Monthly Archives: September, 2014

Elmer Ave detached home **SOLD**

September 17th, 2014 Posted by Beaches, SOLD!! No Comment yet


Update: Oct.9.1014 – This is a fantastic listing to kick off the fall market. Located just north of Queen St E in the Beach, it’s a three bedroom, two bathroom, detached house with three car parking and a garage. Features include an upgraded kitchen and bathroom, a wood-burning fireplace (with insert), a walkout from the dining room to a custom deck, and a basement nanny suite. The current owner has done loads of work to the house over the years, including:

  • washer and dryer (2014)
  • roof (2013)
  • kitchen appliances (gas stove, microwave range & fridge), granite counter tops (2012)
  • custom deck (2007)
  • bathroom renovated (2006)
  • furnace (2006)
  • wiring updated (2004)
  • newer windows and doors (front door 2014)
  • upgraded hardwood on main floor

We won’t be hosting a public open house for this great listing, so if you’d like to see it please do get in touch with me directly.

Summer 2014 Market Review

September 9th, 2014 Posted by Market Review No Comment yet

As predicted, the summer market was much busier than usual. July saw a 10% increase in sales volume over July 2013, with 9,198 transactions reported on TREB, making it the second busiest July on record. The average sale price hit $550,700, up 7.5% over the previous July – a number that was actually lower than the average selling price in June, a reflection of the typical spring-to-summer market shift.

As has been the case for some time now, the average was pushed up by significant increases in the detached house segment, which was up 11% year-over-year. By comparison, the well-supplied (and still resilient) condo market saw just a 5.3% price increase GTA-wide (and a slightly lower increase of 4.7% in the 416). Of note, the volume of condo sales was up 13.4%, showing the continuing strength in that segment.

August was another busy month. At 7,600, the total number of transactions was noticeably lower than July – which is completely normal – but was up compared to the August 2013 number, 7,391. Both new and active (total number of) listings were down for the month. It’s no surprise that the average sale price for the month was up 8.9%, to $546,303, compared to the 2013 number, $501,677. For the entire year 2014 (i.e. through August) the average price is up 8.5%, to $562,504. Clearly, the sellers’ market is still strong.

The busy summer reflects a solid buyer pool that is still confident about investing in the Toronto real estate market – despite the incessant droning of negative opinions from the media, financial advisers, politicians, etc. The fall market will generate more listings. Some of those listings will be the odd one that didn’t sell previously; others will be net new listings, as is always the case this time of year. I know from meeting with my RE/MAX Hallmark colleagues this week that there’s a fair bit in the pipe. Fall 2014 is going to be a great time to buy and sell!

First day of school… and the fall market!

September 2nd, 2014 Posted by Commentary, Market Commentary No Comment yet

After the summer lull (such as it was this year), real estate in Toronto really picks up steam after Labour Day. Basically, the first day of school more or less coincides with the first day of the fall market. This week we’ll see an up-tick in the number of new listings, and that will increase even more next week. Pretty soon we’ll have a lot more selection, but keep in mind that the listings bring out the buyers: it’s going to get hot out there!

Buyers: if you haven’t done so in a while, dust off your mortgage pre-approval and make sure that it’s up-to-date – and don’t forget that you need a deposit, too. In the hyper-competitive Toronto market most listing agents and their sellers are looking for roughly 5% of the offer price.

Sellers: it’s a great time to put your property on the market. I think we’ll get roughly two months of good selling (somewhat weather dependent), but if you have things to do around the house/condo you need to get on that. It you really don’t want to get delayed beyond early November….

I’m here to help folks with their real estate goals, so let me know if I can do anything to help you!