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New property listed in Regent Park, Toronto C08

I have listed a new property at 202 19 River ST in Toronto. See details here

Vinegar Lofts! Don't miss this rare opportunity to own a stellar 2 bdrm loft with soaring ceilings, parking, over 1200sf (including terrace) in one of the few authentic loft conversion buildings in the downtown core. This super quiet 36 Unit residence offers the epitome of real hard-loft living with exposed yellow brick walls, sky-high wood ceilings with Douglas fir posts & beams, massive loft- style windows. As if that wasn't enough, this loft features a Gallery-Style Entry, an oversized modern, open concept renovated kitchen with party-sized centre island, a sun-soakedLiving/Dining with walk-out to a huge south-west facing terrace (approx. 200sf), concrete flooring through out and lots of ensuite storage. Steps To Transit, Parks, Restaurants, Financial Core, Queen/KingE. Quite honestly this one has all the Wow-Factor your dream home can hold!!

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Toronto Real Estate: Market Surprises, Tax Hikes, and Opportunities

This month, I’m discussing both the real estate market and a potential increase in property taxes.

If you’re interested in the specifics of the market, you can see the stats here.

There were more sales than I expected to see, perhaps prompted by a drop in interest rates. If there was anything surprising, it’s that there wasn’t an even further decrease in condo prices. Judging by the amount of interest (or lack thereof) in the condos currently on the market, I’d have expected that owners who really needed to sell would be more accepting about the current state of the market and be willing to negotiate.

So far in January, I’ve seen a ton of new listings, but I don’t think we’ll see a huge number of sales until we’re further into the spring market, like March or April. But it’s so hard to make predictions, not knowing the fallout from what’s happening in the US, not to mention potential elections here.

There are always opportunities in the market, it just depends on what you see as an opportunity. There are a number of condos available for sale that have been sitting for a while. If you’re an investor with a lot of cash to put down, there are deals to be had.

If you’re curious about what’s happening in your neighbourhood, send me a message.

The other news that will directly impact all homeowners is the proposed property tax increase coming for 2025, which works out to a total of 6.9%. There is an actual tax increase of 5.4% and a city building levy of 1.5%.

It sounds like a lot, but keep in mind that the taxes are calculated on assessments from 2016. If the city kept the tax rate the same but homeowners were taxed on the 2024 value of their home, people would be in shock.

To put it into dollars and cents, if your home was worth $1M in 2016, the proposed increase (city council will vote in February) would be $388. Annually.

There is a program for seniors who earn a low income (and may have been living in their home since the 50s) to apply for a tax grant. Hopefully the majority of Toronto homeowners can find an extra dollar a day to add to our property taxes.

The bottom line is that yes, property taxes have gone up by 24% over the last three years, but It’s about time. We’ve had the luxury of super low taxes and, although everyone wants to dump on Olivia Chow because the increases are happening during her tenure, I think we can blame past administrations that let things get to this point. And still, we have a very low taxation rate. For example, someone living in Ottawa would be paying almost $12,000 in taxes on a million dollar home, compared to $7,153 in Toronto.

Nobody wants to pay more tax than they have to, but I am ok with the idea of paying more because the city is suffering. The only other option is for the province to fund more, but that would mean it has more control of our city, which is something we definitely don’t want. Let’s just hope that city council uses the funds wisely and we see improvements.

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New property listed in Waterfront Communities C1, Toronto C01

I have listed a new property at 1007 20 Blue Jays WAY in Toronto. See details here

Beautiful & well-maintained 2 bedroom plus den suite at Tridel's Award Winning Element Condo! Approximately 895 Sf + Balcony. A generous split-bedroom floor plan which is perfect for sharing or a home office. Open Concept Living & Dining Space with super-sized den which could be used as a separate dining space or a home office. The over-sized modern kitchen features granite counters & ceramic tile backsplash. The extra large primary bedroom features a private 4-piece ensuite bath and a large double closet. This suite is not lacking for storage with double closets in abundance. Parking is definitely included with this offering! Convenience Is Key Being located in the heart of the Entertainment District and only steps to restaurants, shopping, the Waterfront, Financial District, Cn Tower, Rogers Centre, Public Transit,Highways, Daycare. Don't Miss The 5-Star Facilities W/ indoor Pool, Gym, Concierge, Party &Meeting Rooms, Visitor Parking, and amazing roof-top terrace & More!

