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Jim Burtnick for Mansion Global: Toronto is going through a boom

Jim Burtnick for Mansion Global: Toronto is going through a boom

Jim was recently featured in an article for Mansion Global, about Toronto's luxury market. Here is an excerpt from the article.

The Toronto luxury real estate market is booming. In fact, the condo market in Toronto has grown considerably and gone much more high end in the past five or six years, according to Jim Burtnick, of the Torontoism team at Sotheby’s International Realty.

“Toronto is going through a boom,” he said.

High-end condo development began in Toronto with hotel projects like the Four Seasons, Ritz Carlton and Shangri La. From there, the options boomed. Now buyers have many choices, from high-rise buildings on the harbor, to boutique condos in residential neighborhoods like Summerhill and Rosedale.

Many new developments have been planned for Yorkville, which, according to Paul Johnston of Unique Urban homes, was “once the city’s hippie-centric counter-cultural community, and is today the epicenter of monied luxury and the location of a growing range of condominium options.”

And there are even new condos sprouting up in the areas of Toronto filled with single family homes, such as Forest Park.

Here’s a roundup of some of Toronto’s new developments.

One Bloor

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This 76-story tower is located in Yorkville, Toronto’s equivalent of Manhattan’s Fifth Avenue. Owners have begun moving into the lower floors, and full occupancy is expected later this year. It is near luxury shopping, like Gucci, Chanel, and Cartier, and walking distance from the Royal Ontario Museum. Designed by Hariri Pontarini Architects, the 732-unit building has an undulating shaped design to offer maximum light and views over the skyline. There is also a podium on the sixth floor, which houses a 27,000-square-foot amenities area designed by Cecconi Simone, and an amenities terrace over the podium, which is 19,000 square feet and designed by Janet Rosenberg + Associates. Amenity highlights include an elaborate spa area with treatment rooms, his-and-hers cold plunges, hot plunges, steam rooms and aromatherapy rooms, and ice fountains.

  • Number of units: 732
  • Price range: C$520,000-C$2.45 million (US$399,000-US$1.88 million)
  • Developer/architect: Great Gulf Homes/Tucker HiRise Construction/Hariri Pontarini Architects
  • Apartment sizes: Two- to four-bedrooms, ranging from 2,500 square feet to 3,700 square feet
  • Amenities: Indoor and outdoor pool, terraces, spa, hot tub, fitness area with yoga, cardio and spin rooms, relaxation areas.
  • Website: OneBloor.com

128 Hazelton

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Located very close to 1 Bloor, but on a village-like street filled with townhouses, 128 Hazelton bills itself as “the last of its kind.” The building’s sales have launched, and tentative occupancy is for 2019. The mid-rise boutique building, designed by Mizrahi Developments and Gianpiero Pugliese of Audax, takes its influence from 19th century Haussmann style buildings in Paris. The apartments feature terraces overlooking the city’s verdant parks and glassed-in winter gardens so residents can still be outside when it is cold. There are also luxurious master suites and formal foyers. The building also has 24-hour concierge, valet parking, an event room and dining room with chandeliers, a lounge, fitness area, and backyard garden with dining.

  • Number of units: 20
  • Price range: An available apartment on the fifth floor is C$5,911,000 (US$4.53 million). It is 3,294 square feet with two balconies, faces north, east and south and comes with two parking units and a locker.
  • Developer/architect: Mizrahi Developments and Gianpiero Pugliese of Audax
  • Apartment sizes: 1,354 square feet to 1,916 square feet, excluding the penthouse apartments
  • Amenities: Terraces, winter gardens, master suites, formal foyers, 24-hour concierge, valet parking, an event room and dining room with chandeliers, a lounge, fitness area, and backyard garden with dining
  • Website: 128Hazelton.ca

Read the full article here.

