Multiple Offer Transparency On The Way, But Will It Help?

If you’ve taken part in a Toronto multiple offer situation (“bidding war”) in the past, you can very likely relate to the frustration that many buyers feel when blindly bidding on a home while competing with other offers.

The method of listing low and holding an offer date without disclosing the details of multiples offers during a “bidding war” has played a part in driving up home prices throughout Toronto and the GTA for well over a decade. You may or may not recall, but there was once a time when properties were listed at what was perceived to be their fair market value with it being common for offers to include several conditions which we have seen less of over the recent years.  However, the list low and keep everything secret method isn’t the only factor that has driven up prices, a lack of supply and a long stretch of historically low interest rates has also contributed significantly.

When buyers are not aware of how much the other parties are offering in a bidding war, they can easily spend much more than they need to in order to secure the property. In many cases, buyers have unnecessarily thrown away many thousands of dollars above the market value of a property just to get their offer accepted. In addition to the financial risks that come along with blind bidding, buyers have often only visited the property once in person for a 30-60 minute window of time, and many find themselves waiving all conditions and representations and warranties in their offers in order to compete against other offers. This can amount to the buyer taking on a significant amount of risk if there ends up being any major structural, mechanical, appliance, legal or property boundary issues relating to the property being bought.

With all of this being said, in most cases, buyers unfortunately haven’t had a choice but to participate in a multiple offer situation over the past decade as the majority of listings have been listing below market value and holding an offer date. Additionally, as stated above, the historically low rates and lack of supply hav have pretty much ensured that there would be multiple offers on the offer date.

Due to the lack of transparency in the multiple offer process, TRESA has recently implemented a new rule which, as of April 1, 2023, will allow sellers to disclose all details within an offer such as the price, deposit, closing date, conditions, etc. to all other parties who are competing for the same property should the seller direct the listing agent to disclose such information. The only information that is not permitted to be shared is personal information about each bidder, such as their names, etc.

This new rule has been implemented in hopes of introducing more transparency to the bidding process. However, it’s important to remember that buyers are not entitled to this information unless the seller directs their agent to provide such information.

At a quick glance, this news may be exciting for buyers, but an important question to consider is: will this actually make a difference if there is no upside for a seller?

Historically,  a seller has always wanted to achieve the highest sale price for their home and a buyer has always wanted to secure a property for the lowest price possible, and this isn’t likely to change. If keeping the offer prices private from the bidders provides the seller with the upper hand, why would the seller want to limit their return on investment by disclosing this information?

When living in a city such as Toronto where home prices have continued to skyrocket, mainly due to a lack of supply, combined with historically low interest rates in addition to substantial and constant demand and in a city where household incomes haven’t been able to keep up with the average sale price, it’s unlikely that sellers will choose to voluntarily take a hit to their return on investment. Toronto (and Canada more broadly) are constantly growing and home prices are becoming even more unaffordable for the average Toronto citizen, so it’s likely that sellers are counting on their return on investment to assist their children with securing their very own home one day in the future, paying for university tuition or paying off other debts, among many other valid financial reasons.

Not only is it unlikely that sellers will want to voluntarily disclose the details of an offer, but based on the way the new rules are currently written at the time of this blog post, it would be logistically challenging in a multiple offer situation if a seller changes their disclosure directions in the middle of an offer presentation.

Due to the potential complexity of disclosing such details of the offers such as price, deposits, conditions, reps and warranties, closing dates, irrevocable dates and times (deadline to accept) etc, and there being no real benefit to the seller for sharing such information about the offers,  it’s unlikely for listing agents to recommend disclosing this information, resulting in potentially no change to the way offer presentations take place. Unless the entire offer presentation process is re-designed (which may be possible as it’s not set in stone), we will likely continue to see the same offer presentation structure.

