Reservations

Investing in a property is no little expense — all the more reason why you should feel confident in your decision to invest and have all of your reservations addressed. According to Naveen and Adam, a common concern amongst first-time investors is the size of the investment and commitment that they’re about to make.

Where first-time investors can find reassurance is in the stability of the long-term real estate market in Toronto. Not only is it a safe and profitable long-term investment, but at times it can be a great short-term investment as well. If an assignment of the Agreement of Purchase and Sale is allowed, investors are provided with even more flexibility — permitting them to sell their investment early, if needed.

Above all, before deciding to invest, it’s crucial to be “comfortable with a long-term investment. Although we have become used to seeing fast returns on real estate in recent years, it’s important to manage expectations,” says Naveen. “I am a firm believer that if you prepare yourself for a long-term investment in real estate you will always come out ahead.”

Understanding Your Investment’s End Goal

Before you set out on finding your investment property, you need to identify what you’re looking for. Perhaps real estate is a one-time investment for you or you plan on building a portfolio of investments, instead. Understanding what your end goals are for your investment property will make it easier for you to identify which selling features are important to you and will help you narrow your search. No matter which ideas and aspirations you have for your investment, our sales team is here to help you reach your goals.

Research and Education

If you’re a first-time investor, it can be difficult to know where to gather research from and how to educate yourself about mortgage approvals, projects specifics and investment options. According to Naveen and Adam, familiarizing yourself with comparable projects in the area you’re looking to invest, as well as related development fees and warranty programs is a great start to becoming an educated investor. It’s also important to understand how much you can invest — by speaking with a mortgage specialist, you’ll be able to identify a price range that you can afford and one that sustains your lifestyle choice.

If you’re a seasoned investor, the location of your investment, its price per square foot and whether the property fits the scope of your portfolio may be important to you. For first-time investors, you may be looking for resources that can help you source information and become more familiar with the specifics of your investment. You can contact your accountant for information regarding taxes, your solicitor for all legal inquiries or our own sales team, mortgage representatives and brokers at Empire who would be happy to assist you.

Deciding on Your Investment Property

When it comes to deciding which Toronto real estate property to invest in, it’s important that your choice suits you. According to some of our buyers at Empire Quay House, the building’s location and convenience were among their top reasons to invest. With transit, designated bike lanes and essential stores nearby, Quay House offers investors conveniences that other residences in Toronto may not. “My family and I purchased two units here at Quay House because of its location, proximity to transit, groceries, work, food and entertainment — all of which is within a 15-minute walk from the condo,” says Adam.

The building is surrounded by shops, restaurants and sandy beaches, as well as a new innovation centre coming soon. Steps away from George Brown College and located right across from Toronto’s waterfront, Quay House’s location is one of its best features of all. “Real estate by the water is rare enough, but in Toronto’s downtown core, it’s very rare — there may not be many more opportunities to invest in a property with a location like this one,” says Naveen. Quay House offers investors close proximity to the downtown core, but enough distance to avoid heavy traffic and noise. Offering some of the best prices per square foot in the area and an extended deposit structure, Quay House is the perfect combination of a fair market investment with opportunity for growth.

Light-coloured furniture and floors keep the model suite at Empire Quay House airy and bright.

What tips do you have to keep your home as organized and functional as possible?
SC: Furniture selections are key. When purchasing, be mindful of scale and tailored forms. People often buy furniture that’s too small or too large for the space. Allow for some breathing room around your furniture; it’ll make your space feel more open, and show that you’ve considered your furniture’s proportions in relation to the shape and size of your room.

LM: Be mindful not to over furnish. Ensure you’ve purchased pieces that meet your room’s functional requirements, then gradually add in as needed — you don’t need all the hallmarks of a suburban living room in a small space. And if your budget allows, consider custom pieces. Media cabinets that double as linen storage, closets with integrated doors, or a desk built into a larger bookcase are all great ways to maximize your space.

What other ways can you maximize living in a small space?

LM: A monochromatic palette lets the eye relax and creates the illusion of more space. Walls can also be used for more than art — add in wall shelving for greater storage or as a space for display.

