Hey Friends!

We are EXCITED to feel the warm weather and to see the beautiful trees and flowers blooming throughout the city. Neighbours are hanging out on their front porches again and we can’t help but notice that more people are smiling ?

The real estate market is active and homes are being bought and sold.

Let’s take a few minutes to give you another Real Estate update for May 2024.

The Government of Canada dropped a bit of a surprise on us all a couple of weeks ago in relation to Capital Gains Taxes in Canada. This resulted in a bit of a worried frenzy among investors, financial planners, and accountants. The toughest blow is that they aren’t giving our citizens much time to change their plans that have likely been in place for years.

In relation to real estate, if you dispose of your capital property that is NOT your principal residence, the current rule states that 50% of the gain is included in your taxable income.

The new proposed rule will be that 66.7% of the gain will be included in your taxable income, if the property is disposed of on or after June 25, 2024.

There are some differences between individuals vs. corporations and trusts. For individuals, the first $250,000 of a capital gain realized after June 25, 2024 will be taxed at 50% and anything over and above that will be taxed at 67.7%

We are seeing a lot of real estate investors rush to the market looking for a quick sale in order to avoid the increased tax.  If you own a secondary property, let’s take some time to do some quick math before making a snap-decision. 

Assuming that you are in the highest tax bracket at 53.53%, a capital gain of $350,000 would  result in a difference of approximately $9,000 more out of pocket with the new rules vs. the old ones.

Although it’s not ideal, it’s likely not as bad as it sounds. Where it will have the largest effect will be on people who have held an investment property for more than a decade who have realized a larger gain over time.

Now, don’t freak out! If you had no plans on selling your secondary property, it may not make sense to get it sold before June 25, 2024 (or maybe not even this year at all!). If it was on your radar to sell it this year, it may be worth getting it on the market and sold before June 25.

Just reach out! We are here to help you walk through all of your options. It would also be a great idea to touch base with your accountant and/or financial planner :) 

Remember, teamwork makes your real estate dream work!

The Buyers are out and the Sellers are more willing to list their homes for sale after seeing prices bounce back after the brief dip caused by the hikes in interest rates. April came and went and interest rates stayed the same. The next rate announcement is June 5th and there is plenty of anticipation on whether or not the Bank of Canada will start to drop the interest rates. We’re sure that a drop in rates would be welcome by many!

Year-over-year stats were relatively flat with slight increases of approximately 3% overall in the city of Toronto. We did however see a 6% increase in all home types in the city of Toronto comparing March/24 to April/24, which is not uncommon for a traditional spring market.

The number of sales were also down year-over-year which meant increased choice for buyers. This and an increased number of available listings has also helped to keep the prices flat.

Freehold homes continue to get more attention than the condo market, garnering more multiple offer situations and quicker sales. As always, a properly presented and priced property will still move in almost any market (we can help with this!)

Overall, we feel that this is a relatively healthy market and there isn’t as much tension compared to spring markets in recent years – a much more enjoyable experience for buyers and sellers.

Check out the April year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

Welcome home to boutique urban living at unit 801 at 318 King St E, The King East, where style meets comfort in this impressive one bedroom condo. This residence offers an inviting open-concept living space with engineered hardwood floors, approximately 9-foot ceilings and stylish concrete accents, evoking a trendy loft-style ambiance.

The modern kitchen features full-sized stainless steel appliances, sleek stone countertops and a new subway tile backsplash. Floor-to-ceiling windows fill the space with natural light throughout the day with spectacular sunsets to follow in the evening.

The spacious bedroom boasts large closets for plenty of storage, engineered hardwood floors and frosted glass sliding doors. 

Spanning 600 square feet of wonderful living space inside, this residence also features a generously sized balcony with the convenience of a gas BBQ, perfect for outdoor dining, entertaining friends or simply unwinding while taking in the city views. 

Suite 801 also includes the added convenience of ensuite laundry, a large front hall closet and a locker.

Check out www.318king.com for more info and photos.

We have been blessed to have had the opportunity to help many of you and your people so far this year.

We truly appreciate your support and feel extremely honoured that you choose The TO Group to refer to your family, friends, and colleagues. Thank you!

Cheers!

Chris and Ford

The post May 2024 Market Report appeared first on Thurston Olsen Real Estate Group.

You won’t find another investment property of this caliber.

917 Bathurst Street in The Annex was professionally built and completed in 2013. The result is four luxury suites built with the highest of standards and attention to detail.

With thoughtful design and impressive layouts, each suite maximizes living space without sacrificing function.

Custom kitchens, exposed brick and smoked white oak flooring are just a few examples of the quality of finishes that were put into this build.

Safety and comfort were equally prioritized and are illustrated through the inclusion of fire alarm pull stations at all exits, emergency lighting, video surveillance and individually metered gas and hydro for each suite.

The property also includes a private drive with ample parking spaces including a detached two car garage.

The post JUST LISTED! 917 Bathurst Street – The Annex appeared first on Thurston Olsen Real Estate Group.

