Our 5 Favourite Parks in Toronto
Finding a green spot in Toronto is like snagging a seat on the subway at rush hour—a rare victory. It's where we trade concrete for grass, skyline views for tree lines, and street noise for the sweet sound of squirrels debating. These urban oases are our not-so-secret meeting spots, where the only honking you'll hear is from Canada geese with attitude problems. So, if you’re looking to swap out car alarms for cricket symphonies, you’re in the right place. Now, I may be a bit biased in my picks (being a west ender and all) so take this list with a grain (or fistful) of salt!
St. James Park: Picture this: a playground where kiddos can frolic among oversized veggie crates and ice cream sculptures without getting a single "don't play with your food" warning. That's St. James Park for you, a slice of historic downtown where children's imaginations run wild and adults ponder if bouncing on a rubber mound of pistachio ice cream counts as a workout. It's a spot that proves fun, and education can go hand in hand, much like convincing a Torontonian that there's life beyond the DVP. The park's design even snagged a design award, making it a certified cool spot by city standards.
Sorauren Avenue Park: Ah, Sorauren Avenue Park, the product of neighbourhood activism that saved us from living alongside a municipal garbage depot. If that's not the most Toronto tale of triumph, I don't know what is. This park isn't just green space; it's a testament to the power of community willpower (and probably some strongly worded letters). With its bustling farmers' market and historic Fieldhouse, it's where locals celebrate their victory over city hall and casually plot to claim more underused spaces. It's the little park that could, proving anything's possible with enough community meetings and cups of coffee.
Riverdale Park East: For those breathtaking views of the downtown skyline that makes you forget about your skyrocketing rent, Riverdale Park East is the spot. It's a haven for toboggan enthusiasts, summer picnickers, and anyone looking to practice their apologetic "oops, sorry!" as they inevitably crash into someone. This park is a friendly reminder of Toronto's layered history, from landfill to beloved city landmark, offering a moment of zen amidst the urban hustle. Plus, the view of the CN Tower from here? Chef's kiss.
Earlscourt Park: Nestled within the vibrant cityscape, this expansive green space serves as a haven for outdoor enthusiasts, boasting lush fields, winding trails, and picturesque picnic areas ideal for leisurely strolls or active pursuits. What sets Earlscourt Park apart is its diverse range of amenities, including sports facilities like a running track, dog park, basketball courts, soccer fields, tennis courts, Joseph J Piccininni Community Centre, catering to both casual visitors and dedicated athletes. Families flock to its playgrounds and splash pad, while community events and cultural festivals infuse the park with a vibrant energy year-round. With its convenient location and abundance of offerings, Earlscourt Park stands as a testament to Toronto's commitment to enhancing quality of life and fostering community spirit. Whether seeking relaxation or recreation, this urban gem promises something truly awesome for everyone to enjoy.
High Park: Last but certainly not least, High Park is a true gem of the city, captivating visitors with its sprawling green spaces, diverse ecosystems, and rich recreational opportunities. As one of the largest public parks in Toronto, it offers a welcome respite from the urban hustle and bustle, inviting locals and tourists alike to immerse themselves in nature's beauty. From the enchanting cherry blossom groves in spring to the fiery foliage of the maple trees in autumn, High Park delights visitors with its ever-changing landscapes throughout the year. Its extensive network of trails beckons hikers, joggers, and cyclists to explore its winding paths, while picnickers and sunbathers find solace in its open meadows and shady groves. The park's attractions, including the picturesque Grenadier Pond, the charming High Park Zoo, and the historic Colborne Lodge, add layers of charm and intrigue to its allure. Whether seeking adventure or tranquility, High Park offers an unparalleled escape into nature's embrace, making it truly awesome in every sense of the word.
Monthly Market Report: March 2024
Explore the latest insights and trends shaping the real estate landscape in this comprehensive monthly market report. From housing inventory to pricing dynamics, this report offers a detailed analysis of the current market conditions, providing invaluable information for homeowners, buyers, and investors alike. Stay ahead of the curve and make informed decisions by delving into the intricacies of the ever-evolving real estate market. Dive into the report here:
Happy Family Day!
I don’t know about you, but to me, the weather this winter has been a dream! That being said, the arrival of Family Day couldn’t come at a better time. This holiday (falling on the third Monday of February) is a wonderful opportunity to spend quality time with loved ones and create lasting memories together. Whether you're a native Torontonian or visiting the city, there are countless activities to enjoy in the Greater Toronto Area (GTA) that cater to families of all ages and interests.
