September housing market numbers are in, and prices continue to rise as inventory continues to be low.   Are you curious about real estate in Pickering, house prices in Toronto or Ajax house prices? The market continues to be hot across most markets in Ontario! 



September marked the transition from the slower summer market to the busier fall market in the in the Greater Toronto Area. Every year, we generally see an increase in sales, average selling price and listings after Labour Day through to mid-December, and September 2021 was no different.  Fall seasonality in the Toronto Real Estate market show Toronto home sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.


Single family homes: Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, in both the house and condo market, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture.

Condo Apartments: This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well.   This has led to an acceleration in price growth over the past few months as first-time buyers reentered the ownership market. 

Rentals: Multiple offers in rentals are back! Prime locations are seeing 2-4 offers!   Read more about this here: Competition in the Toronto rental market 

The MLS® Home Price Index Composite Benchmark was up by 19.1 per cent year-over-year in September 2021. The average selling price for all home types combined was up by 18.3 per cent year-over-year to $1,136,280. “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.


So, what is the minimum amount needed to buy a freehold home with no condo fees?  

If you are looking in Toronto, Pickering or Ajax, the magic number is $800,000. For an $800,000 property you will need a minimum down payment of:

  • 5% of the first $500,000 of the purchase price
  • 10% for the portion of the purchase price above $500,000

So a minimum of $55,000 down payment is required to purchase an $800,000 home

As well, you will need to have closing costs saved, $2,000 for legal fees and Land Transfer Tax (about 2.5% of your purchase price in Toronto, 1.3% of the purchase price outside Toronto).  


Links to other articles on the Toronto Real Estate Market Statistics:

Toronto Star: We are at a critical juncture

CTV: Toronto housing prices continue to climb as supply hits decade-low


Some of my recent sales: 





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So what are the best tips for selling a rented property? 

This Toronto condo just sold, it was in a great location on Blue Jays Way in the Entertainment district. It was on the market for a couple of months while it was still tenanted, and while the tenants were very co-operative & the the pictures showed the unit well, it did not sell. 

This condo is a great example of an investment property in Toronto.  What made it a great investment property? 

  • It was close to Transit
  • It had en-suite Laundry
  • It had a parking spot
  • The condo building did not allow Airbnb or short term rentals (keeps the building nicer)
  • It had lovely amenities like a gym, rooftop lap pool & terrace
  • It had a balcony
  • It was steps to the Rogers Centre and other downtown attractions

So why is selling a tenanted property so hard? Mainly because under the RTA (Residential Tenancy Act) in Ontario tenants have many rights. Buyers may be worried that vacant occupancy cannot be guaranteed. 

Interested investors worry that current rents are under market, and would prefer a vacant unit. 24 notice is required for showings, and sometimes that doesn't work with prospective buyers' schedules.  Some tenants refuse photos (which they can).  You also can’t force a tenant to leave for showings!  No matter how tidy the renters are, as a seller or agent you can't guarantee it will stay that way. You can’t force untidy or dirty renters to clean for showings. Case in point the den in this condo was being used for storage; here are the before and after pictures: 

 

Den was being used as a storage room by the renters


Painting and Staging shows off the den's true potential in this Toronto Condo

 


 

1. Hire a Realtor that understands the rules of the residential tenancy act of Ontario (Landlord Tenant Board) and make a plan accordingly. 

2. Sell it vacant - a tenant in place will cost you thousands! 

3. Spend money on updates that make it look owner-occupied like: custom light fixtures, updated appliances, small repairs Believe me buyers can tell the difference! 

4. If updates aren't in the budget, painting and deep cleaning will give you the best ROI

5. Stage the property - the decor and furniture will give buyers the sense of what it's like to live there

So what finally happened? We received more showings in 3 days than in the whole time it was on the market when tenanted. Result: SOLD IN A FEW DAYS! 

Controlling the product, you present to the public (especially with a condo) is incredibly important to a successful sale.

Here's what the owners said in the 5 star Google review: Sue went above and beyond when listing our property for sale. She has a wealth of knowledge and experience and took the whole process from start to finish with very little involvement on our part

 

...

