ROUTE & SCRIPT Ontario Tour of Discovery – June 17, 2011 …cdn3.reincanada.com/files/2011-Ontario...

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ROUTE & SCRIPT

Ontario Tour of Discovery – June 17, 2011 (Toronto East/Scarborough/Durham Region)

Themes: Transportation & Revitalization

Depart from Rona (Kennedy and 401) via North End of Parking Lot

RIGHT on William Kitchen Road

LEFT at lights onto Progress Avenue (Eastbound).

RIGHT on Borough Drive (Southbound)

LEFT on Borough Drive (Eastbound)

- Lots of condo development here over the past few years.

- Buildings around the Scarborough Town Centre (According to the Toronto Real Estate Board in the last 6 Months)

o average condo price: $234,000

o condo fees range $350-700/mth

o average rent for a 2 bedroom is $1,500/month

- See the Rapid Transit Buses that link up to the subway station. Great place to live with very quick access to downtown Toronto

RIGHT on Town Centre

To your left you will see the Scarborough Town Centre:

RIGHT on McCowan Road (Southbound)

Description of Shopping Centre: Scarborough Town Centre is a two level Super Regional Shopping Centre located at the corners of Highway 401 and McCowan Road in Scarborough, Ontario.

The physical features of the building area are as follows:

Total Gross Leasable Area: 1,318,418 sq. ft. Anchors: 751,785 (Sears, The Bay, Wal-Mart) Land Area: 65 Acres Number of Stores & Services: Over 250 shops & services Number of Parking Stalls: 5,708 Weekly Traffic: Approximately 423,000 per week

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- Notice all the new retail on the left - all new within the past 5 years - Area draws people for lifestyle, transportation access, and convenience. - Big box stores are on the north side of the Town Centre (Best Buy, WalMart,..)

RIGHT on Brimorton Drive (Westbound)

- Lots of bungalows in this pocket

- There are currently 17 homes listed in the area with basement apartments. **Of course you need to do your own due diligence and contact the City to determine the requirements to make it a legal apartment.

- Average price: $381,000.

- Rents: Upper $1,600; Basements $800

- Bungalows with legal basements are a goldmine because the Condos back near the Town Centre don’t cash flow

- Nicer tenant profile here than further south – BUT more expensive to buy here

-

LEFT on Brimley Road (Southbound) - Lots of park land.

- Thomson Memorial Park (on left) is the birthplace of the City of Scarborough. First opened in 1960, the park commemorates the site staked out by the first settlers of Scarborough, the Thomson family, who arrived in 1796.

(cross Lawrence Ave) - A lot of the apartments here are rentals. And not condos.

- Nice bungalows in this area

(cross Eglinton Ave E)

- Eglinton LRT line o will run from Black Creek Drive in the west end to Kennedy Road in the east, o approximately 18 kilometres. o From Kennedy Rd, it will connect with the Scarborough LRT, which will run to

Scarborough Centre. o Work is to begin on the line this year and be completed by 2020.

- Some great streets & some less desirable streets in the neighbourhoods to the right

- Look for well maintained homes

- Good schools in the area

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- Prices around $300,000. Prices increase as you get closer to the Lake (Lake Ontario)

- At the intersection just before Brimley Rd and St. Clair Ave, see the Monarch Homes development on the right.

o $100-million Evergreen development,

o 196 singles, semis and townhouses,

o being built to LEED-H certification. All homes will meet Energy Star standards, construction waste was reduced significantly and rainwater collectors recycle runoff. Recently, the 100th home buyer was presented with an electric bicycle.

o Monarch owned five hectares of the site since the late 1990s and the City of Toronto owned much of the land surrounding it. When the land reverted to TEDCO (which is now called the Toronto Port Lands Company), the city’s principal redevelopment corporation, it sold the land to Monarch at fair market value on the condition it build an innovative green community.

o Prices: high $400,000’s to $600,000 and up

(cross St. Clair Ave E)

- home of the infamous Hav-A-Nap Motel

- Too often people see a row of old motels and make an assumption that All of Scarborough is a poor place to live. Not the case.

(cross Kingston Road) - Seminary on the right

At the bottom of the hill, keep to the left (all lefts) until the road ends at the Beach (sign for ‘Supervised Beach’)

- awesome Marina- at the foot of the Scarborough Bluffs.

- City is developing waterfront trails linking all of the waterfront communities together over the next few decades. Eventually you will be able to walk to downtown (Toronto) to the west or Whitby to the east. Awesome.

- From the beach at the turnaround, Look east across the lake you will see Pickering Nuclear Power Plant. There are plans to decommission this plant.

Pickering Nuclear Power Plant The Pickering station is one of the largest nuclear facilities in the world and comprises 8 CANDU nuclear reactors located on the northern shore of Lake Ontario, having a total

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output of 4124 MW (capacity net) and 4336 MW (gross net) when all units are online. Pickering is only surpassed in Canada by the Bruce Nuclear Generating Station off of Lake Huron.

Ontario Power Generation (OPG) announced a two-part investment strategy for its nuclear generating stations in Durham Region. The strategy includes the decision to spend $300-million to keep the Pickering B nuclear station open for another decade before it begins the longer term decommissioning process as refurbishment for Pickering B station will not be pursued.

(Backtrack to Kingston Road) - See the erosion of the Scarborough Bluffs - Meadowcliff Erosion project is a provincially funded program for shore stabilization to

stop the erosion - Notice the sign ‘Floating Houses for Sale’

o $250,000 - $300,000

(cross Kingston Road) (Northbound on Brimley Rd) LEFT on St. Clair Ave (Westbound)

- IF we had turned the other way and travelled East along Kingston Road, the next neighborhood to the east has lots to be desired.

- The homes on Hill Cres along the Bluffs are $1,500,000 and up to almost 4 million. - Affluence is rampant – not the stereotypical scummy Scarborough.

- Houses along Kingston Road on the south side towards the lake are almost double in value: $600,000 and up vs. $350,000 and down

- The north side of Kingston Road is where you would look for a bungalow to renovate and put in a basement apartment.

- Just slightly further east, on Scarborough Golf Club Road there are condo townhouses that go for about $175,000 but maintenance is around $650/month.

