exposed concrete ceilings and columns, exposed ductwork, and polished concrete floors.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/03_ 201 Carlaw Ave - Unit 414-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/03_ 201 Carlaw Ave - Unit 414.jpeg"/><img src="https://strata.ca/slate-image/article-images/48/03_ 201 Carlaw Ave - Unit 414.jpeg" alt="Kitchen - The Printing Factory Lofts, 201 Carlaw Ave, Toronto, Unit 414"/></picture>Open concept kitchen has granite countertops and modern stainless steel appliances.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/04_ 201 Carlaw Ave - Unit 414-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/04_ 201 Carlaw Ave - Unit 414.jpeg"/><img src="https://strata.ca/slate-image/article-images/48/04_ 201 Carlaw Ave - Unit 414.jpeg" alt="Bedroom - The Printing Factory Lofts, 201 Carlaw Ave, Toronto, Unit 414"/></picture>Both bedrooms are bright and reasonably sized: A lack of an ensuite bathroom in the master might be a disappointment for some buyers.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/05_ 201 Carlaw Ave - Unit 414-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/05_ 201 Carlaw Ave - Unit 414.jpeg"/><img src="https://strata.ca/slate-image/article-images/48/05_ 201 Carlaw Ave - Unit 414.jpeg" alt="Bathroom - The Printing Factory Lofts, 201 Carlaw Ave, Toronto, Unit 414"/></picture>A functional 4-piece bathroom is located off of the living room. Camera and tripod in the mirror &mdash; design element or photography fail? You decide.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/06_ 201 Carlaw Ave - Unit 414-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/06_ 201 Carlaw Ave - Unit 414.jpeg"/><img src="https://strata.ca/slate-image/article-images/48/06_ 201 Carlaw Ave - Unit 414.jpeg" alt="Balcony view - The Printing Factory Lofts, 201 Carlaw Ave, Toronto, Unit 414"/></picture><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/07_ 201 Carlaw Ave - Unit 414-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/48/07_ 201 Carlaw Ave - Unit 414.jpeg"/><img src="https://strata.ca/slate-image/article-images/48/07_ 201 Carlaw Ave - Unit 414.jpeg" alt="Balcony - The Printing Factory Lofts, 201 Carlaw Ave, Toronto, Unit 414"/></picture>A 400 square foot wrap around balcony dramatically extends the living space and is great for entertaining.Jump on it if: You&rsquo;re looking for an affordable 2 bedroom loft in East End Toronto.Appreciate form a distance if: One bathroom isn&rsquo;t going to cut it.<h3>The Facts:</h3><ul><li>2 Bedrooms</li><li>1 Bathroom</li><li>892 Square Feet</li><li>Fees: $562/mth</li><li>Fees Cover: Water, Parking, Building Insurance</li><li>Neighbourhood: <a href="https://strata.ca/toronto/east-end/leslieville-south-riverdale">Leslieville - South Riverdale</a></li></ul>

Listing of the Week: The Printing Factory Lofts

/blog/listing-of-the-week-the-printing-factory-lofts

Picture this: You've just put down your deposit on a shiny new condo that's still under construction. You've been daydreaming as to how you'll decorate, which coffee shop will become your regular, and maybe even hosting some fabulous housewarming parties. But then, BAM! You get news that your building is going into receivership.And this news has become more common as <a href="https://www.cbc.ca/news/canada/british-columbia/real-estate-receiverships-1.7102448" target="_blank">real estate receiverships are on the rise</a> in Canada.But, before you panic and start thinking your dream home is just, well, a dream &mdash; let's break down what this really means.<h2>The Receivership Rollercoaster</h2>So, what exactly is receivership? Think of it as a financial lifebuoy thrown to a sinking ship. When a developer can't pay its debts, a court appoints a receiver to take over.This person or company steps in to manage the building's finances, make necessary decisions, and hopefully, steer the project back on course.Receivership is considered pretty extreme legal relief, and not every developer who applies gets it. But if it does get the green light, the receiver will crunch the numbers to see what it&rsquo;ll cost to finish the project. And how much they can make from selling the remaining units. If the costs are way higher than expected, they might have to take some pretty drastic steps.<h2>Your Future Home Sweet Home Is Still In The Works</h2>First things first: Your investment is still valid, and the goal of receivership is to complete construction.Receivership isn't a giant eraser that wipes out your property. Instead, it's a process designed to protect the project's value, ensuring it doesn't fall apart. The receiver's job is to sort out the mess, yet keep things moving forward.But sometimes when extreme actions need to be taken, the pre-sale condo purchase agreements may be terminated.<h2>Who Pays for What?