Toronto Condo Hot List for the Week of June 16, 2014

Here are my Top Picks for the Week:

 

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630 Queen St E #806

Price: $570,000 Beds: 2 Baths: 2 Sq Ft: 962

Soho Style Sophistication At Sync. Chic Two Bed+Den In The Core Of Leslieville. 962 Sq Ft With 150 Sq Ft Terrace And 139 Sq Ft Balcony With Vistas To The Stars, And To The East – Lush Treetops. With Chef’s Kitchen. Hardwood Floors Throughout. Ex…

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1029 King St W #612

Price: $365,000 Beds: 1 Baths: 2 Sq Ft: 796

Two-Level Unit In The Electra Lofts Building. Super Efficient Layout, Open Concept Kitchen. Exposed 18 Feet Brick Wall. Extra Large Front Entrance Closet. Granite Counters. Wood Flooring. Large Master Bedroom. north Facing Balcony. Inclusions: Stain…

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2 Gladstone Ave #401

Price: $479,000 Beds: 2 Baths: 2 Sq Ft: 865

Queen West “Urban Loft”, Built By Streetcar Developments. Boutique Building. Open Concept 865 Sq.Ft, 2 Bedroom Plus Spacious Den, 184 Sq.Ft. Balcony Has Gas Bbq Line. Master Retreat Has 4 Pc Ensuite. Frosted Glass Sliding Doors. Floor To Ceiling Win…

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33 Mill St #506

Price: $414,896 Beds: 1 Baths: 1 Sq Ft: 749

Historic Distillery District. This Bright, Airy Loft Style Condo Offers You 749 Sf Ft Of Upgraded Living Space. It Features A Practical Layout With 11 Foot Ceilings. Beautiful Floor-To-Ceiling Windows With A Juliette Balcony. Granite Counters. Hardw…

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900 Mount Pleasant Rd. #1008

Price: $414,897 Beds: 1 Baths: 1 Sq Ft: 650

Midtown Living . This One Bedroom Has An Amazing Layout- Two Walkouts To Super Private Balcony With The Expansive East Facing View. Panoramic View Overlooking Treetops. Open Concept Kitchen With Large Granite Island- Perfect For Entertaining. Large …

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1 Becomes 2 in the Million-Dollar Housing Market in Toronto

Great article in http://canadianeasymoving.com

If you are looking to buy a home in the Toronto area, you may have to dig a bit deeper in your pockets and prepare yourself to write a much, much bigger check. What was once on average a one million dollar market is now quickly turning into a two million dollar housing market.

According to the Toronto Real Estate Board, the two million dollar range market has increased by almost forty percent over the past year in the greater Toronto area. While the two million dollar market is relatively small in comparison to overall listings and sales, the demand is clearly there. As million dollar homeowners sell their current homes and buy up into the two million dollar homes, they are driving up the demand and in turn driving up the prices. In many cases, the land that the home resides on is worth one million dollars in and of itself. Which tends to leave many people thinking of the familiar real estate mantra: It is all about location, location, location.

While this burgeoning market may be new to Toronto, Vancouver is all too familiar with the high price of homes, and what finances it takes to enter the market as a homebuyer. The average home in Vancouver just surpassed more than $1.2 million as of May 2014, according to the Real Estate Board of Greater Vancouver. Toronto is not far behind, with the average home price closing just under one million also in May of 2014, as cited by the Toronto Real Estate Board. How do prospective homebuyers afford these real estate prices, especially as first time homebuyers? Often, it comes down to help from family

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Stuck in Condoland

Great article in www.TorontoLife.com

In a city where space is at a premium, tiny condos are the new family home. Learning to survive in 700 square feet

Shannon Bury was 27, with a marketing job in the 905 and her own condo in Burlington, when the big city came to fetch her. The company she worked for was acquired by a larger firm, Pareto Marketing, which moved her job to Toronto. She moved along with it and traded up, selling her place in Burlington and buying a 607-square-foot, one-bedroom-plus-den unit in Charlie, a 36-storey tower proposed for Charlotte Street near King and Spadina. She got the unit pre-construction for less than $300,000, which was a steal, because really she’d purchased much more than space: she bought the dream Toronto and its developers have been selling throughout this decade-long boom. She was single in the city, blonde and svelte, with a well-paying career-track job and, soon, a condo on the edge of clubland. Toronto would be at her feet and at her service. It was the spring of 2008.