Is worry-free living on your mind?  Looking for something where you don't have to sacrifice size or style?   Then this north Scarborough condo for sale might be perfect for you! 

Welcome home to this beautiful Tridel built condo.  With 1375 sq. ft. of living space, this condo feels like a bungalow (except you don’t have to water the flowers!)  Large rooms that will fit your furniture, lots of storage for your cherished belongings, and wonderful skyline views that will make you feel right at home. 

Sky Garden II by Tridel features beautiful manicured gardens and superb amenities (including a social calendar with yoga, tai-chi & aqua-fit). 

Walk to shopping across the road at Bridlewood Mall with a Metro & Shoppers Drug Mart. 

This Scarborough condo for sale is perfect whether you’re a first time buyer or looking to downsize from your large, family home. 

Watch the 1 minute video tour of 2330 Bridletowne Circle Here




...

Steps to the Rogers Center & a short stroll to Air Canada Centre; whether you love The Toronto Blue Jays, The Toronto Maple Leafs or the Toronto Raptors this downtown Toronto condo for sale is in an amazing location for you!  Work downtown? You’re steps from transit. Working a hybrid model? This condo features a huge den - which can be either a spacious home office or a third bedroom, depending on your needs! 

Freshly painted, cleaned and absolutely move-in ready this 2+1 bedroom condo could be perfect for you! List price $799,000

Check out the virtual tour for more details here: 

If you're considering a downtown condo purchase, what are the most important things to consider when comparison shopping?  Here are my tips:

1. Layout trumps size:  A well planned layout gives you more flexibility with space than square footage.  For example, the square footage can be in a relatively unusable area (like the entry or hallway) .  As a rule of thumb, for a 1 bedroom look for over 600 sq ft; for a 2 bedroom look for over 800 sq ft, and if you're downsizing from a house to a condo look for a minimum of 1000 sq ft for 2 bedrooms. 

2. Understand your preferred floor plan:  In a condo, the preferred floor plan is called a "Split Bedroom" - where the bedrooms lay on each side of the living space for maximum privacy.  Of course, some people would prefer the bedrooms to be located down a hallway away from the living room (for noise)

3. Understand what features will cost you more if you're buying a Toronto Condo:  There are a few key things that will cost you more, and ultimately add value to your property over time.  These are things that most buyers highly desire; and of course there are fewer condo units with these features in each building:  

  • Proximity to transit.  The closer to transit (especially the Toronto Subway System) the higher the price.  This is the number one demand for condo buyers!
  • Natural Light.  Corner units, which have more windows, demand a higher price
  • Views, especially unobstructed views of Lake Ontario.  Highly desirable, this adds to the price of a condo, especially waterfront condos
  • Distance from the elevator or garbage chute.  Closer to the elevator, or garbage chute, units are generally (but not always) cheaper
  • Hight.  Penthouses command a premium for their views, privacy and lack of upper neighbours.  Pre construction condos also charge a premium for each floor as you go up for the views.
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Recent Blog Posts

September housing market numbers are in, and prices continue to rise as inventory continues to be low.   Are you curious about real estate in Pickering, house prices in Toronto or Ajax house prices? The market continues to be hot across most markets in Ontario! 



September marked the transition from the slower summer market to the busier fall market in the in the Greater Toronto Area. Every year, we generally see an increase in sales, average selling price and listings after Labour Day through to mid-December, and September 2021 was no different.  Fall seasonality in the Toronto Real Estate market show Toronto home sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.


Single family homes: Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, in both the house and condo market, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture.

Condo Apartments: This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well.   This has led to an acceleration in price growth over the past few months as first-time buyers reentered the ownership market. 

Rentals: Multiple offers in rentals are back! Prime locations are seeing 2-4 offers!   Read more about this here: Competition in the Toronto rental market 

The MLS® Home Price Index Composite Benchmark was up by 19.1 per cent year-over-year in September 2021. The average selling price for all home types combined was up by 18.3 per cent year-over-year to $1,136,280. “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.