</h2>Now, you may be wondering about money. Will you have to shell out extra cash? Will you get your deposit back? The short answer: It depends.The receiver will need to figure out how much it will cost to finish building, and how much they can expect to make from selling the units. If there&rsquo;s a big gap because expenses are higher than expected, they may give current buyers the option to pay more for the units.Another option is to try and sell the in-progress project or find new investors. But in today&rsquo;s market, that can be tricky.If all that fails and the condo becomes insolvent, do you lose your deposit? No.Buyers will get some solid protection under the Condominium Act, which requires that developers put your deposits into a trust.So if your builder cancels the purchase agreement, they must return your deposit in full within 10 days. If they don't, <a href="https://www.tarion.com/" target="_blank">Tarion</a>, a non-profit created by the Ontario government to oversee the province&rsquo;s new home warranty program &mdash; has your back with deposit protection up to $20,000.Additionally, you may get the right of first refusal to enter fresh purchase agreements through the receiver.For example, take the case of <a href="https://haloresidencesvip.ca/" target="_blank">Halo Residences</a> which went into receivership in 2020. When the purchaser of the development relaunched, the pre-construction buyers had the opportunity to reinstate their purchase agreement for the same unit at a new price &mdash; less a discount of $150 per square foot. Those previous buyers who declined this option got, in addition to their refunded deposit, a payment of 2% on the value of that deposit.<h2>Keep Calm and Stay Informed</h2>The key to navigating receivership is staying informed. Attend meetings, read updates from the receiver, and don&rsquo;t be shy to ask questions. Knowledge is power, and understanding what's happening can ease the stress.But remember, receivership is usually temporary. It's a process to help the project get back on its feet.So, while receivership might sound like a plot twist in a bad movie, it's more like a minor detour on the journey to your dream home. With some patience and understanding, you'll come out the other side with your ideal condo.That&rsquo;s when you can start planning that fabulous housewarming party, and picking which colour to paint the living room!

What Happens If The New Condominium You Bought Into Goes Into Receivership?

An increasing number of individuals are making conscious choices to reduce their environmental impact. In the Greater Toronto Area (GTA), this has led to a surge in the popularity of sustainable living practices, with eco-friendly homes and communities becoming more popular and prevalent.And of course it is! Research shows that sustainable housing not only reduces carbon footprints, but also promotes healthier living environments. And can even lead to financial savings in the long run.So let&rsquo;s explore some of the most innovative and eco-conscious homes and communities in the GTA, where sustainability meets modern living.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/GreenHomes-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/GreenHomes.png"/><img src="https://media.strata.ca/article-images/216/GreenHomes.png" alt="null"/></picture>Green Homes: The New Trend in Real Estate<a href="https://www.cagbc.org/our-work/certification/leed/homes/#:~:text" target="_blank">Research from the Canada Green Building Council</a> indicates that green homes can reduce energy consumption by up to 20-30%, translating to significant savings on utility bills for homeowners.In the GTA, we&rsquo;re starting to see more and more properties aiming to be sustainable in their design, building materials, and the types of technology used within. For example, <a href="https://strata.ca/toronto/1b-marowyne-drive-m2j2a2" target="_blank">1B Marowyne Dr.</a> was built using passive house building principles.The four-bedroom, five-bathroom house is all-electric and has a net-zero designation, meaning it produces as much energy as it consumes, while being up to 80% more energy efficient than a conventionally-built home.Now 1B Marowyne Dr. might be the overachiever in the greenhouse space. But there are other homes on the market doing the most to be as eco-friendly as possible.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/95 Riverview Drive-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/95 Riverview Drive.png"/><img src="https://media.strata.ca/article-images/216/95 Riverview Drive.png" alt="null"/></picture>Like <a href="https://strata.ca/toronto/95-riverview-drive-m4n3c6" target="_blank">95 Riverview Drive.</a> This gorgeous four-bedroom house was designed with sustainability in mind. It features a ton of things like green roofs, rainwater harvesting, skylights that open for fresh air ventilation, LED's, a permeable drive membrane, high efficiency split zone mechanical systems, and more.Speaking of green roofs, not only do they look cool &mdash; but they improve energy efficiency by providing natural insulation. That&rsquo;s because they enhance air quality by trapping dust and pollutants.According to a <a href="https://tspace.library.utoronto.ca/bitstream/1807/123621/1/atmosphere-13-01027.pdf" target="_blank">report by the University of Toronto</a>, green roofs can lower surrounding air temperatures, contributing to reduced urban heat island effects. For residents of these sustainable homes, this blend of modern living and environmental responsibility offers a path to a healthier, more cost-effective lifestyle.Another thing we&rsquo;re starting to see more of in homes is geothermal heating, which offers a sustainable alternative to traditional HVAC systems.