The Rewards of Co-Buying

Co-buying with a significant other, family member, friend or business partner is a great way to get your foot in the real-estate door. “The decision to co-buy is just another way to get into a real estate investment. If you have $200,000 sitting around, great — but if you only have $25,000, there are ways to start leveraging that,” Ravi says. “Try and find people who are like-minded and are on the same page as you” because now that Toronto’s market is becoming a bit harder to get into, “it’s about getting your foot through the door and partnering with people to accomplish the first purchase,” says Justin.

“Mitigating the risk and being able to share the rewards has been the best part,” he says. “There’s also less stress on one person to come up with the deposit at one time. Cutting a cheque for $30,000 is doable but cutting a cheque for a portion of that takes some of the pressure off. Co-buying also allows you to diversify — you can put $100,000 into one project, or you can put $50,000 into two,” Ravi says. “We saw the potential of the project we wanted to invest in, and while at the time we weren’t able to do it on our own, we decided to partner up,” Justin says. “The more people that are involved, the more you can accomplish.”

Start with a Talk

Now that you’re familiar with the benefits of co-buying, it’s important to discuss your goals and prepare for any unforeseen circumstances. Before you scour the internet for properties or call a realtor, consider the following questions with your co-buyer.

• What are your short-term and long-term objectives with this purchase?
• Are you planning to live in the unit or use it at a rental property instead?
• If you’re planning on renting, who will decide on the tenant?
• If you’re not each other’s significant other, how will your personal relationship change your homeownership situation?

When you’re making a mutual purchase with your co-buyer, it’s important that you remain mindful and respectful of one another. In order to do so, effective communication is imperative. “When you co-buy a condo, you’re entering into a partnership so make sure that there’s strong communication between you and your partners. When you start renting, repairing or managing the property, there will be questions that you have to come to an agreement on,” says Ravi. “Make sure that everyone is on the same page — not just with the present, but with the future as well,” says Justin. Before purchasing, it’s important to answer the questions above so that you have a clearer picture of what joint ownership will look like for you.

Swap Credit Scores

The terms of your mortgage will most likely be calculated based on both co-buyers’ credit ratings. Your credit report is a very important indicator of your financial health; it contains a full history of how you’ve paid your bills, how much outstanding credit you have and how responsible you are with managing loans. Before you purchase, swap credit scores with your co-buyer, which will give you an indication into whether you should enter into a joint investment. Credit scores offer no indication of someone’s financial situation, but offer information on how they’ve handled loans, instead — insight which is vital to your decision to buy with them. Want to know more about your credit report? Here’s a handy introduction to credit reports from the Financial Consumer Agency of Canada.

Put Your Plan in Writing

A neutral third party, like a lawyer or other mediator, can assist you in putting your plans in writing, including how long both parties will have to commit to owning before they can sell. A lawyer can also help you keep track of the percentages that each party owns in the event of an uneven split. This ensures that the party who contributed more is protected and won’t lose out in the event of a quick sell or another unexpected situation. The cost of maintenance or other monthly expenses is also important to address. All in all, reach an agreement that makes both parties comfortable and put it in writing so that there’s no confusion. This will kick your co-buying experience off on the right note.

Finance It Responsibly

If you trust your co-buyer enough to split the mortgage payments among yourselves, say from a joint account that you both contribute to, great. However, you may consider a Mixer Mortgage, which can be split into multiple parts, such as one variable part and one fixed part. In many situations, mortgage payments can be made separately and can be split to reflect the specific percentage of the mortgage that each party owns. Some mortgage lenders will even accept two separate applications from each co-buying party, so that one person’s financial details or sensitive personal information will not be disclosed to the other co-buyer.

The key is finding a suitable arrangement that works for all parties. “The cheques happened to come out of my chequing account when Justin and I purchased — the deposit amounts were being placed into my account which was later used for the deposit cheque to purchase at Maverick,” says Ravi. In this case, “whoever delivered the cheque made sure that the other partners deposited their money in time into the bank account so that when the installment came out, there was a sufficient amount of funds for withdrawal,” Justin says.