- And just a little further to the East, along Kingston Road is The Guildwood GO train station. The station is a stop on GO's Lakeshore East line and is approximately a 30 min ride to downtown Toronto.

- Past Guildwood, the next area has a lot of rental apartments and higher rates of crime. And social issues.

- Still further east, just before the Highland Creek Bridge (Kingston Road and Fairwood Crescent) is the Habitat for Humanity Build.

URL for this next portion of the route is: http://www.gmap-pedometer.com/?r=4575634

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(cross Midland Ave) Scarborough GO station - The station is a stop on GO's Lakeshore East line and is less than a 30 min ride to downtown Toronto (Union Station).

(cross Kennedy Rd) (cross Birchmount Rd) (cross Warden Ave) (cross Pharmacy Ave) (cross Victoria Park Ave) URL for this portion of the route is: http://www.gmap‐pedometer.com/?r=4576291

Helpful links…

Old East York

http://en.wikipedia.org/wiki/East_York

East Danforth

http://en.wikipedia.org/wiki/East_Danforth

Danforth Village

http://www.toronto.ca/demographics/cns_profiles/cns66.htm

Riverdale/South Riverdale/Riverside

http://en.wikipedia.org/wiki/Riverdale,_Toronto

Little India

http://www.gerrardindiabazaar.com/location.php

Upper Beaches

http://en.wikipedia.org/wiki/Upper_Beaches

Leslieville

http://en.wikipedia.org/wiki/Leslieville

Distillery/Corktown/West Don Lands

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http://en.wikipedia.org/wiki/Corktown

Toronto http://en.wikipedia.org/wiki/West_Don_Lands

http://en.wikipedia.org/wiki/Distillery_District

Portlands

http://en.wikipedia.org/wiki/Port_Lands

Regent Park

http://en.wikipedia.org/wiki/Regent_Park

LEFT on O’Connor (Southwest-bound)

- The neighbourhood to the west of O’Connor @ St Claire is known as Parkview Hill & has emerged into a builder’s dream pocket. Small bungalows & 2 story homes are being “snatched up” for the mid $500’s & $600’s only to be torn down & rebuilt into spectacular homes re-selling into the millions.

LEFT on Woodbine (Southbound)

- Welcome to the beginning of East York!

- Just to our left on Trenton Avenue a REIN member bought a distressed home for about $300k that was owner occupied for life. He completely gutted & renovated the home with spectacular finishes and upgrades to be able to refinance it in the mid $500’s. It is now a functional 3-bedroom home with a 1-bedroom basement in law suite. He has rented this home for $3,350/month + utilities to a family who has signed a 2-year lease & provided one year of the rent up front.

LEFT on Cosburn (Eastbound)

- Stan Wadlow Park is just to our left (north side) and makes this subdivision a family haven. A park and arena and swimming pool grace the park.

- Homes in this area can be picked up in the low to high $300’s un-renovated. With $80-120,000 worth of renovations you can flip out a property well into the $500-$600 range.

RIGHT on Westlake (Southbound)

- Many builders/renovators are buying the bungalows & topping them up and/or tearing down to rebuild gorgeous homes overlooking the spectacular ravine to our left known as Taylor Creek Park.

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- Just to the south and east of us is becoming a popular area for flippers. Especially just south of Danforth, as the GO station is a stone’s throw from Danforth & Main Street.

RIGHT on Lumsden (Westbound)

- Woodbine/Lumsden area is a main thoroughfare to enter/exit this area and homes here can be purchased in the low/mid $300s all the way up to the high $600’s if they are renovated. There are some commercially zones properties along the main roads.

(Cross Woodbine)

- We are now entering the heart of East York. Close to all major transportation (go station at Danforth/Main, DVP at O’Connor/Don Mills, Subway at Danforth & Coxwell or Woodbine), this area is an affordable zone for families.

- Salmon & Glebeholme & Springdale are 3 very up and coming streets that have seen lots of re-sale activity in recent years.

(cross Coxwell - Lumsden becomes Mortimer Ave)

- This area is a hot spot for City & Hospital staff that wish to live close to work. The Toronto East General Hospital is located to our left at the South East corner of Coxwell & Mortimer and the East York Civic Centre is on the North West corner.

- Homes in this area will range from mid to high $300’s for homes that need a little love to high $400’s for homes that are decently updated. For full scale renovations and top ups homes can and will sell into the $700 & $800’s.

RIGHT on Greenwood (Northbound)

- Dieppe Park is coming up on our right side. The entire South East End is riddled with an abundance of parks many dog friendly with “off-leash” zones.

LEFT on Cosburn (Westbound)

- Cosburn Ave has a plethora of very large and medium sized multi unit buildings. Currently there is a 14 unit building listed for $1.589M. It comes with the possibility of a 120 Unit Condo redevelopment. Current Gross Income is $165,072.00, Expenses $56,299.00, Net Income Approx. $108,773.00

(cross Donlands - road bends slightly to the left)

- Just north of us on O’Connor, many multi’s can also be found ranging in price from $1.1M for 6 units to $1.5M for 18 units.

LEFT on Pape Ave (Southbound)

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- Pape is one of the best-known streets in the East End. Sought after for it’s central location to all the shops & restaurants along the Danforth known as Greek Town, it is also a major subway station hub.

- 2 bedroom bungalows that need major work can be purchased for $300k in this area. Nicely renovated/kept 2 story 3 bedroom homes will sell in the $400 to $500’s. Fully renovated homes anywhere between $600-$800.

(cross Danforth Ave)

- You are now entering a very sought after pocket of the southeast end known as Riverdale. It is very challenging to find a home under $600k in this area. This is mostly due to the fact that it is in one of the best school districts around.

- To the right (west) just a few blocks over, there is a good supply of multi’s that are easy to rent all along Broadview. Broadview south of Danforth has a spectacular view of the city skyline and Riverdale Park.

- One street to our right (west) is the well-known and very large Withrow Park. Homes set along side this park on Logan & Carlaw sell well into the high $800 & $900s despite the fact that government housing is neighbouring them.

