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New property listed in Dufferin Grove, Toronto C01

I have listed a new property at 138 St Clarens AVE in Toronto. See details here

Rarest of opportunities to own a one-of-a-kind, 3-storey, detached, signature residence. Custom built with a modern aesthetic, this is a super bright, very care-free, low maintenance home for a savvy investor. Currently set up as three separate apartments, each with its own entrance, this home is perfect for keen investors looking to generate solid income but can also be easily be converted to single-family with income from the basement apartment. Offering almost 1700sf, including the basement, this 5-year old home has all the conveniences; third floor deck, parking off the lane, gas boiler/on demand hot water heating system, 4-head heat pump with AC, proximity to shopping, transit, parks &schools.

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Market Watch: Bank of Canada Hints at Rate Drop, Federal Changes for First-Time Homebuyers Unveiled

A lot has happened in the real estate market over the past few weeks, and the changes keep coming.

In April, not only did the Bank of Canada hold rates steady again, it indicated that an interest rate reduction was in the future cards. It will likely only be .25% when it happens – perhaps as early as June – but it would easily be enough to spur some people into action.

The federal government also released a budget and announced that starting on August 1, first-time homebuyers will be able to use up to $60,000 of their RRSPs for a downpayment (up from $35,000) and lenders will be able to offer them a 30 year amortization term as opposed to 25 years.

Will this have a major impact on the market? Probably not. The difference between monthly payments would be less than $250 on a $500,000 mortgage. However, it will help some first-time buyers enter the market, and that is definitely a good thing. Click here for more 

As for the market itself? March saw more of the same kinds of activity we’ve seen this year so far. We continue to see an abundance of new listings coming out and not as many sales. I rack this up to as potential buyers (investors and end users) wait for interest rates to drop. We’re definitely seeing this in the condo market more than the single-family home market.

In actual numbers:

In C08 (Yonge east to the Don Valley, Bloor to the Waterfront), there were 417 new listings in March and 128 sales, which is roughly only about 30%.

In C01 (Yonge west to the Dufferin rail tracks, Bloor to the Waterfront), the numbers were slightly higher – 757 listings with 256 sales, which means roughly 1/3 of the listings sold.

That may seem low, but even in the hottest market you’re lucky to see 60% of the homes listed actually sell. The number of properties being listed is lower than what’s being reported. I’m seeing listings being re-listed and refreshed, which skews the numbers. (Each time a property is re-listed, it counts as a new listing.)

What’s to come this spring?

I believe we’ll see a continued trend of more properties coming out on the market and fewer sales across the board. In specific sectors, we’ll see a higher percentage of single family homes selling, compared to condos.

Until interest rates come down, there won’t be a substantial change in activity levels even with the changes in the Federal budget.

I always like to highlight opportunities in the market. While it’s never good karma to take advantage of someone’s circumstances, there are deals to be had on condos. Some (though not many) sellers have to sell. There are definitely units that have been on the market for a while and are not getting traffic. When an offer comes along, the sellers are thankful to see it. It’s not desperation - people are just generally ready to negotiate because they want to get their property sold, especially if it has been on the market for so long.

I know buyers are waiting for interest rates to go down, but I don’t think it’s sunk in for buyers that this interest rate climate is probably the new normal for a while to come. We’re unlikely to see rates as low as they were in 2020 any time soon.

If you're curious about what's happening in your neighbourhood, please get in touch! 

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April 2024 Newsletter: Best Fish & Chips in TO - Hot Docs Returns - How to Update a Bathroom Without Buying Anything New

Happy Spring... a time when we're re-energized, renewed and refreshed... and that includes my website. Take a peek at the revamped www.BE-AT-HOME.com and let me know your thoughts!

Scroll down and I've got some market predictions, bathroom upgrade ideas, and places to find the best fish & chips... as well as some exciting new property offerings!

Also below, and despite a little controversy, Hot Docs is set to return at the end of April with a full range of programming, from a film about trans-trendsetter Jackie Shane to films about world politics, and the climate.

As for the market, the unseasonably warm weather this winter led to a busier-than-usual market in March, and with signs pointing to an interest rate reduction coming this year, we anticipate the spring market will continue to be busy as more listings are hitting the market each week!

Click here for the full newsletter

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New property listed in Cabbagetown-South St. James Town, Toronto C08

I have listed a new property at 103 77 Maitland PL in Toronto. See details here

Welcome to Celebrity Place!! Stylishly renovated, 2 bedroom, 2 baths, "Garbo Suite" (851 Sq Ft as per builder plan) with an open concept modern kitchen, updated baths and an entertainer's dream living space with wood floors & walk-out to a massive private garden terrace. The private second bedroom is perfect for couples that desire a "work from home" alternative or those that wish to cost-share. The suite is flooded with the warmth of natural morning light. This is a very well run, secure and superbly cared for complex where convenience is key, being only steps to all the city has to offer. Transit, shopping, Loblaws, Farm Boy, Metro, Yonge & Bloor, Varsity theatres, parks, great restaurants... who could ask for more!

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New property listed in Church-Yonge Corridor, Toronto C08

I have listed a new property at 706 155 Dalhousie ST in Toronto. See details here

Rare, west-facing Merchandise Building, one bedroom loft with stellar city views. Well maintained, recently painted and ready for you personal touches. An expansive sun-soaked suite with a raised private bedroom (with a ton of storage underneath) featuring massive concrete pillars, soaring ceilings and impressive barn doors. Don't miss the amazing amenities which include, 24-hr concierge, a 5-star gym & an entertainer's dream roof top terrace with BBQ's, party room, kitchen, indoor pool and dog-run. If convenience is a deciding factor in your next home, this location has it all being steps to groceries at the Metro, transit, Eaton Centre, TMU, financial core, theatre, libraries, restos and more. Merchandise Lofts can't be beat!

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