FAQs

LOCATION, FEATURES & AMENITIES
Where is the site?
What are the lofts like?
What are the finishes and when do I select them?
Can I put walls in my unit?
Can Artscape Triangle Lofts residents use the amenities of Westside Gallery Lofts?

ELIGIBILITY & QUALIFICATIONS
Who is eligible to own at Artscape Triangle Lofts?
How am I assessed on whether I qualify as an artist or non-profit arts professional?
What is involved in the Artscape Artist Advisory Committee approval process?
What are the criteria to qualify as an artist?
What are the criteria to qualify as a non-profit arts professional?

UNIT USES
Can I use the studio solely as a work studio?
What artistic work practices are not permitted in Artscape Triangle Lofts?

OWNERSHIP & MORTGAGE
What is the cost of ownership?
What do the carrying costs include?
Should I get pre-approved for a mortgage?
How do I get pre-approved?
How can I calculate my mortgage payments?
What is the Artscape Mortgage?
Can I sell my unit?
Who will own and manage the project long-term?
Who can be a registered owner of the unit?
What happens if the qualified artist/non-profit artists professional no longer lives in the unit as her/his primary place of residence (as a result of divorce, separation or death)?
Can I rent out my unit?
Does the purchaser have to pay PST?
Are there other closing costs to the purchaser?
Can you explain the Shared Equity Model?

SALES SCHEDULE
What is the sales schedule?
What will I need for my sales appointment?
What happens after entering into the Agreement of Purchase and Sale?

RENTAL INFORMATION
When will the affordable rental process take place?
How much will it cost to rent at Artscape Triangle Lofts?

BACKGROUND
What is the history of the development of Artscape Triangle Lofts?
Who is Artscape?

LOCATION, FEATURES & AMENITIES
Where is the site?
Artscape Triangle Lofts are located at the south end of Abell St., one block east of Dufferin, south of Queen St. W. Eventually, Abell St. will continue south to meet Sudbury St. The building will run along this street extension.

The Artscape Triangle Lofts will be a discreet part within the much larger Westside Gallery Lofts condo development at 150 Sudbury St. It will have its own address and entrance lobby off Abell St. and a dedicated oversized elevator. The units are located on the first, second and third floors, with first floor units having their own entrance directly on Abell St.

What are the lofts like?
There will be 70 Artscape Triangle Lofts units ranging in size from 500 sq.ft. to 1,010 sq.ft. Each unit will have a simple kitchen with four appliances, a basic four piece bath and a roughed in laundry/storage closet. The spaces are open (without demising walls), have 10 ft. ceilings, basic wiring and lighting (each with an in-unit panel) and operable windows. Limited parking and bicycle storage will be available. See our Features & Benefits and Floor Plans section for detailed information.

What are the finishes and when do I select them?
Upon purchase you will select from 3 finishing packages.

Can I put walls in my unit?
After occupancy you can upgrade finishes and add walls. You may need to get approval from the condo corporation, but approval will not be unreasonably withheld.

Can Artscape Triangle Lofts residents use the amenities of Westside Gallery Lofts?
At the current stage the amenities at the Westside Gallery Lofts will be for those residing at the Westside Gallery Lofts only. Once the condo board is transferred over to the owners, both condo boards are free to discuss and decide if Artscape Triangle Lofts owners can use the amenities. We predict there will not be shared amenities due to security issues as well as the increase of fees to maintain the amenities.

ELIGIBILITY & QUALIFICATIONS
Who is eligible to own or rent at Artscape Triangle Lofts?
Artscape Triangle Lofts will offer both below-market ownership opportunities and affordable rental units to artists and non-profit arts professionals. To qualify for a unit, one member of the household must qualify as a practicing artist or non-profit arts professional. As with all of Artscape’s sites, an Artscape Artist Advisory Committee made up of existing tenants will evaluate each submission to ensure that it meets this criteria. At time of registration, you will also be asked to submit your net annual household income for the past three years.

How am I assessed on whether I qualify as an artist or non-profit arts professional?
The Artscape Artist Advisory Committee, made up of a mix of three artists and non-profit arts professionals who are current Artscape tenants, will regularly review applications and make recommendations for occupancy prior to the applicant’s sales appointment.