<a href="https://strata.ca/caledon/14188-winston-churchill-boulevard-l7c3e8" target="_blank">Like this three-bedroom house in Caledon</a>, that comes with geothermal heating and cooling, as well as a 160 foot well. After all, why pay for water when you have your own underground!Another thing sustainable homes will do is add rooftop solar panels. Solar panels can decrease household electricity use by 20-30%, which is ace considering how expensive hydro has become in recent years.It&rsquo;s also not just single-family homes that caught the green bug.In Toronto, condos like <a href="https://strata.ca/toronto/78-tecumseth-st-minto-775" target="_blank">Minto 775</a>, <a href="https://strata.ca/toronto/375-king-st-w-m5v-condos" target="_blank">M5V Condos</a>, and <a href="https://strata.ca/toronto/1-25-cole-st-one-cole-condos" target="_blank">One Cole Condos</a> all have <a href="https://www.cagbc.org/our-work/certification/leed/" target="_blank">LEED Gold Status</a>. This means the building meets specific standards of sustainability and best practices.One recent condo development that caught everyone&rsquo;s eye with the amount of eco-friendly elements were <a href="https://strata.ca/toronto/41-dovercourt-rd-the-plant-condos" target="_blank">The Plant Condos</a>. This 10-storey mixed-use development in Toronto&rsquo;s <a href="https://strata.ca/toronto/downtown/queen-west?neighbourhoodGroupUids" target="_blank">Queen West neighbourhood</a> features a terrace atop the third-floor podium. It has planters for communal gardening, as well as an &ldquo;intensive&rdquo; green roof that acts as a pollinator garden.Additionally, we&rsquo;re seeing new condos like the <a href="https://grainlofts.com/" target="_blank">Grain Lofts</a> in <a href="https://strata.ca/toronto/west-end/the-junction-west-end?neighbourhoodGroupUids" target="_blank">The Junction</a> doing some cool things. The Grain Lofts are only using spruce, fir, and pine grown in certified-renewable forests in Northern Ontario. There are also plans in the works for the <a href="https://assemblycorp.ca/" target="_blank">first-ever mass timber Passive House condo project</a> in Toronto, which is exciting.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/Eco-friendly communities-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/Eco-friendly communities.png"/><img src="https://media.strata.ca/article-images/216/Eco-friendly communities.png" alt="null"/></picture>Eco-Friendly Communities: Where Sustainability Meets Community SpiritBut it&rsquo;s not just individual homes or condos getting the green treatment. Entire communities in the GTA are being designed with sustainability at their core.One shining example is the <a href="https://www.evergreen.ca/evergreen-brick-works/" target="_blank">Evergreen Brick Works</a>. As the first large-scale community environmental centre in Canada, Evergreen Brick Works is setting the pace for sustainable living. Their public markets serve as incubators for small businesses, while pilot programs in the Children&rsquo;s Garden explore innovative approaches to play and learning. The redevelopment of the historic kiln building is a significant step toward becoming a carbon-neutral campus. And what&rsquo;s awesome is that successful initiatives at Brick Works are scaled and implemented across Canada, transforming cities for the betterment of people and the planet.Outside the city proper there are other gems like <a href="https://kortright.org/" target="_blank">Kortright Centre for Conservation</a> in Vaughan. This living <a href="https://sustainabletechnologies.ca/" target="_blank">laboratory for sustainable technologies</a> showcases green building designs, renewable energy solutions, and organic farming practices. It&rsquo;s like stepping into a future where humans live in harmony with nature &mdash; a future that&rsquo;s being built right now.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/Perks of living-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/216/Perks of living.png"/><img src="https://media.strata.ca/article-images/216/Perks of living.png" alt="null"/></picture>The Perks of Sustainable LivingWith all that in mind it should be obvious why more people are making the switch to sustainable living.First and foremost, it&rsquo;s a fantastic way to save on utility bills. Solar panels, energy-efficient appliances, and smart home technologies mean less money spent on electricity and water. Plus, eco-friendly homes often come with government incentives and rebates, making the initial investment more affordable.But beyond the financial benefits, sustainable living is about creating a healthier environment for ourselves and future generations. Cleaner air, less waste, and a smaller carbon footprint contribute to a more sustainable planet.Finally, let&rsquo;s not forget the added perks of living in beautiful, thoughtfully designed spaces that prioritize both comfort and eco-consciousness.Now, how&rsquo;s that for living the green dream?