- Just to our left on Riverdale Ave before we turn right, a REIN member purchased a 2 story semi for $412,500 1.5 years ago, spent $75k renovating and duplexing, and now rents the 2 bedroom main/up unit for $1510 and the 2 bedroom main/basement for $1600. Parking is an additional $75. All utilities are extra. This home would sell today for $550-$575k.

RIGHT on Riverdale Ave

- You can however find homes East of Pape & Carlaw in the high $300 & $400’s. If already renovated you are looking more into the $500-$600s.

- This is a sweet pocket & if you turn a single family home into a duplex in this area you will have little issue finding renters, will increase the value of your home and will cash flow in the $1000/month net range as long as you have about $3000 of income, and a mortgage under $450k. Definite buy & hold zone!

LEFT on Carlaw Ave

- This intersection may not look like much now, but a big name restaurateur has purchased the derelict restaurant and plans to turn it into a neighbourhood hot spot.

- Across the street just on the other side of the bridge, a REIN member purchased a 2-story semi detached home for $429k last summer. After spending $35k to split the home into 2 units, it now rents for $1650 for the main/up 2-bedroom unit and $1350 for the 1 bedroom main/basement unit. The garage rets for $150/month. All utilities

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are extra. It would likely sell around $490k today – appreciation will spike in this pocket over the next 3-5 years.

- This area is in a heavy state of gentrification. Further south is a string of industrial buildings on the east & west side of Carlaw that are being developed into gorgeous condos & lofts.

LEFT on Gerrard (Eastbound)

- This stretch from Carlaw all the way to Jones along Gerrard is changing before our eyes.

- West of us is the city’s original & still very popular but small China Town.

- The parking lot to the left of the bridge beside the liquor store will surely become townhomes or condos in the next 5 years.

- The Gerrard square mall has changed from a low-end scuzzy shopping mall to a nicely remodeled mall with many big name stores. It has Winners, Zellers, Home Depot, CIBC, Payless Shoes, and many women and men’s well-known clothing stores.

- Just before we hit Jones you will notice Grinder Coffee House to your right, Great Burger Kitchen to your left and at the NW corner a brand new Starbucks which is apparently one of the nicest Starbucks you will find with a full 2nd story outdoor patio.

(cross Jones Ave)

- Riverdale Collegiate Institute (gr 9-12) is just to your left.

- This area is referred to as “The Pocket” (Pape to Greenwood & Danforth to the tracks)

- Leslie & Hastings are 2 popular streets in this pocket. Hastings has many legal and non-legal triplexes that sell into the $600 & $700s.

(cross Greenwood Ave)

- Greenwood Park is just off to your right.

- Greenwood is a street that sees a lot of re-sale activity. Homes on this street range from the high $400’s to the $600’s. Many are 2 and 3 unit dwellings.

- We are now about to enter a very hot zone known as Little India or the Indian Bazaar or simply Coxwell/Gerrard area. Once mostly inhabited by East Indian families, many people are seeing the value the neighbourhood has to offer and are moving in.

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- This is a hot pocket of the Upper Beach as you can still find homes in the $300-$500 range, split them into two units and cash flow like a king in the $900-$1200 net-net sweet spot.

- The desirability is further increased by the fact that Danforth Subway station is very close, and that the streetcar runs 24/7. Buses are also plentiful along Coxwell.

(cross Coxwell - Gerrard becomes Eastwood Road)

- The Coxwell/Gerrard Intersection is still changing but just to the north of us are a brand new Goodlife, a refurbished No Frills and a nice new Dollarama. There are still a couple strip malls that need to be turned around.

- Many investors are buying along Coxwell from Queen up to Danforth, renovating & splitting the homes into 2 to 3 units and having no problem renting in the $1200-$1350 range for 1 bedrooms and up to $1900+utilities for 2 bedrooms.

- Just to our right on Gainsborough a REIN member purchased a single family home for ~$480k last month. He is spending approximately $60k renovating and legalizing it into a duplex. It will rent for ~$1700 for the main/basement 2 bedroom unit & $1350 for the 1 bedroom upstairs unit. Parking will be $50/month for a grand total of $3100 gross rent. All utilities are extra.

- Eastwood is an incredible pocket. Average homes here range in the $425-$525s and it is a sweet spot for renters. 3 bedroom homes will rent for $2000-$2500 + utilities along with a renovated basement suite for $1000-$1250.

RIGHT on Eastwood Road (turn from Eastwood onto Eastwood)

- Directly in front of us is a home purchased by a REIN member for $452,000 last summer. $40,000 in renovations were put into the home to turn it into 2 legal units. Rents are $1650 for the main/basement unit & $1350 for the upstairs. Utilities are extra. Parking is and additional $75/month for a grand total of $3075 gross rent per month. The units both rented within a week.

RIGHT on Woodbine (Southbound)

- Woodbine is the main street that divides the beach from the upper or west beach at Queen Street.Woodbine will lead us directly to the actual beaches at popular Ashbridges Bay. Many Investors like to buy along Woodbine due to its abundance of TTC options and also proximity to the beach & all the shops/restaurants along trendy Queen Street.

- While the Beach area itself (South of Kingston Road & East of Woodbine) is very expensive ($700k - $3.25M (most $1 - $2M) for single family homes) & fairly tough to find superb cash flow, the Upper Beach – starting just above Kingston Rd &

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extending both East & West of Woodbine has much to offer with most homes in the $400-$575 range. Split-able & immediately rentable it is a great zone to invest!

(cross Queen Street)

- This is the main intersection often referred to as the start of the Beach

- To your right you will notice the colourful three plus story homes that replaced the old Woodbine Race Track. These homes sell between $825k – ~$2M.

- Condos just past these homes overlooking Woodbine Park start in the $400s and go up into the Millions

BEND RIGHT onto Lake Shore Blvd (Westbound)

- Ashbridges Bay Park & Beach is just on our left. This beach is large and boasts gorgeous sand, biking trails, a boardwalk and many off leash dog park zones. It is truly an oasis in the city. Many families come here to BBQ, picnic, suntan and swim. There are hundreds of volleyball players here on a regular basis. You will also see wind surfers, kite surfers and kite flyers riddling the beach & bay.