What is involved in the Artscape Artist Advisory Committee approval process?
In order to purchase at Artscape Triangle Lofts, you must qualify as an artist or non-profit arts professional as determined by the Artscape Artist Advisory Committee. Upon registration you will be asked to submit your artist CV or non-profit arts professional resume, and a Letter of Intent describing how you intend to use your space, to determine your status as an artist and/or non-profit arts professional. As with all of Artscape’s sites, an Artist Advisory Committee made up of existing tenants will evaluate each submission to ensure that it meets this criteria.

Artscape recognizes artists as those that meet all or most of the criteria of the Draft Canadian Artists’ Code and defines a non-profit arts professional as an individual who is currently employed by a registered non-profit arts organization and whose career has demonstrated a commitment to the field of arts and culture. Please see Artscape’s Qualifier for Artists and Non-Profit Arts Professionals for more detailed information.

Additional qualifications:

You must have sufficient income and credit worthiness to qualify for mortgage financing
Your annual household income does not exceed certain limits depending on the size of the unit
You must be a permanent resident of Canada
You must be 18 years of age or older

What are the criteria to qualify as an artist?
Artscape defines a professional artist as an individual who receives, or has received, professional recognition as defined by the criteria outlined in the Draft Canadian Artists’ Code. Individuals applying to purchase a unit at the Artscape Triangle Lofts must provide a copy of their artist CV and Letter of Intent on how they propose to use their space, as well as space requirements.

Artscape defines a professional artist by the following criteria:

Artscape defines a professional artist as an individual who receives, or has received, professional recognition as defined by the following criteria:

Has presented his/her work to the public by means of exhibitions, publications, performance, readings, screenings, or by any other means appropriate to the nature of his/her work;
Is represented by a dealer, publisher, agent or similar representative appropriate to the nature of his/her work;
Devotes a reasonable proportion of his/her professional time as an artist to promoting or marketing his/her work, including but not limited to: presenting him/herself for auditions; seeking sponsorship, agent or engagements; or similar activities appropriate to the nature of his/her work;
Receives or has received compensation for his/her work, including but not limited to: sales; fees; commissions; royalties; residuals; grants and awards, any of which may reasonably be included as professional or business income;
Has record of income or loss relevant to the exploitation of his/her work and appropriate to the span of his/her artistic career;
Has received professional training, either in an educational institution or from a practitioner or teacher recognized within their profession;
Has received public or peer recognition in the form of honours, awards, professional prizes, or by publicly disseminated critical approval;
Has membership in a professional association appropriate to his/her artistic activity whose membership or categories of membership are limited under standards established by the association; or which is a trade union or is its equivalent appropriate to his/her artistic ability.

NOTE: Applicants do not have to meet all the criteria in order to be considered a professional artist; however, Artscape Artist Advisory Committee members will use the criteria as a guide to make the determination of eligibility. The decision of the committee is binding.

What are the criteria to qualify as a non-profit arts professional?
Artscape defines a Non-Profit Arts Professional as an individual who has been employed on a full time basis for a minimum of 5 years by a registered non-profit arts organization and whose career has demonstrated a commitment to the field of arts and culture.

Individuals applying to purchase a unit at the Artscape Triangle Lofts must provide proof of employment, a copy of their CV, Letter of Intent on how they propose to use their space, as well as space requirements.
Artscape defines a non-profit arts and culture organization as one that operates to support any of the following criteria:

The operation and administration of museums, historic sites, performing and visual arts organizations;
Provides financial support for cultural activity and/or individual artists;
Promotes or supports public art projects in both private and public developments;
Supports, promotes and/or assists in the development of arts and/or cultural activities;
Enhances and promotes cultural attractions for their community.
And is registered as a non-share corporation or is a non-profit organization

NOTE: Applicants do not have to meet all the criteria in order to be considered a non-profit arts professional; however, the Artscape Artist Advisory Committee members will use the criteria as a guide with which to make the determination of eligibility. The decision of the committee is binding.

UNIT USES
Can I use the studio solely as a work studio?
No. The units offered for sale must be the artist or non-profit arts professional's primary residence, which can be used for live/work or living purposes, but not solely for work purposes .

