As someone who lives and works in the Upper Beaches neighbourhood, I can’t say enough good things about this amazing community.
From the historical and charming homes that date back to the 1800’s and 1900’s, to the 100 year old Norway Maple trees that line the streets, to the great parks for children and pets, the convenient location to all of the shops and restaurants along Kingston Rd and Queen Street East as well as the boardwalk and beach which are only a short walk or drive away, this neighbourhood is truly magical.
During the summer months, you will find many young families at the parks and going for walks along the tree-lined streets while admiring the many different homes and gardens along the way. During the winter, you will find many children and their parents tobogganing down park hills and building snowmen. There’s actually some great hills for tobogganing in the neighbourhood including Cassels Park and Fairmont Park.
If you are a fan of fireworks, you can avoid all of the crowds at Woodbine Beach by setting up some chairs or a blanket on the hill at the north side of Fairmount Park next to Bowmore Public School. From this location, you can enjoy unobstructed views of the Ashbridges Bay fireworks shows from there.
The Upper Beaches is a great community for families and professionals who work in the Financial District but who also want to enjoy a small town community vibe. With the Danforth Go Station being the last stop on the Lakeshore East line before Union Station, it is a quick commute from the Upper Beaches into Toronto’s core. Additionally, the DVP is a short drive from this neighbourhood for those needing access to the highway.
Upper Beaches Real Estate
In the month of November 2022 the average sale price for this area came in at $1,189,506, down 14.7% from $1,395,991 in November 2021. However, it’s important to note that at the time of these sales, we have been experiencing an unpredictable market due to the combination of continuous rate increases along with the seasonal market adjustments that historically take place each year. Historically, the Upper Beaches and Beaches communities have been some of the strongest Toronto neighbourhoods in regards to the increase in average sale price year over year.
There were 14 sales in the “Upper Beaches” (base on Google map’s definition which differs from TRREB’s community map) in November 2022. Home prices ranged between $699,800 for a two-storey, 3 bedroom, 1 bathroom, semi-detached home with no parking located on Woodbine and which needed to be completed gutted from top to bottom. The highest sale price in November 2022 came in at $1,595,000 for a two-storey, detached home, with 1 car parking, updated interior which maintained most of the home’s original character and which was located on a desirable side street.
In the previous year, there were 20 sales in November 2021. Prices ranged between $880,000 for a 3+1 bedroom, 2 bathroom, semi-detached home, with 1 car parking, slightly updated kitchen but older finishes throughout the remainder of the home, the home was located on Gerrard. The highest sale price for November 2021 was $2,350,000 for a 3 bedroom, 3 bathroom, detached, nicely renovated home with a private 2 car driveway on Norwood Rd.
If you have been considering making a move to the Upper Beaches, I highly recommend it as you will likely love it just as much as my family and I do.
You can view available Upper Beaches homes HERE
If you don’t see any properties that meet your needs, send me your email address along with your search criteria as there’s often hundreds of other properties available on MLS that may suit your needs and which may not appear on this website. Once you have sent me your email address and search criteria, I will set you up on a automatic email update that will send you new listings as they come to market. You will typically receive these Upper Beaches listings before they appear on REALTOR.ca giving you a head start against other buyers.
Do you have questions about buying, selling or the Toronto real estate market in general? Contact me any time with your questions as I am always happy to help!
In November only 4,544 residential properties were reported sold for the greater Toronto area. This is the lowest number of monthly sales recorded in 2022 and almost 50 percent fewer than the 8,979 sales reported for the same month last year. It has been almost 15 years since the market has seen numbers as low as those produced in November.
Although the average sale price has declined substantially since the spring, in fact it has declined by almost 20 percent, it appears to have stabilized. In November the average sale price for all residential properties sold in the greater Toronto area, including condominium apartments came in at $1,079,395, a 7.2 percent decline compared to last year. As the chart below indicates, there is a substantial range in average sale prices between condominium apartments and detached properties.
Average sales prices in the 905 Region have, since the pandemic market peak in February and March of this year, declined more dramatically than in the City of Toronto. The exodus from the city and its dense living conditions that drove prices up in the communities surrounding the city has greatly dissipated, and with that dissipation, average prices have declined.
One of the factors keeping average sale prices from falling below $1 million has been the lack of supply. In November only 8,880 new properties came to market compared to 10,044 last year, a decline in inventory of almost 12 percent. At this point in this evolving market, sellers are not under any pressure to get their properties on the market and sold. Most property owners in the greater Toronto area have locked into very favourable mortgage financing and it appears are prepared to wait for improved market conditions before making their properties available for sale.
Buyers are still in the market, notwithstanding the shifting market landscape. In addition to the lack of supply, they are constrained by the lack of affordability caused by rapidly rising mortgage interest rates and a wait-and-see attitude. Buyers are trying to determine if mortgage financing costs have stabilized and what their future direction might be, and if in turn home prices have reached the low point of their decline.
Unfortunately, it is too early to make this determination. As this Market Report was being prepared the Bank of Canada once again increased its benchmark rate. In February it was 0.25 percent, an unprecedented increase of 1,600 percent in only 9 months. It’s not surprising that buyers are on the market sidelines, wondering where the residential real estate market is headed.
As painful as the latest increase in the Bank of Canada’s benchmark rate maybe there is some positive light in the Bank’s most recent announcement. In raising the rate to 4.25 percent, it indicated that further increase may be at an end. In the past, all rate hikes were accompanied by announcements stating that further increases could be expected, and they were delivered. This time the Bank indicated that it will assess the inflation landscape in January and depending on its findings, only then decide if further increases are necessary. If the Bank concludes that no further increases are necessary at its next meeting, that will be the signal that the real estate marketplace that we have been experiencing is at an end. At that time and the resale market will begin to adjust to the new normal which will result in greater buyer participation and increased sales.
Have questions about the market, selling or buying?
Contact me any time. I’m happy to answer any questions you may have.
Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.
The thought of downsizing from a home to a condo can be overwhelming but the time does eventually come to do so.
Maybe you’re tired of maintaining a large home that was once perfect for your growing family or you simply want to free up some of the equity in your home so you can do all of the things you’ve been dreaming of doing for many years. There are many reasons why downsizing from a house to a condo makes sense.
Over the years, I have helped many clients with selling their large homes and downsizing to condos. In each case, my clients have been extremely happy with the decision to downsize and have enjoyed the low maintenance lifestyle that comes along with condo living.
If you’re considering downsizing to a condo from a home, you may not be familiar with the process of buying and moving into a Toronto condo. No need to worry, moving to a condo from a home can be confusing for most who have never been through the process. In order to help you understand the process and to provide you with some helpful tips, I have included the information below. In addition to helpful tips, I have also included a list of the best Toronto condos for downsizing later in this blog post. Hopefully this information helpful to you.
Buying A Condo – The Process
Step #1 Find The Right Real Estate Agent To Work With
It’s important that you work with a local full-time Toronto real estate agent who knows the local market and the different condo buildings extremely well. Don’t make the mistake of using a real estate agent from outside of the city as this can be a big and costly mistake. A local agent will know details about each different condo building, each different neighbourhood, the local developments in the areas around your buildings of interest (current and upcoming projects) as well as market trends better than an outside agent.