- Woodbine Park to our right is also a nice destination in the area & hosts many summer festivals. With a pond, kids’ wading fountains and winding walkways it is a pretty and fun place to visit.

- All along Lakeshore to our left is industrial land known as the Port Lands that will be transformed into housing over the next 10-15 years.

- To our right (north of lakeshore) is prime picking for good buy/holds or flips. You can still find homes in this area north of Eastern Avenue & south of Queen in the mid $300’s to high $400’s that can garner exceptional capital appreciation as the area continues to gentrify. It is very easy to rent in this area. The closer to Queen Street the better.

LEFT on Leslie (Southbound)

- Lakeshore & Leslie street intersection has transformed drastically over the last 2 years. Despite community backlash to prevent big box stores from taking over the area, the new Canadian Tire, Shoppers, RBC, TD, Starbucks, Rogers stores etc. to our left were formed. It is a very busy shopping plaza. Loblaw’s on the NE corner is the main higher end grocery store serving Leslieville.

- This street is referred to as the Leslie Street Spit.

- You will notice the community gardens coming up off to the left of us.

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- Currently, the northern half of the spit has been designated as Tommy Thompson Park, named after a former Toronto Parks Commissioner. The southern half is still an active dumping zone, managed by the Toronto Port Authority. Eventually the entire spit will become parkland.

RIGHT on Unwin Ave (Westbound)

- We are now entering the famous and controversial Port Lands area, which is mostly abandoned from the days of heavy industry.The Port Lands form an outer Harbour, sheltering a bird sanctuary and two boating marinas to our left.This area is always riddled with cyclists, runners, roller bladers, beach goers, etc.

- The southwestern corner of the Port Lands is home to Cherry Beach parkland.

RIGHT on Cherry Street

- The Toronto Port Authority operates a container shipping facility and a cruise ship terminal along the eastern shore of the inner harbor, as well as the large Outer Harbour Marina in between the Port Lands and the Leslie Street Spit.

- The Portlands Energy Centre (a cogeneration power plant) is situated beside the now defunct Hearn Generating Station. The Hearn smokestack (215m in height), together with the Ashbridges Bay sewage sludge incinerator stack and the Commissioners Street waste incinerator stack stand as towering landmarks of a bygone but necessary industrial era (All three facilities are no longer in operation).

LEFT on Polson Street (Westbound)

LEFT on Cherry St. (Northbound)

RIGHT onto Commissioners Rd (Eastbound)

LEFT on Don Roadway (Northbound)

LEFT on Villiers St. (Westbound)

RIGHT on Cherry St. (Northbound)

LEFT on Lake Shore Blvd. (Westbound)

LEFT on Queen's Quay

RIGHT on Lower Jarvis St (Northbound)

RIGHT on Lake Shore Blvd. (Eastbound)

LEFT on Parliament St (Northbound)

RIGHT on Mill St (Eastbound)

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LEFT on Cherry St (Northbound)

RIGHT on Eastern Ave (Eastbound)

RIGHT AGAIN on Eastern Ave

LEFT on St. Lawrence St.

- We are now in Corktown (just south of Regent Park, north of the Gardiner, between Berkeley Street to the west and the Don River to the east, & Shuter Street to Lakeshore Boulevard, this area also includes the Distillery District we just toured.

- Corktown contains many vacated industrial buildings, some in use by production and movie studios. The West Don Lands, which we heard was slated to be redeveloped over the next few years, will encompass the southeast corner of this area.

RIGHT on King St (Eastbound)

LEFT on River St. (Northbound)

- Here we are entering Regent Park, which is a developer’s dream.

- Regent Park is Canada's oldest and largest social housing project built in the late 1940s. Formerly the center of the Cabbagetown neighbourhood, it is bounded by Gerrard Street East to the north, River Street to the east, Shutter Street to the south, and Parliament Street to the west.

- If you can find any residential homes in this area, they are selling into the $500’s - $600’s.

- Toronto Community Housing is replacing the long-isolated social housing neighbourhood with an innovative mixed-income, mixed-use community.

LEFT on Dundas Street (Westbound)

- Cabbagetown is just north of us north of the next major street - Gerrard on our left. According to the Cabbagetown Preservation Association it comprises "the largest continuous area of preserved Victorian Housing in North America".

- It is challenging to find homes under $600k in Cabbagetown.

Left on Parliament Street (Southbound)

- This area is known as Moss Park (between Jarvis & Parliament Street south of Dundas) & is dominated by public housing projects.As we head south on Parliament you will see many transient people & derelict shops.

- But if you closely, you will also see many condo/loft/townhouse developments. These units sell well into the $500-$1+M area.

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LEFT on Queen St. (Westbound)

- Literally over the bridge just ahead of us you find night vs. day.

(Cross over Don Valley via Bridge)

- You are now entering Riverside but most everyone refers to this section of Riverside as Leslieville. Some people and maps view it as Riverdale & yet others call it Queen-Broadview Village. Whatever you call it, it is a very vibrant community with many young professionals & families flocking to purchase entry-level homes. Close to the downtown core, it is a mecca of unique shops, coffee houses and restaurants. It has quickly become one of the most desirable areas the City has to offer.

- With access to the Gardiner & DVP mere minutes from most homes, and the core of the city & the famous Beach less than a 10 minute drive in either direction, it’s not hard to see why “Leslieville” has quickly risen to the top of neighbourhoods to buy in.

(cross Broadview Ave)

- Broadview & Queen is a famous intersection in the hood. The northeast corner is home to “Dangerous Dan’s”, The Southeast corner “The Real Jerk” famous Jamaican cuisine, and the Northwest corner the famous “Jilly’s” strip club. There have been rumours surrounding Jilly’s being bought by prominent developers for years. None to be found true to date. One day, it will absolutely be turned into a landmark condo/loft tower.

- The Southwest corner is actually being redeveloped as we speak. #90 Broadview is a new condo development affectionately referred to as “The Ninety”. This loft building has entry-level units starting in the low to mid $300’s.

