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Neo-Georgian Mansion Stands the Test of Time – Globe and Mail Home of the Week: 32 Castle Frank Road

POSTED ON August 10th  - POSTED IN Elli's Archives, Featured News

Will You Build One Like That For Me?
Neo-Georgian Mansion Stands the Test of Time32 Castle Frank Road
Globe & Mail Resale Home of the Week:
32 Castle Frank Road

Asking Price: $9.28 million
Taxes: $46,018.52 (2016)
Lot Size: 123.5 by 340 feet
Agents: Janet Lindsay, Chestnut Park Real Estate Ltd., Elli Davis, Royal LePage Real Estate Serviced Ltd.

Article by: Carolyn Ireland

Rosedale lore has it that businessman Gerald Strathy admired a particularly beautiful mansion built at the top of the Don Valley. The architect was the renowned Eustace Bird, who designated such landmark buildings such as 2 King Street East and the Sunbeam Incandescent Lamp Factory on Dufferin Street during his career.

The stately red brick house Mr. Strathy admired at 5 Hawthorn Gardens was the architect’s own home.

Mr. Strathy approached Mr. Bird with a request along the lines of, “Will you build one like that for me?” The Strathy house was positioned a little further along the same ridge at 32 Castle Frank Road and completed in 1912. Most of the neo-Georgian architectural details remain today.

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Market Watch Report: July 2016

POSTED ON August 10th  - POSTED IN Featured News, Market Watch

Strong July Price Growth

Toronto Real Estate Board President Larry Cerqua announced that TREB REALTOR® Members reported 9,989 home sales through TREB’s MLS® System in July 2016. At just shy of 10,000 transactions, this was the best result on record for the month of July.

While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA. “GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 16.7 per cent in July 2016 compared to the same month a year earlier. Similarly, the average selling price for all home types combined was up by 16.6 per cent year-over-year to $709,825.

“Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.

Market Watch Report July 2016

Market Watch Report: June 2016

POSTED ON July 8th  - POSTED IN Featured News, Market Watch

Spring Market Capped Off with Strong June

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB’s MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent.

“As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction,” said Mr. Cerqua.

“As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion,” added Mr. Cerqua.

The MLS® Home Price Index Composite Benchmark was up by 16 per cent on a year- over-year basis. The average selling price for all home types combined was up by a slightly higher annual rate of 16.8 per cent to $746,546. The single-detached, semi- detached and townhouse market segments led the way in terms of price growth.

“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.

Market Watch Report June 2016

Market Watch Report: May 2016

POSTED ON June 8th  - POSTED IN Featured News, Market Watch

Strong Sales Growth Continues in May

Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB’s MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent. The decline in listings was experienced in both the low-rise and condominium apartment market segments.

“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said Mr. McLean.

The MLS® Home Price Index Composite Benchmark was up by 15 per cent year-overyear in May 2016. Similarly, the average selling price for all home types combined was up by 15.7 per cent over the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the strongest price growth.

“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well,” said Jason Mercer, TREB’s Director of Market Analysis.

Market Watch Report May 2016

Market Watch Report: April 2016

POSTED ON May 10th  - POSTED IN Featured News, Market Watch

Record Home Sales in April

May 4, 2016 — Toronto Real Estate Board President Mark McLean announced that there were 12,085 sales reported through TREB’s MLS® System in April 2016. This result, which represented a record for the month of April, was up by 7.4 per cent in comparison to April 2015.

For the TREB market area as a whole, annual sales growth was experienced for all major home types except semi-detached houses. In the City of Toronto, sales were down for detached and semi-detached houses as well as townhouses on a year-over-year basis. This dip in sales in the ‘416’ area code was due to a lack of low-rise listings. Many would-be buyers were not able to find a home that met their needs.

“While April’s sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply. In the City of Toronto in particular, some households have chosen not to list their home for sale because of the second substantial Land Transfer Tax and associated administration fee. The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth,” said Mr. McLean.

Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.
“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis.