So, what is the minimum amount needed to buy a freehold home with no condo fees?  

If you are looking in Toronto, Pickering or Ajax, the magic number is $800,000. For an $800,000 property you will need a minimum down payment of:

  • 5% of the first $500,000 of the purchase price
  • 10% for the portion of the purchase price above $500,000

So a minimum of $55,000 down payment is required to purchase an $800,000 home

As well, you will need to have closing costs saved, $2,000 for legal fees and Land Transfer Tax (about 2.5% of your purchase price in Toronto, 1.3% of the purchase price outside Toronto).  


Links to other articles on the Toronto Real Estate Market Statistics:

Toronto Star: We are at a critical juncture

CTV: Toronto housing prices continue to climb as supply hits decade-low


Some of my recent sales: 





...

So what are the best tips for selling a rented property? 

This Toronto condo just sold, it was in a great location on Blue Jays Way in the Entertainment district. It was on the market for a couple of months while it was still tenanted, and while the tenants were very co-operative & the the pictures showed the unit well, it did not sell. 

This condo is a great example of an investment property in Toronto.  What made it a great investment property? 

  • It was close to Transit
  • It had en-suite Laundry
  • It had a parking spot
  • The condo building did not allow Airbnb or short term rentals (keeps the building nicer)
  • It had lovely amenities like a gym, rooftop lap pool & terrace
  • It had a balcony
  • It was steps to the Rogers Centre and other downtown attractions

So why is selling a tenanted property so hard? Mainly because under the RTA (Residential Tenancy Act) in Ontario tenants have many rights. Buyers may be worried that vacant occupancy cannot be guaranteed. 

Interested investors worry that current rents are under market, and would prefer a vacant unit. 24 notice is required for showings, and sometimes that doesn't work with prospective buyers' schedules.  Some tenants refuse photos (which they can).  You also can’t force a tenant to leave for showings!  No matter how tidy the renters are, as a seller or agent you can't guarantee it will stay that way. You can’t force untidy or dirty renters to clean for showings. Case in point the den in this condo was being used for storage; here are the before and after pictures: 

 

Den was being used as a storage room by the renters


Painting and Staging shows off the den's true potential in this Toronto Condo

 


 

1. Hire a Realtor that understands the rules of the residential tenancy act of Ontario (Landlord Tenant Board) and make a plan accordingly. 

2. Sell it vacant - a tenant in place will cost you thousands! 

3. Spend money on updates that make it look owner-occupied like: custom light fixtures, updated appliances, small repairs Believe me buyers can tell the difference! 

4. If updates aren't in the budget, painting and deep cleaning will give you the best ROI

5. Stage the property - the decor and furniture will give buyers the sense of what it's like to live there

So what finally happened? We received more showings in 3 days than in the whole time it was on the market when tenanted. Result: SOLD IN A FEW DAYS! 

Controlling the product, you present to the public (especially with a condo) is incredibly important to a successful sale.

Here's what the owners said in the 5 star Google review: Sue went above and beyond when listing our property for sale. She has a wealth of knowledge and experience and took the whole process from start to finish with very little involvement on our part

 

...

Is worry-free living on your mind?  Looking for something where you don't have to sacrifice size or style?   Then this north Scarborough condo for sale might be perfect for you! 

Welcome home to this beautiful Tridel built condo.  With 1375 sq. ft. of living space, this condo feels like a bungalow (except you don’t have to water the flowers!)  Large rooms that will fit your furniture, lots of storage for your cherished belongings, and wonderful skyline views that will make you feel right at home. 

Sky Garden II by Tridel features beautiful manicured gardens and superb amenities (including a social calendar with yoga, tai-chi & aqua-fit). 

Walk to shopping across the road at Bridlewood Mall with a Metro & Shoppers Drug Mart. 

This Scarborough condo for sale is perfect whether you’re a first time buyer or looking to downsize from your large, family home. 

Watch the 1 minute video tour of 2330 Bridletowne Circle Here




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