- Just south of the 90 is 68 Broadview aka Broadview Lofts. These lofts are some of the nicest in the hood. Entry-level lofts here start in the mid-high $300’s & soar from there. With floor to ceiling glass walls over-looking the city skyline on the penthouse floors it is a gorgeous building.

- Just across the street from it are some old semi detached & row houses that have been purchased & will soon also be redeveloped.

- From here to Jones, house prices are much higher. Jones is truly where Leslieville begins & house prices drop slightly just around there.

- Queen street commercial buildings are becoming untouchable for value in this area selling in the $800-$1.5M range for a mere storefront & and 1 residential unit above.

- Jimmie Simpson Park is on the left just past DeGrassi Street (yes home of the famous DeGrassi junior High – filmed in the neighbourhood) and is home to a

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community center & many summer festivals. The tracks at DeGrassi actually separate Riverdale from South Riverdale that extends to Jones.

(cross Logan Ave)

- Queen & Logan is likely one of the hottest intersections in Leslieville with a Starbucks, Organic Meat store, Cheese Market, quaint coffee shop and more. The single-family homes north of Queen on Logan sell well into the $600 & $700’s. A triplex just north of Queen on Logan sold for almost $1M a couple months ago!! With rents in this area being able to top $1600-$1700 for an upscale 1 bedroom & $1800-2300 for executive style 2 bedrooms, yes that triplex cash flows!

(cross Carlaw Ave)

- The Shoppers to our left was just rebuilt late last year. It expanded to more than double its size.

- The lofts to the north of us are very popular and funky places to live in. Many are mixed residential/commercial use. They can start as low as the mid $200’s.

- Homes close to these lofts have risen in value exponentially due to the gentrification.

(cross Jones Ave)

- According to the maps, the true Leslieville begins here. It is bordered by “The pocket” to the north, Jones to the west & Greenwood to the east.

- You can still find great homes in the Leslieville area just north & south of Queen Street in the $400’s making it very affordable to live in & also to split into 2 units and rent out.

RIGHT on Leslie St. (Southbound)

- This intersection is referred to as the heart of Leslieville. It too has changed dramatically over the last 5 years.

- From here we are a mere minute to the Gardiner or DVP! Very convenient!

RIGHT on Lake Shore Blvd. (Westbound)

RIGHT on Don Valley Parkway (Northbound)

(cross Hwy 401) EAST on 407….. Continue Eastbound on 407 past Toll Road end – Stay Eastbound Hwy 7

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(cross Brock Rd) - If we had turned right (south) on Brock Road (toward Hwy 401) we would drive right

through the planned Seaton community. This huge (future) community development of 70,000 residents is planned by Pickering. Not much to see right now…

- But further to the south, major infrastructure and services upgrades such as utility and water main improvements are already underway along Brock street.

(cross Lake Ridge Rd)

Now entering the town of Whitby

Whitby has some really interesting demographics –

- 2011 population is 124,000. Expected population by 2031 is 192,000.

- This is just behind the population of Oshawa for 2031 which is 197,000.

- What's also interesting to note, is that this population growth isn't attributed to an area like Seaton in Pickering, where there are 70,000 planned residents in a development that still has some controversy to it.

- The town of Whitby's economic base is in the sales & service, manufacturing, and trade industries.

The Town of Whitby employs over 80,000 workers. The town’s economic base is concentrated in the sales and service (18,521 employees), manufacturing (18,332 employees), and trade (10,583 employees) industries. Whitby’s largest private sector employers include Lear Corporation (795 employees), Sobey’s Whitby Retail Support Centre (770), Gerdau Ameristeel Corp. (550), Patheon Inc. (550), Johnson Controls (350), and TST Automotive (300).

According to the CMHC rental market report in 2010

o vacancy rate in Whitby is 1.5%,

o in North Oshawa the vacancy rate is 1.3%,

o in South Oshawa it’s 4.7%.

(cross Coronation Rd)

- Look south as we pass by Coronation road. This is the end of the planned connector between Hwy 401 and Hwy 407 .

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- Notice all the transportation infrastructure improvements that are occurring. (see the huge new bridge in progress)

On June 3, 2010, the Minister of the Environment made the decision to allow the 407 East transportation corridor to proceed. Transportation improvements will include the extension of Highway 407 from Brock Road in Pickering to Highway 35/115 in Clarington as well as two north-south links that will connect the Highway 407 extension to Highway 401: one in Whitby (the West Durham Link) and the other in the municipality of Clarington (the East Durham Link), and the protection of a dedicated transitway corridor (60 metre right-of-way width plus transitway stations)1. The Highway 407 extension will occur in two phases: the first will see 407 extended from Brock Road in Pickering to Harmony Road by 2015 and the second phase will continue this extension on to Highway 35/115 in Clarington by 2020.

RIGHT on Baldwin (Southbound)

- We’re now in Brooklin - Brooklin is a very young community with lots and lots of young families. - It’s THE preferred community for young families. - Each of the schools in Brooklin has (on average) six kindergarten classes. -

- Notice the commercial development on the corner of Baldwin and Highway 7 (Winchester Rd). Townhouses and condominiums are available. They don't cash flow.

- As we pass the Lyndebrook Golf Course, (left side) we are heading out of Brooklin and into Whitby proper

- To the Right (west) is Heber Down Conservation Area o Huge area with camping, fishing and walking trails – minutes from ‘civilization’

- Along Baldwin Street - notice that there a lot of restaurant and strip malls in this

area. There is a lot of new construction in this area within the last 10 years. These new constructions do not cash flow.

- 407 Expansion is driving all these new developments and you can see why the residents want it finished quickly.

(cross Taunton Rd) (Baldwin St. becomes Brock St., Whitby)

- On the right side, there are some good freehold town homes on Pinebrook, Carrington and Timbermill Avenue that are cash-flowing If you can get them at the right price.

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- On the left side, there are more freehold townhouses on Ogilvy and Hubble Drive, which are a preferred target for investors in the area.

(cross Whitburn St / Woodlands Ave)

- On the right hand side: - Alexis Way condo townhouse community. These condo townhouses rent from

$1350-1450.

- An investor recently picked up a power of sale in this complex for $175,000 - after $9,000 in repairs the property was reappraised at $205,000.