Check-in Often

Twice a year, particularly if you don’t actively see your co-buyer, sit down to discuss your shared investment. Perhaps property values have skyrocketed and you’d like to consider selling sooner than you thought, or your co-buyer wants to move out and rent their share of the property. Yearly maintenance to keep the place running smoothly should also be discussed, as well as any other upcoming events that will require both buyers’ attention. These discussions should be in addition to frequent communications that you have with your co-buyer and are key to a great co-buying experience.

Where to Purchase

If you’re considering co-buying a property, it’s important that you evaluate where to purchase and that your choice reflects what’s important to you. For Ravi and Justin, location, price and builder reputation were among their most important considerations. “Builder reputation, location, as well as price are all things that investors should consider,” says Ravi.

With 25+ years of experience and over 28,000 homes to our name, Empire Communities is a trusted homebuilder that is dedicated to building communities that you will love. One of our most recent projects, Empire Quay House, is located on the edge of Toronto’s waterfront, while still being close enough to the downtown core. With transit, bike lanes, shops and restaurants nearby, Quay House offers investors conveniences that other Toronto residences may not. Steps away from George Brown College and located directly across from Toronto’s waterfront, Quay House is perfectly located along the city’s Queens Quay. Don’t miss out on your chance to lock in some of the best prices per square foot in the area with this fair market investment that also offers plenty of opportunity for growth.

For more information about Empire Quay House, contact our sales representatives at 647-372-0619 or at quayhouse@empirecommunities.com.

*Empire recommends for those who are considering co-buying to consult with a lawyer to discuss your particular needs and circumstances.

1. Sugar Beach

2 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

What was once another unremarkable city parking lot is now one of the city’s hottest summer lounging spots. Located at the foot of Lower Jarvis and just across the street from Quay House, Sugar Beach (so named because of the nearby sugar refinery) is a favourite local destination for taking a promenade through a canopy of shady trees or unwinding under the beach’s iconic pink umbrellas. And while the beach does not allow for swimming in Lake Ontario, that doesn’t stop locals flocking to its sandy shore for great views of the city skyline, scenic lake views and (of course) for the one-of-a-kind Instagram opportunities.

2. Loblaws

3 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Forgot that secret ingredient needed to make your winning party dish? With grocery retailer Loblaws just a quick jaunt from Quay House, you’ll always have the time needed to run out and get it before hosting.  Locals love this particular location for its wide selection, on-site Starbucks and pharmacy, hot food table and free parking.

3. George Brown College, Waterfront Campus

4 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Overlooking the Toronto Harbour is George Brown College’s Waterfront campus, a state-of-the-art building that supports academic programs and industry projects for the School of Design, School of Dental Health, School of Health Services Management, School of Health & Wellness and the Sally Horsfall Eaton School of Nursing. The campus also offers continuing education programs. Aside from the acclaimed programs that this campus is known for, students also love the location along the water, on-site coffee shop and Wi-Fi supported common areas.

4. Quay Media Services

4 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

A Corus Entertainment company, Quay Media Services offers a complete suite of media solutions and services — including film locations, television and social media production, post production, animation, FX, MAM Solutions, QC and deliverables — all within its Toronto facility. Their impressive portfolio includes channels like W Network, HGTV Canada, Food Network Canada and National Geographic, as well as a leading network of 39 radio stations, making the company a leader in television and radio broadcasting.

5. Sherbourne Common

5 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Located east of Lower Sherbourne Street, the 1.5 hectare Sherbourne Common spans two city blocks and features plenty of green space for lounging as well as a long water channel with three futuristic art installations. While the park is a great place to relax and unwind under the shady trees on a summer day, it’s also a hot spot for popular summer festivals including Cider Fest.

6. Sur Gallery

6 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

In need of inspiration? Sur Gallery is the city’s first gallery space dedicated to showcasing and promoting Latin-American artists and art projects. Loved by locals because of the representation it gives to a minority community, Sur Gallery rotates their contemporary and conceptual art shows frequently, so be sure to explore their website to see current exhibits and upcoming speakers.