Market Watch Report: April 2016

Done Deals: Forest Hill Tudor Sells Quickly After Handful of Showings

POSTED ON April 22nd  - POSTED IN Done Deals, Elli's Archives, Featured News

Forest Hill Tudor Sells Quickly After Handful of Showings

Sydnia Yu18 Ava Road

Special to the Globe and Mail

Published April 22, 2016

18 AVA ROAD, TORONTO

ASKING PRICE: $2,285,000

SELLING PRICE: $2,250,000

PREVIOUS SELLING PRICE: $550,000 (1994)

TAXES: $10,933 (2015)

DAYS ON THE MARKET: One

LISTING AND CO-OP AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Winter promotions for this brick-and-stone Tudor with an unfinished basement quickly resulted in a handful of showings from eager buyers, including casual house hunters who decided this was the first, and only, property they would visit and ultimately, the one to place an offer on.

What They Got: At the intersection of two residential streets is a 50-by-90-foot lot for this detached, three storey house with a mix of old and new characteristics, from a wood-burning fireplace in the living room to a remodeled kitchen with granite counters, stainless steel appliances and hardwood floors.

For privacy, there is a third-floor office, four bathrooms and five upper bedrooms, including three on the second floor with private or semi-ensuite bathrooms.

To entertain outdoors, there is a fenced backyard off the dining room and a deck above the double garage.

The Agent’s Take: “The appeal was the location and the schools,” agent Elli Davis says. “[Plus] it was a corner lot – a little smaller than the traditional 50-by-100 [foot] plus lot in the area – so the envelop of the house was somewhat smaller than other houses, but it was fine for the buyer.”

Though updates are needed, it is a solid base to work with. “It’s a traditional Tudor house in Forest Hill with a very charming interior with a fireplace, wood trims, leaded glass and all the nice older features that come with these kinds of homes,” Ms. Davis says. “It has a double garage, which is a very good feature and not too common.”

 

April 2016 Newsletter

POSTED ON April 15th  - POSTED IN Elli's Newsletter, Featured News

Spring is finally here and although the weather may not be co-operating, the season of growth and new beginnings is upon us! Last weekend I attended the Toronto Yoga Show, which was very enjoyable!

The St. Lawrence Market will play host to “Taste of Italian Trattoria” from April 1 – April 8. This is a hands-on class that sees teams create a three-course Italian-inspired meal. The evening starts with a shopping trip through the St. Lawrence Market for the freshest ingredients and then it is downstairs to create a wonderful spring menu.

From Company and Co., Casa Loma is the scene for three popular escape room sets running throughout the month of April. King of the Bootleggers takes place in the 1920’s and you have been hired by bootlegging kingpin’s Rocco Perri’s wife to take out her husband in the escape room. The clock is ticking as you try to escape before Rocco figures out someone is out to get him.

Escape from the Tower takes you back to 1941 where you (and some friends) have been recruited into the Anti-Submarine Detection Research Centre. You will need to transmit the locations of enemy U-boats to the allies and escape the tower to complete the mission. Mixing fact and fiction, Casa Loma really was used as a research centre for anti-submarine technology after the original location was bombed during the London Blitz.

Station M is an escape game that gives you a taste of the era that inspired the James Bond novels – just after World War II and just before the Cold War begins. This is the third game in the Casa Loma Escape Series. This time the setting is a secret manufacturing facility that fashioned all sorts of high tech gadgets for British secret service. While looking through the items you will learn about one last secret mission in the soon to be decommissioned workshop.

This year Passover takes place the weekend of April 22. For those who observe this holiday may I extend my very best wishes for a joyous holiday celebration.

Best,
Elli

Hot Listings

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88 Sheppard Avenue East #2706 – $388,800 Welcome To Minto88: A LEED Certified Building By Award Winning Minto! With A Private Water Feature At Its Very Center Minto88 Is An Oasis Amidst The City’s Hustle And Bustle. Spectacular 1 Bedroom + Den With 608 Sq Ft Of Efficiently Laid Out Space, Open Balcony And Unobstructed West Exposure. Amenities Include A Fitness Facility, Wellness Area, Party Room, 24-Hr Security, Visitor Parking And More!

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33 Delisle Avenue #303 – $2,400 Immaculate, Furnished 1 Bedroom + Den Suite Featuring Hardwood Floors, French Doors, Combined Living/Dining Room, Open Concept Kitchen With Breakfast Bar and Granite Counters, Spacious Master Bedroom, Den/Bedroom, and 4 Piece Washroom. Superb Building Amenities! Great Location Steps Yonge/St. Clair Shopping, Dining and TTC. Minutes To Downtown!