Step #2 View As Many Condos As Possible
Don’t make the mistake of buying the first condo that you see in person. A lot of buyers get excited and decide to make a pre-mature decision. You are always better off viewing several condos before making your final decision. By taking this approach, you will be able to avoid buyer’s remorse after you have bought.
Step #3 Review The Status Certificate
If you don’t know what a status certificate is, don’t stress, you can learn what a status certificate is HERE. In short, a status certificate is a condo building’s report card which includes a wide range of details, including, but not limited to: the financial health of the condo, any law suits the condo is currently involved in, the rules and bylaws of the condo and much more. You will want to review the status certificate prior to submitting an offer on a property.
Pro Tip: always make sure you get a real estate lawyer to review the status certificate before submitting an offer. Alternatively, you can make the offer conditional on the review of the status certificate if your lawyer can’t review it prior to you submitting an offer.
Step #4 Submit The Offer
Once you have decided on the right condo for you, it’s time to submit your offer. Your agent will put together the paperwork for you and will include clauses and conditions in the offer to protect your rights and interests. Once the offer is accepted, you will be required to submit the deposit (typically 5% or more of the purchase price) to the listing brokerage (typically within 24 hours of acceptance of the offer).
Step #5
Your lawyer and the seller’s lawyer will handle the closing process on the closing date including transferring the funds and title. Once all of this is done, you are now the new owner.
I’ve included some helpful tips regarding things you will want to attend to between the time that your offer is accepted and the closing date.
Helpful Tips For After You Have Bought
You may be extremely excited to be downsizing from your home to a condo but make sure you don’t forget the important and not so exciting task of booking an elevator for your move in date. You will want to make sure you book the elevator well in advance to avoid any issues on your moving date. Most condos will require you to fill out a form and provide a security deposit.
If you’re new to condo living and haven’t lived in a condo before, you may or may not be aware of the fact that each condo building has their own rules and bylaws which owners are required to follow. Ask your property manager for a copy of these rules and bylaws before you move in so you are aware of them and don’t run into any issues.
Before moving in, visit your locker (if you have one) to ensure that it is empty and ready to store your items. You don’t want to be in the middle of moving your stuff and find out the previous owner left their belongings or garbage in the locker.
Make sure you both cancel and set up your utilities. This is especially important if you are moving in the winter as you will want to make sure that the heat works in your new condo.
If you have any repairs or upgrades that you want to complete at your new condo, it is better to complete them before you move in when feasibly possible. Completing renovations are much easier when there isn’t any furniture in the way. You also don’t have to stress about your furniture getting dirty with construction dust, or even worse, damaged.
If your moving from your home to a condo, it’s likely that your current furniture may be too large and bulky for your new condo. Consider the option of either selling it or donating it to someone in need before you dispose of it. There are different charitable services in the city that will take your old furniture off your hands for you such as Habitat For Humanity ReStore .
Since it’s likely that you will need to replace your larger furniture with smaller furniture for your new space, make sure you take all the necessary measurements for new furniture and place your orders as soon as possible in order to avoid not having anywhere to sit, sleep or eat.
This is a really important. If you work with a reputable Toronto real estate agent, they will likely include wording in your offer stating that all of the appliances are to be in good working order on closing. Due to this wording, it is important that you test all appliances as soon as you take possession and make notes of any deficiencies.
Most condos will have a heat pump panel located somewhere within the unit which is connected to the building’s HVAC system and in some cases, some condos have their own independent furnace and air conditioning units within the unit. Regardless of your setup, it’s important that you change the air filter when you first move in and change it every 3-6 months to ensure your breathing clean air.
Either complete a deep clean on your own or hire a professional. Whichever agent you decide to work with should be able to put your in contact with a reputable cleaner who is capable of completing a deep clean of your entire home.
You don’t have to go knocking on all of your neighbours’ doors in order to introduce yourself, but when you get a chance, introduce yourself to your neighbours and try to exchange your contact info. It’s always good to have your neighbours’ contact info should there ever be an emergency.
It’s always helpful to have a good relationship with both your property manager and your concierge/security. Should you ever be in need of any help regarding your unit, concerns regarding the building or security matters, having a good relationship with both of these key figures is helpful.
Once you’ve completed the above, take some time to explore your new neighbourhood. Go for a walk and check out the local restaurants, coffee shops, parks etc.
The time will come when you have completed all of the necessary items on your to-do list and it will finally be time to enjoy your new condo. Make sure you let the moment soak in an enjoy every second of it.
Below is a list of the best Toronto condos for downsizing. If you’re looking to reduce the amount of maintenance in your life without drastically sacrificing usable living space, the buildings listed below may be worth considering. Please keep in mind that the pricing included for the date ranges provided below are based on a shifting market (Range includes: January 2022 – December 2022). Prices may not reflect the prices prior to the pandemic and rate increases. Please feel free to contact me should you wish to receive email updates with new listings for any of the buildings below or to discuss any currently available listings you may be interested in.
CENTRAL TORONTO
1 Forest Hill Road, Toronto, ON
1 Forest Hill road is a great option for those who are looking to downsize from a larger home in the surrounding neighbourhoods such as Forest Hill, Casa Loma, Deer Park, Summerhill, Rosedale and Moore Park. It is also a wonderful option for those who are looking to make a move to this desirable part of the city. With high end finishes throughout, spacious suites ranging between 1750-3000 square feet and first class amenities, this mid-rise condo is highly sought after. Between 2021 & 2022 prices ranged between $1,165,000 for a 1 bedroom, 2 bathroom suite and $6,018,000 for a 2+2 bedroom, 3 bathroom suite. There has only been one sale in 2022 for $6,018,000.
61 & 63 St Clair Ave West, Toronto, ON
61 & 63 St Clair Ave West (The Granite Place) is one of the most historical condo buildings in the Yonge & St Clair neighbourhood. What was once home to the Granite Club prior to it moving to the current location on Bayview, is now home to two large condominium buildings. The south facing suites enjoy breathtaking unobstructed views of the the Toronto skyline and spacious south-facing terraces where residents enjoy the stunning city views and views of the green space below. With suites ranging between 505-4,480 square feet, these buildings are very desirable amongst those looking to downsize from larger homes in the surrounding neighbourhoods. Between January 2022 and the time of this blog post, December 2022, prices in 61 St Clair Ave West have ranged between $745,000 for a 1 bedroom, 1 bathroom suite and $4,550,000 for a 3+1 bedroom, 4 bathroom suite. During this same period, prices in 63 St Clair Ave West have ranged between $518,000 for a 1 bedroom, 1 bathroom suite and $3,725,000 for a 3 bedroom, 3 bathroom suite.
1 Deer Park Crescent, Toronto, ON
1 Deer Park crescent is located in Deer Park, one of Toronto’s most desirable neighbourhoods. This building includes luxurious finishes throughout and 9′ ceilings. The suites range between approximately 500-1,600 square feet. Between January 2022 and the time of this blog post, December 2022, prices in 1 Deer Park Crescent Ave have ranged between $500,000 for a 1 bedroom, 1 bathroom suite and $1,020,000 for a 2 bedroom, 2 bathroom suite.
155 St Clair Ave W, Toronto
The Avenue, is a 19 storey condo building located on the south-west corner of Avenue Road and St Clair Avenue West. The building consists of suites ranging between 825-3,895 square feet and includes luxurious finishes throughout. Between January 2022 and the time of this blog post, December 2022, prices in 155 St Clair Ave W have ranged between $1,390,000 for a 2 bedroom, 2 bathroom suite and $2,700,000 for a 2+1 bedroom, 3 bathroom suite.