Toronto boasts a vibrant cultural scene, and Family Day is the perfect occasion to explore its many museums, galleries, and cultural institutions. Here are a few highlights:
Royal Ontario Museum (ROM): Dive into the world of natural history and art at one of Canada's most renowned museums. With engaging exhibitions and interactive displays, the ROM offers something for every member of the family.
Art Gallery of Ontario (AGO): Feed your creativity at the AGO, home to a vast collection of Canadian and international art. From hands-on art-making activities to family-friendly tours, there's plenty to inspire young and old alike.
Ontario Science Centre: Spark curiosity and wonder at the Ontario Science Centre, where interactive exhibits and immersive experiences bring science to life. Don't miss the planetarium shows and live demonstrations!
If you prefer the great outdoors, the GTA offers no shortage of outdoor adventures for families to enjoy. Here are some ideas to get you started:
Skating at Nathan Phillips Square: Strap on your skates and glide across the iconic rink at Nathan Phillips Square, located in the heart of downtown Toronto. With the city skyline as your backdrop, it's a picture-perfect way to spend the day.
Tobogganing at Riverdale Park: Embrace the winter weather with a thrilling toboggan ride at Riverdale Park. With its gentle slopes and scenic surroundings, it's a favourite spot for families to enjoy some old-fashioned winter fun.
Hiking in Rouge National Urban Park: If you live in the east end, go ahead and lace up your hiking boots and explore the beauty of Rouge National Urban Park, located just northeast of Toronto. With over 80 kilometres of trails to discover, it's the perfect destination for a family hike amidst nature.
Family Day in Toronto is a time to cherish the bonds of family and create cherished memories together. Whether you're exploring the city's cultural gems, embarking on outdoor adventures, or attending special events and festivals, there's no shortage of activities to enjoy in the GTA. So gather your loved ones and make the most of this special day in one of Canada's most vibrant and family-friendly cities.
ONE MORE THING! An important notice for Toronto residents**
The deadline for filing the Vacant Home Tax Declaration is fast approaching (February 29th). The goal of the Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to keep their properties vacant will be subject to this tax. Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year! Make sure to get this done (if you haven’t already) or risk the financial penalty.
Winter is Coming…
Winter is just around the corner, and it's time to transform your home into a warm and inviting haven. From chilly drafts to snow-covered landscapes, preparing your home for the winter season is essential. If you haven’t already done so, here's a short list of the tasks you can do to ensure your home is winter-ready and cozy all season long.
Seal the Leaks
The first line of defense against the winter chill is to seal any drafts. Inspect windows and doors for gaps, and use weatherstripping or caulking to seal them. This simple step can significantly reduce heat loss and keep your home comfortably warm.
Service Your Heating System
Before the temperature drops, schedule a professional inspection and maintenance for your heating system. Clean or replace filters, check for leaks, and ensure your furnace or heat pump is in top working condition. This not only keeps you warm but also saves on energy costs.
Stock Up on Winter Essentials
Be prepared for winter storms by stocking up on rock salt for icy walkways, firewood for your fireplace, and extra blankets. Make sure your snow shovels and other winter tools are easily accessible.
Gutter Maintenance
Clear gutters and downspouts of leaves and debris to prevent ice dams. Proper drainage is essential to avoid water buildup, which can lead to damage to your roof and siding. Extend downspouts away from the foundation to prevent water from pooling around your home.
Upgrade Your Thermostat
If possible, invest in a programmable thermostat to optimize your home's heating efficiency. Set it to lower temperatures when you're away and warmer when you're at home. This not only ensures comfort but also helps save on energy costs.
Winterize Outdoor Spaces
Protect your outdoor furniture, garden tools, and other equipment from the harsh winter elements. Store items in a shed or garage if possible. If you have a garden, consider covering delicate plants to shield them from frost.
Decorate
Don’t be a Scrooge! Display your festive spirit and embrace your inner child by putting up lights and decorations for the holiday season.
By taking these proactive steps, you can transform your home into a winter-ready retreat. These tips will help you stay warm, cozy, and stress-free throughout the winter season. Stay snug, stay safe, and enjoy the magic of winter from the comfort of your well-prepared home.
Attention! Underused Housing Tax: Last Day to Fill Out Your Form
Taxes. Can I interest you in some more of them? Well if you are an affected owner (foreign nationals, certain partners in ownership, trustees and corporations), you must fill out the Underused Housing Tax Form by October 31st (today). The Underused Housing Tax is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.
I know what you’re thinking? Why do I have to pay more taxes on a property that I already pay/paid taxes on (LTT, property tax, income tax etc). The short answer: The government is like Oprah when it comes to taxes— "You get a tax! And you get a tax! Everybody gets a tax!!!” All jokes aside (was I joking though?), this tax was introduced to address the housing affordability issue that has been impacting the country. With the rising cost of living, particularly in urban areas, finding affordable housing has become a daunting task for many. In this context, the underused housing tax emerges as a potential solution that not only addresses the problem of housing affordability but also encourages efficient land use.
