Posts tagged " First Time Buyer "

1113-231 Fort York Blvd **SOLD!!**

February 6th, 2018 Posted by Condos, SOLD!! No Comment yet

Update: We had over 130 showings booked for this great starter condo, and generated 11 offers! The property sold ‘firm’ on offer night. The condo market is hot!

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The amount of development around Fort York in recent years has been amazing. Not only have loads of great condos gone up, but the area is also benefiting from other projects. For example, there’s a new Fort York Visitor Centre, and most of us have heard about the new Bentway skating trail that runs under the Gardiner Expressway.

Number 231 Fort York Blvd (‘Atlantis Aquarius’) is right across the street from all that action. Unit 1113 is a well laid-out one bedroom unit with a cute little balcony and a great view. (As the western-most building of the project, it has an unobstructed west-facing view of the city, the waterfront and the lake off in the distance.) Features include laminate wood flooring in the living/dining room, stainless steel appliances and a breakfast bar – great for casual eating or entertaining. The unit comes with an owned parking spot, and extra rental parking spots are sometimes available, too.

The building has some great amenities, including a games room, mulit-purpose room, and the Oasis Club – the fitness room, salt water pool, large Jacuzzi, etc. It all makes for comfortable living. And if you want to get out for a run or a bike ride, Coronation Park and the waterfront trail are right across the street.

It’s a short walk to the streetcar (board at Fleet Street, just down at the corner with Fort York Blvd), or the bus; they’ll take you to Union Station or Bathurst Station – and points in between. Or, pop down to the Lake Shore to hit the Gardiner. There are lots of transportation options from here!

This great little spot is perfect for the first time buyer(s) or small investor. Judging by the showing action so far, it’s a hot commodity! If you are interested, or know somebody who might be, don’t hesitate to call me.

 

 

52 Robinson Ave – a great starter home ** SOLD! **

June 13th, 2017 Posted by SOLD!! No Comment yet

This great little home once housed a family of five! Featuring a main floor master bedroom, a large upper bedroom and a basement bedroom/rec room, this one has more space than it appears.

The kitchen was updated a few years ago, as was the main bath. The dining room comfortably seats six; it has a closet and a window, too, so it could be used as a bedroom….

The basement bath was renovated this year. There’s a great workshop space and potential cold storage. Plus, there are two separate entrances to the basement: a side door at the private driveway and a walkout at the back of the basement (to the back yard).

The long private drive comfortably fits four or five vehicles, and the detached garage (which needs some work) is large enough for another parking spot, plus storage/workshop. Beside and behind the garage is a large – and very green – back yard. It’s a wonderful space for summer lounging… or perhaps a pool? 😉

Located just a few blocks from Victoria Park subway station, Robinson Ave is a quiet residential street. There’s a nice parkette (Oakridge Park) just at the bottom of the street, and convenient local shops and businesses all along Danforth Ave. The Massey-Taylor park system is close enough to walk or bike. It’s a great little area!

 

** The action on this great listing was fantastic. We received several offers and sold it in just a couple of days!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016 Market Review – and a look ahead at 2017

January 17th, 2017 Posted by Market Review No Comment yet

2016 was a big year in Toronto real estate. For the second year in a row, TREB reported a record number of sales. Despite the volume of available listings shrinking, the number of sales hit 113,133 units, an 11.8% increase over 2015. The natural consequence of that is higher prices.

December was a prime example. Available listings were down 48.1%, to just 4,746 (from 9,137 in December, 2015), which TREB noted was the lowest inventory in 15 years. The number of sales reported to TREB in December was up 8.6% to 5,338 (from 4,917). Those tight market conditions drove up the average sale price 20% year-over-year, to $730,472 (from $608,714).

The average increase for the whole year was slightly lower, at 17.3%. However, the average sale price was basically the same, $729,922.

Note that the condo market, which not so long ago was reputed to be ‘over-built’ and primed to ‘crash’, has become the alternative of choice for an increasing number of buyers. Condo sales in the 416 were up 19.5% last month, with the average sale price up 16.6%. With an average sale price of $466,592 for a condo apartment, it’s easy to see why. (Condo townhouses are somewhat more expensive, at $569,864.) In fact, if anything, we may run into an ever-tightening condo market this year….