Although it’s completely understandable for buyers to be frustrated with the lack of transparency during a multiple offer situation, the irony is that those same buyers who may be feeling frustrated today would likely have a different outlook on the situation should they purchase a property and later be required to disclose the offer prices to potential buyers when the time comes to sell as this could potentially negatively effect their return on investment.

With all of this being said, even if more transparency isn’t created from this new optional disclosure rule, as long as buyers continue to work with experienced Toronto real estate agents who actually know the Toronto real estate market extremely well, buyers will be making market based decisions when it comes to the amount that they are willing to offer on an offer date. When preparing for an offer date, your Toronto real estate agent should be able to provide you with statistical information and an approximate market value for the home that you are bidding on so that you aren’t going in to the offer presentation blindly and so that you can pre-set your limits in regards to how much you are willing to offer.

Are you thinking about buying or selling or do you have questions about the current market?

Contact me any time with your questions or to discuss your real estate questions. I’m always happy and here to help.

CIBC’s Rate Forecast & Incoming Immigration Will Play A Big Part In Toronto’s Future Real Estate Market

CIBC Bank recently released the following forecasted rates in the chart below. Although these figures are simply estimates, many in the financial and lending world agree that 4.5% will become the new normal key interest rate and that we likely won’t see a reduction in rates until mid to late 2024. We are unlikely to see the return of the historically low rates that we have become accustomed to over the recent years which will most definitely play a big part in Toronto’s future real estate market moving forward.

In addition to a higher key interest rate, Canada plans to admit 1.45M new immigrants over the next couple of years. Many of these new immigrants will be coming as “homebuyers” with funds to purchase a property. This large increase in population will very likely fuel an increase in the average sale price once rates have dropped in 2024. Until then it’s unlikely that we will see a drastic increase in the average sale price. Below is a chart showing Canada’s immigration trends between 2000-2022. As you can clearly see, there was a substantial growth in immigration between 2021-2022 with even more substantial growth coming over the next couple years.

With Bank of Canada’s recent announcement to stick with 4.5% as the key interest rate, many lenders are seeing an increase in buyers applying for mortgages but not as many deals taking place or closing when compared to before the rate hikes took place. Many borrowers are now borrowing money from family or using co-signers to secure their mortgages due to the limitations that the higher rates, limited household income and stress test imposes on them. The average household income in Toronto and the GTA is struggling to keep up with the higher key interest rate, growing demand for available homes and restrictions imposed by the stress test.

Are you thinking about making a move?

Contact me any time with your real estate questions or to discuss how I can help you achieve your real estate objectives. I’m here and happy to help!

Chestnut Park Real Estate (Toronto Market Report – February 2023)

There is no point in comparing February 2023 with February 2022. February 2022 was the apogee of the pandemic residential real estate market. The average sale price achieved last February, $1,334,544, remains, and will for some time, the all time monthly average sale price record. Interest rates were at an all time low, the Bank of Canada benchmark rate was a mere 0.25 percent and is now 4.50 percent. The pandemic had created a buying hysteria, which in conjunction with low mortgage interest rates, set the stage for the most egregious example of FOMO (the emotional response to the belief that others are living better, and that important opportunities are being missed, namely buying a home in the Greater Toronto Area).

In March of last year, the Bank of Canada began its steady and continuous implementation of higher rates, and the resale market began to tumble. The months long continuous decline appears to be over, a position supported by February’s resale market data.

In February there were 4,783 properties reported sold. Viewed from a historic perspective it has been decades since a February market has produced such low volumes. Viewed from a more recent perspective these numbers are encouraging.

February’s sales results are the best month since October of last year, when the market was in free-fall.

Significantly February’s performance was 6, 54 and 55 percent better than the market’s performance in November, December and January, respectively.

Similar to the volume of sales, the average sale price has also shown improvement. The monthly sale price has stabilized and is showing signs of increasing. In February the average sale price for the greater Toronto area came in at $1,095,617. In June of 2022 the average sale price had fallen to $1,145,804. Since then it has continued to fall until February’s performance.

