9 01, 2020

Toronto home prices rise further in 2019

The city can “expect further acceleration” if nothing is done about the city’s undersupply of new homes, TREB says.

Toronto home prices rise in 2019. Snow covered rooftops of homes in Leslieville, Toronto

The Toronto Real Estate Board says home sales were up 17.4 per cent in December compared with the same month last year, while the average price was up almost 12 per cent in the month from a year earlier.

The December jump caps a surge in activity in the second half of last year, while a slower first half meant that overall 2019 sales were in line with annual medians for the decade.

The increased sales over 2018, even as new listings dropped 2.4 per cent year-over-year, helped push the average selling price for the year up by four per cent to $819,319. The average selling price in December was $837,788, up 11.9 per cent from a year earlier.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year,” said Michael Collins, president of the Toronto Real Estate Board (TREB).

“As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year.”

The region continues to struggle with an undersupply of housing, said Jason Mercer, TREB’s chief market analyst.

“Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” he said in a statement.

For the year, condos saw the biggest price gains, up 6.4 per cent to an average of $587,959 compared with 2018, while detached home prices were up 0.9 per cent to an average of $1.02 million compared with the previous year. Condo sales activity was up only three per cent overall last year, while detached home sales were up 18.8 per cent.

For December, detached homes actually recorded higher price gains, up 11.6 per cent in the month to $1.05 million as sales were up 26.2 per cent from a year earlier. The average condo price was up 10.4 per cent to $612,464, while sales were up 6.9 per cent.

source – The Canadian Press, with a file from HuffPost Canada

4 12, 2019

Buying & Selling During the Winter in Toronto

Leslieville, Toronto street with snow on lawns and roof tops. A woman walks along the sidewalk towards a row of parked cars.

When spring arrives in Toronto, so too do the for-sale signs on front lawns.

That’s the Toronto real estate market for you. Despite the fact that as Canadians we should feel comfortable doing just about anything in the dead of winter, there’s something about home sales in the snow that seem to turn off buyers and sellers. However, you’re actually being a little short-sighted if you believe this.

Spring is great if you want to fight with more competition, but if you want to be a little more seller savvy, the winter is the time to hit those buyers when inventories are low. As a buyer, you’ll also face less competition and avoid those nasty, tiresome bidding wars that can interfere with getting your dream home. Here are some advantages to the Toronto housing market in the dead of winter whether you are buying or selling.

The Inventory

Seller:  We’re leading with this because the winter months will definitely see a reduction in the number of homes available for sale in Toronto. As a seller, this is awesome news because for the buyers out there suddenly even a ho-hum home starts to look pretty good. You’ll be less worried about presenting your home to keep up with the Jones down the street and reap the benefits of having the best house in the area. This could get you a better price thanks to the laws of supply and demand, but really only if you’re in a highly desirable area. Otherwise, you might get some low-ball offers since there will be fewer buyers and those putting in an offer know it.

Buyer: Home buyers will be faced with the very challenge we mention above. You will have fewer homes to choose from which means you might not find exactly what you want. However, it’s never a good time to ensure you will find the exact house you want. This tends to be a pretty tall order. As well, you might find some sellers are looking for more money if they’re not desperate to sell but instead are taking advantage of the inventory angle. Of course, you can also be in the driver’s seat if they aren’t getting as many offers as they hoped.

No Bidding Wars

Seller: While in the summer there are plenty of buyers chomping at the bit to buy your home, you’ll not likely see that in the winter. That means you could miss out on a bidding war that can really bump up your price. However, again if you are in a highly desirable area the shortage of inventory in Toronto real estate at this time of year could still work in your favour if you happen to attract desperate buyers who are having trouble finding something in the winter.

Buyer: While there are fewer homes on the market, there are also fewer buyers. This reduces your competition and helps you avoid the dreaded bidding war scenario and exorbitant home prices. As one of the few willing to brave the cold and consider buying a home when the rest of the city has visions of sugar plums dancing in their heads, you will be a sought-after commodity in a frigid and unwelcoming environment.

Leverage the Season

Seller: The holidays trigger strong emotions that can work in your favour when selling in the winter. You can get your home all spiffed up in your holiday finery and pull on some heartstrings to get a sale. At the same time, this could backfire on you in a city as diverse as Toronto. You might narrow down your buyer appeal when people of other cultures visit your home.

Buyer: The season might not affect you much one way or the other. You should, however, be cautious if you do visit a home decked out for the holidays, and you celebrate Christmas because it could persuade you to make a decision that is more emotional than logical. And remember, what better way to hide imperfections than Christmas décor?

Winter Readiness

Seller: You can turn up the fire or jack up the heat, so buyers see your home is cozy and winter-ready. However, you also want to avoid people noticing things like how long your driveway is and how much snow shoveling that will entail. Avoid massive snow piles on your property and keep things looking as low maintenance as possible. This includes knocking the icicles off the eavestroughs to keep people focused on the positives of the home.

