Kensington Market Loft NewsFebruary 16, 2010

Kensington Market Lofts is a prime condominium development located in central downtown Toronto. The developer is the well known company, CONTEXT.

Architectural details in many suites offer outstanding aesthetics.

Some suites have parking, balconies/terraces and lockers.

Penthouse suites have the option of having a bar-b-que on their decks.

An eclectic group of owners/renters made up of various demographics enjoy shopping "in the market" (designated a heritage area by the Federal Governement of Canada) for fresh baked goods, fruits, vegetables, quality meats, and other items to use in world cuisine.

You can sip your capuccino/wine in some of the hippest cafes in Toronto and dine in intimate restaurants/cafes featuring menus from far off shores.

Walk to work (if you are employed downtown) the University of Toronto, Air Canada Centre, Eaton Centre, Library, Little Italy, Yorkville etc.

Parks, restaurants, churches, synagogues and gymnasiums are located nearby.

Minutes to TTC.

This area is a community consisting of active citizen groups, homes, condos, shop owners, renters and other businesses to offer a convenient lifestyle.

Festivals are part of the delight in living in this neighbourhood; such as PD Sundays, where the market is closed to cars, the Chinese Community's activities as well as other ethnic communities' celebrations.

I have lived in the market for 10 years and can offer you first hand information about the lifestyle this area supports.

This is a great place to live, whether you are a family, young professionals, retirees, seniors, etc.

All suites have
ensuite clothes washer & clothes dryer
kitchen appliances
central air-conditioning
gas heat pump
9ft ceilings to 14 ft ceilings

All suites pay for
hydro
property taxes
T.V.
telephone
internet.

All suites have access to lovely courtyard with bar-b-que facilities.

AT THIS TIME THERE IS ONLY ONE SUITE FOR SALE AND NONE FOR RENT!

I HAVE BEEN CONTACTED BY A NUMBER OF PEOPLE WHO WISH TO BUY OR RENT A SUITE.

IF YOU ARE INTERESTED IN FINDING OUT WHAT YOUR SUITE WOULD SELL OR RENT FOR, I WOULD BE PLEASED TO VISIT YOU AND DISCUSS YOUR OPTIONS.

I AM ABLE TO PROVIDE SUGGESTIONS REGARDING RENOVATIONS AND NECESSARY PREPARATIONS WHEN YOU DECIDE TO SELL OR RENT.

Sales:January 1, 2009 till December 31, 2009

160 Baldwin Street

Under 700 sq ft.
2nd floor Selling Price: $290,000 Maint. fees: approx. $267.00 6/09

700 - 899 sq ft.
4th floor Selling Price: $310,000 Maint. fees: approx. 325.000 5/09
4th floor Selling Price: $315,500 Maint. fees: approx. $333.000 6/09

900 - 1100 sq ft.
4th floor Selling Price: $382,000 Maint. fees: approx. $503.00 5/09
4th floor Selling Price: $410,000 Maint. fees: approx. $505.00 5/09

Penthouse (6th floor) 1100 - 1499 sq. ft.
6th floor Selling Price: $600,000 Maint. fees: approx. $614.00 3/09
6th floor Selling Price: $620,000 Maint. fees: approx. $641.00 4/09

21 Nassau Street

Under 700 sq. ft.
4th floor Selling Price: $235,000 Maint. fees: approx. $219.00 7/09
3rd floor Selling Price: $263,500 Maint. fees: approx. $236.00 4/09
2nd floor Selling Price: $265,000 Maint. fees: approx. $274.00 1/09

Sales:January 1, 2010 till February 16 2010

160 Baldwin Street

Under 700 sq ft
2nd floor Selling Price: $320,000 Maint. fees: approx. $266.00 1/10
4th floor Selling Price: $503,000 Maint. fees: approx. $538.00 2/10

Rentals in 2009

21 Nassau Street

Studio Lofts under 700 sq ft
2nd floor Lease Price: $1,149 10/09
2nd floor Lease Price: $1,450 7/09

1100 - 1299 sq ft
3rd floor Lease Price: $2,200 8/09

160 Baldwin Street

700 - 899 sq ft
3rd floor Lease Price: $1,750 November 2009

NO RENTALS ON MLS AS OF FEBRUARY 16, 2010

HARMONIZED SALES TAXHST

HST Transition Rules October 21, 2009
The provincial government has provided rules/guidance on how it will transition to the implementation of the proposed Harmonized Sales Tax.
Background
The provincial government has passed legislation to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

The HST is NOT YET IN EFFECT.
The HST will come into effect beginning on July 1, 2010; however, note transition rules below.

HST will not apply on the purchase price of re-sale homes.

HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000.

For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.

Transitional Rules for New Housing
Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

Additional Transitional Rules
Where services straddle the HST implementation date of July 1, 2010, the tax charged for the service may have to be split between the pre-July 2010 and post-June 2010 periods. However, the HST will generally not apply to a service if all or substantially all (90% or more) of the service is performed before July 2010.

Four key timelines are important (see below).
All are based on the earlier of the time the consideration is either due (In general, an amount is due on the date of the invoice or the day required to be paid pursuant to a written agreement), or is paid without having become due.
If consideration is due or paid,
Before October 15, 2009, HST will generally not apply (however, see above transition rules for new housing).
From October 15, 2009 to April 30, 2010, certain business that are not entitled to recover all of their GST/HST paid as input tax credit may be required to self-assess the provincial component of the HST with respect to goods or services supplied after June 30, 2010.
From May 1, 2010 to June 30, 2010, HST will generally apply for services supplied after June 30, 2010.
After June 30, 2010, HST will generally apply. An exception to this rule would be where ownership of the property is transferred before July 2010 or the invoice relates to services provided before July 2010.

With regard to the lease or license of goods, including non-residential real property,
HST will generally apply to lease intervals or payment periods on or after July 1, 2010 and the general rules noted above will apply. However, where a lease interval begins before July 2010 and ends before July 31, 2010, it is not subject to HST.

With regard to the sale of non-residential property,
HST is due where both possession and ownership of non-residential property occurs on or after July 1, 2010.

More Detail
Additional detail on the transition rules is available at the provincial government web site here or by calling the provincial government enquiry line at 1-800-337-7222.
10/21/09

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