Tag Archive: Etobicoke Condominiums

Posted by Kathy and Lauren Gordon on Thursday, April 21st, 2016 at 12:49pm.

  What a lovely family! They don’t look like they are discussing buying a home, yet!

Here’s the thing.  Living in Toronto specifically Etobicoke we have heard from the media and friends about certain home transactions going into bidding wars and selling for “over asking”. As of late this has become a marketing strategy by most agents. They list your home with an aggressive  price in hopes of exciting many buyers to the offer table. The ones that excite are fetching higher than average results for the market. Low inventory , low-interest rates and immigration all add to the increasing prices.

You might ask “Well where does the money come from?” Hopefuly the Bank but there is the down payment and closing costs which may bring us to The Bank of Mom and Dad! Here’s the two perspectives you need to empathize with before you make the decision to jump into the game. For Mom and Dad, most of us felt our fiscal responsibility was ending after graduation. 

For the children and there is a usually more than one inheritance likely in this scenario. They want it to be a fair and equal for all parties involved. Siblings may be a hindrance. The home buyer sibling needs capital either for down payment, deposit or both. The other siblings would like to be assured that there will be equal compensation. And that is just the family issue.

The Lawyers and Tax accountants have their own issues on what may be the best way for you to buy a home for your child (children)! Assisting in the form of a Gift, providing funds in a loan repayment strategy or moving into the basement are all ways that are with or without merit. This depends on all parties circumstances.

I have gathered many more in depth articles that will help you make a more knowledgeable decision or make for a better debate should you be faced with this decision. 

Rob Carrick from the Globe and Mail offers insights with Financial concerns about Lawyers, Wills, Probates, and Gifting. If these don’t wake you up what happens if unfortunately the newlyweds divorce? That’s being negative though. It would be a lovely gesture as a Gift though!

An American publication provides a guide with many different scenarios that would make for a great debate.  Your adult children may be texting while you are trying to point out what might happen. This article, you may just want to email to them.’Examples of Typical Issues for Parents Buying Homes for Children’ makes sense whether you are American or Canadian. Family is Family! 

The Financial Posts Garry Marr poses the scary question, Is helping children buy their first home becoming ‘the next parental responsibility’? I especially enjoyed the mother who helped her son out with the purchase of a home and then later when he maximized his equity into trouble. Her advisor told her ‘if you don’t help your son get financially independent, he’ll be coming to you in his 40s.’She started crying,(taking some literary license) He’s 43!

CTV offers up an Associated Press article. One idea is for the parents to match their adult child’s efforts in coming up with the down payment. They also surveyed a loan company that finds that of the 68% who helped out with the down stroke 24% further helped out with the closing costs. OUCH!

Finally , cause I feel too much information is not helping anyone here, let’s say What if Mom and Dad do not agree on what is best for you kids.Moneysense.ca Romana King queries ” If Mom and Dad are divorced and Mom says no and Dad says yes. Mom doesn’t want to be the bad guy but she makes some valid points. Strapping the adult kids at a young age to mortgage payments and lines of credit creates fewer choices for them when it comes to living. 

In summary, there is no quick answer to this modern day dilemma. Getting money from the Bank of Mom and Dad is almost as hard as buying a home in today’s market.

And anyways there your kids, who knows them better than you. Oh and just to be partial if you are the adult Kids try crying, it still works!

Built by Cadillac Fairview in the ’70s, the Lambton Square condominium community is located just north of the prized Lambton Golf and Country Club and south/east of the winding Humber River. Developed into a beautifully landscaped & principal green forum, the 4 towers of the complex are each different condominium corporations, with their own separate recreation facilities.

Facilities featured in the Lambton Square condominiums include an exercise room, main level laundry facility, car wash, outdoor pool, and lovely landscaped walking paths. Each condo building is twenty stories high with 256 spacious suites (1, 2 and 3 bedroom designs) and each suite features an eat-in kitchen, ensuite laundry, large sunken living room, and an generous balcony. The suites are ample and well designed, and also enjoy breathtaking & peaceful river and/or golf course views (lending to obvious value).

Well within walking distance are expansive parklands, the Humber River, and miles of hiking & bicycle paths (including the beautiful James Gardens located directly south). Both private and public golf courses are very close. For the daily and casual commuter, TTC service stops in front of the building (a single bus ride to Runnymede subway station) and several small plazas as well as a large  Loblaws grocery store are nearby.  For animal lovers– the buildings are pet friendly!

Standing at the base of the Humber River and towering over nearby James Gardens, the modern and stylish Perspective condos command an impressive yet practical location. Designed with luxury in mind, these condos come fully upgraded with top-end appliances, granite or quartz countertops (at request), 9′ ceiling heights on floors 3-17, and 10′ heights on the upper two floors, personal alarm system, breakfast bar, individual climate control suite heating and AC, hi-speed internet connectivity, prewired outlets for cable TV in living room, kitchens, and bedrooms, and beautifully laid-out room plans.

The higher levels afford a breathtaking view of the downtown Toronto skyline, and panoramas of the local parks and golf courses of Etobicoke make these condos quite aptly named.

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Merely a short trip to the TTC subway line by bus, and minutes from the 401, 427 and Pearson International Airport, this condo building not only satisfies the modern travellers needs, but also the daily commuter.

Amenities in this building include: 24-hr concierge, closed circuit security cameras throughout parking garage and at access doors, heated parking ramp to prevent icing, enterphone system in lobby vestibule, excellent waste management and recycling system with garbage chute access on each floor, indoor driving range, pool, fitness centre, card controlled security access to all common rooms, and much more…

This condominium is literally steps to the Islington subway station and some of Islington Village’s gorgeous walking trails. Ceilings are a generous 9-feet with spacious corner suites overlooking the ravine, and wooded hillsides along Mimico Creek from their curved balconies.

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Unlike many of the local condominium buildings, pets are allowed. The building has very well maintained landscaped grounds, and an elegant front lobby. Amenities include: a fitness centre, swimming pool, party room, recreation room, 24-hr concierge, and a fully-equipped security system for your piece of mind. Condominiums at Town and Country are conveniently just a short walk away from the boutiques, services, pubs and restaurants of Kingsway Village and Bloor West Village.

The beautiful Port Royal Place is a 3-tower low-rise building situated in the historic Islington Village, right between Bloor and Dundas St. This condominium was constructed on the grounds of the former Micheal Power High School, once the school had relocated to Centennial Park.

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Boutiques, restaurants, pubs, coffee joints, and more are only a stroll into Islington Village away. Also, with close proximity to the Islington Subway station and local highways, getting to and from home is a convenience. Each individual suite comes with parking and a storage locker. Building amenities include: exercise room, virtual golf, theatre, billiards and cards room, entertainment lounge with kitchen, gazebo & gas barbecue, 24-hr gate house with video surviellance, and an elegantly landscaped park on premises.