DONE DEAL – SYDNIA YU – SPECIAL TO THE GLOBE AND MAIL, PUBLISHED JANUARY 23, 2024

Wide-open views sell condo at Yonge and St. Clair!
47 St. Clair Ave. W., No. 606, Toronto

Asking price: $1.1-million (October 2023)
Selling price: $1.05-million (October 2023)
Previous selling prices: $572,000 (June 2014); $275,000 (August 2002); $345,000 (January 1990)
Taxes: $3,951 (2023)
Days on the market: Seven
Listing agents: Sandra Pate and Amy Polson, Sage Real Estate Ltd.

The unit boasts an eat-in kitchen with plenty of storage and a pantry.
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The action
This 1,060-square-foot corner unit was painted to impress buyers but at the end of the day its biggest selling point was its clear sightlines over the Yonge Street and St. Clair Avenue neighbourhood.
“We had 10 showings in three days, which was a lot for this market, and we got an offer after three days,” said agent Sandra Pate.
“There are always a few listings in the immediate area, but I was confident about this one because it’s on the south side [of the building] with a beautiful, unobstructed view of the cemetery behind and the city skyline too.”

This 1,060-square-foot corner unit has a clear, unobstructed view of the cemetry behind the building and the city skyline beyond.
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What they got
Every room in this two-bedroom unit has large windows. The updated kitchen and open living room have south and east-facing views, with access to a balcony off the living room.
The primary bedroom has a walk-in closet and one of the unit’s two full bathrooms. The second bedroom is across from the laundry closet.
The unit includes a storage locker and parking. Monthly fees of $1,657 cover utilities, 24-hour concierge and use of a gym, party room and shared terraces.

Every room in this two-bedroom unit has large windows.
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The agent’s take
“A corner unit is always nice,” said Ms. Pate.
“The kitchen was eat-in with really good storage with a pantry, which is rare in a condo.”

DONE DEALS, Sydnia Yu, Special to The Globe and Mail

21 Riverdale Ave., Toronto
Asking price: $2,299,000 (June, 2023)
Selling price: $2,910,000 (June, 2023)
Previous selling prices: $615,000 (August, 2008); $270,000 (October, 1997)
Taxes: $10,021 (2023)
Days on the market: Six
Listing agents: Sandra Pate and Amy Polson, Sage Real Estate Ltd.

The action

Recent improvements to the home include new windows, roofing, mechanical and plumbing systems. Soare Productions

In the prime residential neighbourhood bordering Riverdale Park, buyers generally expect a fight over turnkey properties such as this three-storey house. Nevertheless, the sellers decided to price it under $2.3-million to encourage numerous offers. Within six days eight offers came in, several of which were revised upward until the ultimate bid settled at $611,000 over the asking price.

“In downtown neighbourhoods, like Riverdale, the Annex and Cabbagetown, everyone wants four bedrooms, a finished basement and parking, and that’s what we had. So it was popular,” said agent Sandra Pate.

“In the east end, it’s all about low pricing. If you price things higher, you look overpriced. One agent suggested we price it $200,000 lower, but I said, ‘No, we need to be closer to our end goal.’”

 

What they got

The home has two entertaining areas with gas fireplaces. Soare Productions

This semi-detached Victorian is more than 100 years old, but nearly everything inside was updated, and each level had been expanded between 2010 and 2018.

The big ticket items were not overlooked, with recent improvements including new windows, roofing, mechanical and plumbing systems, as well as heated flooring in a retrofitted, one-bedroom, basement apartment.

What had been separate apartments on the upper floors were dismantled and restored to their original state, resulting in living space consisting of three bedrooms, an open dining area, a kitchen and two entertaining areas with gas fireplaces.

A third-floor addition created a primary bedroom with nine-foot ceilings, a gas fireplace, a rear balcony, a walk-in closet and a fourth bathroom.

The 21- by 147-foot lot was also refreshed with a south-facing deck, flagstone patio, pergola and garage.

 

The agent’s take

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“It was gutted right back to the bricks,” Ms. Pate said.

“The location is pretty great in terms of being about ten doors [away] to the park. Everything is in that park; a swimming pool, a skating rink/trail, a playground, fitness trails, sports fields and access to the ravine walking trails.

 

 

Happy September!

Hello,

For those of you lucky to be on holiday in August, I hope it was a terrific time. It was certainly lovely, weather-wise. And now, even though summer’s not quite over, you can feel the fall winds blowing. I hope that the first days back to school and work were smooth and stress free, it can be a challenge getting back into those routines!

As expected, the August real estate market was slow and steady. With 5,294 sales reported by the Toronto Regional Real Estate Board (TRREB), there were 5.2% fewer sales this past August vs August 2022. And although 5,000+ sales may sound like a high number, keep in mind that this includes houses of all types as well as condominiums – in the entire GTA! The volume of properties available increased somewhat in August, although supply continues to be significantly lower in 2023 overall.

In case you’re wondering what the fall market will bring, I think it’ll be a typical autumn event, a flurry of activity through September and October and perhaps into November as well. The last interest rate decision by the Bank of Canada, on September 6^th, was good news/bad news – the economy is slowing and as a result the bank rate held at 5%. The next interest rate decision date on October 25^th may affect momentum heading into late fall. If we see another increase the market may stall for the remainder of the year…tbd. However, market experts expect the Bank of Canada will hold rates for the remainder of the year.

