RE/MAX Hallmark Realty Ltd., Brokerage | Direct: 416.508.9513 | Office 416.699.9292

NEWS

Market Review September 2017

The most obvious aspect of the September market was the drop in sales volume. Transactions were down 35.1%, from 9,830 last year to just 6,379 this year. At the same time, the number of active listings surged from 11,255 to 19,021, an increase of 69%. This is, broadly speaking, good for the market. For perspective, there were 21,571 active listings in September ’07, and that was down from 26,363 the previous year; the current number is below historic levels. However, it does make for some stark-looking numbers. Still, the average price did manage to eek up 2.6% year-over-year. That means that, despite the wild roller coaster ride that the market experienced in the first half of the year, we are still in positive territory over-all.

The average sale price for the month was $775,546, well down from the fever-pitched levels that we saw in the first quarter of 2017. I don’t usually track same-year stats, but with the way things have gone in 2017, I think it’s warranted. Average price hit a peak of $920,791 in April, and had trended downwards every month since then, quickly giving up the rapid gains seen in the first few months. The August average was $732,292, so September at least showed its usual strength relative to the summer months.

When discussing the condo market, I always make a point of focusing on sales in the 416 area code (separate from sales in the 905). This month, it’s interesting to note the difference in prices for detached homes in the 416. Last month, the average sale price in Toronto was $1,355,234, up significantly from the $1,191,052 average we saw in August. That indicates a strong market, despite the news. In the 905, the August average was $906,592 and rose just slightly to $912,921 in September. Clearly, the decline in the overall average sale price isn’t because of lower prices for detached homes. As TREB noted in its report, “the MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis”, which indicates that the ‘decline’ in prices is more due to the mix of home types sold, which is a healthy reaction by the marketplace.

The condo segment was also interesting. Sales in the 416 volume was down 23.2%, but the average sale price was up 24%, to $554,069. Condos seem to have been acting as a ‘relief valve’ for people finding themselves priced out of low-rise dwellings, and the price gap is narrowing in reaction to that….

So, what does it all mean? Who knows! The real estate market has been under constant pressure from the government for a few years now (several rounds of tightened mortgage rules, with more to come; new taxes; enhanced rent controls, etc.) so it’s hard to tease out what’s actually going on. The ‘fundamentals’ are still in favour of a strong, growing market: decent economy, some job creation, historically low interest rates and a growing population. But, with so much meddling by governments, and the natural confusion that causes, the behaviour of the market is not a reflection of fundamentals. It’s probably safe to say that the fundamentals will eventually show through – meaning a resumption of solid price increases – but we may have to wait for the meddling to recede before we see that…. In the meantime, the market is surviving!  😉

 

 

 

OTM: 147 Maclean Ave – Gorgeous Beach Property

Oasis in the City – Recently featured in the Toronto Star, this beautiful home is a one-of-a-kind Arts and Crafts restoration. Fully finished, it features five bedrooms and four bathrooms over three floors plus a finished basement. There’s plenty of room inside for living and entertaining, as well as several unique outdoor spaces that offer private retreats from the city.

** Check out this awesome 3D interior tour! **

Originally built circa 1917, the home was purchased by the current owners in 2005. With the exception of just the dining room, which was purposely left as the only remaining historically vintage room, the house was taken back to the studs. All of the wiring (including the dining room) and plumbing was replaced, and the home restored using some recovered original woodwork (refinished and put back in place) blended with new, matching woodwork that expanded on the Arts and Crafts style.The restoration project included the addition of a small office on the main floor, plus a third floor/roof (2008) with 2+1 bedrooms and a fabulous, tree-top deck.

Starting at the foyer, every room has character woodwork. The entrance to the living room features oak colonnades, and a massive fireplace and built-in shelving fills the south wall. Nine foot ceilings add to the feeling of size and comfort. The large dining room, with an original built-in Arts and Crafts hutch along one wall, comfortably seats 8, and features an original sun room off the back.

The custom kitchen features hardwood cabinetry (3/4 inch solid quarter-sawn oak), marble counter tops, heated marble floors, and professional-grade appliances, including a Wolf stove and a built-in fridge. The office addition has a built-in desk and shelves, and a walk-out to a gorgeous, landscaped back yard. A cosy sitting area set between the kitchen and dining room features a wall mounted TV; a second oak colonnade provides access between the sitting area and the dining room.

On the second floor, the master bedroom includes an Ensuite bath with heated floors, separate his-and-hers closets, and a very private porch – perfect for a quiet morning cup of coffee. The large second bedroom has a walk-in closet with built-in shelving and a window seat with a great view. The main bath also has heated floors – and a laundry chute!

The third storey addition (8’6” ceilings) includes two bedrooms and a third room suitable for storage or conversion to a bathroom. (Pipes are roughed-in.) The deck off the rear bedroom/media loft puts you up amongst the treetops, and really has to be experienced… don’t miss it!

