Monthly Archives: March, 2014

Rhyl Ave: renovated Beach semi with parking – **SOLD**

March 25th, 2014 Posted by SOLD!! No Comment yet

The spring market seems to be picking up steam., and this fantastic three bedroom semi is a very welcome addition to local supply. It’s not my listing, but that of my friend and colleague Jim Ritchie of RE/MAX Realty Services Inc. Since he usually works in the west end I’m pitching in with some local promo.

Fortunately, it’s an easy gig – the house is gorgeous. It has been thoroughly renovated and features a gorgeous kitchen, two beautiful bathrooms, three bedrooms and a great basement rec room. Parking is off the back lane, and the yard is big enough to accommodate a car and some play/entertaining space. There’s also a newer, custom-built shed.

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*Pictures will be posted ASAP

The King Edward Private Residences – bright 1+1 corner unit! **SOLD**

March 6th, 2014 Posted by Buying opportunity, Condos, For Lease, Hot Listings No Comment yet

The King Edward Hotel is a world famous Toronto landmark. Just three floors of this iconic building have been converted to condos; the rest continue as one of the city’s classic hotels. This relatively small conversion will bring new meaning to the idea of an ‘exclusive’ condo location in Toronto.

Just as you would expect, the finishes inside the condo conversion are fantastic, and the layout is well thought out. One of just a few units with a discrete den, it’s also at the south-east corner of the building, which allows for five windows, making the space extra bright and creating a sense of open airiness.

Downstairs is the opulent lobby, offering elegant common areas, luxury services, and fine dining. Step outside to King St East, and you are right in the heart of the financial district. From here you’ll be able to walk to almost anything – work, restaurants, entertainment, you name it!

While there are a few units on the market now (typical for recently incorporated condominiums), I expect that this building will soon become one of the most sought-after spots in the city. There are fewer than 150 private residences in the building; once the initial turn-over is complete, they will be hard to come by. If you are looking for a condo option that could offer you a bit of long-term peace of mind, you owe it to yourself to take a look at The King Edward Private Residences.

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February 2014 Market Review

March 6th, 2014 Posted by Market Review No Comment yet

Cold weather is often an obstacle in real estate – especially when there’s snow, too. That seems to have been a factor in the February sales numbers, but more on the supply side than the demand side. There were 2.1% more sales in February, 2014 than February 2013, reflecting continued strong demand. At the same time, however, there were 1% fewer new listings posted to the MLS, and a year-over-year decline of 12.1% in total active listings – and that after a 16.6% decline in January. So, the story continues to be a shortage of supply coupled with continued strong demand, which is driving prices in Toronto up. The amount of the increase varies by type, but overall the average price increase was 8.6% year-over-year.

The reason I mention the weather is that sellers always want to put their best foot forward, which often means featuring the gardens and/or landscaping. If it’s too cold and snowy outside sellers will sometimes choose to wait (if they can). With a late spring this year, we are experiencing a weather-related delay to new listings. That, of course, adds to the on-going frustration felt by would-be buyers.

Of course, the weather is not as much of an issue for condo sellers in the 416. That market continues to steam along. After a sales (volume) increase of 7.4% and a price increase of 7.6% in January, February saw a further sales increase of 9.6% and a price increase of 6%. Buyers continue to defy the doom-sayers by making purchasing decisions in their own best interest, and not based on the fear-mongering of the talking heads. The downtown lifestyle is its own reward, and with house prices escalating more rapidly than condo prices, the decision to buy (and sometimes hold) a condo can be an easy one.

The outlook for March is basically more of the same: lots of buyers, not enough listings, and cold weather. 🙁 By the end of the month, however, we will see warmer weather, and with it I’m pretty sure we’ll see more listings. The buying will continue to be a battle, though, as lots of folks try to write their purchase before the latest round of mortgage rules (higher mortgage insurance premiums) kick in. I don’t view that as a large factor, but it’s there.

The bottom line is that if you are a seller, consider getting on the market now while low supply favours your odds; if you are a buyer, sharpen your pencil and gird for battle! 😉 Or, consider buying in a slightly less competitive part of the city ….

Great house in Pickering

March 6th, 2014 Posted by Uncategorized No Comment yet

Check out these photos of a fantastic house that I just sold in Pickering, near Altona Forest.

 

 

 

 

* With thanks to Sutton Group Heritage Realty, Inc., for permission.