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November’s Real Estate Surge: What It Means for Buyers and Sellers This Winter

There was significantly more movement in November’s real estate market than last year and the first half of December was quite active, but the signs of the holiday slowdown are definitely taking hold. Fewer properties are  coming to market and there are fewer showings on the properties that are currently available. That being said, I have just listed a cute one bedroom in the Annex!

What’s not uncommon for this time of year is that it isn’t just the new listings that are selling. What I often see at the end of a traditionally busy real estate season is that there is also an uptick in the sales of properties that have been sitting on the market for months. In my neighbourhood, one home sold that had been for sale since June! One reason for the action could definitely be attributed to the Bank of Canada rate cut in October and consumers were expecting another in mid-December. Turns out they were right!

Of course, who isn’t happy with the latest announcement from the BoC (a .50% rate reduction)? I think it will definitely help propel the market forward well into 2025, but I’m not confident it’s going to light a huge fire under people’s butts to take action during late December. Even with new mortgage rules coming into effect, I think the holidays will override the immediacy of the market taking off.

I do think we could see the spring market begin sooner than usual. I’m already meeting with homeowners to discuss what they’re going to do in the spring, so that’s a positive sign.

There’s another rate announcement due on January 29th, and if it’s a cut, or even a hold, that should give some confidence to hesitant buyers that things are settling down.

On the flip side, the other thing to consider is the incoming regime in the U.S. As much as the stock market has been doing really well, there’s a lot of talk about it being another bubble, not to mention concern about how the tariffs will affect us, along with the weakening dollar. There are still a lot of unanswered questions until Trump gets into power. Expect the next 4 years to be a bumpy ride!!

Although average home prices are actually lower than they were in 2021 (according to TRREB), the cost of living has gone up significantly and if the U.S. comes through with tariffs as threatened, affordability could get worse. So low interest rates alone won’t be enough to get the market going again.

So when is the right time to buy?

Some colleagues will always telling people that NOW is the time to buy regardless of market conditions, but with this market, they probably have a point.

If someone buys now, they won’t be closing for 60 to 90 days, which would be the end of March. There will be two more rate announcements between now and then. If rates go down, buyers get the benefit of that. It’s unlikely rates will go back up so soon, if anything, they’ll stay consistent.

I’m frequently being asked what I think will happen in 2025 and the bottom line is that it’s impossible to predict. There are lots of little things happening to encourage movement in the housing market. No single change is going to have a big impact, but at some point, we’ll reach critical mass and then we’ll see action when people feel confident enough to move forward.

I still feel like there’s restraint to the market, some hesitation, and people are just sitting on the sidelines waiting to see what’s going to happen.

If you’re curious about what’s happening in the market or are curious about what’s happening on your street, please get in touch!

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December's Newsletter: Best Splurge Sushi - Holiday Hills @ STACKT - End of Year Market Trends: Why Now Might Be the Best Time to Buy

The holidays will be here before you know it, as will 2025! In the meantime, there’s a tonne of happenings in the city to enjoy — in addition to holiday parties and spending time with friends and family!

Top of my list this year is STACKT where, currently, they have a winter wonderland complete with a 100-foot-long light tunnel! I suspect it's perfect for Instagramming! And speaking of light, we’re all dealing with a lack of it these days. You’ll find a great piece below with some pro tips on how to maximize the light in your home.

Also below are three listings that you don't want to miss... if you're running out of Christmas ideas maybe one of these properties would make a great stocking stuffer !?!