7. Carisma

15 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Carisma is nothing short of spectacular, and as one of Toronto’s Best Italian Restaurants, there’s no wonder why it’s a favourite amongst its long-standing clientele as well as new patrons. Located just 15 minutes away from Empire Quay House, this is a hit for lunch, dinner and late-night dessert.

8. David Crombie Park

9 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Home to Toronto’s most recognized basketball court, David Crombie Park is a 1.6 hectare park in the St. Lawrence neighbourhood that features a baseball diamond, an off-leash dog area, two children’s playgrounds, a wading pool and — of course — this art-inspired basketball court. Named after the former Mayor of Toronto, the park is always buzzing with activity during spring and summer months.

9. St. Lawrence Market

10 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

For the best food market in town, look no further than the St. Lawrence Market. This centuries-old Toronto landmark is a short 10 minute walk from Quay House and features over two hundred vendors that sell everything from fresh pasta, fresh cuts of meats, artisanal bread and organic fruits and vegetables. Be sure to visit around lunch time for a selection of mouth-watering sandwiches, pizzas, baked goods and more.

10. The Old Spaghetti Factory

11 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Originally built as a blacksmith shop in 1898, the building was converted into The Old Spaghetti Factory in 1971 and is now one of the city’s most distinct restaurants. Filled with a collection of unique artifacts and antiques (including an old streetcar and carousel), the restaurant serves up a one-of-a-kind dining experience in addition to delicious Italian-inspired dishes. Their large portions means that no guest has ever left hungry.

11. Young People’s Theatre

11 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

The oldest professional theatre company in Toronto, the Young People’s Theatre is a non-for-profit company that focuses on putting on shows for youth. Parents with young children especially love the theatre because the of the welcoming set up that’s perfect for the age group, and the chance they have to support excellent local talent. Explore their website to see what’s currently playing and upcoming performances.

12. St. James Park

12 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Quay House residents in need of a place to relax and unwind amongst nature should look no further than St. James Park. Located next to its namesake cathedral, St. James Park is a series of formal gardens that are anchored by a grand gazebo and walking trails that include beautiful flower gardens and tree-lined paths. Loved by locals of all ages — from adults who can’t resist the escape-from-the-city feel, to children who love the farmers’ market-themed playground — the park is a true city gem.

13. Scotiabank Arena

15 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

Whether you want to watch the game or see your favourite artist live, the Scotiabank Arena is the place to be. The multi-purpose venue hosts everything from concerts to hockey, basketball, wrestling and sports events and is only a 15-minute walk from Quay House. No matter what you’re coming to see, the energy in the arena is always electric, and the customer service is always top-notch.

14. Harbourfront Centre

15 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

The Harbourfront Centre provides arts, culture, education and recreation programs all within a collection of distinctive venues in the heart of Toronto’s waterfront. With Lake Ontario as a backdrop, the centre attracts a broad range of people that come to listen to great live music, see striking visual art displays, or be part of cool festivals. And while the Harbourfront’s prime location near the lake, proximity to great restaurants and array of things to do means it’s always busy in the summer, locals also love stopping by during winter months thanks to its seasonal ice staking rink.

15. Distillery District

15 MINUTES ON FOOT FROM EMPIRE QUAY HOUSE

While it might be best known for its annual Christmas Market, the pedestrian-friendly Distillery District is a local hot spot for Torontonians year-round. Lined with cool restaurants, bars and boutiques as well as incredible art galleries, outdoor sculptures and live theatre performances, the Distillery District is undoubtedly one of the city’s trendiest destinations. Be sure to keep an eye out for doors that have signage on them — a lot of them are proud local shops hidden between the restaurants and galleries.

With so much to see and do around Toronto’s eastern waterfront already, it’s unsurprising that the area is on track to transform into the city’s hottest new technology and innovation hub with Sidewalk Toronto, the Waterfront Innovation Centre and Google’s new headquarters all coming to the area.

Want to learn more about the area? Explore the GTA’s exceptional dining options, and some of  Toronto’s best parks.