February’s average sale price was 5.5 percent higher than the average sale price achieved in January.

The reason for these positive market changes is mortgage interest stability. As the chart below indicates, a recent Bloomberg survey of economists see the Bank of Canada rate hike cycle as having peaked at 4.50 percent.

As buying history has demonstrated, once the consumer has determined that stability has been achieved the market will re-engage which is what is beginning to happen. Since the benchmark rate is not expected to decrease dramatically until at least 2024, a gently strengthening market can be expected for the remainder of 2023.

One problem that buyers will have to contend with will be supply. In February only 8,367 new properties came to market, some no doubt being re-listed properties that did not sell at their initial list price. This number is more than 40 percent fewer listings than the 14,153 that came to market last February. Although the total number of active listings was 9,643 at the end of the month, that is substantially too few to meet market demand. This speaks to two prevailing market trends. Sellers are under no pressure to sell and at least for the time being are continuing to wait for a market improvement. Given that that market improvement is now here, over the next few months the market should see more supply, which in turn will see an increase in sales volumes.

Demand is demonstrated by the length of time properties remain on market before being reported sold. In February all properties sold in only 22 days, many in multiple offer competitions. Depending on location and property type the average days on market was
substantially, in fact shockingly less – all semi-detached properties in the greater Toronto area sold in 15 days, while all semi-detached properties in Toronto’s eastern districts sold in an eye-popping 11 days, and at 106 percent of their asking price. This data indicates that the greater Toronto market, certainly on the demand side, is extremely robust, but constrained by affordability, low inventory and a slow adjustment to price expectations.

Very early March results indicate that the market’s performance is about 15 percent better than sales volumes achieved in February. If this pace continues (supply permitting with no further hikes in the benchmark rate) then March should achieve approximately 5,500 sales, if not more. That means we will see sales numbers that have not been achieved since August of 2022. The market is finally showing signs of moving in a positive direction.

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.

Chestnut Park Real Estate (Toronto Market Report – January 2023)

As forecast in December, the slumping resale market of 2022 continued into the first month of 2023. Compared to January 2022, sales of all property types declined by almost 45 percent. Due to the extraordinarily strong pandemic market early last year, on a year-over-year basis sales volumes will post substantial negative variances until at least April. By April 2022, increased borrowing costs had begun to slow the residential resale market with an unprecedented impact. Since March of last year, sales volumes and average sale prices have consistently declined as borrowing costs have increased.

In absolute numbers, 3,100 properties traded hands in January. Last year, 5,594 properties were reported sold. The decline, both in sales volumes and average sale prices, is universal, impacting all housing types throughout the greater Toronto Region. There were, however, variations in these declines. In the City of Toronto, sales declined by more than 46 percent and average sale prices declined by almost 15 percent. In the 905 Region average sale prices declined by almost 20 percent and sales softened by slightly over 42 percent. Sixty five (65) percent of the total sales volume (3,100 properties) took place in the 905, with the City of Toronto accounting for only 35 percent (1,098) of all sales.

The average sale price for the entire Toronto Region came in at $1,038,668, a 16.4 percent decline compared to January 2022’s average sale price of $1,242,407, which at the time, was an all-time high average sale price record. Due to the preponderance of lower-priced condominium apartment sales in the City of Toronto, the City’s average sale price came in lower at $987,000, a number reminiscent of the City of Toronto’s pre-Covid average sale price.

Although there were more properties of all types available for sale in January compared to last year, this increase was due to declining sales, not sellers flooding the market with properties for sale. Quite the contrary. At the end of January 9,299 resale properties were on the market for sale, 125 percent more than the 4,140 properties available last year. It should be noted that only 7,688 new listings came to market in January, almost 4 percent fewer than the 7,983 homes that came to market last January. With so few properties coming to market, supply, which has been the Toronto and Region’s perennial problem, will once again become a massive home-buying roadblock when sales volumes begin to improve.