The basement features: a media room with a built-in entertainment unit and a gas convective heat fireplace; an exercise room; a large bathroom (2017), a laundry room, storage; and a recently completed solid oak liquor/wine cabinet with a seating area. Large, south-facing windows allow for lots of natural light, and there’s a separate side entrance offering nanny suite potential.

The custom landscaped backyard features a garden pool and a raised ‘outdoor kitchen’ with a built-in BBQ, stone counter top, sink, a fridge and seating for 8 under a cedar trellis. It’s very private, which is great for relaxing with the family or entertaining guests. With the beach and boardwalk just a few minutes walk down the street, plus nearby parks and ravines, this home doubles as a cottage in the city!

Generous spacing between homes on the street allows for a private drive. At the back of the lot sits a rare detached, double garage with a 10 foot ceiling and parking for one car; the other side is converted to a workshop.

The front of the home has a classic, Beachy front porch – the perfect spot for watching the sunset down well-treed Crown Park Rd and chatting to the neighbours over a glass of wine. The mature front garden with large oaks, flowering shrubs, natural stone walls and flagstone gives the home fantastic curb appeal.

Other features and improvements include:

  • Water supply
  • Drains
  • Wiring (200 AMP panel in 2005)
  • Plumbing
  • Natural gas boiler (2013)
  • Pool heater w/efficient heat pump (2017)
  • Power to the garage
  • Power to the back shed
  • Aluminium shingles (2008)
  • Rebuilt chimney
  • Double brick main floor and plastered frame for second and third
  • Built in cabinets in kitchen, living room, dining room, third floor and basement are all 3/4 inch solid quarter sawn oak
  • Double closets off of entrance hall
  • Upgraded windows maintain the character of the home
  • 5″ solid quarter sawn oak floors in living and dining room, with front hall and hallway as tile/ same wood (2012)
  • Lots of storage both inside and outside (shed, garage, under sun room)

This fabulous house is off  the TorontoMLS.

26 Irvington Cres in Willowdale – ** SOLD!! **

This is a great house in a fantastic area. Willowdale has long been known for its comfortable homes on large lots. In recent years, the area has also become known for rapid growth. The nearby Bayview Subway station has been open for about 15 years, and major public transit infrastructure usually spurs economic growth and housing activity, and that’s what’s been happening.
Irvington Cres is tucked away in a little pocket of just four quiet streets accessible (by vehicle) only via Calvin Ave, southbound off Sheppard Ave E. So, with no ‘through traffic’, the area is rather idyllic, considering that the Bayview/Sheppard intersection is actually quite close by. Kids can play ball hockey, and pedestrians usually have the road to themselves. Plus, there’s foot/bike access to Bayview Ave at the east end of the street, which is super convenient for the locals.
The house itself is fairly original, and will benefit from some updating. It got a new roof in 2007 (and the garage roof in 2009), and a new sliding glass door to the back patio just this year. The back addition family room was done in the late 1980s, and features a wood stove for extra warmth in the winter. There’s loads of wood out back, too, from a couple of old elms that were taken down a couple of years ago.

The layout of the house seems to really encourage air flow; open up the windows on a warm day and a great breeze gets going, right through the house. The long kitchen is bright and roomy, with a nice little eating area right by the back door. There are two bedrooms upstairs, and a full bathroom, while the main floor includes a bedroom/office and a powder room. The basement is partly finished, with an extra bedroom, laundry room and a three piece bathroom. The cold room needs some work, but will be a great place for preserves (and wine!) when that’s done.

The back yard is huge. There’s room for a back patio, the detached garage, piles of wood, a trampoline, and a play structure – and there’s still lots of space! The owners have lived in the house since 2003 and have never used pesticides or herbicides on the lawn, which is great for children and pets.

The Neighbourhood

From Irvington Cres, one can walk to Bayview subway station in 6 minutes, and walk to Bayview Village Mall (Loblaws, Pusateri’s, LCBO, Chapters, Mastermind Toys, and lots more) in about 10 minutes. The Sheppard Centre (Yonge and Sheppard) is getting a Longos and LA Fitness in 2018. Other amenities include a nearby YMCA, places of worship, a ZipCar location and… IKEA!!

Also, there’s a farmers’ market every Tuesday and Friday from May-October just across Sheppard in the People’s Church parking lot. And, there are several parks nearby, including a few within a 10-minute walk: Sheppard East Park, for smaller children, renovated in 2017; Greenfield – Longmore Lands, which is relatively new; and Glendora Park, which has a splash pad and tennis courts. The bike trails of the Don Valley are also easily accessible.

The street is in the catchment areas for Hollywood Public School, Bayview Middle School , and Earl Haig High School. Readers should note that the TDSB cannot guarantee that all local kids will get in to their designated ‘home’ school, due to rapid population growth around some schools. It would be wise to check with the Board before making any decisions!