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Jim Burtnick for Mansion Global: How to Buy Property in Toronto

Jim Burtnick for Mansion Global: How to Buy Property in Toronto

MANSION GLOBAL QUOTED JIM BURTNICK IN ONE OF THEIR RECENT ARTICLES ABOUT BUYING A PROPERTY IN TORONTO.

Originally published on February 18, 2017. By Ariel Ramchandani

Toronto, a diverse and cosmopolitan city, is popular with buyers from all over the world.

“Toronto is known as the most multilingual and multicultural city [in Canada],” said Jim Burtnick, of the Torontoism team of Sotheby’s International Realty. “There are six Chinatowns and everybody and anybody coming here will feel pretty absorbed into the community.”

“Toronto is Canada’s largest city, with a well-deserved reputation for a high quality of living, low crime, generally favorable weather, vibrant arts and cultural institutions and a multitude of ethnically-diverse neighborhoods,” said Paul Johnston, a Toronto broker with Right at Home Realty.

The city has many perks to offer an international audience, according to Mr. Burnick.

A lot of people are coming here for the stability of the banking system and for the education. Luxury real estate is taking off here and international high-net-worth individuals have it on their radar as a safe, stable, welcoming country in a world that is much more volatile.

International interest in Canada as a whole is so high that the country’s other major international city, Vancouver, cracked down on foreign buyers by imposing a 15 per cent tax on them last year. But regulations like that don’t seem to be coming in Toronto, and the rules in Vancouver only seem to have strengthened the eastern city’s market, with buyers choosing Toronto instead, Mr. Burtnick said.

Here’s How to Buy

Mr. Burtnick describes the process of a foreigner buying in Toronto as being “pretty straightforward.”

You don’t have to be a citizen here but you have to have your money here, and it is easily transferable in today’s global economy,

Mr. Burtnick said. Funds should be available in North America for when you are ready to make a purchase. (Note: Many Canadian banks have branches in the U.S.)

Once you choose a home, you can expect to pay a 10% deposit. Deposits are generally staggered, usually over the course of 18 to 24 months (for example 5% on signing a deal, 5% in 60 days, 5% in 180 days, 5% in 365 days, and so on), Mr. Burtnick said.

These deposits are held "in trust” and are guaranteed 100% refundable should a project not proceed.

If you need financing, make sure you are already pre-approved by a bank that has branch locations in Canada. "For properties valued at over $1 million Canadian dollars, domestic purchasers are required to have at least 20% equity in the property,” said Mr. Johnston. “ A foreign purchaser will usually [need] 35% equity.”

He cautions that lenders are a bit more conservative in Canada. “Canadian banks have historically been much more cautious lenders than our American counterparts, and the federal government has maintained oversight and instituted minimum lending standards to reduce the risk of correction across Canada,” Mr. Johnston said.

Tax Talk

Although there is no foreign buyers’ tax, be prepared to pay other taxes, such as the land transfer tax, which ranges depending on the purchase price.

“Land transfer tax is punishing, as in Toronto we are taxed twice: provincially and municipally,” Mr. Johnston said.

In Toronto, the tax is paid to the city and to the province of Ontario, on closing. The Toronto Real Estate Board provides a calculator for assessing your land transfer tax.

There is also a 1% annual tax based on 1% of the value of the property. If you are selling, there is a withholding tax paid on closing, according to Mr. Burtnick.

If you are planning on renting your property out, there is a withholding tax on rental earnings. “That withholding is generally 25%, although it can be minimized or recouped depending on an individual’s specific tax position,” said Mr. Johnston.

Parting Advice

Mr. Burtnick stressed that unlike other countries, like England, where buyers are often leasing the land from the government, in Canada, “you own your property outright.” The agreement of purchase is a binding contract.

Both brokers stress the importance of working with a professional. “As with any transaction, surrounding yourself with the right team is essential when buying real estate in Toronto,” said Mr. Johnston. “In addition to tax advice, the expertise of a qualified real estate lawyer is very important, and engaging the services of an agent who is actively engaged in the market—and the type of property you are seeking out —will put you ahead of the game.”
 

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