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Monthly Archives: September, 2016

29 Kintyre Ave – excellent income property **SOLD**

September 14th, 2016 Posted by SOLD!! No Comment yet

exterior2-modThere’s an old joke in the real estate business: Nobody gets rich selling real estate (i.e. being a Realtor); people get rich by buying real estate. Now, of course that’s not literally true; lots of Realtors are super successful. The point is that the better play in real estate is as a buyer and long term investor.

Income properties can be a fantastic investment, one I encourage all of my clients to consider. Whether you are a first time buyer looking for extra income to help cover a mortgage, or strictly an investor (i.e. you won’t ever live in the property), you should think about it. Besides the obvious benefit of the income (especially after you retire), in the Toronto market every property owner gets significant capital appreciation, year after year.

Here’s a great opportunity for you: 29 Kintyre Ave, near Broadview Ave and Queen St E, is a large, detached property with three income-generating units. There’s a great 2nd/3rd floor apartment that could be one or two bedrooms, depending upon configuration, with an absolutely fabulous rooftop deck that faces south and gives a sunny view of the area and all the way to the downtown skyline. It really is top notch. The main floor flat is a cozy one bedroom with an eat-in kitchen and a sunny, south-facing walk-out to a porch. The basement unit is a super cute one bedroom, really one of the nicer ones I’ve seen.

You can’t beat the location. Riverside is exploding with new shops, restaurants and condo developments (which means plenty of local foot traffic, which is great for any neighbourhood). Both the Queen St 501 and King St 504 streetcars are a block away. Plus, one could walk up to Dundas to catch the 505 downtown; it goes all the way to Dundas West subway station.

Access to the DVP is right around the corner, and the Gardiner isn’t much further. You can pop down into the Don Valley for a nature walk/run/ride; stroll the local strip; or hike over to Leslieville. It’s no surprise that the walk score is 94, and the transit score is 95 – both “paradise”-like scores!

UPDATE – After one week on the market we generated multiple offers and sold the property to some very happy buyers! 🙂

Summer 2016 Market Review

September 13th, 2016 Posted by Market Review No Comment yet

I’ll admit it: sometimes, I get tired of repeating myself! The Toronto real estate market has risen so consistently – relentlessly, even – over the past few years that these monthly reports are not nearly as exciting to write as they once were.

Like last year, I’m combining July and August here. I started doing that because the summer is usually quieter than the spring and fall markets. As it happened, that wasn’t quite the case this year. I had expected July to be busy, but it exceeded expectations with 9,989 transactions – yet another monthly sales record. One wouldn’t have thought that likely given the on-going supply shortage….

Once again, while sales volume was up (1.8%), the number of new listings was down 7.4%, from 14,625 to 13,542. The total number of active listings fell from 16,673 to 11,346, a drop of 31.9%. Strong demand driving increased sales volume amidst fewer houses for sale is a recipe for frustration, isn’t it?

These market conditions caused the average sale price (across all types) to surge 16.6%, to $709,825. Note that it was below the June average of $746,546, which is typical. The market stays super tight (low supply and lots of buyers), but with a different mix of house types: fewer of the top-priced detached and semis, and a higher ratio of less expensive condos, which brings the average down.

On the topic of condos, sales in the 416 increased by a somewhat lower 9.8%, edging the average price up by just 8.2%, to $427,074.

August was even more impressive. Sales shot up 23.5% over August 2015, to a new record of 9,813 transactions. Much has been made of the point that there were two more business days in August 2016 over last August, but the fact remains that the number of active listings was down 37.7% to just 9,949 while sales continued to surge. The average sale price was up 17.7% over August 2015, to $710,410 (about the same as July, for much the same reasons).

Condo sales in the 416 jumped 33.5%, driving up the average price by 9.8%, to $446,612, which was also up over the previous month. In short, condo sales in Toronto are hot these days.

The fall market is upon us, and the number of listings seems to be increasing. That’s good for buyers, who get more selection, but also good for sellers, as the overall increase in activity correlates to higher prices. It ain’t easy navigating the Toronto real estate market, but I’m here to help. Call me any time!