Report On Downtown Toronto Condo Prices
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 November 2020 Condo Valuation Here
The New Normal: A Strong Housing Market Expected to Continue into 2021
Circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages might have made you assume that the housing market would lose steam, but there is plenty of evidence to the contrary. As Canadian Real Estate Association (CREA) senior economist, Shaun Cathcart noted, “records [are continually] being broken” in the residential property market.
Indeed, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last into the new year. TD Bank Group Economist Rishi Sondhi predicts that high home prices will persist for the rest of 2020.
Market conditions like fewer available listings, changing criteria for desired homes, and record-low mortgage rates are changing the way people buy and sell homes, most likely in a lasting way. But this sustained activity, even in the uncertainty that is 2020, proves Canadians still view real estate as a sound investment. The only question now is how you can take advantage of the housing market’s “new normal.” In this article, we’ll explain everything you need to know to achieve your goals.
Read more here
From Our Buyer University Series...
Cautionary Tips If You Have A Pet
Many Ontario residents know that in a rental building, they can have pets even if their lease has a no pets clause. Provided their pet is not a nuisance and doesn’t cause other tenants’ harm, human rights laws in Ontario override these “no pets” clauses.
However, a common misconception is that this is the case in any situation, such as in a condo. Unfortunately, if you are renting or own a suite in a condo, “no pets” rules can be enforced. But as is the case with many Toronto condos, some buildings have restrictions around pets..
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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 November 2020 House Valuation Here
From Our Seller University Series...
Bright Ideas For Making Successful Lighting Choices
Unfortunately many condo builders simply install the cheapest ceiling fixtures possible when they construct and sell suites so it’s up to the owner to make some lighting changes that will enhance the buyer’s experience.
Remember, if the buyer can’t see it, they’re not going to like it.
The first step is to enhance any natural light that’s available. Heavy window coverings should be pulled back all the way, shutters should be opened and vertical/horizontal blinds set for maximum light.
Click Here To Read More
Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For October 2020
Along with enjoying record warm days this week, we received the October sales results from the Toronto Real Estate Board.
The high pace of sales that we’ve seen since July continued with record sales in October (up 24.4% from 2019) and the highest-ever average sale price for the month ($968,318). This average sale price was up 13.7% from October 2019, before the pandemic started.
The major outlier to all this positiveness is the downtown condo market. From the Don Valley over to Yonge (C08 district) and from Yonge west to Dufferin (C01 district), inventory levels of unsold condos have increased by over 250% from one year ago. Both districts are in weak buyer-market territory now.
To compound the pain, rental listings have skyrocketed… one group of five CityPlace buildings in Harbourview Estates had over 50 rental listings last month and suites are languishing on the market with few tenant applicants.
You can read the full October Market Report OR watch the YouTube video here.
Has there been any change in your personal situation? Are you considering changing your residence or taking advantage of the current buyer market to invest in a rental property?
If you’re considering one of those changes, you’d be wise to get some professional advice and counsel as to what the best course of action might be.
If the property you’re considering selling is a Toronto/GTA condominium, I can give you an up-to-date condo suite valuation by going to DowntownTorontoCondoValues.com - please BE SURE to leave me your condo’s monthly maintenance fee so I can send out your report.
If it’s a house that you’d appreciate a valuation for, just 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.
Hope you get out to enjoy the fabulous weather this weekend but keep your warm jackets handy for the coming fall weather.
Record October Sales And Highest-Ever Average Sale Prices… But Downtown Condo Inventories Up By 250% [VIDEO]
Big numbers came in once again for October as we’re now into the fall market with record sales of 10,563 sales of houses and condos across the GTA. Low interest rates and high demand are continuing to boost our local market.
Condo townhouse and high-rise suite sales were up by 8.6% with a 29.5% share of the market and 3,113 units being sold. Although not a record, October 2020 sales were only exceeded by those in 2016 (by just over 300 suites).
The October average sale price for all GTA homes came in at $968,318… a big 13.7% 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 October compared to historical numbers was higher by 12.6% (mainly condo suites) compared to last year at this time.
Compare that slight inventory increase to a 24% year-over-year sales increase. That’s why we’re seeing such a big jump in appreciation.
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.
Despite the busy market… the October ratio stayed steady at 61% while maintaining a very busy seller market.
The days-on-market average for GTA / Toronto homes increased by 1 day to 17 days.
Watch the video to get the complete October 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.