Demand is still present in the market and there are signs that it is intensifying. It is being constrained only by high borrowing costs. Toronto’s much sought after eastern districts reflect the intensifying demand. Notwithstanding the prevailing high borrowing costs, all detached properties that came to market sold in 21 days – the average market average was 29 days – and at 100 percent of asking prices. Even more telling were semidetached property sales. All semi-detached properties in Toronto’s eastern districts sold in an eye-popping 18 days at sale prices 103 percent above asking prices. In fact, all semi-detached property sales throughout the City of Toronto took place in only 21 days and at 102 percent of asking.

The number of sales reported on a daily basis in the City of Toronto showed a marked increase after January 25th. On that day, the Bank of Canada announced its latest increase to be benchmark rate – 0.25 percent, taking the overall rate to 4.5 percent. More importantly, the Bank stated that its numerous rate increases since March of last year are reversing inflation and further rate increases may not be necessary. The moment potential buyers are convinced that rates are no longer increasing, the buyer inertia of the last 10 months will incrementally begin to dissipate.

Since February 2022, the average sale price in Toronto and Region has declined by more than 22 percent, to $1,038,668 in January 2023. The decline, coupled with the central Bank’s message that rates may have stabilized, with potential declines going forward, is the combination that will see the resale market reverse the course it has been on. The change, when it comes, certainly before the end of the first quarter, will see increased sales but with average sale price stability. Prices will not rise until borrowing costs decline substantially.

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.

Canada’s Anti-Flipping Tax

The Canada Revenue Agency has taken a stance against real estate flipping with the introduction of Canada’s new anti-flipping tax which took effect January 1, 2023. This new tax seeks to curb profiteering within Canada’s housing market by taxing property sales for properties that sell within 12 months (365 days) from the date of the previous sale.

The new anti-flipping tax prohibits property owners from using the Principal Residence Exemption as a way to shelter the capital gain realized on a property that is “flipped”. For those who are unfamiliar with the Principal Residence Exemption, prior to this new tax being introduced, homeowners who sold their properties for a profit could be exempt from paying any tax on the gain (the difference between the original purchase price and sale price) so long as the property was declared as a principal residence. For clarity purposes, as of 1982, in Ontario, you are only allowed to declare one property as your principal residence. The new anti-flipping law prevents homeowners from utilizing this exemption if they sell within 12 months of buying their principal residence.

As an example, if you purchased a property for $600K and sold it for $650K six months later, prior to the new anti-flipping law, you would not be required to pay tax on the $50K gain if the property was declared as your principal residence.

In order to declare a property as your principal residence, either you, your spouse, common-law partner or child must live in the property for at some portion of the year. Properties that are purchased as an investment which generate income, such as a rental property, do not qualify as a principal residence. The income and profit generated from these investment properties are generally taxed as business income at your specific tax rate (the rate is different for each individual). The new anti-flipping law will restrict one’s ability to capitalize on quick returns resulting from market improvements and renovation investments due to the one year time restriction being enforced by the government.

Prior to the new anti-flipping law being implemented, many investors would purchase new construction properties to later sell or assign prior to or shortly after their completion in order to benefit financially from the gain realized between the time of signing and completion. Additionally, some investors would invest in traditional rehabilitation flips that consisted of purchasing a neglected home or condo, investing in improvements and then selling the home at a profit within a short period of time.

Despite the limitations this new tax introduces, some see potential benefits from Toronto’s new anti-flipping rules. By discouraging quick flips, it’s possible that more individuals and families will have more properties to choose from without having to compete with investors. This could increase the availability of housing for Toronto residents, which is a major benefit for those who are looking to buy in Toronto.