The underused housing tax is a policy tool designed to incentivize property owners to make efficient use of their properties by imposing a tax on properties that are not adequately utilized. The tax is levied on properties that remain vacant or unused for extended periods, thus encouraging property owners to put their underutilized assets to work. While the specifics of this tax can vary from one jurisdiction to another, the underlying principle is the same: to promote a more efficient and equitable use of land and housing.
Benefits of the Underused Housing Tax
Encourages Efficient Land Use:
One of the primary benefits of the underused housing tax is that it encourages property owners to maximize the utility of their land. This leads to a more efficient use of space in urban areas, reducing urban sprawl and the need to develop new infrastructure. By discouraging the hoarding of properties, this tax can help optimize the use of available land resources.
Addresses Housing Affordability:
By discouraging property owners from keeping housing units vacant, the underused housing tax can increase the supply of available housing. This increased supply, in turn, can help alleviate housing shortages and reduce the overall cost of renting or buying a home. In cities with high demand for housing, this can have a significant impact on affordability.
Generates Revenue for Public Services:
The revenue generated from the underused housing tax can be directed towards funding public services and initiatives related to affordable housing. This can help local governments invest in housing programs, infrastructure, and services that benefit the community as a whole.
Encourages Property Maintenance:
Property owners may be more inclined to maintain and improve their underused properties to avoid or reduce the underused housing tax. This can lead to the revitalization of neglected properties, ultimately improving the overall appearance and quality of neighborhoods.
Reduces Speculation:
In areas where housing is seen as an investment rather than a place to live, the underused housing tax can discourage speculative behavior. By imposing a cost on vacant properties, it can reduce the incentive for property owners to hold onto housing solely for capital gains, promoting a more balanced housing market.
Potential Impact on the Housing Market
The underused housing tax, if well-designed and implemented, could have a positive impact on the housing market by increasing the availability of affordable housing. It can also help create a more equitable system where housing is treated as a resource to be shared rather than a speculative investment.
However, it's essential to consider potential challenges and criticisms associated with this tax, such as defining what constitutes an "underused" property, addressing potential unintended consequences, and the administrative costs of implementation. Careful planning and ongoing evaluation are necessary to ensure that the tax effectively achieves its intended goals without unfairly burdening property owners.
By discouraging the hoarding of properties and encouraging property owners to put vacant units to use, this tax could contribute to more equitable and sustainable urban development. Whether you like it or not, the tax is here and if you’re an affected owner you must file or face the penalties for not filing. So, make sure you get those forms filled out by the end of the day!
Open House Today!
Are you in search of your perfect home, a place where you can create lasting memories and enjoy a cozy, welcoming atmosphere? Look no further! We are thrilled to invite you to an upcoming open house at 133 Macdonell Avenue. Listed by my colleagues Jordan Rasberry and Miranda Caldwell, this residence is a truly exceptional property that could be your dream home.
Date: Saturday October 14th
Time: 10am-12pm & 2-4pm
Location: 133 Macdonell Ave, Toronto
Host: Jordan Rasberry (10am-12pm) & Chris Robinson (2pm-4pm)
133 Macdonell is more than just a house; it's a place where comfort, style, and functionality come together to provide you with a lifestyle like no other. But don’t just take it from me, here is how Miranda and Jordan eloquently describe the property:
“Historical charm meets contemporary elegance in this 1885-built Victorian, with generously appointed principal rooms & period architectural details in all the right places. A stained-glass window & grand 10 ft ceilings welcome you to this inviting home nestled in the Roncesvalles community. Carefully considered improvements nod to the home’s heritage appeal, blending seamlessly with its enduring character. The main floor eat-in kitchen features a La Cornue Dual Fuel Gas Stove & an apron-front sink, plus a powder room & a bonus, an east-facing mudroom with a breakfast banquette overlooking the morning sun & rose bushes in the backyard. There are 3 bedrooms, a bathroom with a clawfoot tub & a west-facing balcony on the 2nd floor, while the primary suite spans the entire top level, with an ensuite bathroom & private balcony sheltered by a Victorian gable. The 2-car detached garage, separate entrance emerging from the lower level, and lot eligible for a laneway suite means 133 Macdonell has forever-home potential. This family-centric home is in the Fern Avenue School (French Immersion) catchment area & is ideally situated just down the street from Sorauren Park (+ future Wabash Community Centre) & the restaurants and boutiques of Roncesvalles Avenue”
You can find more details about the property here!