1 Balmoral Ave, Toronto, ON
With suites ranging between 550-3,390 square feet, 1 Balmoral is a great option for those who want to enjoy the many shops and restaurants along Yonge Street as well as the convenience of living on the Yonge Street subway line. This mid-rise building consists of only 9 levels making it perfect for those who prefer smaller buildings. Between January 2022 and the time of this blog post, December 2022, prices in 1 Balmoral Ave have ranged between $590,000 for a 1 bedroom, 1 bathroom suite and $3,100,000 for a 2 bedroom, 2 bathroom suite.
38 Avoca Ave, Toronto, ON
The Avoca Vale offers a wide range of suites ranging between approximately 640-2,300 square feet.This building is conveniently located to the many shops and restaurants located at Yonge & St Clair as well as the beautiful and recently renovated David Belfour Park and trail. Between January 2022 and the time of this blog post, December 2022, prices in “Avoca Vale” have ranged between $651,000 for a 1 bedroom, 1 bathroom suite and $2,200,000 for a 2 bedroom, 2 bathroom suite.
40 Rosehill Ave, Toronto, ON
40 Rosehill is a 15 storey building which includes suites ranging between approximately 1,130-3,300 square feet. This building is conveniently located steps to shops and restaurants along Yonge Street as well as David Balfour Park and trail. Between January 2022 and the time of this blog post, December 2022, prices in 40 Rosehill Ave have ranged between $1,475,000 for a 2 bedroom, 2 bathroom suite and $2,950,000 for a 3+1 bedroom, 3 bathroom suite.
6 Jackes Ave, Toronto, ON
6 Jackes, “The Jack” is one of the newer buildings in its area. With new, high-end finishes and exceptional amenities, this trendy building is very popular amongst those looking to live in this great area of the city without sacrificing the quality of interior finishes. Suites range between approximately 530-3,150 square feet. Between January 2022 and the time of this blog post, December 2022, prices in “The Jack” have ranged between $1,150,000 for a 1+1 bedroom, 2 bathroom suite and $1,975,000 for a 2 bedroom, 2 bathroom suite.
1231 Yonge Street, Toronto, ON
If you are looking for spacious suites at a more affordable price point than other buildings in the surrounding Rosedale and Summerhill neighbourhoods, 1231 Yonge Street is a good option to consider. Although the exterior of the building isn’t the most glamorous, the suites range between 615-1,760 square feet and offer several good layouts. Residents enjoy the convenient location and easy access to local shops and restaurants. There has only been one sale between January 2022 and the time of this blog post, December 2022 which was a 1+1 bedroom, 1 bathroom suite that sold for $789,000
10 Walker Ave, Toronto, ON
10 Walker is a condo complex that includes unique multi-level townhome condos in one of Toronto’s most desirable neighbourhoods. With it being steps from the shops, restaurants and subway line on Yonge Street, it is a very popular condo building amongst both individuals looking to downsize as well as professionals needing easy access to Toronto’s Financial District. There has only been one sale between January 2022 and the time of this blog post, December 2022 which was a 2 bedroom, 3 bathroom home that sold for $1,470,000.
1177 Yonge Street, Toronto, ON
“The Ports” condos offer spacious suites in the highly coveted Rosedale neighbourhood. Residents enjoy the convenience of living steps from the Summerhill subway station and enjoy the many different restaurants and shops that the area has to offer. Suites range between 800-1,800 square feet. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,350,000 for a 2 bedroom, 2 bathroom suite and $1,510,000 for a 2+1 bedroom, 2 bathroom suite.
20 & 25 Scrivener Square, Toronto, ON
Thornwood One & Two are two very desirable buildings conveniently located steps from the Summerhill subway station as well as one of, if not the best LCBO’s in Toronto. Suites in 20 Scrivener Square (Thornwood One) and 25 Scrivener Square (Thornwood Two) range between 563-3,660 square feet and 570-3,996 square feet respectively. Residents enjoy luxurious finishes throughout the building and enjoy the many great restaurants and shops along Yonge Street. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $922,000 for a 1 bedroom, 1 bathroom suite and $3,700,000 for a 2 bedroom, 3 bathroom suite.
40 Oaklands Ave, Toronto, ON
The Oaklands was designed by architect Macy Dubois. It is a boutique condo with only 3 storeys and offers unique and spacious layouts in one of the most desirable neighbourhoods in midtown Toronto. With various suites including two-storey suites that feel like townhomes, this building is truly one of a kind. Suites approximately range between 500-2,200 square feet. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,400,000 for a 2 bedroom, 3 bathroom suite and $1,910,000 for a 2 bedroom, 3 bathroom suite.
1 Benvenuto Place, Toronto
The Benvenuto was once a hotel in 1955 but was retrofitted by the current owners. The building includes suites ranging between approximately 370-3,500 square feet. The building is also home to “Scaramouche”, one of Toronto’s infamous fine dining destinations. One of the most notable features of this condo is its rooftop gym which includes breathtaking views of the Toronto skyline and Lake Ontario. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,425,000 for a 2 bedroom, 2 bathroom suite and $2,425,000 for a 2 bedroom, 2 bathroom suite.
2 Roxborough Street E, Toronto, ON
Two Roxborough is a boutique condo bouilding with only 33 suites. Residents enjoy luxurious finishes throughout as well as spacious suites that range between approximately 700-2300 square feet. The building is conveniently located steps from many great restaurants and shops along Yonge Street and is steps from the Summerhill subways station. There has only been one sale in the building between November 2021 and the time of this blog post, December 2022. The Suite that sold was 2 bedroom / 2 bathroom suite and sold for $1,510,000.
133 Hazelton Ave, Toronto, ON
Hazelton Residences consists of only nine storeys with suites ranging between approximately 700-4,400 square feet. This luxury condo is located steps from the heart of Yorkville. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,300,000 for a 1 bedroom, 1 bathroom suite and $3,995,000 for a 2 bedroom, 3 bathroom suite.
1 St Thomas Street, Toronto, ON
If luxury living is your top priority, 1 St Thomas Street will not disappoint. This art-deco masterpiece is one of the most iconic condos in Toronto. Residents enjoy high-end finishes throughout the building and suites as well as stunning views of the city. It is conveniently located steps to Yorkville and the first class shopping along Bloor Street. Suites range between approximately 475-8,400 square feet. Between January 2022 and the time of this blog post, December 2022, there have only been two sales with prices ranging between $3,200,000 for a 2 bedroom, 3 bathroom suite and $7,980,000 for a 3 bedroom, 5 bathroom townhome condo.
77 Charles Street West, Toronto, ON
77 Charles Street West consists of 16 storeys and only 56 suites which range between approximately 1,100-3,800 square feet. This luxury condo includes high-end finishes throughout and is conveniently located steps to the heart of Yorkville along with the many fabulous restaurants and shops that it has to offer. Between January 2022 and the time of this blog post, December 2022, there have only been two sales with prices ranging between $2,545,000 for a 1+1 bedroom, 2 bathroom suite and $2,850,000 for a 2 bedroom, 2 bathroom suite.