If you’re looking to buy or sell a home in Toronto, it’s important to understand the rules and regulations of Canada’s anti-flipping tax. Be sure to work with an experienced Toronto real estate agent who is familiar with the restrictions and can help you navigate the market. With their help, you’ll be better equipped to find the right property while also avoiding unexpected issues. It is also best to speak with an accountant prior to purchasing an investment property to ensure you can limit your tax liability as much as possible and avoid running into unexpected expenses.

It remains to be seen whether or not Toronto’s anti-flipping law will have a positive impact on the city’s housing market. As more buyers and sellers become aware of the new law’s provisions, it may start to have an effect on property values and availability. For now, potential buyers and sellers should be aware of this important change in order to make informed decisions about their real estate transactions.

By understanding the terms of Canada’s anti-flipping tax and working with and experienced real estate professional, buyers and sellers can make sure that their transactions comply with the legislation. With this knowledge, they can ensure that they get the best deals possible.

Are you thinking about buying or selling this year?

Contact me with any questions you may have about the market or to discuss how I can help you achieve your specific real estate objectives. I’m always happy to help.

Chestnut Park Real Estate (Toronto Market Report – November 2022)

The Toronto and area residential resale market limped to the end of 2022, a continuation of the pattern that became clear and established as interest rates began to rise in March of this year. As the Bank of Canada continued its punishing benchmark rate hikes, both sales and average sale prices have been decimated. Once again, no surprises in December.

Here is what has happened to sales since the Bank of Canada commenced its rate hikes in March.

December’s sales results were more than 48 percent lower than the 6,013 properties reported sold last December. Since March the number of monthly sales has decreased by more than 70 percent. It should be noted however, December’s sales results have historically been the lowest in any year. The trajectory of average sale prices in Toronto and area has been similar to monthly sales.

Last December the average sale price was $1,157,877. December 2022’s average sale price is almost 10 percent lower than last year. More significant is the dramatic tumble in prices since March. At the end of the year, prices are $247,455, or almost 20 percent, lower than they were in March. In the City of Toronto, primarily due to the preponderance of condominium apartment sales, the average sales price was even lower in December, coming in at $1,015,000.

The underlying driver responsible for the current marketplace is affordability. Even with a 20 percent decline in average sale prices since March, the even more accelerated rise in mortgage interest rates has made Toronto and area homes unaffordable, extremely unaffordable. A recent study by the National Bank has indicated that even with Toronto and area’s alarmingly lower average sale prices affordability is beyond the reach of all but a small number of buyers.

The National Bank reports that a mortgage on a typical home now takes up to 67.3 percent of a household’s income to service, the highest level of debt service since 1981. The Bank’s analysis indicates that to own a non-condominium home in Toronto, households need an annual income of $273,549 and many months of savings in order to have sufficient down payment funds to afford a “representative home” priced at $1,351,000. In December the average sale price for detached properties in Toronto was $1,627,000. Semi-detached properties came in at $1,162,000. For a representative condominium apartment, priced at $738,000, households need $174,466 in annual income. The average household income in Toronto in 2022 is approximately $105,000. That’s about $70,000 less than the price of a “representative” condominium apartment and almost $170,000 less than a “representative” freehold home. In December, the average sale price for condominium apartments in the City of Toronto was $741,584.

There is no good news in December’s resale data. Not only are sales and prices falling, but further declines can be expected. Unafordability has forced even would-be buyers to downscale their expectations based on their ability to qualify and then service the debt that they will be assuming. As a result, gone are the days when Toronto and area’s average selling price exceeded list prices by as much as 120 percent. In December all properties reported sold came in with a sold price of only 98 percent of the asking price. In the City of Toronto, it was lower at only 97 percent. In some trading areas, ratios were even lower. Even Toronto’s powerful eastern trading districts, which have not seen sales to list price ratios since 2008 below 100 percent came in at 99 percent.

Active available properties have increased over the last few months, a common result of declining sales but not excessively. In December there were 8,692 apartments, detached, semi-detached, and townhouse available to buyers, 169 percent more than the 3,231 active listings available last December.