There’s no reason to expect anything different in 2017. Toronto is still a destination city, and the population keeps growing. CMHC is raising its premium on March 17th, so it will cost a bit more to buy if you can’t put 20% down (which means most first-time buyers), but that’s not likely to change overall market conditions. Mortgage rates may edge up a tiny bit, but they are super low these days and not expected to rise significantly in the next couple of years. That probably won’t be a factor in the Toronto market this year. The feds have tightened general mortgage qualification rules several times in recent years, and that does make it harder for first-time buyers, but I doubt that will affect the rate of sales and/or price increases. The bottom line is that the market is strong, and there’s no point waiting for a ‘correction’: get out there and buy.

And, yes, it’s easy to sell in this market, and harder than ever to buy. Still, more people are buying than in past years, so it’s not impossible! One has to get active, get out there and get shopping to find the right place. Don’t be put off by all the hoopla. Whatever you need, we’ll find it! 😉

April 2016 Market Review

May 12th, 2016 Posted by Market Review No Comment yet

April 2016 was another record setting month in Toronto real estate. TREB reported 12,085 sales for the month, up 7.4% over April 2015. Once again, new listings were down, from 18,038 last April to 16,252 this year, a drop of 9.9%. The decline in new listings, combined with the high pace of sales so far this year, caused the total number of available listings to drop from 17,182 last April to just 12,554 this year.

Obviously, competition among buyers is fierce, which drove up the average sale price by 16.2%. TREB’s HPI was up a slightly lower 12.6%, indicating that high-priced houses (e.g. large detached homes) are dragging up the average. Still, 12.6% is a significant increase.

I’m still tracking the condo segment – although the condo naysayers are much quieter these days. Condo sales in the 416 increased 17.4% last month, while the average price was up 7%. That’s much less than in the house market, which I say makes condos a decent alternative for first-time buyers. You don’t have to give up the dream of owning a house, but you may be wise to plan for a delay. Get into the market with a condo, start to build some equity, and leverage that into a house down the road. 😉

It’s a super-competitive market out there these days. You don’t need to be scared of it, but you certainly will benefit from professional help. Call me any time to talk about your real estate wants and needs, and how to go about fulfilling them.

March 2016 Market Review

April 6th, 2016 Posted by Market Review No Comment yet

March 2016 was another busy month in Toronto real estate. TREB reported 10,326 sales for the month, up 16. 2% over March 2015 sales. Net new listings declined 3.7%, to 14,864 and total active listings dropped (more…)

Street Profile: Bastedo Ave

March 2nd, 2015 Posted by Street Profile No Comment yet

Over the years I have completed five transactions on Bastedo Ave, near Coxwell/Danforth. That’s tied for the most I have sold on any street! Each sale had its own story: a first time buyer, an estate sale, and various move-up/move-on situations. Some of the buyers chose Bastedo because of the great value in those houses, the friendly nature of the neighbourhood, and the proximity to the Coxwell subway station, but whatever the reasons, everybody seems to have ended up very happy on Bastedo Ave.

Located just three blocks east of Coxwell Ave, and running south from Danforth, Bastedo Ave offers an eclectic mix of 2 and 3-bedroom semis (some with parking, many without), a smattering of fully detached houses, and some newer town homes at the bottom of the street. Although the street lacks the nearly-complete tree canopy that we find on many streets just a few blocks further south, there are plenty of young-to-middle aged trees, meaning there’s a good chance of a thickening canopy over the coming years. (By the way, you can tap in to the City’s tree planting program. I posted a story about that earlier this year.)

One of the biggest draws to Bastedo Ave, and many of the streets around it, is ‘The Danforth’, well-known for the great selection of restaurants, pubs, cafes and services available there – pretty much everything! (That stretch of the street is covered by the Danforth Mosaic Business Improvement Area – check out their web site for a list of businesses and activities.) Having a walkable neighbourhood has always been important in Toronto, but seems to be getting even more so as the city increases in density. Danforth offers that local walking lifestyle, while offering quick access to the subway, which is always a huge advantage.

Walking distance to Monarch Park, Bastedo Ave is even closer to East Lynn Park, home to the local farmers’ market. The local public school is Earl Haig (JK to Gr.8); the high school is Monarch Park C.I. If you want to head down to the Beach you can hop on the Coxwell 22 bus and be there in minutes, and if you are driving, you have ready access to the DVP (straight up Coxwell to O’Connor, followed by a short drive over to Don Mills Ave) and the Lakeshore-Gardiner-QEW at the bottom of Coxwell. All in all, the location offers a few decent ‘escape routes’ from the city.