35 Balmuto Street, Toronto, ON
Uptown Residences consists of over 280 suites ranging between approximately 380-2,280 square feet. Residents enjoy the convenient location of this building as well as the stunning views from the higher floors. With Yorkville steps away you won’t have any issues with finding the perfect restaurant for dinner or the new attire you have been needing from one of the many high-end stores in the area to choose from. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $710,000 for a 1+1 bedroom, 1 bathroom suite and $1,545,000 for a 2+1 bedroom, 3 bathroom suite.
15 Mcmurrich Street, Toronto, ON
15 Mcmurrich is located within the Yorkville community. Although this building would not be considered a luxury building like many other Yorkville condos, this condo is popular amongst those looking for spacious layouts as the suites range between approximately 1,200-1,800 square feet. The building is conveniently located steps from Yorkville’s notorious restaurants and shops and is also steps from the Yonge Street subway line. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $760,000 for a 1+1 bedroom, 3 bathroom suite and $1,475,000 for a 2 bedroom, 2 bathroom suite.
80 & 100 Yorkville Ave, Toronto, ON
The towers located at 80 & 100 Yorkville Ave offer luxury living in the heart of Yorkville and are steps from the many restaurants, shops and cafes in the area. With 10 foot ceilings and high-end finishes throughout, these towers should definitely be considered when looking to downsize. Suites range between approximately 700-5,700 square feet. There has only been one sale in the building between January 2021 and the time of this blog post, December 2022. The Suite that sold was 2 bedroom / 3 bathroom suite and sold for $3,000,000.
68 Yorkville Ave, Toronto, ON
The Regency Yorkville includes a wide range of suites including one bedroom suites to three and four bedroom penthouse suites as well as two townhomes. Suites range between approximately 520-5,900 square feet. Residents enjoy the convenient location and the many great restaurants and shops in Yorkville and along Bloor Street. There has only been two sales in the building between January and the time of this blog post, December 2022. The Suites that sold were both 2+1 bedroom / 2 bathroom suites. One sold for $1,747,000 and the other for $2,250,000
38 Avenue Rd, Toronto, ON
The Prince Arthur is one of Yorkville’s first luxury condo buildings. The condo consists of 24 storeys and 152 suites. Suites range between approximately 750-4,450 square feet. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,370,000 for a 1 bedroom, 2 bathroom suite and $2,835,000 for a 2+1 bedroom, 3 bathroom suite.
180 University Avenue, Toronto, ON
The Shangri-La offers first-class amenities and services, private garages (not all suites) as well as spacious suites ranging between approximately 678-4,430 square feet with breathtaking views of Toronto and Lake Ontario. It is conveniently located in the core of the city and is steps from the Four Seasons Centre for the Performing Arts. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,190,000 for a 1 bedroom, 1 bathroom suite and $3,100,000 for a 2+1 bedroom, 3 bathroom suite.
311 Bay Street, Toronto, ON
The St. Regis Residences is one of Toronto’s most luxurious and sought after condos. The building consists of 39 storeys and 379 luxury condo suites that range between approximately 570-11,755 square feet. Residents enjoy high finishes throughout as well as first-class amenities. The convenient location is perfect for those who are looking to live in the heart of Toronto. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,610,000 for a 1+1 bedroom, 2 bathroom suite and $2,925,000 for a 2+1 bedroom, 3 bathroom suite.
55 Front Street East, Toronto, ON
The Berczy is a boutique condo consisting of only 12 storeys and 160 suites which range between approximately 565-2,020 square feet. It is located steps from the historical St Lawrence Market, the recently renovated Berczy Park, Lake Ontario and Toronto’s Financial District. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $777,000 for a 1 bedroom, 1 bathroom suite and $2,300,000 for a 2+1 bedroom, 3 bathroom suite.
30 Wellington Street East, Toronto, ON
The Wellington consists of 20 storeys and 120 suites ranging between approximately 1,183-1,844 square feet. Residents of The Wellington enjoy easy access to Toronto’s Financial District, the recently renovated Berczy Park, historical St Lawrence Market and the short walk to Toronto’s waterfront. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,261,000 for a 2 bedroom, 2 bathroom suite and $1,320,000 for a 2 bedroom, 2 bathroom suite.
88 Scott Street, Toronto, ON
88 Scott consists of 58 storeys and 525 suites ranging between 278-4,503 square feet with stunning views of both the city and lake. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $490,000 for a 0 bedroom, 1 bathroom suite and $4,280,000 for a 3 bedroom, 5 bathroom suite.
8 The Esplanade, Toronto, ON
The L Tower is located in the heart of Toronto and steps away from the Financial District, St Lawrence Market, Union Station and Toronto’s Harbourfront. Suites range between approximately 411-11,449 square feet and enjoy breathtaking views of the city and Lake Ontario. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $720,000 for a 1 bedroom, 1 bathroom suite and $1,945,000 for a 2+1 bedroom, 3 bathroom suite.
80 Front Street, Toronto, ON
Market Square consists of over 300 spacious suites ranging between approximately 1,092-3,588 square feet. Residents enjoy easy access to the St Lawrence market, as well as the many different shops and restaurants the area has to offer. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $965,000 for a 1+1 bedroom, 2 bathroom suite and $1,800,000 for a 2+1 bedroom, 2 bathroom suite.
1 Scott Street, Toronto, ON
London on the Esplanade is a 32 storey building that consists of 444 suites that range between approximately 345-3,205 square feet. Residents of 1 Scott enjoy first-class amenities including but not limited to a rooftop pool and fitness area. It is conveniently located steps from Toronto’s Financial District, St Lawrence Market and Toronto’s Harbourfront. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $500,000 for a 0 bedroom, 1 bathroom suite and $1,200,000 for a 1 bedroom, 2 bathroom suite.
39 & 29 Queens Quay East, Toronto
Pier 27 is one of the most unique condos in Toronto. It is situated on Toronto’s waterfront and includes suites ranging between approximately 500-2,800 square feet with many of them enjoying beautiful city and lake views. The building is conveniently located steps from Toronto’s Harbourfront Centre and Financial District. Between January 2022 and the time of this blog post, December 2022, prices in 39 & 29 Queens Quay East combined have ranged between $868,000 for a 1 bedroom, 1 bathroom suite and $6,000,000 for a 3 bedroom, 4 bathroom suite.
15 Queens Quay East, Toronto, ON
15 Queens Quay is 34 storeys and is phase III of Pier 27 project. The building consists of 419 suites that range between approximately 604-1,175 and include massive balconies which enjoy both city and lake views. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $750,000 for a 1+1 bedroom, 1 bathroom suite and $1,774,000 for a 3 bedroom, 2 bathroom suite.
33 Harbour Square, Toronto, ON
33 Harbour Square includes some of the largest condo suites along on the Harbourfront. Suites range between approximately 546-2,146 square feet with many enjoying stunning lake and city views. Many of the suites also include multi-levels which give the feel of a townhome in the sky. Although many of the suites have dated finishes, they offer endless potential for those looking for a large living space and who are open to adding their own personal touch. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $600,000 for a 0+1 bedroom, 1 bathroom suite and $1,355,000 for a 2 bedroom, 2 bathroom suite.
65 & 55 Harbour Square, Toronto, ON
65 & 55 Harbour Square consists of 38 Storeys and 602 suites that range between approximately 287-3,626 square feet with many enjoying beautiful city and lake views. Residents enjoy easy access to Toronto’s harbourfront, Financial District and more. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $705,000 for a 1 bedroom, 1 bathroom suite and $1,937,500 for a 2+1 bedroom, 2 bathroom suite.