Don't miss your chance to explore 133 Macdonell Ave and envision the life you can build in this exceptional property. Whether you're a first-time homebuyer, looking for an upgrade, or simply curious about the local real estate market, our open house is the perfect opportunity to get a feel for this stunning residence.
If you're unable to attend the open house but are interested in the property, feel free to reach out to me for a private viewing. I am more than happy to accommodate your schedule.
I look forward to welcoming you to 133 Macdonell Ave and assisting you in finding your ideal home. See you there!
Delightful Junction Semi — Your Dream Home Awaits!
Are you in search of the perfect family home that seamlessly combines classic charm with modern style? Look no further! Co-listed by yours truly, this beauty is nestled in the heart of Toronto's vibrant Junction neighbourhood. A renovated 3-bedroom, 2-bathroom semi-detached home, 121 Edwin Ave is a true gem waiting to be discovered.
A Warm Welcome
As you approach this lovely semi-detached home, you'll be greeted by a family-sized foyer that boasts ample storage space. This thoughtful design ensures that your belongings have a designated place, helping to keep your home organized and clutter-free.
Main Floor Elegance
Step inside, and you'll find a main floor that exudes elegance and style. The living room and dining room are bathed in natural light, creating a warm and inviting atmosphere for family gatherings and entertaining friends.
The heart of this home, however, is the completely renovated chef's kitchen. It features stone counters, a center island with a breakfast bar, and stainless steel appliances. Whether you're a culinary enthusiast or just love to whip up a quick meal, this kitchen will surely inspire your inner chef.
Convenience at its Best
A bonus mudroom on the main floor serves as a convenient laundry room, making household chores a breeze. This space also provides easy access to the sun-filled backyard, complete with a stone patio and a detached garage. Imagine enjoying your morning coffee or hosting summer barbecues in this delightful outdoor retreat.
Splendid Backyard Retreat
Heading upstairs, you'll discover three generously sized bedrooms, each with its unique character and charm. The fully renovated 4-piece bathroom boasts heated floors for added comfort and luxury.
The primary bedroom is a true sanctuary, featuring a sun-filled bay window and plenty of storage space in the double closet. Rest easy in this tranquil haven after a long day.
Versatile Low Level
The finished basement adds versatility to your living space. It's a spacious recreation room that can be transformed into a kid's play area, TV lounge, or games room. Another stylish 3-piece bathroom adds convenience and functionality to this level.
One of the standout features of this home is its unbeatable location. You'll be just steps away from TTC routes and the UP Station, making your daily commute a breeze. Carlton and Symington Park are nearby, offering green spaces and bike trails for outdoor enthusiasts.
The Junction
The Junction neighborhood itself is a vibrant and trendy community with a wide array of shops, dining options, cafes, and modern amenities. Stroll along Dupont and Dundas St W to discover the latest in local culture and cuisine.
Easy Access to Downtown
For those who work or frequent downtown Toronto, you'll appreciate that Union Station is only a 7-minute ride away via UP Express. This proximity to the city center allows you to enjoy the benefits of urban living while residing in a charming and welcoming community.
In conclusion, 121 Edwin Ave in the Junction is a rare find that combines the best of both worlds: classic charm and modern convenience. It's a place where you can create lasting memories with your family and enjoy the vibrant lifestyle that this beloved Toronto neighbourhood has to offer. Don't miss the opportunity to make this house your forever home!
Back to our Regularly Scheduled Program!
I always find it beneficial to take a moment to breathe and re-assess during quieter periods in the market. Summer is typically a slower time (in terms of the number of transactions) in real estate and that allows me to carve out some time for what matters to me the most.
Look at those happy little faces :)
As summer approached and the school year came to an end, it was the perfect opportunity to take some time off work and enjoy quality moments with my kids. We spent a lot of time at the beach, went for daily bike rides and fit in a few visits to cottage country courtesy of our close family friends. Sometimes it can feel like a full-time job keeping the kids entertained throughout the summer but I wouldn’t trade it for anything. These moments do not last forever, and with each passing year they become more independent and ready to take on the world!
Jr Jays Sundays! Kids get to run the bases after the game
With the hustle and bustle of everyday life, it's often challenging to find time to connect with our loved ones. My number one priority was to make the most of this summer by creating unforgettable memories with my children before they headed back to school. My son, Nesta, is off to JK and his big sister, Lana, is in the 2nd grade; I cannot believe how quickly time is moving.
Back to school!