Situated on a corner lot in a lovely community, this detached home has so much to offer! Upon arrival, you are immediately impressed by the wonderful curb appeal including the large front porch and the private drive that can fit two cars.

The main floor is bright and spacious with upgraded light fixtures and California Shutters throughout. The living room features hardwood floors, a gas fireplace, plenty of room for seating and large windows. The kitchen has a fantastic layout with upgraded stainless steel appliances, modern cabinetry and a convenient breakfast bar. It overlooks the dining area which includes a walkout to the backyard – ideal for summer barbeques! This level also has a powder room as well as direct access to the built-in garage.

The impressive staircase leads up to the second level which features three large bedrooms all with good-sized closets and windows with the same California Shutters as the main level. The master bedroom is a wonderful space with a walk-in closet and a beautiful master ensuite featuring a separate shower and a soaker tub. This level includes a second full washroom as well!

The lower level is perfect for storage and with its impressive ceiling height, it could easily be finished to accommodate a media room if desired.

The backyard is fully fenced in and includes a patio area with a gas barbeque line and tons of space for kids to play!

With so many upgrades in a home that’s only 7 years old, you can move in and enjoy with ease!

Further photos & info: www.1583Edgecroft.com

List price: $724,900

MLS #: E4581097

The post JUST LISTED! 1583 Edgecroft Drive – Duffin Heights, Pickering appeared first on Thurston Olsen Real Estate Group.

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305 Warden Ave is a lovely home with nice curb appeal, a stylish open concept living space with abundant natural light, a beautiful bay window, hardwood floors, attractive wood trims and pot lights throughout.

The kitchen is stunning with warmly hued modern cabinetry, stainless steel appliances including a gas stove, an island with added storage and attractive granite counter tops. All so very comfortable and inviting.

Both bedrooms on the main level of 305 Warden Ave are bright and spacious with hardwood floors, plenty of closet space and large windows overlooking the deck and garden. The master is beautifully appointed and with a large skylight, it is filled with sunlight. There is a 4 piece washroom on this level with a charming claw foot soaker tub.

The lower level of the home includes a large recreation area, a delightful kitchen, another bedroom and a trendy 3 piece washroom. There is also laundry and storage on this level. It is truly an ideal space for whatever your needs may be, perhaps a media and a guest or in-law suite!

The large backyard has a nice deck for entertaining, lots of space for the inspired gardener, or a great family play area. There is also a good-sized storage shed.

With ample parking in the private drive there is the excellent advantage of a detached garage!

305 Warden Ave was staged & sold in 1 day! Congratulations to our wonderful clients on their quick sale! More info & photos here: www.305Warden.com

MLS # E4106208

The post STAGED & SOLD IN 1 DAY! 305 Warden Avenue – Birch Cliff appeared first on Thurston Olsen Real Estate Group.

2 Days on the market, over 2000 square feet, 2 bedrooms, 2 washrooms, and 2 parking spaces!

90 Sumach Street, once home to the Canadian Broadcasting Corporation as a warehouse and design centre was originally used for their archives, studios, rehearsal spaces and workshops. From the brick exterior to the warehouse style windows to the vintage film light in the front lobby, everything about 90 Sumach pays tribute to its history.

Loft 403 is absolutely stunning! Upon entry you are immediately impressed by expansive open concept space. With 2059 square feet of living space plus a balcony, this loft is one of the largest in the building.

True to the definition of a hard loft, this residence features concrete floors, exposed ducts, fluted concrete columns and 14 foot ceilings.

Loft 403 includes extensive premium upgrades and finishes. The kitchen was completely renovated in 2011 with a beautiful mosaic tiled back splash, new cabinets, marble counters and a new sink and faucet. The appliances are second to none and include a 36” Wolfe Range, a Vent A hood vent, a built-in Sub Zero Refrigerator, and a built-in Miele dishwasher. The plumbing and electrical in the kitchen was upgraded at this time as well.

The kitchen overlooks the open concept dining and living rooms making the entire space perfect for entertaining. The floor to ceiling windows offer south views and an abundance of natural light all day long. There is also a walk out to the large balcony which was installed in 2011.

The master bedroom is absolutely stunning with high ceilings, a large walk-in closet and a spa-like master ensuite.

The second bedroom is perfect for a spare room, a home office or even an art studio. Additional upgrades were done in 2014 which include a ton of built in storage.

Both washrooms were upgraded in 2014 with new faucets and toilets and a new shower was installed in the main bathroom. There is also a convenient laundry closet with a stacked Bosch washer and Bosch dryer.

This loft also includes not one but two parking spaces!

The building offers a newly refurbished amenities room, visitor parking, and a fenced dog run. There is also a spectacular rooftop terrace with barbecues where you can take in the incredible west-facing views of the Toronto skyline. Located just steps from Queen Street East, you can enjoy easy access to the TTC as well as tons of great restaurants, shops and bars in the neighbourhood.

The post JUST SOLD! – 90 Sumach Street Loft 403 – Trefann Court appeared first on Thurston Olsen Real Estate Group.