480 & 460 Queens Quay West, Toronto, ON
Kings Landing consists of only 11 storeys and 101 suites with many of them enjoying large terraces and views of Lake Ontario as well as the city. Suites range between approximately 1,215-4,472 square feet making them some of the largest condos within the Harbourfront community. Residents enjoy easy access to the water, the Music Garden and Queens Quay TTC streetcar line located directly in front of the building. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,850,000 for a 2 bedroom, 2 bathroom suite and $1,990,000 for a 2 bedroom, 3 bathroom suite.
EAST TORONTO
39 Jarvis Street, Toronto, ON
The Saint James consists of 103 suites ranging between approximately 378-2,465 square feet. Residents enjoy easy access to the St Lawrence Market as well as the many great shops and restaurants in the St Lawrence Market community. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $645,000 for a 1 bedroom, 1 bathroom suite and $1,280,00 for a 1+1 bedroom, 2 bathroom suite.
70 Distillery Lane, Toronto, ON
70 Distillery Lane is located in Toronto’s beautiful and historical Distillery District. The building consists of 40 storeys and over 350 suites that range between approximately 524-1,871 square feet and enjoy stunning views of the city and Lake Ontario. The amenities in 70 Distillery Lane are excellent and include a rooftop pool and lounge area, party room with city views, gym, yoga studio, games room and saunas. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $575,000 for a 1 bedroom, 1 bathroom suite and $1,450,00 for a 2 bedroom, 2 bathroom suite.
390 Cherry Street, Toronto, ON
The Gooderham consists of 36 storeys and has 320 suites which approximately range between 493-1,527 square feet and which enjoy stunning city and lake views. Residents enjoy first-class amenities as well as the many different restaurants, shops and cafes found within the historical Distillery District. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $675,000 for a 1+1 bedroom, 1 bathroom suite and $1,700,00 for a 2+1 bedroom, 2 bathroom suite.
55 Merchants’ Wharf, Toronto, ON
Aquilina at Bayside is a new development and is the first condo to be built in the new Bayside community. The building consists of 13 storeys and 362 suites ranging between approximately 532-3,179 square feet with stunning views of both the city and Lake Ontario. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $650,000 for a 1 bedroom, 1 bathroom suite and $2,470,00 for a 2+1 bedroom, 3 bathroom suite.
1 Edgewater Drive, Toronto, ON
Aquavista at Bayside consists of suites ranging between 462-3,796 square feet with breathtaking city and lake views. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $610,000 for a 1 bedroom, 1 bathroom suite and $915,000 for a 2 bedroom, 2 bathroom suite.
118 Merchants’ Wharf, Toronto, ON
Aquabella consists of 12 storeys and 173 suites ranging between approximately 1,616-4,061 square feet with many including massive terraces overlooking the harbour. Aquabella is the true definition of luxury living on the water in Toronto. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $810,000 for a 2 bedroom, 2 bathroom suite and $2,495,000 for a 2 bedroom, 3 bathroom suite.
68 Broadview Ave, Toronto, ON
Broadview Lofts consists of a wide range of beautiful hard lofts with wood post and beams, exposed brick, concrete floors and massive black framed windows. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $809,000 for a 1 bedroom, 1 bathroom loft and $1,584,500 for a 2+1 bedroom, 1 bathroom loft.
9 Boardwalk Drive, Toronto, ON
The Boardwalk II consists of 9 storeys and only 98 suites ranging between approximately 584-2,280 square feet. Residents enjoy easy access to Woodbine Beach directly across Lake Shore Blvd East as well as the boardwalk which is a popular destination for locals for both early morning and sunset walks by the beach. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,500,000 for a 2 bedroom, 2 bathroom suite and $1,549,900 for a 2 bedroom, 2 bathroom suite.
899 Queen Street East, Toronto, ON
The Logan Residences is located in South Riverdale and consists of only 6 storeys and 69 suites that range between approximately 611-1,648 square feet. Residents enjoy easy access to the Queen streetcar line as well as the many great restaurants and shops along Queen Street East. Between January 2022 and the time of this blog post, December 2022, there has only been one sale which was a 2 bedroom, 2 bathroom suite which sold for $1,150,000.
201 Carlaw Avenue, Toronto, ON
The Printing Factory lofts is a popular condo amongst those who prefer living in a loft versus a traditional condo. This unique condo building consists of a wide range of lofts that range between approximately 460-1,560 square feet. If you’re looking for a traditional loft building, this may be the perfect fit for you. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $695,000 for a 1 bedroom, 1 bathroom suite and $1,100,000 for a 2 bedroom, 2 bathroom suite.
233 Carlaw Ave, Toronto
The Garment Factory Lofts consists of both hard and soft lofts and includes a wide range of lofts ranging between approximately 455-1,288 square feet. Residents enjoy easy access to the many different restaurants, shops and cafes along Queen Street East. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $645,000 for a 1 bedroom, 1 bathroom suite and $1,192,500 for a 2 bedroom, 2 bathroom suite.
WEST TORONTO
637 Lake Shore Blvd West, Toronto, ON
Tip Top Lofts is one of Toronto’s most iconic condos which consists of 11 storeys and 256 lofts with soaring ceilings, open concepts and large bright windows. Lofts range between approximately 400-3,209 square feet. Residents enjoy easy access to Toronto’s waterfront, as well as the expansive Coronation Park including the very popular Coronation Dog Park. With a TTC streetcar line directly in front of the building running along Lake Share Blvd W, getting around the city is a piece of cake. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $801,000 for a 1 bedroom, 1 bathroom loft and $2,495,000 for a 2+1 bedroom, 2 bathroom suite.
552 Wellingston Street & 55 Stewart Street, Toronto, ON
The Thompson Residences includes luxury suites ranging between approximately 393-7,617 square feet including some suites with multi-levels and rooftop terraces. The residents enjoy luxury finishes, services and amenities which are shared with the luxury hotel connected with the condo. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $545,000 for a 0+1 bedroom, 1 bathroom suite and $1,800,000 for a 2 bedroom, 3 bathroom suite.
25 Oxley Street, Toronto, ON
Glas consists of 16 storeys and over 160 suites ranging between approximately 409-1,891 square feet. This building is conveniently located steps from Toronto’s Entertainment District where residents enjoy the many different entertainment options and restaurants. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $520,000 for a 1 bedroom, 1 bathroom loft and $1,300,000 for a 2+1 bedroom, 2 bathroom loft.
88 Blue Jays Way, Toronto, ON
The Bisha Hotel and Residence consists of 355 suites that range between approximately 370-2,552 square feet. Many of the suites offer breathtaking city and lake views and residents enjoy first class amenities and fine dining options within the building as well as the surrounding area. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $500,000 for a 0+1 bedroom, 1 bathroom suite and $2,050,000 for a 2+1 bedroom, 3 bathroom suite.
80 John Street, Toronto, ON
Festival Tower consists of 46 storeys and over 370 suites ranging between approximately 487-2,765 square feet with stunning views of Toronto. Residents enjoy a wide range of amenities and services including dog walking, spa, housekeeping services and more. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $624,000 for a 1 bedroom, 1 bathroom suite and $2,550,000 for a 2+1 bedroom, 2 bathroom suite.