Learn More

Elli Davis News

Real Estate Deals Happening at Warp SpeedI was interviewed about the effects of Toronto’s red hot real estate market on buyers. the lightning fast pace of selling properties can lead to buyer’s remorse, or other situations, that can end up with a buyer backing out of the deal. Despite these bumps along the way, a successful sale can still be accomplished, as Carolyn Ireland reports.Read More

Thinking of Buying? Thinking of Selling?

Visit our website for the Buyer’s Guide and Seller’s Guide or feel free to contact me atmail@ellidavis.com and I will get right back to you.

Real Estate News

Ontario Plans to Regulate Home Inspectors this YearOften times a decision about the amount of money a buyer is willing to pay for a property, or even whether or not to purchase it altogether, is based on a home inspector’s findings. The effects of a poorly done home inspection can be devastating, possibly costing the buyer thousands of dollars more than expected. It may come as a surprise, then, that home inspectors in Ontario are currently not regulated. Both B.C. and Alberta regulate the profession, and now Ontario is considering following suit this year. Alexandra Posadzki of the Toronto Star reports.

Read More

Market Watch Report

Strong Growth in Home Sales in March/Q1

Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB’s MLS® System during March and the first quarter were down compared to the same periods in 2015.

“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year,” said Jason Mercer, TREB’s Director of Market Analysis.

Click Here for the Full Report

Toronto Events Calendar for April

Casa Loma Escape Series (Ongoing)

From Company and Co., Casa Loma is the scene for three popular escape room sets running throughout the month of April. Gather a group of friends and choose from the following scenarios: King of the Bootleggers, Escape From the Tower or Station M. Rated one of the best escape rooms in Toronto, prepare to use your wit and wiles to make it to the end!

Green Living Show (April 15 – 17)

Celebrating its 10th year, the Green Living Show brings all things “Green” to the Metro Convention Centre. Featuring everything from delicious local food and drink to environmentally friendly transit – including cars, yoga and fitness, the EcoParent village, sustainable fashion and beauty, the MaRS Discovery District and more. Remember: Earth Day is on Friday April 22, so the Green Living Show can offer inspiration for environmentally friendly lifestyle choices!

Done Deals: Bedford Park House Sells for $210,000 Over Asking

POSTED ON April 8th  - POSTED IN Done Deals, Elli's Archives, Featured News

Done Deals: Bedford Park House Sells for $210,000 Over Asking301 Old Orchard Grove

Sydnia Yu

Special to the Globe and Mail

Published Thursday April 7, 2016

301 OLD ORCHARD GROVE, TORONTO

ASKING PRICE: $1,150,000

SELLING PRICE: $1,360,000

PREVIOUS SELLING PRICE: $714,000 (2009)

TAXES: $5,251 (2015)

DAYS ON THE MARKET: Two

LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.

The Action: Just one street east of shops and eateries along Avenue Road, this Bedford Park residence with a mutual driveway was staged to enhance its appearance for photographs, private showings and an open house event. The open house was derailed after a pre-emptive offer set off a two-way bidding war at the end of January.

What They Got: This brick residence on a fenced 26-by-105-foot lot has classic features throughout, such as a front living room with a wood-burning fireplace and a formal dining room with French doors to a south-facing deck, which is also accessible from an updated galley kitchen.

Full bathrooms serve three bedrooms and a recreation room on the upper and lower levels respectively.

The Agent’s Take: “The proximity to Avenue Road was very important,” agent Elli Davis says. “The area is so sought after and there were very few listings, so that equals a very busy market.”

Older homes such as this are solid choices for many buyers. “It was a typical two-storey, but it showed very well. It had a renovated kitchen, washrooms and nice backyard,” Ms. Davis states. “So it had the older charm and newer interior, which appealed to many people.”

GTA Home Sales on Pace for Another Record Breaking Year: Toronto Star

POSTED ON April 6th  - POSTED IN Elli's Archives, Featured News

I was interviewed by Sunny Freeman of the Toronto Star about how the housing supply shortage is driving up real estate prices across the GTA. I discussed a recent sale that involved a “bully offer” and how these types of deals are shaping the landscape of the current real estate market in Toronto.