Even though 2022 started with three strong months, January, February, and March, the total number of annual sales was dismal. Only 75,140 properties changed hands, even less than the 78,017 sales reported in 2018 when legislative changes brought the resale market to a halt. Beyond 2018 it’s necessary to go back almost two decades to find a year when sales were as low.

Given the co-relation between mortgage interest rates, sales, average sale prices, and affordability the immediate future of the Toronto and area residential resale market is self-evident.

The market will remain sluggish well into 2023, especially since the growth in Canada’s employment numbers will lead the Bank of Canada to further benchmark rate increases. Average sale prices will continue to decline. Unfortunately, buyers are constrained by a lack of affordability given the prevailing economic factors. Buyers simply can’t pay what sellers expect (hope?) to achieve for their properties, which ultimately will have the concomitant effect of bringing prices down. There is no way of determining how low average sale prices must fall – it would be easier to forecast if the Bank of Canada’s position on rates was final – but a further 10 percent decline from December’s average sale price of $1,051,000 is a reasonable estimation. It won’t be until the beginning of the latter half of the year, and perhaps even the end of 2023, when the residential resale market begins to show signs of growth. Growth but not a return to the halcyon days of the pandemic market. The Bank rate would have to return to 0.25 percent, an impossible likelihood.

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.

Toronto Vacant Home Tax – Everything You Need To Know

Toronto is a city that attracts people from all over the world and it has continuously been experiencing rapid growth over the last several decades. However, in some parts of Toronto and the GTA, this growth has also come with a downside: an increasing number of vacant homes. To combat this issue and encourage owners to put their properties to use, the City of Toronto has introduced the Vacant Home Tax (VHT).

In this blog post, we’ll take a look at what the Vacant Home Tax is, how it works, and why it’s important. We’ll also discuss some potential implications of this tax and outline what you need to know if you’re an owner of a vacant home in Toronto.

What is the Vacant Home Tax?

The Vacant Home Tax is a tax levied on certain properties in the city of Toronto that are not occupied for at least six months of the year. This tax is intended to encourage owners to put their properties to use and reduce the number of vacant homes in Toronto in hopes of increasing more supply of housing throughout the city. The tax rate for each property depends on its location and the length of time it has been unoccupied.

What is the Mandatory Declaration?

All Toronto residential property owners must submit a declaration of their property’s 2022 occupancy status by February 2, 2023. You will likely have received a declaration form in the mail which you can submit to the City of Toronto or you can complete an online declaration HERE. You will need your 21-digit assessment roll number and customer number from your property tax bill or property tax account statement.

For residential properties that are not occupied by the homeowner(s), an audit may be required. If the City conducts an audit, owners may be required to submit information or documentation about tenants and/or permitted occupants to confirm occupancy during the taxation period.

It is important that you submit or complete the declaration form prior to the deadline (Feb 2, 2023) and ensure that the form is fully completed in order to avoid a fine of $250.

Residential properties will be deemed vacant if the owner fails to make the annual declaration by the deadline and/or provide supporting documentation.

How does the Vacant Home Tax work?

The Vacant Home Tax is based on a property’s assessed value, which is determined by the Municipal Property Assessment Corporation (MPAC). Owners of taxable vacant homes are required to complete an annual declaration to confirm that their property is occupied for at least 183 days of the year. If a property has been vacant for more than six months, owners must pay the vacant home tax.

Why is the Vacant Home Tax important?

The Vacant Home Tax is an important tool that can potentially help reduce the number of vacant homes in Toronto. When owners are required to pay taxes on their vacant properties, they are more likely to rent or sell the property in order for that property to be used by individuals who are in need of a residence. This can help improve the city’s housing supply and affordability.

How Is Toronto’s Vacant Home Tax Calculated?