(cross Dryden Blvd)

- Look to the Left down Dryden Blvd. to the Petra way condominium townhouse community. Stacked townhouses are the preference for new investors.

o Petra Way average price is $203,000

o Condo fees around $230-240

o Rents: $1250-1375.

(cross Rossland Rd)

- At Brock and Rossland an application was recently filed from Developments Inc. to permit two 15 story condominium towers with connected podium, two-story townhouse condominiums, freehold town homes, and a 16 story and two five-story condominium buildings and a local park.Notice on the South West corner a large townhouse freehold and single house complex.

- Along Brock St. there are a lot of freehold town homes to the east (left side)

- Three bedroom/two bathroom or three bedroom/three bathroom townhouses. Rent: from $1400 to 1450 a month plus utilities

LEFT on Wallace Drive (Eastbound) -- Esso station on the Right - The freehold townhouses here have done really well over the years. Rent: from 1350

to 1450+ utilities.

- Townhouse condos on Sprucedale Way and Palisades Court (to the left) rent for a similar price but have condo fees associated with them.

RIGHT on Estate Dr (may be labeled “Civic View”)

LEFT on Estate Cres

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- Whitby investors like this condo townhouse community. Solid appreciation over the

years. Property management is quite good in this complex.

LEFT on Estate Cres RIGHT on Bassett Blvd.

- 10 Bassett is average price of $210,000 and condo fees are around $250/month - Rents are $1300-1400. - In general, the condo townhouses appreciate at about 3% year-over-year in most

areas of Durham. - Semi-detached houses and freehold town homes appreciate at about 5% per year.

LEFT on Manning Road (Eastbound)

- Big grassy field on the north west corner of Manning Rd. and Garden St. is Jim Flaherty's house (Canada’s Minister of Finance)This is an old Century home.

- What you see peeking up over the hedge is a garage; the main house is peeking through some of the trees. Rumour has it that there are some electrical fences around the house. Sometimes there are big black sedans parked in the middle of Garden Street and they seem to be waiting for somebody to come out of the house…

RIGHT on Garden St (Southbound)

- Keep looking right, unless you want to see all the cash flowing townhouses on the left-hand side of the road.

- Garden St. average price is 171,000, Condo Fees around $200, Rents are $1285-1385.

(cross Mary St)

- Look to the right – down Mary Street. There was a ground breaking recently at 308-310 Mary Street, called Whitby Square, a 139-unit building which received more than $16.5 million from the Canada – Ontario Affordable Housing Program for the construction of new housing units for low-income seniors, families and persons with disabilities.

(cross Dundas St)

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- On the Right side - Notice the Trafalgar Castle school, an internationally-known all-girls preparatory school.

- Castle was built in 1874 for Nelson Gilbert Reynolds who was the sheriff of Ontario County from 1850 to the 1881.

RIGHT on Burns St. (Westbound) DRIVE SLOWLY

- Brand New By-Laws passed in late 2010 allow ‘Accessory Apartments’ in Whitby based on specific property conditions.

- Look for properties that may meet the code for conversion to legal ‘accessory apartments’

- Requirements: o parking for three cars, two cars need to be side by side, o 10.5m of frontage for single detached dwellings o 10m of frontage for semi detached dwellings. o 40% of the front lawn must be maintained as landscaped open-space.

LEFT on Brock St. (Southbound)

- Notice Whitby GO train station on Right

RIGHT on Victoria St. (Westbound)

- Look at the south-west corner of Brock St & Victoria St

- Del Rosso Group has just submitted an application to rezone the South-West Corner - Proposed development: an 18 storey, 215 unit residential condominium apartment

building and 1,098 square metres (11,819 sq. ft.) of ground floor retail. The 18 storey building is proposed along the Victoria Street West frontage and a 6 storey building is proposed along the Brock Street frontage.

- On the right side of the bus, on Henry Street across from Iroquois Park, notice the

new multilevel parking garage for GO transit Whitby station. This added 1400 new covered parking spots to the station, so now there are more than 3000 parking spaces available at the station. Think about it – the new parking structure almost doubled the amount of parking

RIGHT into parking lot at Iroquois Park Sports Centre (500 Victoria Street West)

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RIGHT out of parking lot onto Victoria St (Westbound)

- The Durham Abilities center beside Iroquois Park sports center will be 130,000 ft.² world-class recreation, athletic and, performing arts facility.

o Fully accessible for persons with disabilities. o Renovation and expansion of the era pop Park sports center is valued at

almost $4 million. There is a federal and provincial grant $2 million. - Along Bayly street, which is really Victoria Street in Whitby, there are a number of

high density condominium projects. - Whitby has designated this area as an area of intensification. - Also a number of new housing developments to the south.

(cross Gordon St)

- All along Gordon street you'll see townhouses, single-family homes, & semis all

being developed right beside the Whitby Harbour. - This is a really beautiful area. - All the parks are constantly used during the summer months.

- On the left, down Gordon St: Lakeridge Health Whitby recently reopened on April 1, 2011 after being closed for four years from electrical fire. This facility includes 24 bed continuing care unit, 26 bed geriatric rehabilitation assessment unit, a regional nephrology unit, a positive care clinic neurological rehabilitation, physiotherapy and respiratory rehabilitation. There was $7.4 million spent on retrofit and upgrade.

(cross Jeffery St)

- Just before Lakeridge Rd, and North of Hwy 401 is Coronation Road.

- A connection between the 401 and the 407 has been planned along this route. This is outlined in the Transportation Master Plan for Durham Region http://www.durham.ca/departments/works/roads/TMPNov2005.pdf

- Near this stretch along Bayly, there used to be a very secret facility where CSIS

trained its operatives

(cross Lake Ridge Rd) (Victoria St. becomes Bayly St)

- We’ve now left (town of) Whitby and entering (town of) Ajax - Ajax current population: 99,000 - Projected population for 2031 is 137,000 - What's important to note is that the housing must be accommodated through the

existing land inventory.

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- Ajax used to be part of Pickering. That's why if you go to Pickering Village, you are actually in Ajax not Pickering. It gets a little confusing even for the locals.