Sustainable Living In The GTA: Eco-Friendly Homes and Communities

When it comes to property values, it's not just about the granite countertops, soaring ceilings and open-concept layouts. It's really more about location, and part of what makes a location so desirable is the transit infrastructure.Imagine living in a bustling city like Toronto without reliable transit options. Horrifying, right? Luckily, the city's transit system is stepping up its game, and it's not just making commutes easier; it's also making properties more valuable.This phenomenon is not just seen in the GTA. <a href="https://cpb-us-e1.wpmucdn.com/blogs.gwu.edu/dist/a/326/files/2019/06/FTA19.pdf" target="_blank">Research from the Center for Real Estate and Urban Analysis</a>at George Washington University shows that transit investment in transit has spurred real estate growth in Detroit, Miami, Pittsburgh, and Los Angeles, as well as revitalized suburban town centres.So let&rsquo;s dive into the details as to how transit is transforming real estate values across the GTA.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/215/Street car-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/215/Street car.jpg"/><img src="https://media.strata.ca/article-images/215/Street car.jpg" alt="null"/></picture>The Subway MagicFirst up, let's talk about the TTC. The mere mention of a new subway line or station can send property values skyrocketing faster than a train leaving Union Station.<a href="https://uttri.utoronto.ca/wp-content/uploads/sites/19/2017/10/16-02-04-02-Transit-and-Land-Value-Uplift-An-Introduction.pdf" target="_blank">Research has suggested</a> that land value can go up as much as 120% because of transit. In Toronto, they haven&rsquo;t found quite that much of an increase but studies have found that properties do go up in price when they&rsquo;re close to a subway station.And it makes sense, the more convenient it is to get around from your house the more attractive it is for potential buyers.Take the <a href="https://www.metrolinx.com/en/projects-and-programs/eglinton-crosstown-lrt" target="_blank">Eglinton Crosstown LRT</a>, for instance. This 19-kilometre, 25-station behemoth promises to cut travel times, ease congestion, and, yes, boost property values along its route. In fact, a study by Strata shows condo values along this LRT have <a href="https://strata.ca/blog/condo-values-explode-along-eglinton-crosstown-lrt-by-up-to-135" target="_blank">exploded by 135%</a>.The result is properties near the new stations are seeing a surge in demand, with buyers eager to snag a spot in these well-connected neighbourhoods.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/215/Go Train-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/215/Go Train.jpg"/><img src="https://media.strata.ca/article-images/215/Go Train.jpg" alt="null"/></picture>GOing the DistanceNext, let's hop on the GO train. The expansion of GO Transit services, especially the frequent all-day trains, has been a game-changer for the suburbs. Areas like Mississauga, Brampton, and Markham are no longer just bedroom communities&mdash;they're hot real estate markets.For example, <a href="https://www12.statcan.gc.ca/census-recensement/2021/as-sa/98-200-x/2021001/98-200-x2021001-eng.cfm" target="_blank">East Gwillimbury</a>, which is part of the York region, saw more than a 40% growth in population between 2016 and 2021 likely in part because it has a GO station.With faster and more frequent connections to Toronto, these areas are becoming increasingly attractive to buyers who want the best of both worlds: More affordable housing and easy access to the city.The Bus BoonBuses might not have the same pizazz as subways or trains, but don't underestimate their power. Enhanced bus services and dedicated bus lanes are influential. This is especially true in areas underserved by other transit options.One study looked at the impact of bus rapid transit (BRT) systems on property values. When looking at homes near 11 BRT systems in 10 U.S. cities &mdash; research found that multi-family residences saw a <a href="https://www.sciencedirect.com/science/article/abs/pii/S0966692322000473" target="_blank">41.5 per cent increase</a> in price, compared to homes located in similar neighbourhoods farther away.Light Rail LoveLight rail transit (LRT) projects, like the aforementioned Eglinton Crosstown, are popping up like trendy new cafes. <a href="https://www.metrolinx.com/en/projects-and-programs/finch-west-lrt" target="_blank">The Finch West LRT</a> and the <a href="https://www.metrolinx.com/en/projects-and-programs/hazel-mccallion-lrt" target="_blank">Hurontario LRT</a> are also set to make waves in GTA real estate.These projects not only promise shorter commutes, but also spur development and rejuvenation in the areas they serve. Property values around these LRT lines are expected to climb, as buyers also flock to these newly-connected locales.