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$396,000 in North York, $575,000 in Toronto’s waterfront neighbourhood

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NORTH YORK

Location: 20 Edgecliff Golfway, Unit 515,

Don Valley Pkwy. and Eglinton Ave. E.

Asking price: $399,999

Selling price: $396,000

Previous selling price: N/A

Size: about 990 sq. ft.

Parking: one exclusive underground space; one exclusive locker; one ensuite locker

Maintenance fees: $617.19 per month

Taxes: $1,271 (2018)

Sold: September 8/18. Closed: October 5/18.

Overlooking a golf course, this two-bedroom condo suite comes complete with a den. It sold for 99 per cent of the asking price in only two days.

“Fully re-painted with a renovated kitchen with new stainless steel appliances, this suite is very bright and spacious. The private balcony has a clear unobstructed view,” say listing agent Dixie Lee MacDonald.

The building is close to Eglinton Town Centre, where there is shopping and a movie theatre. It has easy access to the Don Valley Pkwy.

Building amenities include a party room, an indoor pool, a sauna, an exercise room, and a security system.

Unit has: living room with parquet floor and walkout to balcony; dining room with parquet floor; kitchen with ceramic tile floor and quartz counters; den with parquet floor; master bedroom with parquet floor and walk-in closet; second bedroom with parquet floor and large closet; four-piece bathroom.

Listing agents: Dixie Lee MacDonald and Miia Kelly, Royal LePage Signature, Brokerage, 416-443-0300; www.dixieleemacdonald.com

TORONTO

Location: 560 King St. W., Unit 626,

King St. W. and Spadina Ave.

Asking price: $498,000

Selling price: $575,000

Previous selling price: N/A

Size: about 600 sq. ft.

Parking: no spaces, no locker

Maintenance fees: $405.37 per month

Taxes: $2,249 (2018)

Bedrooms: 1

Bathrooms: 1

Sold: September 22/18. Closed: October 11/18.

This one bedroom condo unit in the heart of Toronto’s King St. W. sold for 115 per cent of the listing price in only four days on the market.

“This unit is located in the award-winning building called Fashion House. It has an exceptional layout with nine-ft. exposed ceilings, floor-to-ceiling windows and hardwood floors throughout. The modern kitchen has stainless steel appliances, and the bedroom is bright and spacious,” says listing agent Andrew Ipekian.

The building is right next to Toronto’s entertainment district, steps to many popular restaurants, stores, nightlife, pubs, bars, the TTC, and TIFF Bell Lightbox. It is also walking distance to parks and businesses.

Amenities in the building are a 24-hour concierge, an Infinity Edge rooftop pool, and a gym.

Unit has: living room with hardwood floor and walkout to balcony; dining room with hardwood floor; kitchen with hardwood floor, stone counters and stainless steel appliances; master bedroom with hardwood floor, floor-to-ceiling window and double closet; four-piece bathroom.

Listing agent: Andrew Ipekian, Keller Williams Referred Urban Realty, Brokerage, 416-572-1016; www.Ipekian.ca.

What They Got: Condos is compiled by freelance contributor Allison Harness, a Toronto-based real estate writer, from information that is publicly available. Send recent homes sales to soldhome@rogers.com. Not all submissions can be used.

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Victoria real estate agent disciplined for false advertising, encouraging cash deal to avoid taxes

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A Victoria real estate agent is facing $9,000 in fines and a 60-day licence suspension after breaking several professional rules during the sale of her father’s half-million-dollar property, according to a decision by the Real Estate Council of B.C. 

Whitney Garside’s missteps — outlined this week in a disciplinary decision posted on the council’s website — included falsely advertising the property as being almost twice its actual size and advising the buyer they could avoid the property transfer tax if they paid cash directly to the seller.

The property on Burnett Road in Victoria was being sold in 2016 by the real estate agent’s father. That relationship was disclosed and isn’t among the reasons she has been disciplined.

According to the disciplinary consent order, Garside told the buyer — whose name is redacted — that by paying $42,000 cash on the side, the value of the property could be reduced to avoid paying the property transfer tax.

That cash arrangement was not shared with Garside’s brokerage, Re/Max Camosun, a failure that contravened the Real Estate Services Act.

The council also ruled that she “failed to act honestly and with reasonable care and skill” when she advised the buyer the property transfer tax could be avoided by paying cash directly to the seller. 

The council’s discipline committee also found that Garside committed professional misconduct when she failed to recommend the seller and buyer seek independent legal advice, specifically regarding the property transfer tax and the cash agreement.

Another issue the council considered professional misconduct involved the size of the property in question.

The council ruled that Garside published false and misleading advertising and failed to act with reasonable care and skill when the property was advertised as 8,712 square feet, when in fact a portion of the lot belonged to the Ministry of Transportation, and the actual size was just 4,711 square feet.

The discipline committee ordered Garside’s licence be suspended for 60 days, which will be completed Jan. 3, 2021.

She has also been ordered to complete real estate ethics and remedial classes at her own expense.

Garside was also fined $7,500 as a disciplinary penalty and $1,500 in enforcement expenses.

She agreed to waive her right to appeal the council’s discipline committee’s decision in September.

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Frisco apartment community sells to Canadian investor

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A Canada-based investor has purchased a Frisco apartment community as part of a larger Texas deal.

The 330-unit Satori Frisco apartments opened last year on Research Road in Frisco.

BSR Real Estate Investment Trust bought the four-story rental community that was built by Atlanta-based Davis Development.

Satori Frisco was more than 90% leased at the time of sale. The property includes a two-story fitness center, a car care center, a dog park and a resort-style swimming pool.

The Frisco property sold along with Houston’s Vale luxury apartments in a deal valued at $129 million.

“BSR recently exited the smaller Beaumont and Longview, Texas, markets and also sold noncore properties in other markets,” John Bailey, BSR’s chief executive officer, said in a statement. “We are now using our strong liquidity position to invest in Vale and Satori Frisco, modern communities in core growth markets with the amenities our residents desire.”

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House prices on Prince Edward Island continue steady climb

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Residential real estate prices on Prince Edward Island continue to climb at a rate higher than the national average, according to the latest report from a national organization. 

The Canadian Real Estate Association released monthly figures for November 2020 on Tuesday.

They show that the average price for a resale home on P.E.I. is about 21 per cent higher than it was a year earlier. 

Only Quebec had a bigger year-over-year increase, at about 23 per cent. Overall across Canada, prices were up 13.8 per cent year over year in the ninth month of the COVID-19 pandemic.

“For the fifth straight month, year-over-year sales activity was up in almost all Canadian housing markets compared to the same month in 2019,” the report noted.

“Meanwhile, an ongoing shortage of supply of homes available for purchase across most of Ontario, Quebec and the Maritime provinces means sellers there hold the upper hand in sales negotiations.”

That lack of houses coming onto the market compared to the demand means that in those provinces, there is “increased competition among buyers for listings and … fertile ground for price gains.”

There have been anecdotal reports for months that Prince Edward Island’s low rate of COVID-19 infection and looser rules around social activities have been encouraging people to buy homes on the Island. 

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