Toronto's real estate market is heating up, or at least it was in November! Sales surged 40% from last year. The market tends to slow in December but with the prospect of even lower interest rates expected in the New Year, buyer activity has ramped up as prices hold steady. December could still bring surprises though. There's a Bank of Canada rate announcement on the 11th and new mortgage rules being implemented on the 15th—typically a quiet month, but perhaps not this year!

Click here for the full newsletter

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New property listed in Annex, Toronto C02

I have listed a new property at 48 217 St George ST in Toronto. See details here

Charming oasis in the heart of the city! Welcome to Sloane Square, located in the upscale Annex neighbourhood amongst historic mansions on a tranquil tree-lined street. This loft- style, 2-level, one bedroom suite is a rare find in today's market, especially in this coveted, leafy neighborhood. Situated in a quiet enclave of low-rise, stacked townhomes, this urban getaway offers a cozy, private, west sunset-facing balcony, a super-sized primary bedroom loft-retreat overlooking the stylishly renovated, modern living/dining/kitchen "great room" with soaring ceilings and a skylight flooding the space with energy & light. This suite also features an exclusive use locker for all your extra storage needs. *Convenience is key* to this gem of a property that's mere steps to transit, U of T (offering gym memberships including at the historic Hart House), 2 LCBO flagship stores offering excellent selections, Michelin-star landmark and beloved neighbourhood restos to entice your global palate. Along with the ROM, Koerner Hall, Yorkville, Manulife Centre, Eataly, Varsity Cinemas, Whole Foods and all the excitement that downtown invites you to explore and experience, this property will definitely be at the top of your list.

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New property listed in Church-Yonge Corridor, Toronto C08

I have listed a new property at 1201 285 Mutual ST in Toronto. See details here

Radio City Condos! Super-Sized One Bedroom Plus Open Concept, Extra Large Den. West Facing,Sun-Soaked Neighbourhood Views From The Private Balcony. Renovated Kitchen With StainlessSteel Appliances, Stone Counter And Party-Perfect Centre Island. Closets Galore Means Lots Of Ensuite Storage! Steps To Transit, Shopping, Loblaws, Metro, Farm Boy, LCBO, Eaton Centre, restaurants, The Village, Yonge & Bloor, TMU, U Of T, Hospitals & More.

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End-of-Year Market Trends: Why Now Might Be the Best Time to Buy

Now that it’s almost the end of November, we’re seeing fewer homes coming to market; a trend that’s likely to continue through the holidays. My guess is that you can expect to see a flurry of new listings at the beginning of the year, which is all a part of the natural heartbeat of the real estate business.

That wasn’t the story in October, though. Home sales were up significantly compared to the same time in 2023. The number of single family homes sold was up by over 37%, and even the number of condos sold was up by over 32%. Interestingly, despite increased sales, prices remained fairly steady. If you want to see specific data, click here for the TRREB press release.

I think the numbers make sense. There is a plethora of inventory out there that has to be absorbed so, even with an increase in sales, there’s more supply than demand.

But does this make it a buyer’s market? Not quite. Homeowners who don’t have to sell aren’t budging significantly from their asking price. Is it a balanced market? Not quite. The decrease in interest rates is definitely getting more people committed to buying, but buyers still have power, and the story they tell when they’re bringing in an offer is that if it’s not your place we buy, it’s going to be somebody else’s.

With so many properties available, sellers have to understand that the power is less in their hands than it is in the buyers. They still have to price competitively and worry about all the other properties that are coming onto the market.

Here’s an example. In October, I listed a co-op on Gloucester. On the same day, the identical unit two floors down was listed, for $50,000 less.

I was confident my listing was priced fairly and we ultimately sold first. (Plumbed in ensuite laundry helped, the other unit didn’t have it!) Both sold within two weeks of being listed and a little under asking. Both were listed for realistic prices and that’s among the reasons they sold quickly. Properties that are listed too high are languishing.

What’s coming down the pipeline?

The majority of buyers and sellers are going to wait until spring. Buyers are counting on interest rates to go down and sellers are counting on more buyers with the idea that home prices go up.