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/215/Future is bright-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/215/Future is bright.jpg"/><img src="https://media.strata.ca/article-images/215/Future is bright.jpg" alt="null"/></picture>The Future is BrightLooking ahead, the GTA's transit plans are ambitious and thrilling. With projects like the <a href="https://www.metrolinx.com/en/projects-and-programs/ontario-line" target="_blank">Ontario Line</a> and <a href="https://www.metrolinx.com/en/projects-and-programs/yonge-north-subway-extension" target="_blank">the Yonge North Subway Extension</a> in the pipeline, the real estate market is buzzing with anticipation. These upcoming transit lines are set to open up new corridors of growth, making once-overlooked areas the new hotspots for property investment.The Bottom LineSo, what's the takeaway? Transit infrastructure is like the backstage crew of a rock concert &mdash; often unseen, but absolutely crucial to the success of the show. As the GTA continues to invest in its transit lines, real estate values are poised to ride this wave of connectivity and convenience.The more accessible a place is, transit-wise, the higher the rent goes. So whether you're a buyer, seller, landlord or just a real estate enthusiast, keep an eye on those transit maps. They're more than just lines on a page; they're the blueprint for the future of GTA real estate.

Riding The Value Wave: How Transit Infrastructure Is Shaping GTA Real Estate

If you&rsquo;re in the market for a new home in the Greater Toronto Area, foreclosed properties could be an option worth exploring. While these homes often come with unique challenges, they can also offer significant savings for buyers willing to put in the extra work.So let&rsquo;s take a closer look at what foreclosure properties are, how the buying process works, and what you need to consider before making a purchase.What are Foreclosure Properties?Foreclosure properties or power of sale properties are homes that have been repossessed by a lender, due to the previous owner&rsquo;s inability to keep up with mortgage payments.When a homeowner defaults on their mortgage, the lender can take legal action to reclaim the property and sell it. This would allow them to recoup the outstanding loan balance. Or in the case of a power of sale, the homeowner initiates the process to sell their home to recover the outstanding mortgage debt.These properties are often listed at a discounted price, to attract buyers quickly.The Buying Process1. Research and Identify Properties: Start by examining available foreclosure properties in the GTA. You can find such listings through <a href="https://strata.ca/" target="_blank">Strata.ca</a>.Here are a couple that are up for sale right now:<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/214/508-2055 Danforth Ave-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/214/508-2055 Danforth Ave.png"/><img src="https://media.strata.ca/article-images/214/508-2055 Danforth Ave.png" alt="null"/></picture><a href="https://strata.ca/toronto/2055-danforth-avenue-carmelina-condos/unit-508/" target="_blank">508 - 2055 Danforth Ave</a>.This two-bedroom, one-bathroom corner unit in <a href="https://strata.ca/toronto/2055-danforth-avenue-carmelina-condos/" target="_blank">Carmelina Condos</a> is listed for $649,000. For comparison, the average price is usually $787,500. Although it&rsquo;s pretty typical, there is lots of light and plenty of storage. It also comes with a parking spot.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/214/304-3390 Weston Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/214/304-3390 Weston Rd.png"/><img src="https://media.strata.ca/article-images/214/304-3390 Weston Rd.png" alt="null"/></picture><a href="https://strata.ca/toronto/3390-weston-rd-century-gardens-condos/unit-304/" target="_blank">304 - 3390 Weston Rd.