In real estate news, last week the Bank of Canada decided to hold it’s key interest rate at 5%. This comes as a relief to consumers as the increasing interest rates over the past year has led to a challenging financial period for many Canadians, to say the least. We shall see what the BoC intends to do with the rates moving forward, but for now, consumers can breathe a little sigh of relief knowing they won’t be facing any increases to their mortgage payments — if they have a a variable mortgage, or, if they are renewing their mortgage term this month.
Interest rates holding steady, but will it last?
Stay tuned for more blogs in the coming days. Whether it is myself or my colleagues at Core Assets Real Estate (CARE), there are some hot new listings hitting the market that are sure to catch your eye!
Toronto’s New Mayor!
As you know, last week the city held an election to choose a new municipal leader; due to the resignation of outgoing mayor John Tory. Candidates ran on platforms focusing on a few key issues that carry a huge importance when it comes to how the city operates: Taxes, Housing, Transit, Public Safety, and Public Health (to name a few).
After all the votes were tabulated, the city elected Olivia Chow (NDP) as its newest mayor. Congrats to her on her win! She has been a fixture in politics for quite some time and now she will be tasked with running the country’s largest city.
Toronto’s new mayor - Olivia Chow
Now, full disclosure, she was not my top choice. As a resident of Ward 9-Davenport, I have seen many west end neighbourhoods flourish during the time Ana Bailao (mayoral candidate) was councillor. I thought her platform was sensible and realistic, and as someone who could play nice with both sides of the political spectrum I felt she would be a great leader for the city. After leading the early polls she fell just short of Olivia Chow in the final tally.
But i digress. Olivia Chow is our new mayor, so I will highlight some of her plans regarding housing and transit; two issues that are of great importance to me and the city at large.
One of Olivia Chow's key campaign promises was to address the issue of affordable housing in Toronto. Her commitment to increasing the supply of affordable housing units could have a substantial impact on both renters and first-time homebuyers. By implementing policies that encourage the development of affordable housing options, Chow aims to create a more inclusive and accessible market.
That’s great! We would all like housing to be more affordable for all residents. But how realistic are these goals? With the cost of building/developing being so high, I doubt developers will be lining up to build new properties that are purpose built rentals. Chow has also promised to build 25,000 homes on city-owned land (oh?) in the next eight years. Those homes would be developed by the city as well (OH!), with a minimum of 7,500 affordable units and at least 2,500 units to be rent-geared-to-income. And how will the city be paying for these new homes? I think you already know the answer to that question ;)
As I’ve mentioned in previous posts, the number one issue in regards to higher home prices are purely economical. Very limited supply of housing, and massive demand for home ownership. 7,500 new units could/should help some, but just last year the city welcomed in approximately 150K new residents via immigration alone. Our rising population and continued lack of housing supply is the real issue here.
And how will the city’s almost 3 million residents travel throughout the boroughs? I maintain, that the city’s transit infrastructure is atrocious and it is the ONE thing that prevents Toronto from being as great of a city as it should be. There are no simple fixes for this issue. Decades of poor planning and half assed solutions have led to an inefficient mix of subways, LRTs, buses, and streetcars. The subway lines only service a few key areas; if planned correctly from the jump, they would service the entire region (ugh!). Streetcars and buses share the road with cars, leading to brutal levels of traffic congestion and delayed service for riders. For a city of this size, the fact that so many of us still use a car to get from A to B is a problem! An efficient transit system (a la NYC, London, Paris, etc) is the solution to a lot of the city’s problems; especially when it comes to affordability. Bike lanes are also being implemented on many major arteries, and honestly, I wouldn’t have a problem with this if we had an extensive and well-run transit system that eliminated the need to still own a car. I really could go on for days about this topic but let’s look at how Olivia Chow plans to address it.
The following excerpt is from a CP24 article written by Katherine DeClerq:
Chow has promised to build a dedicated busway to replace the decommissioned Scarborough RT to the tune of about $60 million. She said the funding would come from replacing the Gardiner Expressway with an at-grade boulevard between Cherry Street and the Don Valley Parkway rather than rebuilding the roadway. More widely, she has committed to “reversing the recent service cuts” made to the TTC, ensure cell service is available to riders, and make sure public transit is “fast and reliable.”
Personally, I think these are just more of the same half measures that won’t really solve any real transit issues — but, at least she has a plan. Efficient transportation systems and well-planned infrastructure are essential for any thriving city. To be sure, Olivia Chow has shown a commitment to improving public transportation options by attempting to reduce congestion. By investing in expanding public transit networks and promoting alternative modes of transportation, Chow's policies could have a positive impact on the real estate market.
In regards to the city’s transit systems, we may be too far gone at this point to truly fix it. A complete overhaul/construction project would be too costly and disruptive. No major political candidate would even dare to suggest it. For what it’s worth, I don’t think any citizen would put up with it either as there’s enough traffic and disruption on the roads already. So (much to my chagrin), it seems we will just have to live with our woefully inefficient transit for the rest of eternity.