If you’re a buyer, I actually think that waiting is potentially a mistake. Now is the time to get into the market because there is so much to choose from and the majority of sellers are willing to negotiate. There may very well be more homes and condos available in the spring, but there will also be more competition from other buyers. With the lowering interest rates more buyers inevitably will enter the market.

I doubt condo prices are going to soften in the spring. If you run the numbers (a good mortgage broker can do this for you), you would see that the difference in your monthly payment if you buy at today’s prices and today’s interest rate compared with spring prices and rates, the difference would be under $100 per month.

If you’re a seller who has to sell first before buying, I suggest sitting back, enjoy the upcoming holiday season and think about going to the market at the beginning of 2025… rates will be lower and many more buyers will have renewed interest after the holidays are over.

Also in the news, the Globe and Mail recently reported that the number of members of Toronto’s Real Estate Board (the licensing body) went down by about 8%. Don’t panic, we’re not quite an endangered species. There are still 73,000 licensed realtors, it’s just as one person put it, ‘a culling of the herd.’ People are retiring, and some who thought they could make some easy money found out it wasn’t quite so easy. When the market picks up, we may see another increase.

Although 73,000 is a big number, there are a lot of realtors who don’t sell any properties. In October, 6658 properties sold in the GTA. So clearly, the majority of realtors aren’t making money. It’s the 80/20 rule; 20% of the realtors do 80% of the work. Quite honestly, there are a lot of realtors who don’t sell any properties.

Bottom line: choose someone who does this full time! If you ever want to discuss the market or are curious about what your home is currently worth, please get in touch! 

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New property listed in Church-Yonge Corridor, Toronto C08

I have listed a new property at 805 86 Gloucester ST in Toronto. See details here

Welcome to 86 Gloucester St!! This sun-soaked, south facing suite offers expansive rooms sizes, peaceful neighbourhood city vistas from every room including the private balcony, and a wonderful opportunity to create your own downtown oasis. A blank slate, if you will, to allow the designer in you to make this home "your" home, in a building that offers a quiet retreat in the heart of the city. With sensational amenities including a gym, outdoor pool with lovely landscaped grounds, party room, jaw-dropping views from the rooftop terrace and top-notch security bar-none, 86 Gloucester can't be beat!

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New property listed in Waterfront Communities C1, Toronto C01

I have listed a new property at 424 295 Adelaide ST W in Toronto. See details here

Super spacious with storage galore! A wonderfully bright, 2 bedroom plus den with 2 full baths at "Pinnacle on Adelaide" with upgraded wood flooring throughout. Expansive living and dining room with floor to ceiling windows & walk-out to large private covered balcony. Primary bedroom retreat with ensuite bath and double closets. Very private second bedroom with enormous closet. Open concept modern kitchen with lots of counter space and stainless steel appliances. Oversized, open den area allows for work at home opportunities. The location can't be beat! Close To Public Transit (St. Andrew Station, 504 Streetcar, Etc.), Shopping,Restaurants, Financial District, The Path, Theatres, Steps To The Cn Tower And More. OneStorage Locker (4th Floor), And Bike Locker Included. Top-Notch Condo Amenities Include 24H Concierge/Security, State-Of-The-Art Fitness Centre, Yoga Room, Indoor Pool, Hot Tub, Sauna,Outdoor Terrace With Bbqs, Party Room, Lounge, Meeting Room, Theatre, And Foosball/Ping PongRoom.

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Is Now the Time to Buy in Toronto? Why Mortgage Rule Changes Could Help You

There was some drama in Toronto’s real estate market in September, but it didn’t have anything to do with what was bought or sold, it’s in the changes to mortgage rules that were announced to roll out in the coming months.

What we saw was normal market activity. We always see an uptick in September once people are back from summer vacations. And based on watching the market every day, I expected that both sales and listings would be up.

One change is that my phone is ringing a lot more. People are asking questions and being more engaged with the market. There’s still a somewhat low sense of urgency, but potential clients and long-standing ones too, are calling to talk about their plans for 2025 and asking about further rate decreases.