</a>This three-bedroom, two-bathroom apartment is listed for only $499,000, reduced from $549,000. While the condo is dated and needs a refresh, units in this building go for an average of $505,000, and increase 10% in value year-over-year.2. Get Pre-Approved for a Mortgage: Just like buying any house in the GTA, it&rsquo;s important to get all your ducks in a row. One of those ducks is getting pre-approved for a mortgage. This shows sellers you&rsquo;re a serious buyer and have the financial backing to complete the purchase.3. Inspect the Property: Unlike traditional home purchases, foreclosed properties are typically sold &ldquo;as-is,&rdquo; meaning the seller will not make any repairs. It&rsquo;s crucial to conduct a thorough inspection to understand the condition of the property and any potential repair costs.Like with <a href="https://strata.ca/toronto/49-ivordale-crescent-m1r2w7/" target="_blank">49 Ivordale Cres</a>, which is up for $999,900, even the listing says &ldquo;it requires significant work&rdquo; and &ldquo;diamond in the rough&rdquo;. Which in realtor speak means, it&rsquo;s a hot mess. Or in cases like <a href="https://strata.ca/toronto/42-agar-crescent-m9b5a6/" target="_blank">42 Agar Cres</a>, which got part way through a rebuild or renovation, it&rsquo;s important to take into account the quality of the construction, as well as what else needs to be done.4. Make an Offer: If you decide to move forward, submit a competitive offer. Be prepared for the possibility of multiple bids, as foreclosure properties can attract a lot of interest.5. Secure Financing: Once your offer is accepted, you&rsquo;ll need to finalize your mortgage. Be aware that some lenders may have stricter requirements for financing foreclosed properties.6. Close the Deal: After securing financing, you&rsquo;ll move forward with the closing process, which includes signing paperwork and transferring funds. Once everything is finalized, the property is yours.Key Considerations1. Property Condition: As we mentioned, foreclosed homes are often in varying states of disrepair. Budget for potential renovations and be prepared for unexpected issues that may arise.2. Hidden Costs: Beyond the purchase price, consider additional costs such as back taxes, liens, and fees. These can add up quickly and affect your budget.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/214/Hidden Costs-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/214/Hidden Costs.png"/><img src="https://media.strata.ca/article-images/214/Hidden Costs.png" alt="null"/></picture>3. Market Value: Research the market value of similar properties in the area to ensure you&rsquo;re getting a good deal. Sometimes, the discounted price of a foreclosure isn&rsquo;t as much of a bargain as it seems when factoring in repair costs.For example, <a href="https://strata.ca/toronto/405-oakwood-avenue-m6e2w1/" target="_blank">405 Oakwood Ave</a>. is listed for $799,900. This house hasn&rsquo;t been updated since the 50s or 60s and needs a ton of work &ndash; likely more than $500,000 worth.4. Legal Issues: Ensure there are no legal complications with the property. This includes verifying that the foreclosure process was conducted legally, and that there are no outstanding legal claims against the property.5. Financing Challenges: Some lenders are hesitant to finance foreclosed properties due to their condition. It&rsquo;s important to work with a lender experienced in these types of transactions to avoid any financing hurdles.

Unlocking Bargains: A Guide to Buying Foreclosures

Fun fact, when it comes to mixed-use development &mdash; Toronto was way ahead of the curve!Back in 1986, the local government created a zoning bylaw that allowed commercial and residential units to cozy up together.This move was part of Toronto's early efforts to focus on mixed-use spaces, especially as the demand for social housing grew.Probably one of the most standout examples is <a href="https://mirvish-village.com/" target="_blank"> Mirvish Village</a>, designed by architect <a href="https://henriquezpartners.com/teams/gregory-henriquez/" target="_blank">Gregory Henriquez.</a>This project, which <a href="https://www.theglobeandmail.com/news/toronto/redevelopment-of-honest-eds-in-toronto-holds-several-surprises/article23274452/" target="_blank">took over Honest Ed&rsquo;s</a> at the bustling intersection of Bloor and Bathurst, mixed things up with some areas zoned as &quot;commercial residential&quot; and others as &quot;mixed commercial residential.