Then she met a guy. A great guy, Paul LeBrun, a Winnipeg native who’d landed in Toronto with a Bay Street securities job. They met at a mutual friend’s condo in February 2010, at a party to watch the Vancouver Olympics men’s gold medal hockey game. (The running joke among their friends is that Paul still doesn’t know who won; he was too busy wooing Shannon.) Before long they were living together at Yonge and St. Clair, with an eye to moving into her condo later that year, once it was finished. But the construction fell behind schedule, and their life together began to outpace the cranes. They got married in the ­summer of 2012, and when they moved into Charlie that November, they were already planning their family. “We figured it would take eight months or so to get pregnant,” she says. “Then there’d be nine months of pregnancy, so we’d have time to enjoy condo life before the baby arrived.” She conceived by Christmas.

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Toronto Condo Hot List for the Week of June 9, 2014

Here are my Top Picks for the Week:

 

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55 East Liberty St #405

Price: $344,900 Beds: 1 Baths: 1 Sq Ft: 651

Bliss Condos’ Liberty Village. Great Layout. East Balcony. Laminate Flooring. Granite Counters. Inclusions: Stainless Steel : Stove, Fridge, Dishwasher, Microwave. Stacked Washer/Dryer. Maintenance Fee $296.68 Per Month. Amenities: Concierge, Gy…

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70 Roehampton Ave #1911

Price: $397,000 Beds: 1 Baths: 1 Sq Ft: 641

Location! Tridel’s “The Republic” Condo Building. Bright Open Concept Unit With Unobstructed East View. 9′ Ceilings. Hardwood Floors. East Facing Balcony. Inclusions: Stainless Steel: Fridge, Stove, Dishwasher, Microwave/ Hood Fan. Stacked W…

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90 Broadview Ave #505

Price: $505,900 Beds: 1 Baths: 1 Sq Ft: 950

Builders Model Suite. Fully Furnished. Thousands Spent On Designer Furniture, Art And Upgrades. Can Be Made Into A 2nd Bedroom. Large Living And Dining Area.Designer European Kitchen. Stone Counters. Engineered Hardwood Floors. Deep Soaker Tub. Incl…

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1 Shaw St #927

Price: $439,000 Beds: 1 Baths: 2 Sq Ft: 750

Amazing East View Of The Downtown Skyline From The Den. BBQ From The Balcony. Polished Concrete Floors. Exposed 9Ft Concrete Ceilings. Granite Counters. Deep Soaker Tub In The Ensuite, Freshly Painted Mar/14. Large Windows. Great Layout. Inclusions:…

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Tight Market Conditions Prompt Strong Price Growth

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Greater Toronto Realtors reported 9,706 residential sales through the MLS in April 2014. The number of transactions represented a 1.8% increase compared to 9,535 transactions reported in April 2013.

The number of new listings reported in April was down 4.5% compared to the same period in 2013. Active listings were 17,351 in April-down 8.4% from April2013.

“April marked the beginning of the spring market, during which time we generally see the highest monthly sales total in a given year. Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs. However, ales levels would have been higher , but for the lack of supply,” said Toronto Real Estate Board President Dianne Usher.

“A number of factors underlie the constrained supply of listings. Studies and polling suggest that the additional upfront land transfer tax in the City of Toronto has prompted some households to stay put and renovate rather than list their home and move. In the broader GTA context, above-trend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again,” continued Ms. Usher.

The average selling price continued to grow in April up by 10.1% from the same time last year to $577,898.  Note, the average selling price for 2013 as a whole was up by almost 5.2% to $523,036!!

“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year  there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 3.2% from April 2013. The average selling price of a Toronto condo increased  by 1.8% from the same time last year.

 

Condominium apartments accounted for 21.9% of total sales in the GTA for April  2014 while detached homes accounted for 50.3% of the total sales.

Other notable statistics include the average days on the market for April at 20 days, down 13.0% The sales-to-listings ratio for April was 47.4% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos. 

 

 

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