Author Archives for Stephen Pryce

First-Time Home Buyer Incentive is ready to go!

August 26, 2019 1:15 pm Published by Comments Off on First-Time Home Buyer Incentive is ready to go!

The First-Time Home Buyer Incentive is ready to go for September 02, 2019. The first closing on properties will take effect on November 01, 2019. What’s a “closing”? This is when the property title is transferred to your name making your property purchase official. Do you qualify? Maximum property purchase price is $565,000 You must be a first-time home buyer. This program will require a buyer having a minimum of 5% down to a maximum of 20% down for a property under $500k and a buyer having a minimum 10% down to a maximum of 20% down for a property over $500k. The household’s income must be under $120,000 and the mortgage and incentive amount together can’t be more than four times the household income. Your mortgage will need to have mortgage insurance through 1 of the 3 mortgage insurers in... View Article


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Kiss the 70’s goodbye!

July 24, 2019 9:10 pm Published by Comments Off on Kiss the 70’s goodbye!

As with a lot of Toronto, Galleria shopping Centre is on the way out and a huge development called Galleria on the Park is on the way in. Included in the development by Elad and Freed will be Wallace Emerson park and community centre. This is a 12 acre development that will start building later this year. The development is aiming for a 2030 finish date. When finished there will be nearly 3000 residential units. Over 300,000 sqft of retail space and 21,000 sqft of office space. Over half of the 12 acres will be park space with a new community centre. There will be a new road that will run diagonally from Dupont to Dufferin split the park from the proposed condos. This will give the park the needed access to breath new life into it. All the buildings... View Article


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Laneway Suites: Sweet condo alternative!

June 21, 2019 2:50 pm Published by Comments Off on Laneway Suites: Sweet condo alternative!

Over the last few years City council has been working on laneway suites. Now property owners are starting to pay attention to the advantages of having a rental property that is not in their principal property.  Laneway suites can come in different styles and layouts but there are lots of rules that govern laneway suites. Most of the rules revolve around property rights and safety. What’s the advantage for renters? This is a condo alternative. Not everyone likes condo buildings. With this unit there’s no waiting for an elevator. Laneway Suites will help reduce the need for rental housing and will enhance neighbourhoods with large lots. This is a great idea and I am sure all will benefit from this idea.


SOLD OVER ASKING: 2604-33 Shore Breeze Dr.

May 28, 2019 11:36 am Published by Comments Off on SOLD OVER ASKING: 2604-33 Shore Breeze Dr.

Simply A Beautiful Unit On The 26th Floor With A Stunning Wrap-Around 340Ft. Terrace With Beautiful Lake And City Views. A Wonderful Floor Plan With No Wasted Space. $10,000 In Upgrades Beyond Standard Finishes. Bedroom Closet Wardrobe Organization System. Convenient Parking And Huge Locker Directly In Front Of Parking Spot. Easy Access To Shopping, Restaurants And Qew. Interior Furniture Available. Contact me for further info.


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Upper Sherbourne – Looking Sexy

May 16, 2019 5:46 pm Published by Comments Off on Upper Sherbourne – Looking Sexy

(in a historical kinda way). The opening of the Selby apartments and the former hotel Selby now Maison Selby is a turning point for Upper Sherbourne. It started with the James Cooper condos about 8 years ago and how they incorporated the James Cooper Mansion into the condo building. Upper Sherbourne is not finished with blending old with new. Two proposed buildings across from the Selby apartments will also keep original buildings while blending in new structures!


Land Transfer Taxes: The good, the bad and the ugly

May 7, 2019 8:25 am Published by Comments Off on Land Transfer Taxes: The good, the bad and the ugly

When buying real estate in Toronto there are two land transfer taxes, one city and the other province. On a $500,000 property the taxes together are just under $13,000. There are rebates of around $8000 for first time home buyers. The good: taxes help run the city and province. The bad: these two governments might be too dependant on this tax income. The ugly: these taxes are warping the housing market. Many home owners are staying where they are because they do not want to go through the added expense of paying land transfer taxes on a future property. Land Transfer Taxes on a property of $1,500,000 is about $52,950. This is reducing the amount of homes for sale and driving up prices because of a lack of supply. Land Transfer Taxes are the golden egg for the government but a rotten egg for... View Article


Legal Duplex SOLD! $1,258,000

April 3, 2019 8:52 am Published by Comments Off on Legal Duplex SOLD! $1,258,000

This is an excellent opportunity for contractors, renovators and “do it yourself” homeowners. • Excellent floor plan • No wasted space • High basement ceilings • Potential for 3 income properties • Quiet tree lined street • No neighbours to the south and west • Potential for up to 4 cars parking • Just under 2000 sqft. above grade • This is a big opportunity whether you are an investor or future homeowner looking for an income generating property.


Exclusive Sale! A rare opportunity Leslieville!

March 26, 2019 8:12 am Published by Comments Off on Exclusive Sale! A rare opportunity Leslieville!

This is an excellent opportunity for contractors, renovators and “do it yourself” homeowners. • Excellent floor plan • No wasted space • High basement ceilings • Potential for 3 income properties • Quiet tree lined street • No neighbours to the south and west • Potential for up to 4 cars parking • Just under 2000 sqft. above grade • This is a big opportunity whether you are an investor or future homeowner looking for an income generating property.


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One Yonge street is getting an upgrade!

March 13, 2019 8:13 am Published by Comments Off on One Yonge street is getting an upgrade!

Yonge and Queens Quay has looked dilapidated for as long as I can remember. Even today it looks neglected and lost. This new project by Pinnacle will change this area for the better. When finished there will be three condominiums and two office towers. At the base of the tallest building will be a City of Toronto Community Centre. This development is fitting for the start of the longest street in the world! This is my newest video One Yonge Street – Prestige Pinnacle. This project will have the tallest condo in Canada!


Condos prices in the downtown core have grown by 2.6% since 2019!

March 5, 2019 12:13 pm Published by Comments Off on Condos prices in the downtown core have grown by 2.6% since 2019!

If you bought a condo in the downtown core for $500,000 on Dec 31, 2018 it would be worth $513,000 today! It’s hard to keep up especially if you are a first time buyer. It’s hard to save $13,000.00 in two months. What can you do? If you really want to get into the market, adjust your expectations if you have a limited budget. Once you are a homeowner it’s easier to size up in the future. The other thing you can do is petition your MP to have the stress test percentage reduced from 2%. If you would like more information on the stress test please contact me.