Buyers: There’s much to be said about learning first-hand whether or not the heat in the home works. You can also get a look at the fireplace to see if it is fully functional. Take note of how much winter maintenance is required on the property when heavy snowfalls hit.

Motivated

Sellers: Because of low inventory and the time of year, you might find more buyers are motivated to put in an offer. They will be having trouble finding homes to view, so yours will become far more appealing. As well, people looking at homes in the dead of winter tend to be more serious. While a bored person might think it would be fun to go “window shopping” for a house in the summer, most will not put on their coat and boots to schlep around viewing homes they don’t intend to buy in the winter.

Buyers: Sellers who put their homes on the market tend to be more motivated to sell. They need to make a move for some reason or other and you can take advantage of that motivation, often with terms in your favour, not to mention a lower offer.

Seasonal Bonuses

Sellers: Many buyers might be happy to make a more generous offer or put down more cash upfront because they are expecting some cash in way of bonuses or even an income tax return.

Buyers: First-time buyers can be primed to take advantage of incoming windfalls like Christmas bonuses or income tax returns to put down more when you buy in the winter. By the time summer rolls around you know that money will be spent.

Overall, there is much to be said about buying or selling a home in the winter housing market. Other than sellers having to worry about wet boots trudging through their homes and buyers having to do the trudging, it could be the very best time for a real estate transaction.

20 11, 2019

SOLD! 66 Sonneck Square – Guildwood

Congratulations to our buyers for purchasing 66 Sonneck Square, a beautiful family home with a private, treed lot.

66 Sonneck Square, Toronto.

This Guildwood home is a short walk to South Marine Park overlooking Lake Ontario.

22 10, 2019

Thurston Olsen Toronto Real Estate Update Q3 2019

The Fall Market is in full swing! We hope you’re enjoying the beautiful fall foliage and keeping cozy as you start to bring out your favourite sweaters! To keep you up to date and informed about the real estate market, we have prepared your Toronto update for the third quarter of 2019.

Do you want the stats for your neighbourhood, or have a question about a specific sale on your street? Reach out and we’ll gladly give you all of the info! info@thurstonolsen.com

Are you curious to know what your home is worth? Give us call at 416.465.7850 and we will be happy to provide you with an opinion of value.

Toronto July to September 2019 Real Estate Update

  • 8,646 homes sold throughout Toronto from July – September, 2019
    • 2,442 were detached homes
    • 743 were semi-detached homes
    • 4,472 were condos
    • 989 were a combination of other home types
  • The average price of a detached home is $1,280,312
  • The average price of a semi-detached home is $1,009,361
  • The average price of a condo is $628,074
  • Homes are on the market an average of 21 days

Click here to view our Toronto Real Estate Update from Q2 2019.

3 10, 2019

JUST LISTED! 68 Broadview Avenue Loft 222 – Broadview Lofts

Welcome to 68 Broadview Avenue Loft 222 at Broadview Lofts

Once home to a Rexall Pharmacy warehouse, in 2006 The Sobara Group completed repurposing this iconic building into the most coveted loft conversion in Riverside. From the brick exterior with classic black trimmed warehouse windows, to the cage style elevators, to the historic décor in the front lobby, everything about 68 Broadview pays tribute to its history.

Loft 222 is absolutely incredible. Upon entry you are immediately impressed by the expansive open concept living and its spacious, airy feel. With over 1000 square feet of interior living space and a walk out balcony featuring double sliding doors, the outdoor space truly acts as an extension of the unit. The generous square footage and customizable floor plan allows for numerous potential options to meet many different needs.

True to the definition of a hard loft, this home features polished concrete floors, exposed ducts, and towering 10’5” ceilings. The floor to ceiling windows offer impressive westward city skyline and courtyard views and allow for plenty of natural sunlight to flood this residence throughout the day.

The building offers security/concierge, a beautiful roof level amenities room, and a spacious common rooftop deck with unbelievable city views. Located just minutes from the DVP, Gardiner Expressway, and 24 hour TTC, this loft conversion is perfect for any commuter. Move in and enjoy all of the shops, restaurants, and bars that trendy Riverside and Leslieville have to offer!

Further photos & info: www.68Broadview.com

List price: $929,900

MLS #: E4597058

19 09, 2019

JUST LISTED! 1583 Edgecroft Drive – Duffin Heights, Pickering

Welcome to 1583 Edgecroft Drive

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

12 09, 2019

JUST LISTED! 1100 Kingston Road Suite 216 – Kingston & Co

Welcome to 1100 Kingston Road, Suite 216

Stunning in every way, this corner suite with a southeast exposure features impressive large windows and the day long ambiance of natural light in every room. Not often found in condo living, the 1420 square feet of living space seems even larger given its exceptional floor plan with 3 bedrooms and 3 washrooms.

The spacious foyer of 1100 Kingston Road, Suite 216 is delightful for welcoming guests and includes a large closet to tuck away every coat, shoe and accessory. There is also an oversize laundry/storage room and a separate locker so that everything has a spot when not in use!