955 Queen Street West, Toronto, ON
The Chocolate Company Lofts are a great option for those looking to enjoy the hustle and bustle of Queen Street West and Trinity Bellwoods. This building includes suites of many sizes which include 10.5′ ceiling heights, massive bright windows and concrete floors. Residents enjoy the many different shops and restaurants along Queen Street West. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $627,500 for a 0+1 bedroom, 1 bathroom loft and $1,180,000 for a 2 bedroom, 2 bathroom loft.
993 Queen Street West, Toronto, ON
The Candy Factory Lofts was once an actual candy factory owned by Ce De Candy Company. This beautiful building consists of only 6 storeys and 121 lofts that range between approximately 920-4,273 square feet and include 12-14 foot ceilings. This building is truly one of a kind. Residents enjoy the many great shops and restaurants in the area as well as the beautiful Trinity Bellwoods which include breathtaking cherry blossoms in the spring. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $1,300,000 for a 1 bedroom, 1 bathroom loft and $2,625,000 for a 2+1 bedroom, 2 bathroom loft.
901 Queen Street West, Toronto, ON
Trinity Park Lofts consists of 7 storeys and includes lofts of various sizes ranging between approximately 401-1,560 square feet. It’s convenient location is perfect for those who enjoy the hustle and bustle of city living. Residents enjoy easy access to Trinity Bellwood Park located directly across the street as well as the many restaurants and shops along Queen Street West. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $750,000 for a 1+1 bedroom, 1 bathroom loft and $901,000 for a 1+1 bedroom, 1 bathroom loft.
505 Richmond Street West, Toronto, ON
WaterWorks Toronto is a newer development which consists of 13 storeys and 299 suites ranging between approximately 550-2,500 square feet. Residents enjoy easy access to the many great restaurants, cafes and shops along both King West, Queen West and Spadina. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $695,000 for a 1 bedroom, 1 bathroom suite and $2,600,000 for a 2+1 bedroom, 3 bathroom suite.
438 Richmond Street West, Toronto, ON
The Morgan consists of a wide range of suites that range between approximately 412-4,110 square feet. The building is located on the north-west corner for Richmond Street and Spadina and can’t be missed due to its beautiful design. Residents enjoy easy access to everything the core of Toronto has to offer. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $630,000 for a 1+1 bedroom, 1 bathroom suite and $1,870,000 for a 2 bedroom, 3 bathroom suite.
388 Richmond Street West, Toronto, ON
District Lofts lofts consists of a wide range of award-winning, two-storey lofts which include 18′ windows. Lofts range between approximately 610-2,450 square feet and offer beautiful city views. The building is conveniently located steps from Richmond and Spadina where you can find many great shops, restaurants and cafes. Between January 2022 and the time of this blog post, December 2022, prices have ranged between $700,000 for a 1 bedroom, 1 bathroom loft and $1,110,000 for a 2 bedroom, 1 bathroom loft.
Are you thinking of making a move, downsizing or have questions about the current market? I’ve helped many clients with making the transition from a larger home to a condo and would be more than happy to help you. Feel free to contact me any time with your questions. I’m always happy to help.
With the cold temperatures and the snow already on the ground, it’s important to go over your winter home checklist to ensure your Toronto home is prepared for this winter season. In order to help you prepare, I have put together this winter home maintenance checklist which includes tasks to consider prior to winter as well as ongoing tasks to complete throughout the winter season in order to protect your home and family.
Although this list may seem overwhelming, the potential harm that can be done to your home, equipment and family would surely be even more overwhelming. Take the time to tackle as many of these winter home maintenance tasks so that you can sleep well at night.
Are you thinking about buying or selling this winter and have questions about the buying or selling process or questions about the market in general? Contact me any time with your questions, I’m always happy to help.
You may have heard the term “garden suite” lately and wondered what is a garden suite? That’s a great question and it’s important that you know the answer if you own real estate in Toronto. In order to bring you up to speed with this hot topic, I’ve put together this blog in order to answer any questions you may have.
What Is A Garden Suite?
Toronto’s bylaw includes the following definition for this type of secondary suite:
“a self-contained living accommodation for a person or persons living together as a separate single housekeeping unit, in which both food preparation and sanitary facilities are provided for the exclusive use of the occupant(s) of the suite and is in an ancillary building not abutting a lane. A laneway suite is not a garden suite.”
It is important to understand that a laneway suite is not considered a garden suite based on the above definition. For clarity purposes, the City of Toronto defines a laneway suite as the following:
“a self-contained living accommodation for a person or persons living together as a separate single housekeeping unit, in which both food preparation and sanitary facilities are provided for the exclusive use of the occupants of the suite and is in an ancillary building abutting a lane. A garden suite is not a laneway suite.”
It is also important to note that the new bylaw clearly states that only one ancillary building is allowed on a lot. A lot owner is not permitted to construct both a garden suite and a laneway suite on their property, regardless of how large their lot may be. The City’s exact wording is included below:
“A maximum of one ancillary building containing either a laneway suite or a garden suite is permitted on a lot. A lot may not contain both a laneway suite and a garden suite.”
Why Is Toronto Allowing These Secondary Suites?
As you are likely aware, Toronto has been facing a supply and demand crisis for quite some. The lack of supply has played a major part in skyrocketing real estate prices throughout Toronto and the GTA making it very difficult for people to get into the real estate market as both an owner as well as for tenants looking for a place to rent.
In an attempt to alleviate the supply and demand crisis, the City of Toronto is now allowing property owners to erect secondary suites on their properties (with restrictions).
“Through the adoption of the Official Plan and Zoning Bylaws amendments, Council has put policies in place to increase the supply and type of housing available in the City. The new policies and zoning requirements will allow garden suites to be permitted on properties in most residential zones across Toronto.”
The Affordable Laneway and Garden Suite Program
Not only has the City of Toronto opened the doors to building secondary suites, they are also providing initiatives through the “Affordable Laneway and Garden Suite Program” to property owners who meet all of the requirements.
“The Affordable Laneway and Garden Suite Program provides funding in form of a forgivable loan of up to $50,000 for eligible property owners developing a laneway or garden suite. The loan will be forgiven in 15 years from the date when the first tenant occupies the laneway suite. The rent being charged cannot exceed the City of Toronto Average Market Rent, by bedroom type at any time during the 15 year affordability period.”
Building Requirements & Restrictions
Square Footage Restrictions:
Although the City clearly states that there are no minimum lot size requirements for these types of secondary suites, they did release the “Garden Suites – Summary of Rules and Regulations” document which states:
“The maximum footprint (area the building covers) of a garden suite is the smaller of 40% of the rear yard area, and 60 square metres. The total area of a lot that all ancillary buildings and structures may cover, including a garden suite and any other sheds or garages, cannot exceed 20% of the lot area.”
Height Restrictions:
The City states the following in regards to height restrictions:
“A garden suite may be built up to a maximum height of 4.0 metres where the garden suite is located a minimum of 5.0 metres from the main residential building on the lot.
If a garden suite is at least 7.5 metres from the main residential building on the lot, the garden suite may be built up to a maximum of 6.0 metres. However, this is subject to additional angular plane rules.”
