Done Deals: Large, Upscale Yonge-Bloor Condo Snapped Up In Days
1 St. Thomas Street, No. 16A, Toronto
ASKING PRICE: $2,625,000
SELLING PRICE: $2,615,000
TAXES: $16,084 (2015)
DAYS ON THE MARKET: Four
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
Published in The Globe and Mail January 14, 2016
The Action: Early in the fall, the luxury One St. Thomas Residences had few vacancies other than this two-bedroom-plus-den corner suite. It was picked up for $2.615-million in a matter of days.
What They Got: New York architect Robert Stern designed this eight-year-old high-rise with luxury amenities, services and suites, such as this 2,497-square-foot unit with a formal dining room and living room with a gas fireplace and loggia with a second access point from a den.
• Appointments are upscale, such as hardwood floors, granite floors and Sub-Zero and Wolf appliances, as well as three bathrooms, a walk-in closet in the master and his-and-her closets in the secondary bedroom.
• A laundry room, locker and two-car parking complete the unit, which owes $2,474 monthly for water and use of common areas.
The Agent’s Take: “The building is beautiful – and newer – so it offers a pool, gym, concierge, visitor parking and valet parking,” agent Elli Davis says. “And it’s right on the Mink Mile on Bloor Street, so it’s a very sought-after building.”
The suite was staged to showcase its core features. “It’s quite original, but well kept,” Ms. Davis says. “It has a large balcony/terrace and two bedrooms and a den.”
Record TREB MLS Home Sales in 2015
The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year.
“Home ownership is a quality long-term investment that families can live in while the value increases over time. A relatively strong regional economy in the GTA coupled with low borrowing costs kept a record number of households – first-time buyers and existing homeowners alike – confident in their ability to purchase and pay for a home over the long term,” said Mr. McLean.
“If the market had benefited from more listings, the 2015 sales total would have been greater. As it stands, we begin 2016 with a substantial amount of pent-up demand,” continued Mr. McLean.
The average selling price for 2015 as a whole was $622,217 – up 9.8 per cent compared to $566,624 in 2014. The MLS® HPI Composite Benchmark Price was up by a similar annual rate of 10 per cent in December. GTA home price growth was driven by the low-rise segments of the market, but condominium apartment price growth was generally well-above the rate of inflation as well through 2015.
“TREB will release its official 2016 outlook later in January, but suffice to say that the demand for ownership housing is expected to remain very strong in 2016. Despite stricter mortgage lending guidelines and the possibility of slightly higher borrowing costs, on average, there will be many buyers who remain upbeat on the purchase of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.
National Chairman’s Club represents the top 1% of agents in Royal LePage. It is an honour to be included in this group and I am pleased to announce that I placed #22 out of over 16,500 agents nationally.
Many thanks to my loyal clients and hardworking team for another successful year!
Record Sales in November 2015
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price for all transactions was also up by a similar annual rate of 9.6 per cent to $632,685. Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses.
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.
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Record Home Sales For October
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 8,804 home sales through TREB’s MLS® System in October 2015. This is the best result on record for the month of October.
“It is clear that many GTA households remain upbeat about home ownership because owning a home represents a high quality, long-term investment. We will see a big, new record this year for home sales reported through TREB’s MLS® System,” said Mr. McLean.
“Despite the record October result, I must point out that the Government of Ontario could hamper home sales in the near future. The Wynne government is seriously considering allowing municipalities throughout Ontario to institute a second land transfer tax on top of the existing provincial tax. Recent polling has shown that the great majority of Ontarians oppose this tax and would consider delaying a move if they were forced to bear the additional upfront cost,” added Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in October. Over the same period, the average selling price for all home types combined was up by 7.3 per cent to $630,876. Price growth continued to be driven by the low-rise market segments.
“Record sales coupled with a constrained supply of listings in many GTA neighbourhoods has underpinned very strong price growth throughout 2015. Even if we do see a greater supply of low-rise listings in the marketplace over the next year, market conditions will remain tight enough to see continued price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
Toronto is a Hot Commodity with Analysts Predicting a Record Year
I had the pleasure of being interviewed by Angie Seth, of Global TV News, about Toronto’s hot real estate market. You can watch the video below or view on the Global News site!
Record Home Sales in September 2015
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported a record number of transactions for the month of September through TREB’s MLS® System. There was a combined 8,200 home sales reported for September 2015. This result was up 2.5 per cent compared to September 2014.
TREB MLS® sales through the first nine months of 2015 amounted to 80,331, which also represented a record result and a 9.5 per cent increase compared to the first three quarters of 2014.
“We are on track for record home sales reported through TREB’s MLS® System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the average price was driven by the low-rise market segments, including detached and semidetached houses and townhouses.
“While September was the second straight month where annual growth in new listings outstripped annual growth sales, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year, suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s Director of Market Analysis.
ASKING PRICE: $899,000
SELLING PRICE: $936,000
PREVIOUS SELLING PRICE: $605,000 (2007)
TAXES: $4,720 (2015)
DAYS ON THE MARKET: 28
LISTING AGENT: Elli Davis, Royal LePage Real Estate Services Ltd.
Published in The Globe and Mail, September 17, 2015
The Action: A great deal of traffic flowed through this detached, three-bedroom residence, but without an offer and with a number of other alternatives nearby, the price was dropped below $900,000 to attract more buyers.
The move put the residence on the radar of two potential buyers who made competing bids.
What They Got: Less than a 10-minute walk from High Park, this brick house with an attached garage displays traditional stained-glass windows and hardwood floors in areas such as the fireside living room, which has access to a sunroom with ceramic floors.
Since 2007, the original centre-hall plan was modified with a newly combined dining area and kitchen with a walkout to a deck and 57-by-75-foot lot, as well as a new roof, furnace and lower level recreation room with one of three bathrooms.
The Agent’s Take: “The location of it really helped sell it; it’s a very hot area,” agent Elli Davis says.
“It’s close to High Park and the subway.”
The seller’s improvements also increased the home’s value.
“Glenlake was a very nice house – a three-bedroom house – with a renovated kitchen and main-floor powder room,” Ms. Davis explains.
“[In one bedroom], the owner put in steps to a third floor, so it was more of a loft for storage or a play area.”
Sales and Average Price Up in August
September 4, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,998 residential transactions through the TREB MLS® System in August 2015. This result represented a 5.7 per cent increase compared to 7,568 sales reported in August 2014. On a GTA-wide basis, sales were up for all major home types.
The annual growth rate in new listings was greater than the annual growth rate in sales, but active listings at the end of August were still down compared to last year. This suggests that sellers’ market conditions remained in place, especially where low-rise home types like singles, semis and townhouses were concerned.
“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Mr. McLean.
Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up substantially in August compared to the same period in 2014, with both increasing by approximately 10 per cent year-over-year.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices. It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced,” said Jason Mercer, TREB’s Director of Market Analysis.