What artistic work practices are not permitted in Artscape Triangle Lofts?
Art practices that require secondary ventilation, such as encaustic painting or flameworking, are not permitted at Artscape Triangle Lofts. Any artistic practice that requires separate ventilation, or is deemed to be objectionable, hazardous or a nuisance to any other occupant is not allowed on the premises. Such art practices do not prevent you from purchasing a unit, however, there are limitations on what activities are permitted in your space. Sound abatement is the responsibility of the purchaser. If you choose to create sound in your unit that is deemed to affect the reasonable enjoyment of your neighbours, even if it is created within the hours prescribed by current by-laws, the owner of the unit will be required to install sound insulation or cease/limit their activities if undue noise or vibration occurs.

OWNERSHIP & MORTGAGE
What is the cost of ownership?
The value of the Artscape Mortgage is 25% of the purchase price, which means that purchasers must come up with only 75% of the purchase price in order to complete their purchase and own their unit. You pay 5% deposit as a down payment upon purchase and need to secure funds for the remaining 70%. Please see the Floor Plans section for pricing samples.

What do the carrying costs include?
Approximate maintenance fees (which include heat, water & building insurance), mortgage (Principle and Interest) and property taxes. Not included in the carrying costs are hydro, internet/phone/cable and liability insurance.

Should I get pre-approved for a mortgage?
It is highly recommended to get mortgage pre-approval before purchase, but you will need to be approved once you have entered into an Agreement of Purchase and Sale with Artscape, within 10 business days.

How do I get pre-approved?
Please speak to a mortgage specialist with respect to the mortgage pre-approval/approval process. Feel free to speak to a financial institution of your choosing or contact the representatives at Creative Arts Savings & Credit Union.

How can I calculate my mortgage payments?
It is always best to speak to a mortgage professional with any questions as there are a variety of mortgage products available. If you would like to try some simple calculations please refer to the Mortgage Payment Calculator in our Finance Centre section. Should you require further assistance our Sales Manager and/or your Mortgage Broker can go over the numbers more accurately once you have chosen a particular unit.

What is the Artscape Mortgage?
The value of the Artscape Mortgage is 25% of the purchase price, which means that purchasers must come up with only 75% of the purchase price in order to complete their purchase and own their unit. You pay 5% deposit as a down payment upon purchase and need to secure funds for the remaining 70%.

Lenders recognize the Artscape Mortgage as equity that purchasers have in the unit they are proposing to buy, which helps them to obtain a loan from a bank to complete their purchase. The Artscape Mortgage does not involve payments for the duration the unit is owned. The Artscape Mortgage has to be re-paid, with no accrued interest, only when the unit is re-sold.

The Artscape Mortgage will be registered on title to the purchaser’s unit and will rank behind the mortgage that the owner will give to his or her bank. The Artscape Mortgage is a shared-appreciation mortgage – this means that if the value of the unit increases, then, in addition to repaying the principal amount of the Artscape Mortgage when the purchaser sells his or her unit, the purchaser also pays to Artscape a certain percentage of the increase in value in the unit at the time of resale.

Artscape also shares the risk – if at the time of its resale the value of the unit has declined below the original purchase price, then there is no interest payable and the principal amount of the Artscape Mortgage that has to be re-paid is reduced by the difference between the resale price and the original purchase price.

Can I sell my unit?
The resale of the units is restricted. The process is controlled by Artscape, so as to ensure the units are always purchased by other artists and non-profit arts professionals. When owners chose to sell their units, they must work with Artscape to sell the unit to pre-qualified artists and non-profit arts professionals on the Artscape waiting list based on a pre-determined formula that is detailed it the purchaser and sale agreement and other documents registered on title. The resale process is managed by Artscape, therefore there is no need to involve real estate professionals. Artscape manages this for a 3% fee.

Who will own and manage the project long-term?
Artscape is developing the project but will not own or operate the site long term. A separate Artscape Triangle Lofts condo corporation will be formed which will be comprised of the owners. Once the units have been sold, ownership and management of the project will be turned over to the new condo corporation’s Board of Directors, elected from the owners. The owners will have control of their building from that point on. Artscape will retain ownership of the rental units and therefore will remain a member of the condo corporation.

