Monthly Archives: March, 2013

Awesome condo listing: (Off the market)

March 21st, 2013 Posted by Buying opportunity, Condos, Hot Listings No Comment yet

Last summer I had 510-1 Cole St on the market. That was a bit of a slow time for condos, so the owner leased it for the winter. It is now back on the market!

After selling two condos last month (not bad for February!) – one of which got competition – I believe that the condo market is showing signs of life. As I often say, price is super important, no matter what the product: it has to be right. By slightly reducing the price for this unit I believe we are offering tremendous value to a market that is still somewhat wary, but also showing confidence in the quality of the offering. In short, I think this is a fantastic unit, in a great building, at an excellent price.

Check out the listing page for full details, and call me if you would like to go see it!

February 2013 Market Review

March 6th, 2013 Posted by Market Commentary, Market Review No Comment yet

The Toronto Real Estate Board (TREB) has released the numbers for February, 2013. Once again, a decline in the number of sales (volume, down about 15% from 6,809 February 2012 to 5,759 this February) coincided with an increase in the value of sales (price, up about 2%). That price increase, from an average price of about $500,249 to 510,580, reflects a somewhat flat (or ‘sideways’) market.

TREB attributes some of that to having one fewer business day this year (after last year’s Leap Year), but I would also suggest that a couple of big snow storms had something to do with it. It happens every time there’s a storm – not only is traffic tangled up for a couple of days, but lack of parking is a real hindrance to house shopping. I don’t have a crystal ball, but I’d expect the slack to be picked up over March and April.

However, there could be something else at play. Over my 10+ years in real estate I have seen it a few times. Every once in a while there is a pause in the market. Maybe it’s due to mortgage rules tightening up, or incessant gloominess from the media, or simply a wave of sentiment sweeping the market, but whatever the reason it causes ‘offer dates’ to pass without a peep, and buyers to dig their heels in regarding conditions (which is often a good thing). The market dozes for a week or two but then, inevitably, it takes off again.

Maybe this time it’s the calendar: next week is March Break for elementary schools. Thousands of families will leave town on vacations, or otherwise busy themselves with ‘stay-cations’. Either way, there will be less real estate activity. The number of new listings hitting the market has dipped this week, and will be even quieter next week. After that, though, we’ll see a surge in new listings and sales. Count on it. 😉