Monthly Archives: September, 2013

3 bedroom Leslieville semi – SOLD!!

September 17th, 2013 Posted by EHAS, Leslieville, SOLD!! No Comment yet

Leslieville is well-known for its solidly built, red brick semis. This house is a fine example of that type. Set just north of Gerrard St E, one block east of Jones, this is a great three-bedroom, two-bathroom starter home that has been extensively renovated and restored over the past few years. Improvements include:

  • new hardwood on the main floor (2013)
  • new landscaping (2013)
  • finished basement (rec room, laundry room and 3-piece bathroom, 2013)
  • renovated kitchen (2012)
  • renovated upstairs bathroom (2012)
  • upgraded wiring (2012)
  • new back decking (2012)
  • roof (2011 – flat and peaked portion)
  • newer furnace and air conditioning (2006)

All of the important things have been done, making this a house that you can just move into and enjoy!

This northern part of Leslie St is tree-lined and quiet – great for families. Fantastic Greenwood Park is just a few blocks away, as is Queen St E. Just a block to the Gerrard St streetcar, it’s just one more block to the Jones 83 bus (Donlands Station). Local schools are Blake St Jr, Duke of Connaught Jr & Sr, Riverdale CI; St Joseph and St Patrick Catholic. Also walking distance to Equinox Holistic Alternative School (151 Hiawatha Rd). Altogether, this is a great, really walkable neighbourhood!

UPDATE: This great house sold in less than a week. Do you plan to sell your house this fall? Call me today and let’s put this great market to work for you!


August 2013 Market Review & Getting Geared up for the Fall Market!

September 6th, 2013 Posted by Market Review No Comment yet

Yesterday (Sept.5th) TREB released the monthly sales stats for August. Following a busier-than-usual July, August sales were up 21% to 7,569 residential transactions (compared to 6,249 sales in August 2012). The average price also continues to rise, up 5.5% year-over-year. Of note, the Composite Home Index, which weights by type of house (because a big detached house will sell for a higher average price than a small row house), was up a somewhat more manageable 3.7%. Both numbers are well within my comfort zone, vis-a-vis long-term affordability.

Once again, condo sales caught my eye – they were up 21.6% over August 2012. The average sale price of a condo in the 416 was up 2.3% over last year, to $357,572. Over a shorter time-frame, that’s up from $342,847 at the end of 2012, a 4.3% increase that would take into account the December doldrums. It may be too soon to say for sure, but I think it’s looking more and more like The Big Condo Scare of 2012-2013 is over. 

As I noted in my July report, the market picks up significantly in the fall – more listings and more sales. It’s just the way the Toronto real estate market works – busy spring and fall, quieter summer and winter. This September is already heating up. If you are in the market, you have probably noticed it: there are more listings worth seeing this week than there were last week, and/or more prospective buyers touring through your house. It will continue like this until the end of October, perhaps extending into November (which is a bit of a wildcard – there could be anywhere in a range of 6000 to 8000 sales that month, which is a pretty big range).

A partial driver of this fall’s market will be the pending expiry of the 2.99% mortgage pre-approvals, which will mostly be done by the end of October: buyers will look to secure a purchase soon, before they lose that rate. The big lenders (i.e. the banks) have pushed up their mortgage rates over the last month or so, and are in the 3.5% range for a best-case, five-year fixed rate mortgage. If you have great credit, you can probably get something close to 2.5% on a variable rate mortgage, but it’s getting harder.

The relatively busy summer that we just had is a reflection of the ongoing, strong demand for real estate in Toronto. With more listings hitting the market over the coming weeks and months, we should all get ready for a busy, and possibly long, fall market. If you want to buy or sell this year, call me and let’s get to work.