Hot Home Sales Setting Record Pace

By: Sunny Freeman

Toronto Star

Toronto real estate agent Elli Davis just closed a “bully offer” for $300,000 over a $2.65 million listing price, a type of deal she’s making more often in the busiest market she’s seen in nearly 30 years.

The increasingly competitive Greater Toronto Area real estate market is on pace for another year of record-breaking sales and double-digit price growth as buyers bid aggressively for the few houses on the market. Sales in the first quarter of 2016 rose 15.8 per cent from the opening three months of last year, according to the Toronto Real Estate Board.

Davis, a Royal Lepage agent in upscale central Toronto, said a lack of housing supply is pushing more buyers to make hard-to-resist deals days before the seller is slated to accept bids. These are also known as bully offers.

“There were no conditions and the owner said ‘thank you very much, I’ll take it,’” she said of the home that went for $300,000 over asking.

 

 

The 10,326 homes sold in March was a 16.2-per-cent increase from the year earlier and accounted for nearly half the 22,575 homes that changed hands in the first quarter.

The average selling price across all housing types in the Greater Toronto Area rose 12.1 per cent year-over-year in March to $688,181.

The market could have experienced even stronger sales growth if it were not constrained by a deficit of new listings, said Jason Mercer, TREB’s director of market analysis.

“That’s why we’re seeing strong increases in selling prices, yet on the other side, if we did see more listings come online, they’d be absorbed in short order because of pent-up demand,” he said.

“I think the first quarter certainly suggests that we could be on track for another record year and likely the only thing that could slow that down is if we continue to see a dip in listings.”

The number of new listings was down compared to the same period last year, meaning there were more buyers competing for fewer homes. The number of homes listed for sale in the first quarter fell to its lowest level for a first quarter in at least 12 years, according to an analysis by National Bank.

A competition among buyers for fewer homes often results in bidding wars that drive prices higher. In March, the average detached GTA home inched closer to the $1 million mark, sitting at $910,375.

Davis said she is astounded at the prices. Nearly half of the 23 agents’ open houses listed for Tuesday in Toronto’s central core were for properties valued between $3.5 million and $16.8 million, she said.

Toronto is a seller’s market, with sales-to-new-listing ratios hovering around 70 per cent — the highest ratio since the 2008-2009 recession, said Robert Kavcic, senior economist at BMO.

He doesn’t see this abating any time soon as strong job and population growth in the GTA will continue to drive demand, while few new detached homes are being built.

“This has been more of a sustained gradual increase in demand and no new supply coming on board, so this is probably going to persist longer than back in 2009.”

Davis said the market is stronger now than it was coming out of the recession, adding she’s the busiest she’s been since 1989.

“We didn’t have a terrible winter, I think that helped, mortgage rates helped, and demand is high and supply is low,” she said.

“All those things together make a busy time.”

Market Watch Report: March 2016

POSTED ON April 5th  - POSTED IN Featured News, Market Watch

Strong Growth in Home Sales in March/Q1

Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter. The year-over-year growth rate for sales was 15.8 per cent for Q1 2016 and 16.2 per cent for March 2016. For the TREB market area as a whole, double-digit year-over-year rates of sales growth were experienced for all major home types during the first quarter.

The positive annual growth in sales was not mirrored on the listings front. The number of new listings entered into TREB’s MLS® System during March and the first quarter were down compared to the same periods in 2015.

“At the beginning of 2016, TREB’s outlook for the year pointed to a strong possibility of a second consecutive record year for home sales. This outlook was based, in part, on upbeat consumer survey results pointing to robust home buying intentions. It is clear that these upbeat intentions have translated into record first quarter results,” said Mr. McLean.
The MLS® Home Price Index Composite Benchmark for March 2016 was up by 11.6 per cent compared to March 2015. The average selling price for all home types combined was up 12.1 per cent year-over-year in March and 13.6 per cent in the first quarter.

“Demand was clearly not an issue in the first three months of 2016, regardless of the housing market segment being considered. The supply of listings, however, continued to aggravate many would-be home buyers. We could have experienced even stronger sales growth were it not for the constrained supply of listings, especially in the low-rise market segments. The resulting strong competition between buyers has underpinned the double-digit rates of price growth experienced so far this year,” said Jason Mercer, TREB’s Director of Market Analysis.

Market Watch Report: March 2016