LEFT on Pickering Beach Road (Southbound)

- To the North: (if we had turned the other way) - Just behind us, North of Hwy 401, is the Ajax Convention Center and Hotel if you're

looking to book a large function. And if you're looking for the Habitat for Humanity Restore, it’s close-by on Chambers Drive.

- More semi and singles being developed by Tribute homes between 401 and

Kingston Rd.

- Many new townhouse developments have been built also. Just north of 401, a new condo townhouse/singles development the Royal Wynd of Ajax by Sierra Building Group just opened up at the beginning of May. All of the condo townhouses under 250k have already been sold in this complex.

- If you were to continue North on Salem you notice a lot of new developments

happening. We won’t be seeing them today, but all along Salem you have townhouse developments, single-family home developments, along Rossland Road and up to Taunton Rd

RIGHT on Emperor St. (Westbound)

- 17 bungalows with basement apartments sold in this pocket in the past year. Average price is 273,000. Main floor rents $1300-1500/month and the basements are $650-850/month

- 89 Emperor is currently listed at $236,500, Taxes $3,441, Has finished basement apt. (legal ?)

- 41 Emperor is currently listed at $324,000, Taxes $3,900, Partially finished basement (no apt.)

LEFT on Harwood Av (Southbound)

Lakeridge Health Centre

- Rouge Valley Health System is an excellent acute care community hospital with many programs, including 24/7/365 emergency care, cardiac care, maternal-newborn care, pediatric services, mental health and surgery. Rouge Valley consists of several health sites, including two community hospital campuses—Rouge Valley Centenary in east Toronto, and Rouge Valley Ajax and Pickering in west Durham.

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RIGHT on Lake Driveway (Westbound)

- This is a really beautiful area and the parklands are just great. Often filled with families during the summer and when there's nice weather. Notice lots of trails lots of biking.

- Lake Driveway- Hamptons o Average sale price: $185,000 o Condo fees around 350/month. o Crazy- the condos at the end of this street are about 550,000 for a 2 bedroom

and maintenance is $1,200/month. Try to cash flow that!

LEFT on Westney Rd (Northbound)

- Ajax has identified the area just north of here at Harwood Rd. and Kingston Rd. as a location for increased density. There are a variety of plans for residential development.

(sidenote) Westney and 401 by Go Station

If you were to continue north toward the Ajax GO station you would see the new welcome center. There are two Welcome Centres opening this fall to centralize services for newcomers to the Durham region. The second centre is near the Pickering Go Station.

- Funding for these centres comes from Citizenship and Immigration Canada and the municipalities. These two centres in Pickering and Ajax indicate the great need to service newcomers here. It will soon be much easier for new Canadians in Durham to get one-stop settlement help with the opening of a welcome centre.

War Story

- Just behind us, from Westney Rd. all the way to Pickering Beach Road, the area was a huge munitions factory during World War II. The factory went from the Lake all the way to the 401. It employed thousands people from all over the province. The company was called Defence Industries Limited or DIL. You can still see some trains and tracks that were part of the original factory in the commercial area near Fairall and Dowty Road. After the munitions plant closed, the whole area was taken over by the University of Toronto and was converted into a giant University campus for all of those who were coming back from World War II. Many of the buildings were converted to residences as part of the engineering campus.

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LEFT on Bayly St Westbound)

(cross Church St) Now approaching Pickering

Pickering Demographics - Pickering has some really interesting history to the

buildings on the south side of the 401 near Frenchman's Bay. All the houses here started off as cottages for people who were living in Toronto. So a hundred years ago urbanites would come out to Pickering for their cottage life. So what you see down there is tiny houses that actually look like cottages. You also see small post war houses that were purpose-built for veterans who were coming back

from the world wars. As an investment these houses are basically tear downs because of the type of homes you are dealing with.

- Demographics:

o some really interesting population changes occurring

o Durham Region is actually made up of 4 main centres: Ajax, Pickering, Whitby, and Oshawa.

o Oshawa is largest: 153,000

o Next is Whitby: 124,000

o third largest is Ajax with 111,000

o Pickering has 110,000

According to the Durham region official plan:

o over the next 20 years, Durham Region’s population is projected to grow from 500,000 to 960,000 (by 2031).

o Over that period, Pickering is projected to grow from 110,000 to 225,000 - including about 70,000 people in Seaton

o This will make Pickering largest town in Durham Region 204% population growth

o In second place in 2031 will be Oshawa with 197,000 people (22% growth). Third will be Whitby with 192,000 people (64% growth) and finally Ajax with 137,670 people (19% growth).

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- In 2010 Durham Region Transit (DRT) completed a Long term Transit Strategy (LTTS) to identify existing transit demands and project the future needs of 2031 and beyond. One of the first projects identified is Bus Rapid Transit (BRT) service on

Hwy 2 connecting downtown Pickering and Oshawa. Visit http://www.durhambrt.ca

for the transit priority study of Hwy 2 in Ajax and Pickering.

- Pickering is also one of the most multicultural communities in the Durham region and

the average household income is about 10% above the provincial average.

- The last federal census showed the median family income for all census families in the Durham Region to be $80,872, higher than the Ontario average of $69,156.

(cross Sandy Beach Rd) LEFT on Krosno Blvd (Southbound)

- Number 814 : $342,000 no bsmt apartment though - Number 808 : $499,000. - Basement apartments rent for about $775 (as of last week one rented out). Main

floor rent: $1500. - People love this pocket. Close to go-train etc - Other good streets to look at in this pocket are Tatra and Reytan. There are more.

- Live example:

o There is an investor who focuses in this area. He was converting and legalizing duplexes. What he would do is buy semis for about 240k to 270k then add $25,000 to $60,000 in renovations and then rent them out for: $1,500 for the 3 bedroom main plus $1,100 for the two bedroom basement.

Converting to duplexes in Pickering is probably the most easy,

when compared against Ajax and Whitby. Check the requirements for conversion to a legal duplex by visiting the planning department of in Town of Pickering offices.

