Condos/Lofts

Our Real Estate Fave Of The Week: 1003 Queen St E #202

Lofty Living In Lesliville!

This lavish 2 bedroom, 2 bathroom loft boasts 10 foot ceilings, over 1,100 sq ft of space, and tasteful modern design. Want to bring the party outside? There’s a shared rooftop deck and garden with available BBQ hookup.

What are our favourite features?

The ceiling height, of course! And the large kitchen with pantry and cupboards galore (and did you see that gorgeous glass door refrigerator?!).

More Features:

  • Wide plank engineered hardwood flooring
  • Large windows and plenty of natural light
  • Only 8 units in the building
  • 10 foot ceilings
  • One owned parking space
  • Owned locker
  • Shared rooftop deck/garden, gym

Price: $799,900

Taxes: $5,081.45/2017

Maintenance: $757.75

Approx Sqft: 1,000 – 1,199

Would you like a private tour of this home?  Give us a shout and we’ll make it happen!

Take a gander at all these gorgeous pics:

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October 2017 Market Stats: Infographic & Report

October 2017 Market Stats: Infographic & Report Photo

October 2017 market stats are here!

The average sale price for the month was $780,104, up 2.3% over October 2016.

Here’s a breakdown of the average sale prices & year-over-year increases for the 416 area code:

  • Detached = $1,287,765 (-1.1%)
  • Semi-Detached = $948,309 (+5.2%)
  • Townhouse = $742,845 (+8.0%)
  • Condo Apartment = $555,004 (+20.9%)

And here’s TREB’s official market report for the month October 2017:

Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017. This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.

On a year-over-year basis, October sales were down compared to 9,715 transactions in September 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.

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Under Pressure: Will Some Sellers Benefit From The New Mortgage Stress-Test?

Will Some Sellers Benefit From The New Mortgage Stress-Test? Photo

Ever since the new mortgage rules were announced almost 2 weeks ago, I’ve been monitoring the Toronto MLS to see how many new listings hit the market and try to take advantage of the upcoming changes.

I found a few listings that explicitly highlight the impending rule changes in the “extras” section of the property description. Take a look at the screenshots below:

Under Pressure: Will Some Sellers Benefit From The New Mortgage Stress-Test? Photo

Under Pressure: Will Some Sellers Benefit From The New Mortgage Stress-Test? Photo

Whether or not prospective buyers will actually feel the pressure to make a move on either of these particular properties remains to be seen, but no doubt there are sellers out there who see a potential opportunity here.

I’ve already heard from a few seller clients of my own who are seriously considering bumping up their plans to list.

Instead of waiting until spring 2018 as previously planned, November 2017 has become a very attractive alternative.

While not every buyer needs to stress about the new stress-test (as I outlined in my blog post from last week), some will certainly be affected by the new rules. Specifically those who need to push their mortgage amount to the maximum.

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Our Real Estate Fave Of The Week: 775 King St W #424

Can you say location, location, location? Hello King West!

This 1 bedroom + den condo is spread out over two floors, and features a floor-to-ceiling wall of windows. Living room walk-out to a large balcony overlooking prime King West excitement.

What’s our favourite feature?

The warm, homey feel that the wood staircase adds. 

More Features:

  • Open concept main floor
  • Separation of living space over two floors
  • Large windows
  • Well reputed Minto building, with concierge
  • Reasonable condo fees, with amenities including party/media rooms, a gym, and guest suites
  • Parking & locker!

Price: $560,000

Taxes: $2,405/2017

Size: 600-699 sq ft

Condo Fees: $299.66

Would you like a private tour of this home?  Give us a shout and we’ll make it happen!

Take a gander at all these gorgeous pics:

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Who’s Actually Going To Be Affected By The New Mortgage Stress-Test?

Who's Actually Going To Be Affected By The New Mortgage Stress-Test? Photo

Since last week’s announcement by the Office of the Superintendent of Financial Institutions (OSFI) about the upcoming changes to the Canadian mortgage rules, I’ve seen plenty of buyers fret that their budgets are going to be reduced by as much as 20%.

This isn’t necessarily the case though, and not every buyer needs to stress about the new stress test. Let’s recap what sort of changes are coming once the new rules are implemented on January 1st, 2018.

The Biggest Change

Once the new rules come into play no-one will be able to qualify at less than the benchmark rate (which today is set at 4.89%). And in fact, borrowers with a down payment of more than 20% will have to qualify at either the benchmark rate or their contract rate + 2%, whichever is greater. So it’s quite possible that some borrowers will have to qualify at a rate that is greater than the current benchmark rate of 4.89%!