With engineered natural hardwood floors, the open concept main living space is warm and bright. The impressive kitchen features abundant white matte parma shaker cabinets, an eight-foot-long centre island with tons of space for prep and room to enjoy casual meals too! There is a separate pantry, pull out pot drawers, stainless steel appliances, an upgraded gas stove and a classic white subway tile backsplash. Finished with style and just right for the gourmet chef!

The dining area is spacious with enough room to easily seat six people. The adjacent living room has lots of space so everyone can stretch out while watching a movie and it’s a great spot for entertaining. There’s even an office nook which is a perfect for a home office or a spot for the kids to do homework.

All three of the bedrooms are generous in size with large windows and closets. The master bedroom is truly remarkable with enough space for a king size bed and a sitting area. It also includes a separate walk-in closet and spa-like master ensuite.

The south facing balcony is a great spot to finish a good read and is outfitted with a gas line for barbequing in any season!

Kingston & Co is a recently built condo in the heart of Kingston Road Village and just minutes from Queen Street East and the beach! It overlooks Blantyre Park and has a roof top terrace with panoramic lake and city views and a large barbeque area. On this level there is also a private indoor dining room that can be booked for entertaining.

On the second level of 1100 Kingston Road, very conveniently located is a guest suite, a well-equipped gym, a yoga studio and large lounge with a pool table. So incredible to have all of this at your fingertips!

Perfect for a family looking for carefree living or for anyone looking to “right size” with space to accommodate guests. Suite 216 checks all of the boxes, move in and enjoy this gorgeous residence!

Further photos & info: www.1100Kingston.com

List price: $999,000

MLS #: E4613832

20 08, 2019

SOLD! 241 Strathmore Boulevard – Danforth Village

Our buyer clients will soon be calling 241 Strathmore Boulevard home!

241 Strathmore Blvd, Toronto sold by Thurston Olsen Real Estate Team with RE/MAX Hallmark Realty Ltd.

On a fabulous tree-lined street just off Danforth Avenue you’ll find this semi-detached home with a solid 2 car garage accessed via lane way. The home features 3 bedrooms, 2 full washrooms, and an over-sized master bedroom. The private backyard is shaded by a custom pergola and has access to the garage.

Danforth Village and its neighbourhood shops, parks and schools are all nearby, along with Greenwood Subway Station one minute away.

Congratulations to our wonderful clients, you picked a great home!

16 08, 2019

Where you can buy houses in Toronto for under $1 million

Here’s where you can buy houses in Toronto for under $1 million

skyline with CN Tower, condos and houses in Toronto

The price of detached houses in Toronto surpassed the $1 million mark for the first time in 2015. Since then prices have hovered at a consistent high and according to a new report by RE/MAX, they’re again on the rise. RE/MAX examined the Toronto Real Estate Board‘s 65 districts and found that detached housing values rose in 57 per cent of neighbourhoods in the 416. While this is welcome news for those who already own a piece of this lucrative property pie, those trying to buy houses in Toronto find themselves wondering if and when affordability will return to this hot market.

Despite the affordability woes, detached home sales in the GTA were way up in the first half of the year. Year-to-date transactions are up 17 per cent over 2018 figures – 20,067 versus 17,202 – and double-digit sales increases happened in over 70 per cent of TREB districts, which includes areas in the 416 and 905.

The market correction – especially over the past 18 months – has been the major catalyst for the increase in detached housing sales. It’s all about price,” says Christopher Alexander, Executive Vice President and Regional Director at RE/MAX of Ontario-Atlantic Canada. “The overall average price for detached housing in the GTA is still down marginally (-1.2 per cent), compared to year-ago levels. Year-to-date average price (January to June) was $1,008,177 in 2019 versus $1,020,136 in 2018.

While balanced and seller’s market conditions are evident in the 416, an estimated 45 per cent of Toronto neighbourhoods were in clear buyer’s market territory in June. The tightest area of the city is the East End, where eight out of 11 districts are in balanced/seller’s territory.

If you’re in the market to buy and you have your heart set on the 416, but don’t have a bottomless bank account, here are 12 areas where you can still buy detached houses in Toronto for less than $1 million.

EAST END TORONTO

East End Toronto homes for under $1 million

WEST END TORONTO

West end Toronto homes for under $1 million

source: blog.remax.ca

7 08, 2019

SOLD! 174 Campbell Avenue – Junction Triangle

174 Campbell Avenue in the Junction Triangle was recently scooped up by our buyer clients.

174 Campbell Ave Junction, Toronto Sold by Thurston Olsen Real Estate Team Ford Thurston Chris Olsen

The 2 storey brick semi was beautifully renovated, has three bedrooms, two washrooms, a finished basement, and a 2 car garage! The main floor opens into a modern white kitchen with a timeless, stylish backsplash, loads of cupboards and plenty of counter space. They can walk out from the kitchen to spend sunny evenings in the west facing backyard. Congratulations to our clients, we’re excited for you to make this house your home.