Jan 22 - Market Notes & Homes of the Week

The Toronto real estate market is continuing to push forward despite the province-wide shutdown. Although limited, there have been new listings for many family homes and I suspect we will see more regardless of recommendations from the provincial government. As an essential service, real estate sales are operating relatively unimpeded for those who wish to participate.

For many years, the Toronto market has been extremely tight with demand outstripping supply. Due to covid-19, we are in a situation where there is even more pressure on the few available properties for sale. For good reason, people are less comfortable with strangers coming through their homes, while many people are still motivated to purchase and view homes when necessary. The result of this is further constricted supply. If you have a vacant house or can vacate your home for a short period of time, there is a financial case for putting your home on the market today.

Simply put, at this moment, it is easier to buy than it is to sell. As such, the market is active with investors, first-time buyers and/or renters looking to purchase. Primarily because Investors don’t need to sell during this shutdown, and neither do first-time buyers or renters. As a buyer, you can put an offer in and try to close in a couple of months when hopefully it is safer to move. If you are thinking about putting your property on the market, it would be ideal if it appealed to one of these groups.

A great example of the activity by investors is the renovation project featured last week that had 25 offers. An example of first-time buyer and/or investor activity is the renewed demand at the bottom of the condo market. There is more interest today in the $400K-$500K price range or the entry-level condos. An example of this is the unit at 25 Oxley, which I featured a couple of weeks ago (see below). It sat at $439K since November before selling this week for $445K. Suddenly there were competing offers on it. I am also seeing this play out in other units in this price range in desirable buildings. Last fall, realtors were being offered commission incentives to sell these units. Today, some realtors are holding back offers because of the increased interest.

As for renovated single-family homes, they continue to be the tech stock equivalent in real estate form. Last week I featured 29 Tiverton (see below), it sold for $1.6M, which is $200K more than the similar attached neighbour sold for in June. I also featured 153 Medland Street, a very nice renovated investment property in the Junction asking $2.0M, which sold for $2.2M. Only a couple of months ago, multi-unit investment properties were out of vogue.

Note that the only property I featured last week that hasn’t sold is the Argyle Loft. A unit with very little natural light, no outdoor space and a basic kitchen. Buyer’s priorities have shifted. Moving forward, deliberation on the purchase of a property, especially a condo, should include its suitability in a work from home environment.        

As an aside, much has been written about the negative effect a ‘work from home’ exodus may have on major cities. Although I am sceptical, I am not naive. In Toronto, I am hopeful that any exodus will contribute to a more balanced and predictable market. Although first and foremost, I encourage my clients to focus on properties with solid fundamentals or unique aspects from which they can create value and hold long-term, instead of relying on the market to continue to outperform.  

-Nick, Jan 22/2021

Loft of the Week

Roncesvalles: Robert Watson Lofts – $629K – 1BR – 1WR – Offers Anytime

This Immaculate And Bright Unit At The Robert Watson Lofts In Trendy Roncesvalles Features All Of The Cool Industrial Details You’re Looking For In One Of The West-End’s Most Highly Sought-After Buildings: 10 Ft High Ceilings, Exposed Concrete & Ductwork, Open Concept Floorplan & Wall To Wall Windows. Extra Alcove Is Perfect For That Home Office/Den. Steps To Everything!! – Sorauren Park, Local Farmer’s Market, T.T.C. At Doorstep, Schools & Restaurants.

Extras:Stainless Steel Appliances (Fridge, Gas Stove, Dishwasher & Built-In Microwave). Stacked Washer/Dryer. Custom Roller-Blinds And Existing Lights Fixtures.

Starter Home of the Week

Leslieville: 61 De Grassi St – $899K – 2BR – 1WR – Offers Jan 26

Riverside 1890’S Victorian Gem On Iconic De Grassi. Bright Open Concept Living/Dining, Custom Designed Kitchen W/Granite Counters Plus Breakfast Nook/Den With Vaulted Ceiling And Walk-Out To Beautifully Landscaped Gardeners Paradise. The Second Floor Boasts 2 Bedrooms And An Oversized Newly Renovated Bathroom. 2 Car Parking. Third Floor Loft Potential. Steps To Queen St E, Leslieville’s Best Cafes, Restaurants, Boutiques, Jimmie Simpson Park, And More.

Extras:Tight-Knit Family Community. Minutes To Downtown, Major Highways. Incl Existing Light Fixtures, Fridge, Gas Stove, Washer/Dryer, Cac, Gas Furnace. Excl Sheers. Home Inspection Avail By Email. Ask L/A About 3rd Floor Loft Design.

Family Home of the Week

Allenby: 91 Castlewood Dr – $1.75M – 3BR – 2WR – Offers Jan 28

Impeccable Family Home In Allenby District, Classic Finishes Throughout Combined With Modern Updates. Cosy Wood Burning Fireplace W Built-Ins, Walk Out From Family Room To Fun Backyard. Enjoy Cooking In The Chef’s Kitchen Featuring Gas Stove , S/S Double Sink, Quartz Counters, Solid Wood Cabinetry And Adjacent To Eat-In Area. Soon-To-Be Completed Crosstown Subway Make This An Ideal Location. Easy Walk To Allenby Jr. Public School + Shopping On Eglinton.

Extras:Bwl, All Elf’s 3 Original Bevelled Glass Dr/ Lr Doors In Basement. High Efficiency Steel Side Door Keyless Entry .Custom Playset. Gas Line For Bbq National Home Insp. 11.1.2021 Legal Front Pad + Permit Please Follow Covid-19 Protocols

Investor Condo of the Week

Bloor & Islington: Network Lofts – $459K – 1BR – 1WR – Offers Anytime

Big, Bright And Beautiful Hard Loft Conversion In The Sought After Network Lofts! Soaring 10 Ft Ceilings, Juliette Balcony, Polished Concrete Floors And The Best Layout In The Building. Every Inch Is Functional In This Open Concept Design. Kitchen Features Quartz Counters, Subway Tile And Stainless Appliances. Bath Has Ensuite Laundry And Locker. Steps To Subway, Parks, Trails, Cafes, Shops And Sobeys.