City Hall
Olivia Chow's mayoral win marks a new chapter for Toronto's real estate market and overall economy. Her progressive policies, aimed at addressing affordable housing, sustainable development, transportation, and supporting small businesses, have the potential to shape a more inclusive and prosperous city. Although the long-term impact remains to be seen, investors, homeowners, and residents are hoping for an era of change and growth under Chow's leadership. As Toronto embraces this new vision, collaboration and adaptability will be crucial to maximizing the positive effects of these transformative policies.
Another Attempt to Bring Balance…
In a move that has caught the attention of both economists and homeowners alike, the Bank of Canada recently announced a 0.25% increase in interest rates.
From the Bank of Canada:
“Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high. While economic growth around the world is softening in the face of higher interest rates, major central banks are signalling that interest rates may have to rise further to restore price stability.” You can read the full press release here.
This decision carries significant implications for various sectors of the economy, but one area that is likely to feel the impact the most is the real estate market. At the risk of sounding like a broken record, let’s do a little refresher on how rising interest rates can impact the real estate market specifically.
The BoC is constantly working to bring a nice balance to the economy; Ideally you want the economy to grow, reduce financial anxiety among the public and provide jobs/income to the population. But, too much growth too quickly can lead to rapid inflation.
A man once “chosen” to bring balance to a galaxy far far away
Interest rates play a vital role in shaping the dynamics of the real estate market. They have a direct impact on borrowing costs, mortgage rates, and housing affordability. When interest rates rise, it becomes more expensive for homebuyers to finance their purchases, potentially affecting demand, pricing, and market activity.
Mortgage Rates and Affordability
With an increase in interest rates, mortgage rates are likely to follow suit. This means that prospective homebuyers will face higher borrowing costs, leading to increased mortgage payments. As a result, some potential buyers may be priced out of the market or need to adjust their expectations regarding the type and size of property they can afford. This could dampen demand for real estate, particularly in regions where affordability is already a concern.
Existing Homeowners
Existing homeowners with adjustable-rate mortgages or those looking to renew their mortgages may also feel the impact of rising interest rates. As their mortgage rates adjust, they could face higher monthly payments. This might create financial strain for some homeowners, potentially leading to increased market supply if owners decide to sell their properties to alleviate the burden. Consequently, a surge in supply could contribute to a softening of property prices.
Housing Market Activity
Higher interest rates can influence the overall activity in the housing market. Buyers may become more cautious, taking additional time to assess their options, negotiate prices, or hold off on purchasing decisions. This could lead to a slowdown in transactions, resulting in longer listing periods for sellers and potentially reducing market liquidity.
Regional Variations
It's important to note that the impact of the interest rate hike may vary across different regions of the GTA. Areas with robust economic growth and high demand, such as major cities or regions experiencing population growth, may experience a more muted effect on real estate activity. Conversely, regions already facing affordability challenges or where housing markets are more vulnerable may see more pronounced changes.
Rising interest rates over the past year has increased the financial burden of many
As with any change in interest rates, the full consequences will take time to unfold. Real estate market participants, including buyers, sellers, and industry professionals, will need to closely monitor the situation and adapt their strategies accordingly. It remains to be seen how the market will adjust to these changes and how policymakers will respond to ensure a balanced and stable real estate environment for Canadians.
Suburban Living At Its Finest!
Spring has arrived, and with the new season comes another fresh new listing! Last week I wrote about an awesome hard loft in the city that is sure to turn heads. This week we are heading out west to the rapidly growing Town of Milton. Feast your eyes on 1300 Leger Way! A completely turn key ready detached home situated on a premium lot (no backyard neighbours!) in a picture perfect suburban neighbourhood.
See more details at 1300leger.com
Are you looking for a spacious and immaculate home that's perfect for your family? Look no further than this stunning 4 bedroom, 4 bathroom home! With a flawless design and exceptional finishes throughout, this home checks all the boxes. As you step through the front door, you'll be immediately struck by the bright and open feel of the main floor. The open concept design seamlessly blends the living room, dining room, and kitchen into one cohesive space, making it perfect for both everyday living and entertaining.
As they say, the kitchen is the heart of your home; well this kitchen definitely fits that description with its high-end stainless steel appliances, quartz countertops, and ample cabinet space. Whether you're cooking a family meal or hosting a dinner party, this kitchen has everything you need to create a culinary masterpiece.
The main floor also features a separate den/home office, that provides plenty of space to work from home, tackle your to-do list, or give you a sanctuary for some quiet reading.