Basement Restrictions:
Basements ARE PERMITTED
Use Restrictions:
“A garden suite may be used for living accommodations and home occupations. Short term rentals are permitted only in accordance with the Short-Term Rental By-law.”
Visit the Short-Term Rental By-law for more information.
The City also mentions on their website that other factors will be taken into consideration before approving a suite. These factors include the site size of the proposed garden suite, the lots width and depth, size of the main structure on the property, adequate emergency access and location of mature trees on the property.
Hopefully the above information has answered all or at least most of your questions relating to this popular topic. Contact the City of Toronto for more information regarding garden and laneway suites and to learn more about The Expanding Housing Options in Neighbourhoods initiative EHON@toronto.ca.
Are you thinking about buying or selling a home in Toronto or do you have questions about the current market? Contact me any time, I am always happy to help and to answer your questions.
Are you looking to purchase property in the Toronto area? If so, you may have heard of Land Transfer Tax (LTT) and its importance when it comes to closing on a real estate transaction. This blog post will provide an overview of what Land Transfer Tax is, how much it costs, who pays for it, and other important information about LTT in Toronto. We’ll also discuss strategies that can help buyers lower their overall costs associated with purchasing property in the city. With this knowledge, you can make sure you’re fully informed and prepared when it comes time to buy a home or commercial space in Toronto. Keep reading to learn more!
Land Transfer Tax (LTT) is a fee charged by the province of Ontario on all transfers of ownership of real estate property within Toronto and Ontario. It is based on the purchase price and paid at the time of closing to the provincial government.
The amount of Land Transfer Tax that must be paid depends on several factors, such as where in Toronto the property is located, how much you are paying for the home, and if there are any special exemptions or rebates offered by your municipality.
For example, First-time buyers may be eligible for a rebate of the provincial and municipal (Toronto) land transfer taxes, to a maximum of $4,000 of the payable provincial land transfer tax and $4,475 of the payable municipal land transfer tax (Toronto), respectively.
This is designed to help make housing more affordable to young people just getting into the market. However, as you are likely aware, these rebates are nothin substantial when taking into consideration the average sale price of a home in Toronto.
Regardless of any exemptions or rebates, the amount of Land Transfer Tax paid is usually a significant sum and should be factored into your overall financial plan when buying a home in Toronto. To help you estimate what your LTT may amount to prior to closing, you can use TREBB’s online land transfer calculator HERE.
At the time of this blog post, November 2022, the average sale price for a home in Toronto is currently $1,079,395. In order to provide you with an example of the calculation of LTT that a buyer would be required to pay on this amount, I have included screenshots below which show both the LTT due on a home at a sale price of the current average sale price as a first-time buyer as well as the amount due for a purchase at the same price by someone who doesn’t qualify as a first-time buyer.
If you would prefer to avoid paying both the municipal (Toronto) LTT in addition to the provincial land LTT, you may want to consider buying a home outside of Toronto. When buying a property outside of Toronto, you are only required to pay the provincial LTT.
Overall, understanding the amount of Land Transfer Tax you need to pay prior to closing can ensure that you have all the funds necessary before taking ownership of your new home in Toronto. It’s important to factor this tax into your pricing plans so you don’t end up with unexpected surprises at closing time!
Feel free to reach out if you have further questions on the Land Transfer Tax and how it applies to your specific situation or if you have questions about buying or selling. I’m always happy to help.
What’s The Difference Between A Listing Agent And Buying Agent?
Historically speaking, more agents used to designate themselves as either a listing or buying agent. However, times have changed with more agents offering both services to their clients these days. With that being said, there are still agents who focus only on listing properties for sale while others focus only on helping buyers with finding the perfect home.
A listing agent and a buying agent both play a vital role in the real estate industry, but there are some key differences between them. For prospective home buyers and sellers who are considering entering the real estate market, understanding how these two professionals operate can help ensure a successful purchase or sale of a property. Although the classification of listing vs buying agents is less common these days, in this blog post, we’ll explore the differences between a listing agent and buying agent to help you understand the differences should you come across an agent that identifies as one or the other. Read on to learn more!
The Listing Agent
A listing agent is a real estate professional who specializes in representing sellers in a property transaction. They are responsible for helping the seller determine the appropriate list price, arranging and covering the costs associated with preparing and marketing their home, as well as negotiating with potential buyers on behalf of the seller. Many reputable agents will arrange and cover the costs associated with providing the following pre-listing services before their client’s property goes live on MLS and REALTOR.ca:
In addition to the pre-listing services mentioned above, a listing agent will typically offer and cover the costs for the following services while the listing is live:
The listing agent’s commission is typically paid by the seller and is typically 5% of the final sale price plus HST.
The Buying Agent
By contrast, a buying agent is a real estate professional who specializes in representing buyers in a property transaction. This type of real estate agent helps buyers research properties and neighbourhoods, negotiate with sellers on their behalf, books and attends showings of homes and handles paperwork associated with the purchase of a home.
The buying agent’s commission is typically paid by the seller and the typical commission in Toronto for a buying agent’s service is 2.5% + HST which comes out of the total 5% + HST commission that is paid to the listing brokerage by the seller.
The Modern Day Agent
These days, you will find that most agents assist both sellers and buyers. Based on my own personal opinion and experience, I believe you are better off working with this type of agent as they will have invaluable previous experience from being on both sides of the deal table. I myself have benefited from my past experiences of assisting both sellers and buyers. When helping a seller client, I often understand the negotiating tactics that the buyer’s agent is attempting to use on me to persuade my thinking and I am able to rebut such tactics in order to ensure my client’s interests are protected and that they receive the best result possible. Conversely, when assisting my buyer clients, I often know what the listing agent is dealing with in regards to handling any offers they have received as well as their seller’s expectation. Due to my experience of being on both sides in the past, I am able to read between the lines when negotiating with a seller’s agent in order to understand what will likely get the deal done. I also understand the different pressures that each side are under during the negotiating process and try to capitalize on these pressures when I am able to in order to get the best results for my clients.
Ultimately, understanding the differences between a listing agent and buying agent is essential for anyone entering into a real estate transaction and who comes across such agents who classify themselves as one or the other. Whether you are looking to buy or sell a home, having an experienced professional on your side can make all the difference in achieving a successful outcome. With the right real estate agent, you can have the confidence that your purchase or sale is in good hands.
If you’re considering listing your home or buying real estate in Toronto and need professional assistance or have questions about the process, contact me today. With the right real estate agent on your side, you can have the confidence that your sale or purchase is in good hands!
As forecast in our September Market Report, sales have continued to decline on a year-over-year basis. In October 4,961 properties were reported sold in the greater Toronto area, almost 50 percent fewer than the 9,743 properties that changed hands last October. The decline in sales is a continuation of a pattern that started in March when the Bank of Canada began its fight against inflation by increasing its benchmark rate. The Bank further increased the benchmark rate by 0.5 percent in late October bringing the current rate to 3.75 percent. In early March the rate was 0.25 percent, an eye-popping increase of 1,400 percent.
Notwithstanding these incredible rate increases, which in turn have been reflected in rising mortgage interest rates, which currently range between 5.25 to 5.75 percent, there are aspects of the resale market that reflect its underlying strength and resilience. Although average sale prices are substantially lower than in February, over the last few months they have stabilized, and in fact are slowly rising.