RIGHT on Annland St (Westbound) RIGHT on Front Rd (Northbound)

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RIGHT on Browning Av (Eastbound) (turns into Douglas Av) LEFT on Radom St. (Westbound) RIGHT on St. Martins (Northbound) RIGHT on Bayly St (Eastbound) LEFT on Liverpool Rd (Northbound)

- Pickering is the hub of energy in Ontario. - 25% of employment is based on energy sector this is broad base energy,

environmental and engineering companies. - There is lots of opportunity for high tech employment in Pickering and there is a

marked growth in alternative energy companies. - A number of companies are also researching and developing environmentally safe

products.

(cross over Hwy 401) (cross Kingston Rd)

- There are a number of developments in progress along Kingston Rd.

- Pickering has designated Highway 2 and Kingston road as an urban growth centre. There is a lot of building upwards in this area.

- It is expected that the downtown population is going to expand by about 200,000 residents and employees over the next 20 years.

- Pickering plans to have a performing arts center, a hotel/conference facility the recreation complex in this area.

- Beside the new Class A building you will notice a three level parking structure for expanded Go train parking.

On September 9, 2009, the City of Pickering announced that $30 million in infrastructure projects will be invested downtown. Through the infrastructure stimulus fund, the city will construct a fully enclosed pedestrian bridge across Highway 401, connecting the Pickering Go

station with a new 132,000 office tower in the city’s downtown precinct. With funding for the pedestrian bridge secure, Go Transit has committed to building a $20 million parking structure at the base of the new office tower. This will increase parking at the Pickering Go station by 25%, or 500 spots. With funding now in place, all three projects have a tentative completion date of March 2011. (Also mentioned earlier)

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RIGHT on Glenanna Rd (Eastbound)

- On your left-hand side there are a number of townhouse condos. If you're looking for townhouse condos in this area, you should look closer to Kingston road. The area gets a little tougher to find good tenant profiles so stay closer to Kingston Road.

- The average house for sale on Glenanna is $193,000. - Condo fees are around $250/month - Rents: $1,200-1,350.

LEFT on Kingston Rd (Eastbound)

- Galleria On Urban Park - High Density Residential for the Young Urban dweller. This condominium and townhouse project by Chirolion Development is in the preconstruction phase. The project is scheduled to be completed for 2013. The condo and townhouse units start at about $159,900. The project will have about 295 units when completed.

- Opening in 2012, just across from the Pickering Town Centre, and exceptionally close to public transit is the V!Va Retirement Community.

RIGHT - use RAMP onto Valley Farm Rd (Southbound)

- Look at the townhouses in this location. The location is very convenient in that it's walking distance to the Pickering Town Centre.

- Also close by: Pickering recreation complex; Pickering Central Library and Pickering Town Hall

LEFT on Pickering Parkway (Eastbound)

- Notice the townhouses on the right-hand side on Pickering Parkway

Live Example:

- Investor bought a 2 bedroom townhouse in April 2011 for $185,000. Two bedroom, one bathroom full townhouse condo with a garage attached to the house. He made $3,000 in repairs on the property and it was refinanced at the newly appraised value of 205,000. Rent is $1,275 + utilities, Lot condo fees are $120/month, taxes are $205/month. Cash flows $300 before maintenance, repairs and vacancy.

LEFT on Geeta Circle (Westbound)

- Average condo townhouse: $195,000, maintenance: $250/month, Rents:$1,250.

LEFT on Pickering Parkway

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RIGHT on Brock Rd (Southbound)

In the fall 2010 CMHC rental market report reported the different vacancy rates in the GTA area. In Central Toronto the vacancy rate was 1.8%, in East York it was 2.4%, in Scarborough it was 2.3%, and in Pickering it was the lowest in all of the GTA which is 0.6%. Now that's a vacancy rate that I'd like to work with as an investor.

RIGHT ON RAMP to Hwy 401 Westbound

- Look to the left: Construction of Pedestrian Bridge to Pickering GO train station -

Hwy 401 - Just east of Liverpool Road on either side of the road.

- A lot of development has been happening here in the last few years.

- Notice on the right-hand side, a Class-A office tower that's been constructed. It wasn't even there a couple of years ago. Now the anchor tenant is a MPAC and OPG has leased out 2 floors as well. Those lovely people that assist in tax assessments.

- Notice parking development behind the building that's been constructed as well as the pedestrian bridge. It is going from the new building directly to the Pickering Go Station and connects with the Pickering Town Centre. You can see the footings and some of the structures that are being built for the pedestrian bridge right now on either side of the highway.

On September 9, 2009, the City of Pickering announced that $30 million in infrastructure projects will be invested downtown. Through the infrastructure stimulus fund, the city will construct a fully enclosed pedestrian bridge across Highway 401, connecting the Pickering Go station with a new 132,000 office tower in the city’s downtown precinct. With funding for the pedestrian bridge secure, Go Transit has committed to building a $20 million parking structure at the base of the new office tower. This will increase parking at the Pickering Go station by 25%, or 500 spots. With funding now in place, all three projects have a tentative completion date of March 2011.

Another part of the development of this area is just in front of the building. The city is planning to have Durham transit layby. There will be lots of stopping outside the tower and then people getting out of the buses and

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going across the pedestrian bridge to the Go Station. Also, a new traffic light to accommodate anticipated increase in traffic volume is in the works.

(pass Liverpool Rd – GO Train station) Hwy 401 West - Just after Liverpool Road on either side of the road.

- Condominiums and townhouses are being completed. These townhouses and condos are part of the “San Francisco by the Bay” development by Chestnut Hill Developments. There are 131 townhomes and two condominium towers that have 392 condos in them. Condos will have spectacular lake views. Prices for the condos range from $200,000 - $280,000

(http://www.newinhomes.com/ontario/pickering-development-2797/index.html)

(pass McCowan Rd) EXIT Kennedy Road South LEFT on William Kitchen Drive RIGHT into RONA parking lot

ROUTE & SCRIPT Ontario Tour of Discovery – June 17, 2011 …cdn3.reincanada.com/files/2011-Ontario...

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Transcript of ROUTE & SCRIPT Ontario Tour of Discovery – June 17, 2011 …cdn3.reincanada.com/files/2011-Ontario...