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

Bidder for narrow row house trumps rival with $206,000 over asking offer

Done Deal – Sydnia Yu
Updated September 28, 2021

 

315 Highfield Rd. Toronto

Asking price: $699,000 (July, 2021)

Selling price: $905,000 (July, 2021)

Previous selling price: $125,000 (March, 1997)

Taxes: $3,134 (2021)

Days on the market: Two

Listing agent: Sandra Pate, Sage Real Estate Ltd.

 

The action

This two-bedroom row house on a 12-foot-by-100-foot lot had an eye-catching price under $700,000. One buyer tried to strike a deal before the offer date, but they were knocked out of contention by another bidder with a hefty $206,000 over asking offer.

“It’s a hot market, especially in that price range,” agent Sandra Pate said.

“There was one other house that was our competition, but it had a different offer date, so that was convenient.”

 

There is hardwood flooring in the living room and in the bedrooms upstairs.

 

What they got

This more than 100-year-old house has nine-foot ceilings on the main level and nearly seven-foot ceilings in the unfinished basement.

There is hardwood flooring in the living room and in the bedrooms upstairs.

The back garden can be reached from a den off the eat-in kitchen.

 

The agent’s take

“It has about 12-foot frontage, so it’s a baby house, but as cute as a button,” Ms. Pate said.

“It has nice high ceilings, and all the rooms were a good size.”

The property does not have parking, but transit and other essentials are down the street on Gerrard Street. “It’s a sweet neighbourhood that’s changed a lot since the seller bought it 24 years ago,” Ms. Pate said.

“There’s an interesting mixture now of nice coffee shops, cheese shop, a great health food store, Italian restaurant and Godspeed Brewery.”

 

The back garden can be reached from a den off the eat-in kitchen.

Done Deal

Three offers for east end Toronto home on a large lot

80 Dentonia Park Ave., Toronto

Asking price: $999,000 (March, 2021)

Selling price: $1,126,000 (March, 2021)

Previous selling prices: $385,000 (November, 2007); $193,500 (July, 1998)

Taxes: $3,316 (2020)

Days on the market: Seven

Listing agent: Sandra Pate, Sage Real Estate Ltd.

 

The action

The house sits on a 25-foot-by-100-foot lot close to Dentonia Park and the Victoria Park subway station.

 

This 94-year-old house only has one bathroom and the basement is unfinished, but it sits on a sizable 25-foot-by-100-foot lot close to Dentonia Park and the Victoria Park subway station. More than two dozen visitors toured the property, but none returned with a bid until after the presentation date had passed.

“People make the assumption when there’s an offer date that it’s going to sell, and it doesn’t always,” agent Sandra Pate said.

“The next day, I had eight phone calls from agents, and then I had three offers, which is not uncommon. Sometimes buyers are spread here, there and everywhere.

“There was also the worry it would sell for way more, but I said, ‘It wouldn’t sell for way more, we just wanted to sell it, so just bring in an offer.’”

 

What they got

There’s a wood burning fireplace and double doors off the dining room to a large deck.

 

The house has 1,140 square feet of living space and a standard three bedroom layout with formal living and dining rooms. There’s a wood burning fireplace and double doors off the dining room to a large deck.

Updates include a remodeled bathroom, and newer appliances and quartz countertops in the U-shaped kitchen.

There is a parking pad at the front of the property.

 

The agent’s take

“It’s detached with a lovely garden and is right on the park,” Ms. Pate said.

“In that price range, [frontages] are 15-, 16- or 17-feet if you’re lucky. This was 25.”