Posted on October 17, 2009 by Chris Jaglowitz

Condo units on the block in Toronto tax sale

The City of Toronto is selling off a dozen condominium units recently seized for tax arrears.

Units up for grab include:

  • 1 parking unit at MTCC 731 (71 Front St. E.)
  • 7 locker units and 3 parking units at MTCC 713 (188 Spadina Ave.)
  • 2 commercial units at MTCC 1098 (4465 Sheppard Ave. E.)

Particulars of the units and terms and conditions of the sale are set out on the Sale of Land Notice here.   Tenders must be submitted by November 13, 2009.

Get 'em while they're hot, but buyer beware -- Tax sales are fraught with risks, especially for condo units.  Potential purchasers should get help from a condominium law professional in conducting the necessary due diligence prior to submitting a tender. 

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Posted on August 29, 2009 by Chris Jaglowitz

1 Bloor purchasers may lose their dream but not their deposits

The saga of the doomed luxury condo development at 1 Bloor in Toronto took an interesting turn earlier this month when the project was sold.

Great Gulf Homes announced that it had purchased the land at the corner of Yonge and Bloor Streets from developer Bazis International as part of a court-approved process to keep the project from falling into receivership. Bazis had initially purchased the land for $61 million but had defaulted on its loans before construction could begin.  

Despite the insolvency of the developer, those purchasers who braved the cold and lined up outside for days in late 2007 to buy units at 1 Bloor won’t lose a dime of their deposits (reportedly over $70 million). They can thank section 81 of the Condominium Act, 1998, which provides that deposits paid for the purchase of proposed condo units must be held in trust by a trustee or a law firm.  Section 82 provides that developers must pay interest on these deposits. 

Though their deposits are safe, those who purchased units at 1 Bloor are wondering what kind of condo they are going to get for their money.   The fate of the project won’t be known until after the sale to Great Gulf Homes closes in September but the new concept will probably be far less ambitious than the 80-storey, half-billion dollar skyscraper that was originally planned.  GMA's very own Gerry Miller shared his view on the project in this article in last Friday’s Globe and Mail.

Update (Sept 4/09):   Kris Scheuer of the Town Crier reports on her blog that 1 Bloor purchasers are now being refunded their deposits.

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Posted on February 20, 2009 by Chris Jaglowitz

Nominate your condo for a Green Toronto Award

Condominiums play an important role in making our city a greener place.   Has yours helped to make a difference?

If your condominium in the City of Toronto has undertaken an environmental or conservation project in recent months, consider making a nomination for the 2009 Green Toronto Awards.

Launched by the City in 2005, the Green Toronto Awards honour and celebrate the individuals, organizations and companies that are leading the way towards a cleaner, greener and more liveable Toronto. 

Award categories (described here) include:

  • Community Projects
  • Energy Conservation
  • Environmental Awareness
  • Green Design
  • Green Roof
  • Leadership
  • Water Efficiency

Last year's award winners included the condo corporations at South Kingsway Village, whose projects have set a framework for all condominiums to follow.   Details of their achievements are reported here and here.  

Nominations close on Friday, February 27.

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Posted on January 27, 2009 by Chris Jaglowitz

Give your input on the City of Toronto Act, 2006

It is time for the 2-year review of the City of Toronto Act, 2006.    

When this Act was proclaimed in force in January 2007, the Ministry of Municipal Affairs and Housing said that:

[The Act] recognizes Toronto as a responsible, accountable government. The city is now better able to determine the appropriate mechanisms for delivering municipal services, determine the appropriate levels of municipal spending, and use new fiscal tools to support the city’s activities.

What do you think?

Submissions and comments can be made to the Ministry online, by email or in writing.    

Speak now or forever hold your peace.

Hat tip to Toronto lawyer Rachel Loizos of the Move Smartly blog for spreading the word.

 

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