Moving into 2021 + My Properties of the week

Approaching the holidays, new listings have slowed down, but buyers in the freehold market have stayed aggressive. Single-family homes that are move-in ready with parking and located in established neighbourhoods, are currently the ‘tech stocks’ of Toronto real estate. Neighbourhoods on the periphery of the downtown core, like Riverdale, High Park, Leslieville, Roncesvalles, Beaches, are continuing to get bid up and outperform. If you are not in one of these neighbourhoods, don’t worry. The flight out of condos and into houses has been a buoy for the Toronto single-family home market in general.

Around this time of year, there usually aren’t many new premium listings, but I am sensing a shift in market psychology heading into 2021. Below I feature a few examples of renovated homes that you wouldn’t generally see listed at this time of the year. These properties are holding offers only a couple of days before Christmas, which is uncommon. The best practice in past years has been to wait until the new year or spring. This year the market has been extended with people stuck at home and not leaving on holidays. Also, the weather has been relatively good weather. Some sellers may also be trying to pre-empt a more restrictive lockdown in January – February. More on that later.

As we move further into 2021, more transactions will be less covid-inspired and will be transactions that would be happening regardless ie. to start a new job, a new family, lifestyle, etc. The transactions that have been done because of covid, meaning people who are going to leave the city, or are uncomfortable in the city, or are looking for more space outside of the city, have already or are about to make their move. For some, covid-19 caused their move, for others, it expedited it. I expect the majority of the deals moving forward to be transactions that would be done in any market.

I believe this is an important point, especially for the condo market, because as our lives and decisions become more normalized later in 2021, so should people’s decisions on housing. What is important to note about the increasing number of cases and the most recent lockdown in Toronto, is that fear hasn’t spiked like it did in the spring. People have learned how to deal with the virus and to some extent, have become desensitized to it. If we go back into full lockdown this January, it will have much less effect on people’s decision-making with regard to housing, than it did in April.  

Having said that, there is one part of the Toronto housing market that is in for a rough ride this spring, and that is the rental market. The dichotomy in Toronto real estate is most acute when comparing resale vs rental. In the resale market, there is the ability to control inventory. Meaning that if you are an owner-occupier, you can choose to wait out the market. For the most part, you have the ability to make a decision and aren’t forced to sell your property in a down market. If you are a landlord you can’t not rent out your unit. You are forced to participate in the current market and are a ‘market taker’ to a certain extent. It’s either your investment sits empty or you lease it at market rent. This has led to a massive amount of inventory, which is building. In addition, we are moving into the worst rental period of the year, with cases of covid-19 rising.

On the resale side, I am expecting a busy winter season, with more people putting covid in the rearview mirror and planning their move for 2021. The caveats are harsher restrictions being put in place due to the spread of covid-19 and to some extent, stock market performance. If the city is essentially shut down or people are more cautious in Jan-Feb, we may experience another delayed spring market, with pent up demand fueling the market higher in the near term. There has been a lot of positive press recently pertaining to real estate prices continuing to climb in 2021 as a result of record-low interest rates. In Toronto, I expect single-family homes to continue their rise early on, with the softest segments continuing to be the rental market and resale high-rise condos. Important to watch will be the widening price gap between the average price of resale condos vs. resale houses. As behaviour normalizes, people may find themselves with little choice but to buy or rent a condo, as happened in the past.

Family Home of the Week

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

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!!

Investment Condo of the Week

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

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

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

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

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!

UPDATED: Previously Featured Listings

BEFORE: 1 Nottingham Drive – 3BR – 2 WR – Asking $1.125M – SOLD: $1.080M (2018)

MLS Description: Best Priced By Far! Old English W/ Charm. Maintained &Upgraded Chestnut Hills.Contemporary Interior. Larger Than Bungalows Offered And Its Priced Less! Reno’d Kit, Granite, Counters, S.S Appliances,2 Full Baths &Fireplace Sits On A Huge 161 Ft Lot. Private Drive, Garage, Workshop& Playhouse /Bunkie. Amazing Value. Sep Entry To Fin Basement.Excellent Buy Up Home- Enjoy Any Holiday Season.Great School Zone Steps To Humbertown Plaza

S.S Fridge, Stove, B/I D/W. Washer & Dryer, All Elf’s, Sprinkler System, Window Coverings, Gbe, Hwt(Rental) Cac, Original Blue Print

AFTER: 1 Nottingham Drive – $2.89M – 3BR – 5WR – Currently listed for sale

MLS Description: Architecturally Custom Designed Home In Beautiful Chestnut Hills. Preserved Original Heritage Brick Combined W/ Modern Extension To Create Spectacular Open Concept Living. Professionally Designed, Imported Hardwood & Tiles Directly From Europe, Soaring Cathedral Ceilings, Loft W/ Skylights, 10Ft Waterfall Island, Custom Glass Railings, Monobeam Floating Staircase, Private Catwalk To Master Bedroom Retreat Overlooking Your Entire Home. Superior Quality Build.

Extras: Entertainment Space W/ Personal Bar, Wine Wall, Private Theatre Room, Gourmet Kitchen B/I Appliances, Solid Maple & Walnut Custom Cabinetry W/Integrated Leds, Full Home Automation System. Custom Laundry. Ceiling Heights 9Ft, 15Ft, 10Ft.

Family Home of the Week:

672 Euclid Ave – Bloor and Bathurst – $1.699M – 5BR – 4WR – Reduced from $1.879M – NOW SOLD

MLS Description: Tremendous Location On One Of Toronto’s Most Sought After Streets. Steps To The Subway, Restaurants, Shopping And Parks In The Vibrant Bloor St Lifestyle. Large 3 Story, 5 Bedroom, 4 Bathroom, Victorian Family Home, High Ceilings, And Baseboards, Stained Glass, Crown Moldings, Detached Garage With Laneway Access.

