Done Deals: Three Way Bidding War for a King’s Landing Suite
Special to the Globe and Mail
Published Thursday, November 3, 2016
460 QUEENS QUAY W., No. 502E, TORONTO
ASKING PRICE: $1,048,000
SELLING PRICE: $1,111,880
TAXES: $5,225 (2015)
DAYS ON THE MARKET: Five
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
The Action: There aren’t often many opportunities to buy at the King’s Landing building, so this two-bedroom-plus-solarium suite drew in more than a dozen visitors within a few days this summer. It sold in under a week in a three-way bidding war.
What They Got: On the south side of a 30-year-old mid-rise – with optimal views of Lake Ontario – is this 1,672-square-foot unit with a balcony accessible from both bedrooms and a sunroom with a curved glass ceiling.
Set further back from the windows is an open living room, a dining area and renovated kitchen behind pocket doors, as well as two full bathrooms, laundry and storage facilities.
The unit comes with parking and monthly fees of $1,211 to cover water, security and amenities, such as a pool and tennis court.
The Agent’s Take: “King’s Landing is a very nice building built in the eighties and was very innovative for its time facing the waterfront,” agent Elli Davis says. “A lot of downsizers have bought in there and don’t move, and there’s a lot of downtown [professionals] who … like the access to the island airport and Financial District.”
Sales Growth Continues in September
Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB’s MLS® System in September 2016. This result was up by 21.5 per cent compared to September 2015.
For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over-year dip in new listings was likely the issue.
“We continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types,” said Mr. Cerqua.
Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September. The MLS® HPI Composite Benchmark grew by 18 per cent compared to September 2015. The average selling price was up by 20.4 per cent to $755,755. It is important to remember that the MLS® HPI provides a price growth measure for a benchmark home, thereby allowing for an apples-to-apples comparison from one year to the next. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.
“The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale,” said Jason Mercer, TREB’s Director of Market Analysis.
Done Deals: Market Galleria Suite Offers Easy Downtown Access
Special to the Globe and Mail
Published Thursday, September 8, 2016
71 FRONT STREET EAST, No. 306, TORONTO
ASKING PRICE: $525,000
SELLING PRICE: $520,000
PREVIOUS SELLING PRICE: $227,000 (1999); $159,500 (1997); $147,000 (1996)
TAXES: $3,279 (2015)
DAYS ON THE MARKET: 35
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
The Action: On the block next to the historic St. Lawrence Market, this two-bedroom suite at the Market Galleria was toured by about 20 buyers and transferred over to new owners once a $520,000 deal was inked this summer.
What They Got: At the centre of a mixed-use mid-rise built in the 1980s is an atrium visible from private suites, such as this 1,441-square-foot unit with the additional bonus of a south-facing balcony off the master suite.
For entertaining, there is an open principal room, while cooking and cleaning takes place in the tiled kitchen, two full bathrooms and laundry closet.
Parking comes with the unit, along with monthly fees of $1,269 for the cost of water, gym, guest suites and rooftop deck, plus a redecorated lobby and new elevators.
The Agent’s Take: “It has a very good layout with a generous living and dining room, open concept kitchen, two bedrooms and two full washrooms,” says agent Elli Davis.
“It’s very difficult to find something in this price range that offers that in this city today.”
The building is also anchored by popular bars, Jack Astor’s and Jersey Giant. “The building is partially offices and partially residential, which overlooks the atrium full of foliage, which is quite unique,” Ms. Davis adds.
“Plus, it has easy access to the Theatre District and Financial District, you can walk everywhere.”
Neo-Georgian Mansion Stands the Test of Time – Globe and Mail Home of the Week: 32 Castle Frank Road
Will You Build One Like That For Me?
Neo-Georgian Mansion Stands the Test of Time
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.
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.
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.
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
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.
Forest Hill Tudor Sells Quickly After Handful of Showings
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.”
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.
33 Jackes Avenue #201 – $2,250,000 Grand Suite Of Approximately 3,000 Square Feet! Steps To Yonge/St. Clair/Summerhill Shops And Amenities. Direct Elevator Access, Centre Hall Plan With Formal Living Room, Separate Dining Room, Den, Renovated Kitchen, 2 Bedrooms + Den. Includes 2 Parking Spaces And 2 Lockers. Stellar Service, Valet Parking, Indoor Pool, Sauna, Exercise Room And Party Room.
180 University Avenue #2405 – $1,438,000The Shangri-La! Spectacular Clear View Of City From 24th Floor Balcony! Superb Suite Has 2 Bedrooms With Ensuites, 2 Piece Powder Room, Den, Open Concept Kitchen, Combined Living/Dining Room, One Parking Space. Building Amenities Indoor Pool and 2,500 Sq.Ft. Fitness Centre. Access To Hotel Restaurants, Pay-Per-Use Hotel Services Include Spa, Function Rooms, Housekeeping, Babysitting, Room Service.
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!
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!
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?
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.
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.
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)