Many economists were predicting that the Bank of Canada would lower the key interest rate by another 50 basis points this month and as I write this now, the news hit all the channels. Will this be the last of the rate decreases? Chances are NO. There is talk of further future reductions as long as we’re able to keep inflation in and around the sweet spot of 2%.

So my advice to homeowners right now? Probably not a popular one in real estate circles but, unless consumers  really need to sell, I’m advising people to wait I think we’ll see a busy spring market. We’ll just have to see if the buyers will be ready to buy…

Having said that, I do think that now is a good time to buy: The average price in the 416 was down slightly from 2023, and by slightly, I mean less than one percent ($7,555). And despite so many condos being on the market at the time of writing this (7185), the average price for a condo was down by 3.5%, or just over $24,000.

You may wonder, why am I telling you about this? If you’re in the market to buy, especially a condo, you have an incredible amount of choice. Prices are actually lower than they were in 2022.

If you came here for a little drama, here it is:

In August, a rule change came into effect that allows first-time buyers purchasing new builds, (including condos) to qualify for 30-year mortgage amortizations.

The next round of changes comes into effect on December 15:

If your down payment is less than 20%, you need to have mortgage insurance. However, you can only get that insurance if your mortgage is under $1M. As of December 15th, the amount of mortgage you can insure increases to $1.5M to reflect how much prices have increased since 2012.

In theory, this is good news. It’s a move in the right direction to get people to transact in real estate. It will make homes that were less accessible more accessible – to those who can afford it.

Let’s crunch some numbers.

The minimum down payment for a $1.5M home would be $125,000.

(That’s 5% of first $500,000 plus 10% of the remaining amount)

This means that a home buyer could pick up a $1.5M home for just $125,000 down; if their income qualifies. Buyers also have to take into consideration land transfer taxes ($52,500 or $44,475 if they’re a first-time home buyer), which means the buyer has to come to the table with about $175,000, plus legal fees.

And that’s even before the carrying costs. When you’re buying a home, you have to take other expenses into consideration. Monthly, the mortgage on that property would be about $8000. Property taxes would be about $900 and the insurance would be about $50.

The carrying cost on that property would be about $9000 per month and that doesn’t include utilities or regular maintenance.

In order for this to have an impact, there would have to be a large number of buyers out there grossing at least $250K annually and currently unable to save enough for a down payment. I don’t think this is as risky as it sounds - CMHC has pretty strict requirements for approval.

Other new rules will be rolling out over the coming months, including the ability to refinance to help cover the cost of building secondary suites.

Another change coming in December, all first-time buyers and all buyers of new builds will be eligible for 30 year amortizations, lowering the monthly payment.

The next change will come into effect on January 15, 2025, when homeowners will be able to refinance their insured mortgages to access the equity in their homes and help pay for the construction of a secondary suite, such as basement rental apartments, in-law suites, and laneway homes.

As always, your best resources are a good mortgage broker and a good realtor. If you have any questions about how you can take advantage of these new rules, please get in touch.

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New property listed in Church-Yonge Corridor, Toronto C08

I have listed a new property at 604 30 Gloucester ST in Toronto. See details here

Rare south-facing Gloucester Gate, one bedroom , upgraded suite with stellar neighbourhood city views. Well maintained, updated and ready for you personal touches. An expansive 561sf sun-soaked suite with a very private bedroom. One of the few suites in the building plumbed for ensuite laundry and a massive window-wall in the living/dining area which opens to a lovely tree-top private terrace. Don't miss the amazing amenities which include an exercise room, security, a huge laundry facility for oversized items, gorgeous gardens, BBQ terrace at the back. If convenience is a deciding factor in your next home, this location has it all being steps to groceries at the Loblaws, Metro, transit, Yonge & Bloor, Eaton Centre, financial core, theatre, libraries, restos, the Y, and more. 30 Gloucester Street can't be beat!

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