Who can be a registered owner of the unit?
The artist or non-profit arts professional who has been qualified by Artscape must be one of the purchasers of the unit and will be identified as a “qualified artist” on the purchase agreement. However, anyone over the age of eighteen can also be an owner of the unit, along with the qualified artist or non-profit arts professional. Please see Qualifier for Artists and Non-Profit Arts Professions for more detailed information on qualifying.

It is a condition of the Artscape’s Mortgage that the artist or non-profit arts professional consider the unit as her/his primary place of residence. At time of signing the purchase agreement, the artist or non-profit arts professional will be required to sign a declaration to Artscape which states that the unit you are purchasing is intended to be her/his “primary place of residence”. The Government of Canada recognizes the address you use on your income tax return as your primary place of residence.

What happens if the qualified artist/non-profit artists professional no longer lives in the unit as her/his primary place of residence (as a result of divorce, separation or death)?
The objective of the Artscape Triangle Lofts development is to create and maintain affordable live/work space for artists and non-profit arts professionals to remain in the Queen West community forever, and for multiple “qualified artist” owners of each unit. To achieve this objective, a term in the purchase agreement requires that if the “qualified artist” permanently leaves the unit for any reason, this is called a “triggering event” to which Artscape must be notified. Within six months of being notified, Artscape can exercise its option to require that the unit be sold through the Artscape sales process to another “qualified artist”. Any increase in the equity of that unit that has occurred since the purchase of the unit will then be distributed and may be shared with Artscape according to the terms of the purchase agreement and the Artscape Mortgage.

Can I rent out my unit?
The Artscape Triangle Lofts development concept was created by Artscape, Active 18, Urbancorp and the City of Toronto to secure affordable live/work space which would allow artists and non-profit arts professionals to live and work in the Queen West community, forever. To achieve this objective and ensure the development remains a community of artists and non-profit arts professionals, there is a requirement that the unit must be the primary place of residence for the “qualified artist” and there are restrictions on renting your unit. Artscape does recognize however that there may be circumstances which require the “qualified artist” to temporarily leave the unit for purposes of such as sabbaticals, work terms etc. In those case, Artscape does have the discretion to permit you to rent your unit for a limited period of time to another “qualified artist”.

It is anticipated that Artscape will also be offering some units for rent in the condominium, Artscape will be maintain on ongoing list of individuals and families of “qualified artists” who are seeking long-term and temporary affordable live/work space.

Does the purchaser have to pay PST?
Yes, the purchaser is required to pay provincial sales tax on the purchase of the unit, in addition to the amount on the purchase agreement. Please consult a lawyer about your eligibility for any rebates that may be possible.

Are there other closing costs to the purchaser?
Yes, in addition to the purchase price, there will be additional costs that you will be required to pay prior to or at the time of closing. These include certain items imposed by the various levels of government and possibly by also any lending institution you use if you require a mortgage. The costs will vary depending on each individual situation, but typical costs include: provincial sales tax, land transfer tax (both provincial and municipal), mortgage fees, insurance, statement of adjustment matters including registration of documents and your legal fees and disbursements.

Please consult with a lawyer, when reviewing the purchase agreement and disclosure documentation to determine the additional costs which apply for your situation.

Can you explain the Shared Equity Model?
Artscape is able to offer the 25% mortgage as a result of the deal made with Urbancorp, the City of Toronto and Active 18. The value of these second mortgages represents a significant public benefit that was created by the City of Toronto when it granted extra height and density to make Artscape Triangle Lofts possible. Artscape and it’s partners share an interest in ensuring that the value of this public benefit does not diminish over time. The shared equity model therefore was designed by to preserve affordability for future generations of purchasers while allowing owners the opportunity to benefit as their units appreciate in the market place.

Upon resale of thier unit, owners will benefit from the first 5% market appreciation annually. In years where there is an extraordinary increase anything above the 5% will be shared between Artscape and the Purchaser.

SALES SCHEDULE
What is the sales schedule?
Sales Registration Opens: July 30, 2009
Online Registration to book sales appointments opened at 9:00 am, July 30 EST, with the first appointment taking place for artists on August 10. Sales appointments for non-profit arts professionals will begin September 10. Appointments will be booked for qualified purchasers and units will be sold to qualified purchasers on a first-come first-served basis. There will be no pre-booked appointment or sales prior to the first appointment on August 10.