Extras:Great Amenities And Low Fees; Including Concierge, Gym, Rooftop Patio And Lots Of Visitor Parking.

UPDATED: Previously Featured Listings

Roncesvalles: 15 Fermanagh Ave – $1.499M – 6BR – 3WR – Offers Dec. 23 SOLD

This Is The One You’ve Been Waiting For. Rarely Offered, Large Victorian In The Heart Of Roncesvalles, A 5 Min Walk To Great Schools & The Charm Of The Roncey Strip. Inside, Tasteful Upgrades Compliment Original Charm With Soaring Ceilings And Bay Windows That Provide An Exquisite Atmosphere Of Light And Comfort. Rooms To Spare Make W-F-H A Dream. A Family-Sized Kitchen Leads To A Beautiful Deck, Backyard & 2 Car Garage. Bring This One Home For The Holidays!

Extras:High-End S/S Appliances (2019/20), Main Floor W/C, Double Closet At Entry. Stone Kitchen Counters, Glass Backsplash, Abundant Cabinetry, Dble Pantry. C/A/C, C/Vac. L-G Washer/Dryer. New Furnace & Tank 2020. Laneway Housing Feasible!!S

Investment Condo of the Week

King & Spadina: 25 Oxley St #608 – $439K – Maint fees: $230/month – Studio – 1 WR – SOLD

Spectacular Unit In The Coveted Glas Boutique Condo That Offers Great Value. This Well-Appointed Layout Features Floor To Ceiling Windows, 9 Ft Concrete Ceiling, Spa-Like Bathrm, Ample Storage/Closet Space, & Modern Kitchen With Stainless Steel Appliances & Gas Stovetop. Ideal Location On A Small Street In Toronto’s Downtown Core. Just Steps To King West & Queen West, Entertainment District, 24 Hour Ttc, Countless Shops, Restaurants, Cafes, Bars & More.

Extras: Existing Appliances – Ss Fridge, Ss B/I Oven, Gas Stovetop, Ss B/I Dishwasher, Ss Exhaust Fan, Stacked Washer/Dryer, All Elfs, Closet System In Bedrm. Beautiful Engineered Hardwood Flooring Throughout Unit. Heat Pump Rental $34.90+Tax/Mnth

Duplex of the Week

Riverdale: 84 Riverdale Ave – $1.149M – 2+1 BR – 2WR – Offers Dec. 22 – SOLD

Prime Riverdale , Extra Large Duplex On A Magnificent Deep Treed Lot! Two Spacious ,Sun Drenched 1 Bedroom Apartments, Both With Wood Burning Fireplaces, Exposed Brick ,Hardwood Floors & Large Oversize Windows. Filled With Charm & Character & Flooded With Natural Sunlight. Withrow School District. Easily Converted To A Magnificent Single Family Home!

Extras:Fridge, Stove, Washer , Dryer, Electric Light Fixtures, Gas Burner & Equipment. Furnace (2014), Main Roof (2019) Note: Front Pad Parking Not Legal, Though Previous Owners Have Parked For Over 18 Years

Overpriced House of the Week

Runnymede: 758 Windermere Ave – $1.799M – 3BR – 4 WR – $1.799M – Offers Dec. 22 – SOLD (well below asking)

Solid Brick Contemporary. Chic Design Meets Bloor West Charm. Top-To-Bottom Renovations & Upgrades. This Dreamy Home Is Energy Efficient & Eco-Friendly. Designer’s Flair Thruout. Garden Oasis. Raised Veggie Planters. Large Deck. 5 Solar Panels On Roof. Living Roof On Garage “Lpe”. Prof. Chef’s Kitchen. Sep. Veggie Sink. Caesarstone Countertops. Private Balc Off Master Bdrm Encompassed By Seamless Glass Railings. Double Car Laneway Garage. Parking For 5 Cars!

Extras:S/S Double Dr Fridge W/Ice Maker,Gas Cooktop & Oven; Brand New Range Hood, 2 Dw, Front Load W/D, Wndws & Coverings, Floors…See Complete List Attached. All Elf’s,Gas Fireplace,Sec.System, Speakers Thru-Out. High Efficiency Gas Furnace.

Condo Alternative of the Week

The Beach: 8 Pine Terr – $899M – 2BR – 2 WR – Offers Dec. 21 – SOLD

Ideal Freehold Oasis In The Heart Of The Beach! Unique Modern Space To Fit Today’s Needs Gorgeous Renovated Kitchen W/ Quartz Counters! Private Treed Courtyard Gives You Desirable Outdoor Space For Evening Dinner Or Relaxing Afternoon Light Cascades Into 4 Floors Of Bright Living Space Ready To Be Configured For Your Home Office, Nursery Or Yoga Sanctuary. Loft Like Master Bed W/ 2 Skylights Parking & Friendly Community Make This Condo Alternative A Must See!

Extras:Stainless Steel Fridge, Stove, Dishwasher, Microwave, Washer, Dryer, Gb & E, All Electric Light Fixtures, Steps To Queen St, The Fabulous Boardwalk, Beach & Lake!

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All information, subject matter and/or opinion in this post and on this website is deemed reliable but not a warranty or representation as to its accuracy. It is not to be construed as expert legal advice. It is subject to error, omissions, changes, prior sale or other conditions. Seller or agent shall not be held liable and the buyer or reader is responsible for verifying all information and their own due diligence.