&quot;Mixed-Use Developments Transform GTA NeighbourhoodsAlthough the concept of mixed-use properties has existed for some time, it has recently become one of the region&rsquo;s most popular forms of development.Especially since last November, when Toronto&rsquo;s most ambitious mixed-use development, <a href="https://strata.ca/toronto/425-wellington-street-west-the-residences-at-the-well" target="_blank">The Well</a>, with a whopping 1.2 million square feet of office space and 320,000 square feet of retail and food space, <a href="https://nowtoronto.com/lifestyle/mixed-use-development-the-well-officially-opens-in-downtown-toronto/" target="_blank">opened up</a>.The Well also offers 1,700 residential units spread out over six rentals and condos, and <a href="https://thewelltoronto.com/about/our-story/" target="_blank">according to their website</a>, will house over 11,000 residents.Although, The Well <a href="https://www.cbc.ca/news/canada/toronto/the-well-toronto-fashion-district-affordable-housing-1.6904832" target="_blank">&ldquo;missed the mark&rdquo;</a> on incorporating affordable housing into the space, <a href="https://www.thestar.com/opinion/contributors/here-is-one-under-developed-solution-to-the-gtas-housing-crisis/article_aeddc1bc-03f1-11ef-8af4-bb9a2be136f9.html" target="_blank">mixed-use development has been touted</a> as the potential saviour of Toronto&rsquo;s real estate issues.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/213/Markham Mixed Use-600.webp" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/213/Markham Mixed Use.webp"/><img src="https://media.strata.ca/article-images/213/Markham Mixed Use.webp" alt="null"/></picture>The Many Pros of Mixed-Use Developments<a href="https://www.tandfonline.com/doi/abs/10.1080/01944363.2017.1406315" target="_blank">According to a study</a> in the Journal of American Planning Association, mixed-use developments are like superheroes for neighbourhoods.They can manifest in different ways: vertical (multiple uses in one building) or horizontal (different uses in neighbouring buildings).But regardless of whether they&rsquo;re vertical or horizontal, one of the key advantages is their ability to foster a sense of community.By bringing together people from different backgrounds and lifestyles, these spaces promote interaction and social cohesion. Residents have access to a variety of amenities, such as shops, restaurants, and parks, all within walking distance, creating a vibrant and inclusive environment.Many mixed-use developments feature amenities like fitness centres, rooftop gardens, and community spaces where residents can socialize and unwind.It's like living in a resort, but with all the perks of city life.Mixed-use developments also promote sustainability by reducing the need for long commutes and encouraging the use of public transportation and cycling. This not only reduces carbon emissions but also helps alleviate traffic congestion, making the city more livable for all residents.Additionally, mixed-use developments often incorporate eco-friendly features like green roofs and energy-efficient systems, making them a greener choice for urban living.From an economic perspective, mixed-use developments can be a boon to Toronto's economy.Take for example The Well, which according to <a href="https://www.theglobeandmail.com/canada/toronto/article-the-well-is-one-of-torontos-most-important-buildings-in-years-but-can/" target="_blank">The Globe and Mail</a> &ldquo;generated over $63-million in net fees, charges and benefits to the city, including $1-million for subsidized rental housing, all before the doors opened.&rdquo;By creating diverse, walkable neighbourhoods &mdash; these developments attract businesses and investors, boosting local commerce and creating job opportunities.Additionally, the presence of mixed-use developments can increase property values and tax revenues, benefiting the city's finances in the long run.But the best part? They can help tackle housing inequality in the long run.Future of Mixed-Use Developments in the GTA<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/213/Liberty Village-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/213/Liberty Village.png"/><img src="https://media.strata.ca/article-images/213/Liberty Village.png" alt="null"/></picture>In the GTA, mixed-use developments are popping up in neighbourhoods like Liberty Village and Yonge and Eglinton, transforming once-sleepy areas into vibrant hubs of activity.And <a href="https://www.toronto.ca/city-government/planning-development/planning-studies-initiatives/housing-action-plan-avenues-mixed-use-area-study/" target="_blank">according to the City of Toronto housing action plan</a>, there are plenty more mixed-use developments in the works. Which is great news because Toronto stands to benefit greatly from an increased focus on mixed-use developments.These innovative spaces have the potential to transform the city into a more sustainable, vibrant, and economically prosperous metropolis, enhancing the quality of life for all its residents.And, if you're in the market for a new place to call home (or just looking to upgrade your lifestyle), consider checking out a mixed-use development in the GTA.

