Report On Downtown Toronto Condo Prices
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Curious about what your downtown Toronto condo may be worth?
Here’s an easy, online way to find out what suites like yours are selling for in today’s market.
Get this free report with up-to-the-minute statistics based on all the recent listings and sales of condos in your building.
Get Your Free August 2020 Condo Valuation Here
Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers
The interest rate on Canada’s most popular mortgage, the five-year fixed rate, has fallen to its lowest level in history. In early June, HSBC made headlines when it began offering Canadians a five-year fixed-rate mortgage below 2%. Multiple brokers followed suit, and some are now advertising even lower rates. And while many Canadians have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s mortgage rates really a bargain?
Read more here
From Our Buyer University Series...
What Condo Features Should You Consider When Buying?
(Layout, light, view, balcony, parking/locker, any upgrades necessary, % of tenants vs owners, bldg security, bldg amenities)
Buying a condo suite in a low- or high-rise building has some similarities and some differences to buying a house. You’re not concerned directly with some of the physical attributes of the building such as the age of the roof and furnace or is there water leaking though the foundation into the basement.
Typically a buyer is more concerned with the interior of the suite and the building’s amenities and security. You do want to know about the physical state of the building from an analysis of the Reserve Fund Study which comes with the Status Certificate but it doesn’t usually influence your buying decision when out looking at condo units.
Click Here To Read More
Report On Toronto House Values
Semi and detached house prices have been bouncing around the last few months in Toronto with the changes in the market.
Some neighbourhoods are being affected greatly... others not so much.
Would you like to be brought up-to-date with what your Toronto house is worth right now?
Get Your Free August 2020 House Valuation Here
From Our Seller University Series...
Being Beautiful Matters No Matter The Size
Typical condominium bathrooms are not large, unless you’re in a 1,500 sf+ suite, but, no matter the size, you still want your bathroom(s) to show well.
When we, or a tenant, are in residence, it’s normal for countertops to become cluttered with personal hygiene items, the sink to show the stains from an electric toothbrush spray and the shower area to display old soap residue and maybe even bits of black mould on the grout between tiles. But for sure that’s not how we want it to look when you open up your home to buyers.
The presentation goal is to do a bathroom makeover comprised of a thorough cleaning of walls, ceilings, floors and fixtures, a fix-up of any missing grout, peeling paint and leaky plumbing connections and last a minimalist staging for walls and counters.
Click Here To Read More
Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For July 2020
We’ve brought the spring market into the summer!!! The market slowed during the height of the pandemic and started picking up steam in June but we’ve now hit our stride.
July brought new highs to our real estate market with record-high sales, record-high average sale price and record-high year-over-year appreciation.
Sales were up 30% from last July while listing inventory dropped by 16%. The ratio of sales-to-listings, a measure of the market speed of absorption, came in at almost 74% for the real estate market overall. Average sale price appreciation compared to last year came in at 16.9%.
Downtown condos east and west of Yonge Street however suffered from an overabundance of listings (higher by 100%-137%) but sales numbers still remained on a par in C01 (west) but up by almost 19% in C08 (east) when compared with July 2019. Adjusted annual condo appreciation ranged from 8.5% in C08 to 10.4% in C01.
IF 2020 is the time for you to make a ‘jump in’ or a ‘leap up'… sell your condo and move up to a larger suite or house, decide it’s time to take your equity buildup and sell that investment condo OR make a decision to downsize to a smaller home, the first thing you’ll want to do is find out how much your existing property is valued in today’s market.
For a condo suite valuation, go to DowntownTorontoCondoValues.com - please BE SURE to leave me your condo’s monthly maintenance fee so I can send out your report.
For a specific house valuation, click on DowntownTorontoHouseValues.com.
To keep current on market activity changes and analysis during the month, go to Facebook and ‘Like’ my Thomas Cook In Toronto page.
For the full July market summary, watch the video or read my JULY 2020 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.
Surprising Demand As July Sales And Average Sale Price Hit Record Highs [VIDEO]
Big numbers came in for July as the traditionally slower summer month showed record sales of 11,081 sales of houses and condos across the GTA. Our real estate market seems to have thrown off the ‘Covid blues’ and bounced back bigger than ever.
Condo townhouse and high-rise suite sales were up by 8.7% with a 28.8% share of the market and 3,194 units being sold. Although not a record, July 2020 sales were only exceeded by those in 2016 (by just 250 suites).
The July average sale price for all GTA homes came in at $943,710… a big 16.9% increase compared to one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of July compared to historical numbers was lower by 16% compared to last year at this time.
It’s clear that the coronavirus hit to our market has almost disappeared on the sales side while inventory levels are lagging.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
Seems we’re experiencing a spring market in the summer… the July ratio made a big jump into very busy seller market territory with a 73.8% ratio.
The days-on-market average for GTA / Toronto homes was 11 days, 1 day faster than June.
Watch the video to get the complete July 2020 Market Report details.
If you'd prefer to read the full market report details, click here.
For Those Of You Who Like Trivia...
Now and then we post our latest World’s Most Interesting Postcard in our Team newsletter. You might be amazed at what you’ll learn from these interesting tidbits!!
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Keep Your Ears Open For Real Estate Conversations...
People always feel good about recommending a person or a business where they've received terrific service. They want their friends to enjoy the same great experience they had.
Please keep us in mind in the new year whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.
Amazing Free Services Available From This Professional Realtor
As a successful Toronto Realtor helping condo and house buyers and sellers since 1980, I've developed many programs and services to assist people with their real estate needs.
I've even written several soft-cover books and reports to help explain how buyers and sellers can make their best, informed decisions.
There are important benefits and advantages to being well prepared for the upcoming real estate experience.
You definitely want to avoid making significant buying or selling mistakes.
Here's a list of my 'Free Stuff' that's available to you.