Extras: Fridge, Stove, B/I Dishwasher, Washer And Dryer, Elfs, Window Coverings, 2012 Updates Include Electrical, Furnace, Ac, Roof, New Floors On 2nd And 3rd, Floors, Back Flow Preventer And Leap Pipes Coming Into House, Replaced 2015.

INVESTMENT PROPERTY OF THE WEEK

37 Frankdale Ave – Danforth & Donlands – $1.2M – 3 Units – Offers Dec. 14 – NO Update as of Dec 21/2020

MLS Description: Great Opportunity To Own A Fully Rented Triplex In East York. Located Close To The Greenwood And Donlands Subway Stations Providing Tenants Easy Access To Public Transit. The Property Is Surrounded By An Abundance Of Amenities Including Hospitals, Schools, Restaurants And Grocery Stores. The Property Is Steps Away From Danforth Avenue Providing Further Amenities For Tenants. Further Details Available Upon Execution Of Lb’s Nda.

Extras: Excellent Investment And Potential Owner-Occupier Opportunity. Part Of A Nine-Property Portfolio; Can Be Purchased Individually Or Combined. Do Not Disturb Tenants. Bid Date Now Set For Monday, December 14th, 2020 At 4:00 P.M.

UPDATED: Previously Featured Listings

64 Amelia St – Cabbagetown – 1+1BR – $1.295M – BULLY OFFER SOLD

MLS Description: Calling All Buyers To Bring Their Contractor, Architect, And Designer. Requires A Comprehensive Renovation. This Enchanting And Eccentric Ontario Cottage In Located In The Prime Heritage District Of Cabbagetown And Is Set On A Wonderful 24 X 128 Foot Lot. Has Been Owned By The Seller Since 1973. Value Priced Reflecting The Renovation Investment Required By A Buyer. 2 Car Parking Possible At The Back. Immediate Possession Preferred.

Extras:Quiet Residential Street Just Steps To Incredible Parkland, Playing Fields, Leash-Free Dog Park, And Exercise Trails. Cabbagetown’s High Street Of Shops, Cafes, Pubs, Gourmet Food Stores, And Restaurants Are Blocks Away. Everything Is Here.

Prime Corner Lot ready for Redevelopment

11 Harrow Dr – Amesbury – 3BR – $899K – Offers Dec 19

MLS Description: Great Family Starter Home On Beautiful Premium, Corner Lot 50X124 Surrounded By The Custom Built Houses.It Offers Great Potential For Putting Your Own Touch Or Building Brand New Custom House (Drawings Available For Approx 4000 Sq Feet Home) .3 Bedrooms, 3 Washrooms, Double Car Garage With Double Private Driveway. Amazing Amesbury Neighbourhood With Greenery, Parks And Schools Steps Away.

Extras:Stove, Fridge, Hot Water Tank ( Owned) Dryer, Washer

This Semi Backs onto Trinity Bellwoods Park

215 Crawford St – Trinity Bellwoods – Duplex – $1.549M – Offers Anytime – SOLD

MLS Description: Renovated Victorian 2-Family Home On The Coveted Block Of Iconic Crawford St. North Of Queen West Overlooking Trinity Bellwoods Park. Super W I D E Lot Is An Ideal Combination Of Size, Lot, Location And Character To Plant Roots & Create Your Own Lasting Masterpiece. Cleverly Divided Into 2 Spacious Self-Contained 2 Bdrm Units, W/ 2 Laundry, 2 Furnaces/A/C, & 2 Hydro & 2 Gas Metres. Deep Yard W/ Gate Access To The Park Offers Tremendous Opportunity.

Extras:Steps To The Best Queen W, Dundas, & Ossington. Trinity Bellwoods Park- Ball Diamonds,Courts,Community Cntre,Off-Leash,Pool & Playgrnd,Outdoor Ice Rink.Local Cafes,Dining & Shopping,Ttc.Your Queen West Life Awaits.Ask About Buying It VacantSi

Under-rated family friendly Beach Hill

78 Kingsmount Park Rd – Beach Hill – 3BR – $899K – Offers Dec 8 – SOLD 

MLS Description: Opportunity Knocks To Put Your Personal Touch On This Large 3 Bedroom Semi-Detached Home. Features Include: Separate Living/Dining Area ,Eat-In Kitchen, Spacious Master Bedroom, Hardwood Floors, Separate Entry To Unfinished Basement, Nice Backyard, Near Schools, T.T.C

Extras:Fridge, Stove, Washer, Dryer (All Appliance As Is Condition) Gas Burner And Equipment, Central Air

Most Affordable Option in Casa Loma

642 Davenport Rd – South Forrest Hill – 4BR – $925K – Offers Anytime – SOLD 

MLS Description: Wonderful Opportunity In Prime Casa Loma/Annex Neighbourhood! Bright, 2 1/2 Storey Legal Duplex W/Multiple Walk-Outs Overlooking Terraced Garden On A Deep Lot. Wide 25.96′ Frontage. Garage. Unit #1 4 Bdrm 2 Bath; Unit #2 1 Bdrm 1 Bath. Separate Entrances. Converted To 2 Legal Units (’07), Rewired (No K&T), High Efficiency Furnace (’19), Upper Roof (’18). Steps To Casa Loma, George Brown, Subway, Trendy Dupont St., Ravines, Parks, Shops & Excellent Schools.

Extras:2 Fridges, 2 Stoves, 2 Exhaust Fans, Washer+Dryer, 2 Window A/C’s, All Light Fixtures, All Wndw Cov’gs, Garden Shed (All As Is). Legal Duplex Conversion 2006. 1972 Survey. Many Updates Incl. Mechanicals. Showings On Offer. Excellent Value!

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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.