If you’d like more detailed market information, please read on:

Central Toronto REALTORS® reported 119 detached home sales through the Toronto MLS® in August 2023; and on average, these detached homes sold for $2,231,880.

Last year, in August 2022, Toronto MLS® reported 140 freehold detached home sales across Toronto – which is a 15% decrease in volume for this year. It was also reported that on average, freehold detached homes sold for $2,423,502 in August 2022 – and that’s a 8% decrease in sale prices for this August.

With respect to semi-detached homes… Central Toronto REALTORS® reported 98 semi-detached home sales in August 2023; and on average, these semi-detached homes sold for $1,417,215 last month.

That compares to 108 semi-detached home sales in August 2022 – which is a 9% decrease in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,300,469 in August 2022 – and that’s a 9% increase in sale prices for this August.

With respect to condo sales, Central Toronto REALTORS® reported 618 condo sales in August 2023; and on average, these condos sold for $797,312 last month.

In August 2022, there were 631 condo sales – which is a 2% decrease in volume for this year. On average, these condos sold for $800,731 – and that’s a 0.4% decrease in sale prices for this August!

We hope you find this August report useful. If you’d like to discuss it, or have specific questions about your neighbourhood or another one that interests you, please call or email me directly.

Take care and stay safe!
Sandra

Underpriced corner condo in Regent Park gets two offers in two days, sells for $810,000

Sydnia Yu
Toronto
Special to The Globe and Mail
Published July 30, 2023

 

25 Cole St., No. 1605, Toronto
Asking price: $799,900 (May, 2023)
Selling price: $810,000 (May, 2023)
Previous selling prices: $409,000 (July, 2014); $340,504 (May, 2010)
Taxes: $2,597 (2022)
Days on the market: Two
Listing agents: Sandra Pate and Amy Polson, Sage Real Estate Ltd.

The kitchen is outfitted with granite countertops and stainless steel appliances.

 

The action

Agent Sandra Pate was betting this two-bedroom plus den corner unit could sell for more than $800,000, like a similar model in the same high-rise complex did, if it was listed for $799,900 and filled with stylish furnishings. The effort paid off with two offers within 48 hours and a sale $10,100 over the asking price.

“The seller bought a house and moved out, so that made it easy to stage and get it sold,” said Ms. Pate. “And fortunately, the condo market co-operated as well.”

“There were quite a few buyers who were disappointed they missed out, but you’ve got to be fast.”

The 856-square-foot unit has nine-foot windows in its open-concept living area.

 

What they got

This mixed-use building constructed in 2010 by The Daniels Corp., has street-level retailers and hundreds of suites above, such as this 856-square-foot unit on the 16th floor.

The home has nine-foot ceilings and a wide balcony with wood flooring and sliding doors to the kitchen and primary bedroom. The kitchen is outfitted with granite countertops and stainless steel appliances.

The unit includes a storage locker and parking spot. Monthly fees of $760 cover water and heating.

The two-bedroom unit has a split-bedroom plan with two bathrooms, so two people could easily share it and have privacy.

 

The agent’s take

“It’s in a nice, south-east corner with floor-to-ceiling windows all around, so you get great light and it’s high enough for a good view,” Ms. Pate said.

“It also has a nice, split-bedroom plan with two bathrooms, so two people could easily share it and still have privacy.”

Residents also have easy access to many urban amenities. “This particular building has pretty amazing facilities; it’s an award-winning, LEED building with a sky park, which is a third-floor level park with barbecues and picnic areas,” Ms. Pate said.

“And a block away is a massive aquatic centre, so it’s a handy location.”

 

The wide balcony on the south-east-facing corner unit has wood flooring and overlooks the redeveloping Regent Park area.

Hello!

I hope you’re having a fantastically fun and relaxing summer.  Here we are mid-summer already, where does the time go?

Since I’m busy packing, I’ve been in the city most of the summer. Somehow downtown feels even quieter this year. Apparently, travel is up significantly, and I believe that has also impacted the real estate market. Although we’re in the peak of the summer doldrums, sales were up 7.8% vs last July and the average sale price increased too, to $1,118,374. As you may recall, last summer interest rates were climbing, and many were watching from the sidelines. I think we’ve adjusted to current rates, and those who want or need to move are proceeding with their plans.

Unfortunately, the persistent lack of supply continues which is a huge challenge given the record population growth that Toronto is experiencing. Statistics Canada reports ‘The population growth rate from 2016 to 2021 of downtown, in the Toronto census metropolitan area, is +16.1%.’ That growth equates to approximately 100k new residents coming to the city every year. With just 2,000 homes for sale currently on the Toronto MLS, of all types and price ranges, across the GTA, and that number dropping every day, I expect we’ll have a robust fall market. In September we’ll have more properties coming on the market, but likely the supply will continue to be minimal, and we’ll see some moderate competition for the few available spaces on the market. Same story, different month!

If you have any questions, let me know. In the meantime, I hope you enjoy the rest of the summer. Stay safe and have a blast!

Sandra