Here’s what one of my clients had to say about life on Bastedo Ave:

“I purchased my first home 10 years ago. I looked at many homes throughout Toronto but it was the cute, bright, semi on Bastedo that caught my eye. The house was affordable (I was single at the time), on a nice tree-lined street and close to the subway. In those 10 years, lots changed. The I became we. Then baby made three, and we had even more reasons to love Bastedo with the parks, drop-in centres and library just around the corner. However, with all that Bastedo has to offer, my favourite part has to be the neighbours. It’s a diverse group of individuals who really care about one another and have pride of ownership.”

From a Realtor’s perspective, Bastedo offers a great mix of affordability and lifestyle. It’s a great street (and area) for the first-time buyer, and perfect for those who want to live car-free. If you haven’t yet considered Bastedo Ave, you should! If you are in the market, contact me for more info and let’s go check it out.

 

October 2014 Market Review

November 5th, 2014 Posted by Market Review No Comment yet

The Toronto Real Estate Board reported on the October 2014 market stats today. Sales volume was up over October 2013 by 7.7%, to 8,552 transactions. New listings were up only 3.4% over the same period, continuing the now long-standing issue of insufficient supply in the Toronto real estate market. Tight supply (along with an improving economy, decent job growth and an ever-increasing population) drove the average price up by 8.9% over October 2013.

That’s a significant number – higher than income growth (about 3% this year) plus inflation (about 2% year-over-year). It’s great for home owners: you are seeing real capital appreciation; not so great for buyers, for whom it’s getting a bit harder to keep up.

That said, averages are not the whole story. If you want to get into the market, but can’t afford a $650,000 semi near the subway, there’s no need to fret. Although there aren’t really any ‘cheap’ parts of Toronto, one can certainly find decent value in various areas around town. Everybody has to start somewhere, so buying a smaller house, or one somewhere outside your favourite neighbourhood, is perfectly reasonable.

Alternatively, the condo market continues to show strength (sales volume up 8.2%, average price up just 1.5% after a 9.2% increase last month), making that segment a good option, too.

If you’re not into the condo lifestyle, look for an income property! Those are also in high demand, but if you are willing to take on the responsibility, they offer a great way to afford the Toronto market. (Note that there are requirements, demands and liabilities associated with income properties, so we’d have to have an in-depth conversation about it. That said, I’m a big fan, and encourage you to think about it!)

November seems to be off to a busy start – lots of sales have been reported over the last few days. If you are hoping to sell in 2014, there’s still time; and, if you are a buyer, we’ll see quite a few more opportunities before things slow down in mid-December. Either way, call me today and we’ll get to work!

 

September 2014 Market Review

October 21st, 2014 Posted by Market Review No Comment yet

September 2014 saw 8,051 transactions reported in the Toronto Real Estate Board, an increase in sales volume of 11% year-over-year. New listings were up 5.8% (to 15,692), but total available listings were down 5.1% (from 20,194 to 19,165), so there wasn’t enough supply to keep pace with the buyer side of the market. The high pace of activity drove prices up on average by 7.7% over September 2013, to $573,676.

In the condo segment, sales volume in the 416 was up 15.6%, with prices up 9.2%, showing that the condo market continues to be solid.

Basically, it has been a typical fall market: busy. There was a bit of a lull around Thanksgiving, but things seem to have picked right back up. We should see continued activity through at least mid-November, before the market calms down for Christmas/New Years, etc.

Year-to-date (i.e. January to September), total market activity has increased 6.9%, to 73,465 sales for the year. The average selling price for the year is $563,813, an increase of 8.5% compared to the first three quarters of 2013. There’s nothing indicating a slow-down in the fourth quarter, so I expect that we’ll see record numbers in both categories by the time 2014 comes to a close. All in all, the Toronto market is healthy and strong. It’s a great time to buy and/or 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!

 

Chisholm Ave – fantastic 3-bedroom semi **SOLD**

August 11th, 2014 Posted by Hot Listings, SOLD!! No Comment yet

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This great three bedroom brick semi is just a few blocks north of the Danforth. Well maintained and updated by the current owners, the home features hardwood floors, original wood trim, a modern kitchen, finished basement and a loft-style attic. The classic, Toronto-style porch gives the house great curb appeal; the deep, well-tended back yard is a beautiful place to relax and entertain.

Located at the quiet end of Chisholm Ave, it’s just a short walk to Taylor Creek, Stan Wadlow and East York Memorial Arena, and also only at ten minute walk southbound to Main subway station and all the shops and services of the Danforth.

** After just one week on the market we sold this fantastic house on ‘offer night’!