The Rise of Mixed-Use Developments In The GTA

It's no surprise that April and May saw some jaw-droppingly expensive homes changing hands. But surprisingly, most of them sold for under asking.From opulent mansions to luxurious condos, let's take a peek at the cr&egrave;me de la cr&egrave;me of GTA real estate that had everyone buzzing this month!<a href="https://strata.ca/mls/c8201874" target="_blank">188 Roxborough Dr</a>After only 6 days on the market, this stunning home sold for $15,000,000, which was actually $3.5 million more than the list price! And honestly, it was probably worth it. The six bedroom, six bathroom timelessly elegant Georgian exudes striking grandeur. 188 Roxborough Drive is also on a landmark Rosedale ravine street, and comes with almost half an acre of land. Not to mention the inside has over 8,300 square feet of living space.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/50 Yorkville Ave-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/50 Yorkville Ave.png"/><img src="https://media.strata.ca/article-images/212/50 Yorkville Ave.png" alt="null"/></picture><a href="https://strata.ca/toronto/50-yorkville-ave-four-seasons-private-residences/mls/c8174284" target="_blank">50 Yorkville Ave, Unit 4303</a>Turns out the most expensive home to sell in the GTA in May wasn&rsquo;t a house, but rather an incredibly lavish condo. Unit #4303 at 50 Yorkville Ave sold for $9,775,000, down $1,225,000 from the original list price of $11 million. The condo was recently updated by the esteemed L.A. design team, Studio Collective, and brought a fresh, modern aesthetic to the space. It features two bedrooms and four bathrooms, including a primary bedroom with two ensuites. The luxury! Not to mention this condo is in the <a href="https://strata.ca/toronto/50-yorkville-ave-four-seasons-private-residences" target="_blank">Four Seasons</a>, so you know the amenities are exceptional.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/36 Hazelton Ave-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/36 Hazelton Ave.png"/><img src="https://media.strata.ca/article-images/212/36 Hazelton Ave.png" alt="null"/></picture><a href="https://strata.ca/toronto/36-hazelton-ave-36-hazelton/mls/c8187578" target="_blank"> 36 Hazel Ave, Unit 5B</a>After spending the better part of three years on and off the market, Unit 5B at 36 Hazelton Ave finally sold for $9,150,000. This is down from the $13.5 million it was first listed for in 2021. The condo was a collaboration between the owners and BCMR Custom Homes. It perfectly blends luxury and practicality. With two bedrooms, two and a half baths, and 3,955 square feet of living space &mdash; this home is ideal for both lively get-togethers and peaceful family moments.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/8 Russell Hill Dr-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/8 Russell Hill Dr.png"/><img src="https://media.strata.ca/article-images/212/8 Russell Hill Dr.png" alt="null"/></picture><a href="https://strata.ca/mls/c8233700" target="_blank"> 8 Russell Hill Dr</a>This jaw-dropping mansion by <a href="http://www.jfbrennan.net/" target="_blank">Joe Brennan</a> just sold for $7,750,000, making it one of the priciest homes to sell this season. The home features six bedrooms, seven bathrooms and over 8,300 square-feet of living space. The property sits on a 52 x 218 ravine lot, so the new owners will enjoy tree-house views and four levels of ravine bliss.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/84 Glencairn Ave-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/84 Glencairn Ave.png"/><img src="https://media.strata.ca/article-images/212/84 Glencairn Ave.png" alt="null"/></picture><a href="https://strata.ca/mls/c8297896" target="_blank">84 Glencairn Ave</a>This four-bedroom, seven-bathroom home was first listed back in 2020. But it likely didn&rsquo;t sell because of the pandemic. It wasn&rsquo;t relisted until this year and after two-months on the market &mdash; this stunner of a house sold for $7,350,000. The executive home comes fully stocked with every amenity you could dream of including, heated floors, a projector room, the coolest wine cellar ever, an inground pool with a pool house to match.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/101 Admiral Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/212/101 Admiral Rd.png"/><img src="https://media.strata.ca/article-images/212/101 Admiral Rd.png" alt="null"/></picture><a href="https://strata.ca/mls/c8082828" target="_blank">101 Admiral Rd</a><a href="https://strata.ca/toronto/downtown/the-annex?center" target="_blank">Houses in the Annex</a> are coveted, and on average sell between $1.3 million to almost $7 million. But surprisingly, 101 Admiral Road seems to struggle. The 1909 Tudor-inspired mansion was first listed in 2022 for $10,000,000. And after more than a year on the market dropped its price to $8,795,000 in 2023. Yet, still no luck. It finally sold at the end of April for $6,625,000. Even though it took a while to find its perfect buyer, the magnificent 6-bedroom residence is a testament to grand architecture and enduring charm.Let&rsquo;s see now if two of Toronto&rsquo;s most expensive homes, <a href="https://strata.ca/toronto/17-ardwold-gate-m5r2w117" target="_blank"> 17 Ardwold Gate</a> and <a href="https://strata.ca/toronto/11-thornwood-road-m4w2r8" target="_blank"> 11 Thornwood Rd</a>, get snatched up. Now that would be a sale!