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The Park Hyatt is probably about to be sold

(Image: Google Street View)

(Image: Google Street View)

Like the Royal York before it, Toronto’s Park Hyatt hotel is now up for grabs. According to the Financial Post, Hyatt is on the verge of selling the high-end Yorkville property, located at the corner of Bloor Street and Avenue Road, to an unnamed buyer for a price that is rumoured to be upwards of $100 million. The sale would reportedly be conditional on the building remaining a Hyatt for at least 40 years. The potential buyer’s plans for the property haven’t been made public, but the Post’s sources say it’s likely that the hotel’s rooms would be enlarged, and that some luxury condo units could be added to the mix. There’s been no word on the likely fate of the roof lounge, either, so enjoy it while you can.

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Condo of the Week: $3.3 million for an Annex unit with not one, but two huge terraces

Address: 385 Brunswick Avenue, Unit 502
Neighbourhood: Annex
Agent: Richard Silver, Sotheby’s International Realty Canada, Brokerage
Price: $3,295,000

The Place: A two-bedroom unit on the fifth floor of The Loretto, a loft building formerly home to Loretto College School. It’s not to be confused with The Schoolhouse Lofts, The Loretto’s next-door neighbour. (We previously featured two units in that building.)

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This is how much you need to make in order to buy the average Toronto house

$118,650

—The amount of gross household income needed to service a standard mortgage on a home valued at the current average price for the Greater Toronto Area, $585,204, according to a Globe analysis. The Toronto area’s estimated median family income is only $69,934.

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Cottage of the Week: $1.2 million for a Wasaga Beach home on the sand

Address: 244 Kirby Lane
Neighbourhood: Wasaga Beach, Ontario
Agent: Ralph Fox and Kori Marin, Sage Real Estate Ltd., Brokerage
Price: $1,200,000

The Place: Say this three times fast: a Wasaga Beach beach house with its own beach backyard.

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House of the Week: $4 million for a light-filled, ultra-modern Yorkville home

Address: 41 Berryman Street
Neighbourhood: Yorkville
Agent: Jonathan Ferrier, Royal LePage Real Estate Services Ltd., Brokerage
Price: $3,999,900

The Place: A brand-new backsplit filled with modern touches (zinc cladding, a home-automation system and a Scavolini kitchen, to name just a few), located steps from the Mink Mile.

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Sale of the Week: the $2.1-million Bedford Park home that shows what an aggressive sales strategy can do

Address: 332 Deloraine Avenue
Neighbourhood: Bedford Park
Agent: Andre Kutyan and Robert Greenberg, Harvey Kalles Real Estate Ltd., Brokerage

The Property: This two-storey home features floor-to-ceiling windows, premium oak floors and 13-foot ceilings. An open-riser staircase leads to the master bedroom, which in turn walks out to its own cedar balcony. There are also a few futuristic features, like a video-enabled door monitor, a house-wide audio system and a wifi-enabled Nest thermostat.

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Condo of the Week: $1.3 million for a Moss Park townhouse with unusually exciting walls

Address: 21 Bright Street
Neighbourhood: Moss Park
Agent: Heather Hadden, Sothebys International Realty Canada, Brokerage and Zach Henley, Bosley Real Estate Ltd., Brokerage
Price: $1,289,000

The Place: A three-bedroom, three-storey townhouse in Moss Park.

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Real Estate

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Cabin Fever: five Toronto buyers let loose in cottage country

Toronto’s real estate mania is spreading to cottage country, making prime spots on the water increasingly tough to get. Here, five city buyers who managed to snag an idyllic getaway

Cabin Fever: five Toronto buyers let loose in cottage country
She’d wanted the cottage next to her parents’ place in the Rideau Lakes since childhood. Decades later, she finally got it

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House of the Week: $3.5 million for a Forest Hill home with an envy-inducing backyard pool

Address: 214 Rosemary Road
Neighbourhood: Forest Hill South
Agent: Faithe Sversky, Forest Hill Real Estate
Price: $3,495,000

The Place: A six-bedroom, six-washroom family home located between Forest Hill Public School, Forest Hill Collegiate and Cedarvale Ravine.