To give you some perspective: Since the last round of mortgage rule changes came into effect last year, only default-insured borrowers (these borrowers typically have a down payment of less than 20%) have had to qualify at the benchmark rate.

Borrowers with a down payment of more than 20% (and not default-insured) have had the benefit of only needing to qualify at their contract rate (which is typically less than the benchmark rate).

Come January 1st 2018 though, all borrowers, regardless of their down payment amount and regardless of whether or not their mortgage is default-insured, will have to qualify at the benchmark rate (or possibly higher).

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Auberge On The Park Condos

Auberge On The Park Photo

Auberge On The Park Condos

Surrounded by indulgent views of lush greenery, city skyline and Sunnybrook Park, Auberge offers condominium luxury in nature. Coming soon to coveted Leslie and Eglinton.

Features of this Project:

  • 3 luxury towers, built by long-trusted & award winning builder, Tridel
  • Phase 1 will be 45 storeys
  • An opportunity to enter into the prestigious Eglinton & Leslie neighbourhood, with its excellent schools and amenities
  • Family friendly layouts, which go up to just over 2000 sq ft
  • No micro units (thoughtful design throughout all 3 towers)
  • Condos, lofts and townhouses – all available to suit individual needs and tastes
  • Less than a 5 minute walk to the future 2021 Eglinton Crosstown LRT station, which will connect to 25 stations
  • Easy access to the Don Valley Parkway, Bayview extension, the 404 and the TTC
  • Walking distance to a network of large parklands, including Sunnybrook Park

Breakdown of unit sizes:

  • 1 bedroom from 538 sq ft to 645 sq ft
  • 1 bedroom plus den from 592 sq ft to 719 sq ft
  • 2 bedroom from 890 sq ft to 1,352 sq ft
  • Signature suites from 1,550 sq ft to 2,070 sq ft
  • Terraces from 1,333 sq ft to 2,079 sq ft
  • 2 storey suites from 1,300 sq ft to 1,930 sq ft

View more images & renderings below!

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September 2017 Market Stats: Infographic & Report

September 2017 Market Stats: Infographic & Report Photo

September 2017 market stats are here!

The average sale price for the month was $775,546, up 2.6% over September 2016.

Here’s a breakdown of the average sale prices & year-over-year increases for the 416 area code:

  • Detached = $1,355,234 (+4.4%)
  • Semi-Detached = $935,467 (+5.2%)
  • Townhouse = $685,016 (+4.8%)
  • Condo Apartment = $554,069 (+24.0%)

And here’s TREB’s official market report for the month September 2017:

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

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Multiple-Offers Are Still Very Much A Part Of The Toronto Real Estate Landscape

Multiple-Offers Are Still Very Much A Part Of The Toronto Real Estate Landscape Photo

We’re in the 2nd week of the fall real estate market now, and anyone who’s been following along knows that in the past 4.5 months (ever since the Liberals announced their “16-Point Fair Housing Plan16-Point Fair Housing Plan” in April) we’ve seen a decline in the number of sales and, perhaps more notably, a decline in average sale prices.

Q:  Do these declines mean that there’s now room for price negotiation on every single property that comes on the market?
A:  Nope.

In fact… plenty of houses are selling for 100% of the list price. And an even larger number of houses are selling for more than the list price!

Despite all the talk of a “buyer’s market”, there are still plenty of buyers out there willing to pay full price for the right property, or even compete with other buyers and pay more than the list price if need be.

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August 2017 Market Stats: Infographic & Report

August 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for August 2017:

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.

The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010.

“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” continued Mr. Syrianos.

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Buy In The Summer And Then Sell In The Fall?

Buy In The Summer And Then Sell In The Fall? Photo

“Should I stay or should I go?”

The classic 1982 Clash song (which I fondly remember being a highlight on the dancefloor at the Dance Cave, circa ’99-’01) is a fitting soundtrack for anyone considering a move in the current Toronto real estate market.

While buying is nowhere near as stressful as it was in the first four months of the year, selling is a different story. We’re in a transitioning market now and selling your home isn’t as simple a process these days.

This change in the market has many buyers and sellers confused about how to proceed.

I’ve got a number of clients right now who are hesitantly contemplating a “move-up” purchase into something larger than their current space.

While they’re tickled by the fact that they aren’t shopping for a home in the same feeding-frenzy market we saw in January – April, the prospect of having to sell their home in this more relaxed market has them second-guessing whether or not now is the right time to make a move.

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