As stated on the City of Toronto’s website:

“A Vacant Home Tax of one percent of the Current Value Assessment (CVA) will be imposed on all Toronto residences that are declared, deemed or determined vacant for more than six months during the previous year. For example, if the CVA of your property is $1,000,000, the tax amount billed would be $10,000 (1% x $1,000,000).

The tax is based on the property’s occupancy status for the previous year. For example, if the home is vacant in 2022 the tax will become payable in 2023.”

What are the Potential Implications of the Vacant Home Tax?

The Vacant Home Tax could have a number of implications for Toronto. For example, it may increase the burden on owners of vacant properties and make it more difficult for them to sell or rent out their homes. It could also lead to some homeowners attempting to game the system by underreporting the amount of time their property is occupied in order to avoid paying taxes.

How Does The Toronto Vacant Home Tax Effect Buying & Selling Toronto Real Estate?

The Vacant Home Tax has implications for property transactions, both for purchasers and vendors:

• It is the responsibility of purchasers and vendors to make the appropriate arrangements to ensure that the declaration has been filed.
• The Vacant Home Tax will form a lien on the property, and any unpaid taxes will become the purchaser’s responsibility.
• If a closing occurs between January 1 and the closing of the declaration period on February 2, the vendor must complete the declaration prior to the closing, as only the vendor will know the property’s occupancy status for the prior year.
• If a closing occurs after the declaration period – February 3 to December 31 – the purchaser must submit a declaration in the following year. The purchaser qualifies for the “transfer of legal ownership” exemption.
• Vendors should provide a copy of the completed and filed property status declaration to the purchaser.
• Vendors should provide a statutory declaration at closing confirming the filed property status declaration is true and correct.

Who is Exempted From Toronto’s Vacant Home Tax?

There are some exemptions that apply to the vacant home tax. Below is a list of current exemptions which may be updated over time:

Death of a registered owner: The property was vacant for six months or more in the previous year due to the death of an owner.

The vacant property is undergoing repairs or renovations, and all the following conditions have been met:

a) occupation and normal use of the vacant property is prevented by the repairs and renovations;

b) all necessary permits have been issued for the repairs and renovations;

c) the City’s Chief Building Official is of the opinion that the repairs or renovations are being actively carried out without unnecessary delay.

Principal resident is in care: The principal resident of the vacant property is in a hospital, long term or supportive care facility for at least six months during the taxation year. This exemption may be claimed for up to two consecutive taxation years.

Transfer of legal ownership: You purchased your property in the previous year, and the sale involved a 100 per cent transfer of an interest in the property to an unrelated individual or corporation. This excludes name changes, adding a second owner and removing a second owner.

Occupancy for full-time employment: The vacant property is required for occupation for employment purposes for a total of at least six months in the taxation year, by its owner who has a principal residence outside of the Greater Toronto Area.

Court order: There is a court order in force which prohibits occupancy of the vacant property for at least six months of the taxation year.

What Owners of Vacant Homes Need to Keep in Mind

If you are an owner of a vacant home in Toronto, it is important to understand the implications of the Vacant Home Tax. Make sure that you declare your property accurately and pay taxes on time if applicable. It is also advisable to seek professional advice from a qualified accountant, real estate lawyer or the City of Toronto to ensure that you are in compliance with the rules and regulations of the Vacant Home Tax.

Make sure you understand how the Vacant Home Tax  works and what your responsibilities are as an owner, so you can stay in compliance with the law and avoid costly fines.

Are you thinking of buying or selling or do you have questions about the current market? Contact me any time with your questions as I am always happy to answer them for you.

Upper Beaches Neighbourhood – Community Highlight

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!

Chestnut Park Real Estate (Toronto Market Report – November 2022)

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.

Downsizing From A Home To A Condo In Toronto

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

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.

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.

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.

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

40 Oaklands Ave, Toronto, ON

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

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.

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.

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.

65 & 55 Harbour Square, Toronto, ON

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.

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.

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.