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The Ontario Municipal Board approves a student residence, “destroys” a neighbourhood

“We get fucked by the OMB and we get fucked by the university, and we’re about to get screwed again by the developer.”

Ceta Ramkhalawansingh, a member of the Grange Community Association, telling the Star what she thinks about a recent Ontario Municipal Board decision that clears the way for the construction of a 25-storey private student residence on College Street, south of the University of Toronto. Residents fear that the development, which had previously been rejected by the city, will attract noisy, messy tenants.

CORRECTION: This post originally used an incorrect pronoun to refer to Ceta Ramkhalawansingh.

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Cottage of the Week: $1.9 million for a high-end Georgian Bay home on a sandy beach

Address: 199 Osprey Way
Neighbourhood: Georgian Bay
Agent: Max Hahne, Sotheby’s International Realty Canada, Brokerage
Price: $1,899,000

The Place: A 3,700-square-foot family cottage on popular Honey Harbour. There’s a separate in-law suite over the garage.

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Sale of the Week: the $2-million St. Clair triplex that proves rental properties can be stylish

Click to view gallery. (Image: Irma Eibich)

Click to view gallery. (Image: Irma Eibich)

Address: 39 Foxbar Road
Neighbourhood: Yonge-St. Clair
Agent: Irma Eibich, Re/Max Condos Plus Corporation, Brokerage

The Property: Separated into three units, this unusual two-and-a-half-storey triplex is situated on a secluded one-way street that backs onto St. Michael’s Cemetery, affording it maximum privacy. High-end details make the difference, here. A former owner (an interior decorator) added her personal touches throughout, including hardwood floors, gas fireplaces and well-appointed kitchens. The master bedroom sports a walkout to a backyard garden with a private studio in a separate building. As for the two units above, one features cornice mouldings and both have private walkout decks of their own, which are conveniently out of view of one another and only partially overlook the garden below.

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The Ossington strip is getting a condo mid-rise, whether it wants one or not

A rendering of 109Oz, which has yet to be built. (Image: courtesy of Reserve Properties)

A rendering of 109OZ, which has yet to be built. (Image: courtesy of Reserve Properties)

After more than two years of opposition by neighbourhood residents, the inevitable has happened: the Ontario Municipal Board has given its go-ahead to 109OZ, a six-storey, 87-unit condo building planned for the site of a former auto-repair centre on the Ossington strip, near Argyle Street. The OMB’s decision preempts any attempt by city council to scale back the project, meaning Ossington dwellers have little choice but to get used to it. The developer made some minor concessions in order to win the board’s approval, including reducing the building’s proposed overall height from 21.5 meters to 20 and capping the size of each of its ground-floor retail units at 500 square metres.

Jessica Wilson, president of the Ossington Community Association, tells the Star that her group is “not crazy about the decision at the end of the day.” But this type of thing has to be expected: Ossington is a burgeoning business strip sandwiched between two streetcar lines, after all. Call us when the building is 30 storeys and the anchor tenant is a Walmart.

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Real Estate

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Condo of the Week: $6.5 million for a house-sized Moore Park suite and a pair of binoculars

Address: 33 Jackes Avenue, Suite 801
Neighbourhood: Rosedale-Moore Park
Agents: Ferne Sherkin-Langer and Nina Castle, Harvey Kalles Real Estate Ltd., Brokerage
Price: $6,495,000

The Place: A large two-bedroom suite with direct elevator access.

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Listen to Toronto Life’s Philip Preville talk condos on Newstalk 1010

This month’s cover story by Toronto Life contributing editor Philip Preville is about the future of Toronto’s condo-clogged core, and the families stuck raising kids in tiny spaces never designed for that purpose. Preville has spent this week talking about his story—he’s been on Global’s Morning Show, CBC’s Here and Now, and CP24’s Live at Noon. It was on Newstalk 1010’s Jerry Agar Show, though, that things got especially entertaining. You can click the play button above to listen.