Upstairs, you'll find four spacious bedrooms and a conveniently located laundry room. The primary bedroom is a true retreat, with a large walk-in closet and an en-suite bathroom.
Last and certainly not least, we must mention the finished basement. With a large open space perfect for a home gym or playroom, as well as a built-in dry bar, and another full bathroom, this space is incredibly versatile and can be tailored to your family's needs.
Throughout the home, you'll find immaculate finishes and attention to detail at every turn. From the hardwood floors to the California window shutters, every element has been carefully selected to create a cohesive and luxurious feel. But perhaps the best part of this home is its location. Situated in a family-friendly neighbourhood with great schools and amenities, this home is truly the perfect place for prospective buyers to grow and thrive.
Loft-y Goals!
I think it’s safe to say that everyone can appreciate a good hard loft. Whether you are a city dweller or simply someone who appreciates the beauty of industrial design, a loft apartment is a stunning and luxurious living space that offers a unique and unforgettable experience. Case in point, unit 508 at the Robert Watson Lofts located at 369 Sorauren Ave. Listed by my colleague John 'O’Connor of Core Assets Real Estate, this loft is a certified stunner!
The open floor plan of a loft apartment allows for versatile interior design, making it easy to create a personalized living space that reflects your individual taste and style. This lovely apartment is spread out over 1434 square feet and boasts 21 foot ceilings, concrete floors, Scavolini Kitchen complete with a massive stainless steel island and oak panelling throughout the unit.
Look at that kitchen!
The beauty of a loft apartment lies in its exposed walls, high ceilings, and expansive windows that provide an abundance of natural light, creating a bright and airy atmosphere. Enjoy wonderful views of the 6ix from anywhere in the unit.
The spaciousness of a loft apartment also provides ample room for entertaining guests or simply relaxing in a comfortable and inviting environment.
One of the best features of this loft really takes advantage of the soaring ceilings in the living room. Look up! Is that a built in hammock?! That IS a built in hammock!
You can find this floating hammock right above the living room!
This is a feature you really need to see (take a nap perhaps?) in person. If you’re free this weekend, drop by the Open House taking place from 2-4pm on Saturday and Sunday.
Home Office with a great view overlooking Sorauren Park (Downtown Toronto skyline in the background)
Primary bedroom suite
One of 3 (three!) outdoor spaces/balconies
Complete w/ gas hookup for your BBQ
Just a lovely apartment nestled in an awesome neighbourhood. Roncesvalles (Roncy), has something for everyone. The neighbourhood is home to several beautiful parks, such as Sorauren Park, which provides a relaxing and scenic retreat from the hustle and bustle of the city. Another positive attribute of Roncesvalles is its charming small-town feel that fosters a strong sense of community among its residents. This is evident in the numerous local events and festivals that are held throughout the year, such as the Polish Festival, which celebrates the neighbourhood's Polish heritage. Roncy also boasts a wide variety of shops, restaurants, and cafes that cater to a diverse range of tastes and preferences, making it an ideal destination for foodies and shoppers alike. Overall, Roncesvalles is a vibrant and welcoming neighbourhood that offers a unique and enjoyable experience for anyone who visits or chooses to call it home.
Robert Watson Lofts
A Quick Review of the First Quarter
A brief review on how the market performed in Q1 of 2023.
Is it a Good Time to Buy?
I may be biased (just a little bit, ha!) but if you ask me, it is almost always a good time to buy a home; depending on your intended purpose. Real estate historically has been a good long term investment strategy and one of the most impactful options when it comes to generating financial stability and wealth for yourself, your family, and even future generations.
Over the past year we have seen huge shifts in the marketplace due to factors such as the pandemic, inflation, and even geopolitical conflicts. In March of 2022, home prices across the GTA were at or near an all time high and interest rates were still very low. Fast forward to March 2023, and Home prices have fallen across the board while interest rates have shot up to combat economic inflation. So how do these changes effect the affordability of a home? It may seem counterintuitive, but on average, if you compare the two time periods (March ‘22 and March ‘23) it may be more favourable to buy a home in today’s market. Have a look at this example below:
Numbers above are based on a 5 year term.
Rates quoted may change or vary at any time and depend upon overall deal quality and qualifications.
Variances are rounded to the nearest dollar.
Based only on 39% GDS
This tool is for illustrative and educational purposes only.