All the usual chattles are included: fridge, gas stove, Bosch dishwasher; gas dryer, front-loading washer; a gas BBQ and a play structure in the backyard. But, the underlying value is in the lot: 52ft by 150ft. A buyer could renovate the house, or do like so many of the neighbours have done, and start from scratch.

**UPDATE** After a week of marketing, including a busy weekend open house, we received a number of offers on this house on ‘offer night’. The house is now sold to some very happy buyers!

SIMON MILBERRY

About

Buying and selling a home can be tough, especially in today’s challenging market.  But, it can also be fun – an exhilarating adventure. I understand both the joys and heartaches of finding (and getting) that perfect home. As a homeowner with a young family, I’ve been there and done that. I also have the professional know-how that years of working in the Toronto real estate market has developed.

Over the years (since 2001), I have represented clients in the purchase and sale of condos, starter homes, move-up houses, luxury homes and small businesses. (Although Commercial real estate is not my core business, I am usually working with one or two Commercial clients.) My knowledge and experience make the difference for my clients.

My clients are my focus, but a Realtor can’t get much done if he doesn’t develop strong professional and personal relationships within the industry. In today’s market, characterized as it is by very tight supply, I find that one of the most important aspects of my business is networking with other Realtors. I am constantly digging for opportunities for my clients. This results in off-MLS transactions that serve the needs of both the buyer and seller.

As a father of 3 boys and 1 little girl, I take a family-friendly approach to my business dealings. That means flexible appointments and easy scheduling; feel free to bring the kids! I endeavor to make the whole process as smooth and stress-free as possible.

Ultimately, the objective is to enhance your life by finding you a new home that suits your needs of today and into the future; and selling your existing asset for the most money and with the best terms possible. Together, we’ll develop and execute the right strategy for you and your specific needs.

Much of my business comes to me by referral, so I’m not limited to any geographical area.  My focus is on meeting the needs of my clients, wherever they may be. Call me today, and let’s get to work on your real estate goals.

Community

RE/MAX Hallmark is a big believer in giving back to the communities we serve, and I am happy to participate in three of our most important programs.

Every time I do a transaction – buy, sell or lease – I make a direct donation to theChildren’s Miracle Network. RE/MAX agents are leading donors to the CMN, having raised $52 million dollars in Canada alone since 1992. When you do your real estate business with me, we contribute to that growing total.

We do the same for the Canadian Breast Cancer Foundation. Again, RE/MAX is a major sponsor of the CBCF, and makes it easy for us to contribute directly to the important work they do. A portion of every commission I make goes directly to the CBCF.

I also make a monthly donation to the breakfast program operated by the Toronto Foundation for Student Success. We all know how important a good brekky is – and how many kids wouldn’t get one if it weren’t for programs like the TFSS. With four kids of my own, this one is close to my heart.

You need an experienced, full-time professional Realtor – that’s key to a successful real estate transaction. However, I want you to know that, not only am I going to take care ofyou, but together we’ll help take care of others!

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FOR BUYERS

Financing

Homes come in every size, style and price range. Knowing what you can afford at the beginning of your search saves you time and disappointment later on… Read More

The Offer

You’ve found that perfect house! What do you do now? Your Sales Representative will prepare an Agreement of Purchase and Sale, including any custom clauses you may require. Most Buyers will make an offer provided certain conditions are met… Read More

Pre-Approval

It is important to be qualified or pre-approved for financing before you start looking for a home. This lets you and your agent know what you can afford as well as providing a written confirmation or certificate for a fixed interest rate good for a specific period of time… Read More

Home Inspection

This condition provides an opportunity to have the property inspected by a qualified person who will look for any major defects in the building prior to your entering into a firm agreement. Many Buyers choose to have a termite inspection done as well… Read More

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One of the most important decisions you will make when selling it is who will assist you. You should put the sale in the hands of an experienced agent who will produce results for you and provide a premier customer experience… Read More

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RE/MAX agents are trusted advisors who are committed to you and possess the knowledge and experience to help you navigate today’s complex real estate market… Read More

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RE/MAX is the most recognized name in real estate in Canada. From the RE/MAX for sale sign to remax.ca, brokerage websites and personal agent websites, the RE/MAX brand attracts attention to your home. When homebuyers see that sign on your lawn, they understand that you’re working with a market leader… Read More

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Purchase offers on your home may be complicated and might contain special clauses. Price is not the only consideration. Your RE/MAX agent will help you understand and evaluate offers and work hard to get you the best terms possible… Read More

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CONTACT

Simon Milberry, Sales Representative at RE/MAX Hallmark Realty Ltd., Brokerage

Address

2237 QUEEN STREET EAST
TORONTO, Ontario M4E1G1

Phone

Business: 416.699.9292
Fax: 416.699.8576
Mobile: 416.508.9513

 

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Information is deemed to be reliable but not guaranteed. Not intended to solicit sellers or buyers currently under contract with a Brokerage.