Phase One Live/Work Units to Artists Opens: August 10, 2009
Artscape will start meeting with artists beginning on August 10, 2009. In keeping with the aims of Artscape Triangle Lofts to preserve vital artist work and living space in the Queen West Triangle, first opportunities to book sales appointments will be given to artists who intend to live and work in their units. Registration for Phase One sales appointments can be made as of July 30, 2009.

Phase Two Remaining Units to Artists and Non-Profit Arts Professionals Opens: September 10, 2009
Artscape will start meeting with non-profit arts-professionals beginning on September 10, 2009. Artists are still welcome to make appointments during this time. Registration for Phase Two sales appointments can be made as of July 30, 2009.

What will I need for my sales appointment?
At your Sales appointment we will require:

Identification - two pieces of identification:
One must be a valid form of government issued photo identification, which may be:
- Drivers Licence
- Passport
- Citizenship Card
- The second piece must include current address
A Certified Cheque/Bank Draft for a portion of the deposit to secure the unit in the amount of $2,000 payable to Iler Campbell LLP in Trust.
Cheque(s) for the balance of the 5% deposit (maximum of 3).

What happens after entering into the Agreement of Purchase and Sale?

Once entered into an Agreement of Purchase and Sale the Buyer will:

Pay the 1st Deposit of $2000 Certified Cheque or Bank Draft:
Upon Signing Agreement of Purchase & Sale

Pay the Balance of the 5% Deposit:
In 3 further installments, within a 6 month period subject to an administration fee.
OR
To waive the administration fee be paid in full at time of signing the Agreement of Purchase & Sale.

Have a 10 Day Cooling Off Period:
This is a 10 day period upon which purchasers can review the APS and Condo Disclosure Statement themselves or with a lawyer before the deal becomes firm and the deposits are transferred into the Trust account. The onus is on the purchaser to advise Artscape in Writing should they want to be released from the Agreement.

Have 15 Calendar Days to get Financing:
Purchasers have 15 days commencing the date of purchase to provide Artscape with proof of financing for the remaining 70% of the purchase price.

RENTAL INFORMATION
When will the affordable rental process take place?
The rental process will be announced in Fall/Winter 2009. Please subscribe to the Artscape Triangle Lofts email mailing list to ensure you are informed of the announcement.

How much will it cost to rent at Artscape Triangle Lofts?
The affordable rental units will be leased at 80% of the average Canada Mortgage and Housing Corporation (CMHC) rate for the surrounding neighbourhood.

BACKGROUND
What is the history of the development of Artscape Triangle Lofts?
In 2007, Artscape, the City of Toronto, Urbancorp and Active 18 announced this pioneering new below-market live/work development for the arts community within Urbancorp’s Westside Gallery Lofts condominium development. The goal of this partnership is to permanently preserve vital artist work and living space in the Queen West Triangle neighbourhood. Artscape Triangle Lofts will serve as a model across Toronto and internationally, where gentrification threatens to displace creative people from their neighbourhoods.

Artscape Triangle Lofts is a non-profit initiative to create a new self-sustaining development model that permits opportunities for both live/work ownership and rental housing, encourages a mixed-use community, supporting a range of incomes in the arts community in perpetuity. Artscape is excited to launch the sales process for Artscape Triangle Lofts and acknowledges the tremendous leadership of the City of Toronto, and project partners Urbancorp and Active 18 in developing this new model. Without their support and commitment, this project would not be possible.

Who is Artscape?
Established in 1986, Artscape is a not-for-profit, urban development organization that revitalizes buildings, neighbourhoods, and cities through the arts. Artscape projects provide affordable space for creativity while generating positive cultural, economic, social, and environmental impact.

Artscape has played a catalytic role in the revitalization of some of Toronto’s most important creative communities including: The Distillery Historic District, Queen Street West, Liberty Village, and Toronto Island. Most recently, Artscape was responsible for the creation of the award-winning Artscape Wychwood Barns, named by the Globe and Mail as “one of the top five architectural sights in the past 175 years” of Toronto history. Additional information on Artscape can be found at www.torontoartscape.on.ca.