Average sale prices hit a low of $1,074,052 in July. At this point rising mortgage interest rates were still being absorbed. Since then average sale prices have increased by almost 1.5 percent to $1,089,426, inspite of further mortgage interest rate increases.
Similarly, the number of monthly reported sales has also stabilized.
Monthly sales have plateaued around 5,000, again notwithstanding the impact of the rising benchmark rate and, even more surprising, the rise in average sale prices, albeit moderately, over the same period.
It should also be noted that the number of properties coming to market have also been decreasing. In October 10,390 new listings were posted on the Toronto Regional Real Estate Board’s MLS system, almost 12 percent fewer than the 11,749 listed last October.
Granted the number of reported sales is consistent with the reported sales in 2008 during the catastrophic downturn in the equity markets, these three factors stabilized sales, rising (moderately) average sale prices, and the declining number of new properties coming to market – portend what will happen to the Toronto and area resale market at the first sign that mortgage interest rates have stabilized, and more importantly when they reverse and start heading downward. When that happens the market will dramatically accelerate, returning to a pace reminiscent of pre-pandemic levels. Based on the Bank of Canada’s most recent pronouncement on the economy and inflation, that should happen by the second quarter of 2023. The Bank indicated that by the end of next year inflation should be reduced to 3 percent returning to 2 percent by 2024.
On November 1st, the Federal Government announced that it is planning a massive increase in the number of immigrants entering Canada, with a goal of bringing 500,000 new immigrants to this country by 2025. In the interim, over 400,000 new immigrants will be entering Canada in each of 2023 and 2024, and close to half of them finding their way to Ontario. All of these factors point to the resurgence of an incredibly strong resale market in the greater Toronto area. Notwithstanding the recent provincial government announcement of legislation designed to increase supply (More Homes Built Faster Act, 2022), optimistically by 1.5 million homes over the next decade, demand will painfully outstrip supply, creating pandemic-like resale market conditions.
Looking ahead to the end of 2022, what we have been experiencing, both in terms of sales and average sale prices and as set out in the charts in this Report, will continue with little change, except for a further seasonal slowdown in December and January of 2023.
Have questions about the market, selling or buying?
Contact me any time. I’m happy to answer any questions you may have.
Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage.
If you live in Toronto, you have likely noticed all of the construction taking place in the Port Lands just south of Toronto’s historical Distillery District. What you are witnessing is the massive Port Lands revitalization project which will completely transform this part of Toronto.
What Is The Port Lands Revitalization Project?
The Port Lands is an area in Toronto that was heavily industrialized for many years. However, with the decline of heavy industry in the city, the has become increasingly derelict, rundown and quite an eyesore. In order to revitalize the area, Waterfront Toronto in collaboration with architect Michael Van Valkenburgh Associates Inc and LEA Consulting has embarked on a major redevelopment project. The Port Lands revitalization project is a large-scale urban planning initiative that aims to transform the area into a vibrant and livable community. The project includes plans for new residential and commercial development, flood protection, relocating the mouth of the Don River as well as creating parks, trails, public spaces, and infrastructure improvements. The goal of the project is to create a thriving neighbourhood that will attract new residents and businesses, while also providing much-needed amenities for the existing community.Ultimately, the goal of the Port Lands revitalization project is to create a more prosperous and sustainable future for the east end of Toronto. The project is one of the largest urban redevelopment projects in Toronto, and it is sure to have a transformative impact on the city.
When Will The Project Begin And End?
Construction has already started and is expected to be completed by 2025.
Below are some videos and renderings relating to the project. To learn more about the project, visit the Waterfront Toronto Portlands project page HERE.
Flood Protection
A New Island
Nature And Parks
Space To Live And Work
Engineering A New River
Progress (May 2022)
Renderings Gallery
Are you thinking about buying or selling or do you have questions about the current market? Contact me any time, I’m always happy to help.
“Should I get pre-approved for a mortgage?”
This is a common question that buyers often ask themselves, particularly if they are new to buying real estate in Toronto.
If you’ve been considering purchasing your first property or you are looking to make a move to a larger home, you may have wondered if you should get pre-approved for a mortgage. If you’re not familiar with lending terminology, you may even wonder what getting pre-approved for a mortgage means.
I’ve put together this blog post in order to help answer your questions so you can make the right decisions throughout your buying journey.
First, let’s discuss the difference between getting pre-qualified vs pre-approved by a lender.
What Does Getting Pre-qualified Mean?
The process of getting pre-qualified from a lender is typically a quick process that requires you to provide certain basic information such as your annual income as well as your debts and assets. Once you have provided this information, the lender will be able to provide you with an amount that they would be willing to lend you for the purchase of a home. However, it’s important to understand that the pre-qualified amount provided by the lender is not guaranteed, therefor, you should avoid submitting any offers until you complete the pre-approval process.
If you are simply curious to know how much your mortgage payments may be based on a certain purchase price and aren’t ready to go through the official pre-qualification and pre-approval processes, many of the major banks have online mortgage calculators that will provide you with an approximate figure. These calculators allow you to insert your purchase price, down payment amount, interest rate and amortization period in order to provide you with an approximate mortgage payment. I’ve included links below to most of major bank mortgage calculators below:
TD Canada Mortgage Payment Calculator
Scotiabank Mortgage Payment Calculator
CIBC Mortgage Payment Calculator
RBC Mortgage Payment Calculator
BMO Mortgage Payment Calculator
What Does Getting Pre-Approved Mean?
Getting pre-approved for a mortgage is the next step following the initial step of pre-qualifying and provides you with a more accurate figure than a pre-qualification figure. During the pre-approval process, you will provide supporting documentation relating to your income, debts and assets and will discuss your downpayment and financial limits and specific needs with your lender of choice. Additionally, you will also discuss the different mortgage options available to you such as variable rate mortgages and fixed rate mortgages along with the different terms, amortization period and payment options available. Once you are pre-approved, you will have a better understanding of how much you can afford when shopping for a home. It’s important to keep in mind that your pre-approval is typically valid for a certain period of time which is typically anywhere between 60-120 days.
Tip: Hold off on making any large purchases or applying for new credit such as credit cards or loans prior to getting pre-approved and prior to closing on your new home. Making large purchases such as purchasing a new car or applying for a new credit card will negatively affect the amount you will be approved for by your mortgage lender.
How Long Does It Take To Get Pre-Approved For A Mortgage?
Getting pre-approved for a mortgage can take as little as a couple of hours or as long as a week (sometimes longer) depending on whether you provide your lender with the required documentation and depending on your lenders requirements. Banks typically take longer than other lenders such as independent mortgage brokers due to their strict pre-approval requirements. If you’re in a rush to get pre-approved for a mortgage because you’ve found the home of your dreams, you may want to consider speaking with an independent mortgage broker as they may be able to get an approval faster.
Is There A Fee For Getting Pre-Approved For A Mortgage?
At the time of this blog post, most of major lenders and mortgage brokers do not charge a fee for completing the pre-approval process. However, it is wise to ask your lender if there are any fees associated with getting pre-qualified or pre-approved in order to avoid any surprises.
Hopefully the above information has answered all or most of the questions you may have had about getting pre-approved for a mortgage. If you still have unanswered questions, feel free to contact me or speak with a lender such as your bank or an independent mortgage broker.
Are you thinking about buying or selling or do you have questions about the current real estate market? Contact me any time with your questions. I’m always happy to help.