In this example, we were looking at a couple buying a condo with the minimum amount down. We looked to compare what their situation would look like if they were to buy in March of 2022 when interest rates were lower, but prices were higher vs. now, where interest rates are higher, but prices are lower. In short, this is how the data rolled out:
Purchase Price: Less - The average price of a condo in this time period dropped 14.9%
Down Payment: Same - We used the same amount for the downpayment in both cases
Mortgage Amount: Less - The total borrowing amount is much lower. (-$120,870)
Insurance Premium: Less - The couple paid $4,835 less in mortgage insurance premiums
Total Mortgage Amount: Less - accounting for insurance premiums they saved $125,705 on the total borrowing amount.
Interest Rate: More - As we know, the interest rates have increased
Monthly Mortgage Payment: Less - Saved $115.44 on the monthly mortgage payment
Annual Household Income Needed to Buy: Less - In order to qualify for a mortgage in this example, the couple needed a household income of $162,553.54 in ‘22 as opposed to the $156,229.23 needed in ‘23.
As you can see in this example, the couple were in much better shape purchasing their condo now (even with the much higher interest rates!) than they were at this same time in 2022.
Don’t let negative news releases get you down!
‘Doom and gloom’ rhetoric frequently makes its way into the news cycle relating to the real estate market or the economy in general. it’s always good to remember that while the news may be somewhat informative, media companies are also trying to generate clicks/engagement/viewership. If you really want some insight into what your level of affordability is, reach out to your bank, mortgage broker and realtor. They can tell you exactly where you stand financially and help you achieve your financial/real estate goals.
Overall, high interest rates can make it more challenging for buyers to purchase a home, particularly if they are on a tight budget or uncertain about the future. As such, some buyers may choose to wait until interest rates are lower before making a purchase. I just wanted to highlight the fact that the decline in home prices in many cases has offset the increase in borrowing rates. There’s a good chance you will still come out ahead if you purchase a home today with a higher interest rate.
However, there has been some good news concerning the economy recently. Inflation has regressed over the past couple of months which means (if we’re lucky) we may start to see the interest rates adjust accordingly. Let’s hope for the best!
Spring (cleaning) Ahead!
Spring is in the air! The days are getting warmer. The sun is gracing us with her presence. The snow is melting (finally!) and the city is beginning to wake up from its extensive winter slumber. I love the spring because it begins to signal a shift in not only the real estate market, but the general spirit of the populace. The sunshine and warm air is the perfect catalyst to get us out of our dark wintry rut and into a more positive mindset.
Spring is also the perfect time to give your home a thorough cleaning after a long, cold winter. A clean home not only looks better, but it can also improve your overall well-being. Here is a to-do list for spring cleaning your home after the winter season.
Start with a deep clean
The first step to spring cleaning is to give your home a deep clean. This includes dusting all surfaces, wiping down walls, and cleaning floors. Take the time to move furniture and appliances to get to hard-to-reach areas. This will help remove any dirt and grime that has built up over the winter months.
2. Declutter your home
Spring cleaning is also the perfect time to declutter your home. Go through each room and get rid of any items you no longer need or use. This can include clothes, books, and household items. You can donate or sell these items, or simply throw them away.
3. Clean windows and air ducts
Winter can leave windows and curtains looking dirty and grimy. Take the time to clean your windows inside and out, and wash your curtains or blinds. This will let in more natural light and fresh air into your home. It’s also a good time to call up a duct cleaning company (if they haven’t blown up your phone already) to get those air ducts nice and fresh.
4. Clean carpets and upholstery
Winter can bring in a lot of dirt and debris that can get stuck in your carpets and upholstery. Give your carpets and upholstery a deep clean by vacuuming and shampooing. This will not only remove dirt and stains but also eliminate any odors that may have built up.
Deep cleaning your carpets can go a long way in improving air quality
5. Organize your closets
Spring cleaning is also a great time to organize your closets. Go through your clothes and get rid of anything that no longer fits or that you no longer wear. You can also organize your clothes by colour or type (if that’s your thing!) to make it easier to find what you need.
6. Clean out your refrigerator and pantry
Take the time to go through your refrigerator and pantry and get rid of any expired or unused food items. Wipe down shelves and drawers and reorganize your food items. This will make it easier to find what you need and prevent food waste.
Don’t forget about the exterior of your home!
7. Clean outdoor areas
Spring is also a great time to clean up your outdoor areas. Sweep away any debris, power wash your deck or patio, and clean outdoor furniture. This will make your outdoor space more inviting for the warmer months ahead. If you don’t have the time/energy to personally do a proper yard clean-up, make sure to give my guys at Spec+ a call for all of your landscaping needs!
Spring cleaning, while arduous, is an important part of home keeping as it improves air quality and organization. It also leads to better mental health overall by reducing stress/anxiety, promoting relaxation, and improving overall mood.
Happy cleaning everyone!
This guy gets it!
Hold Up!
We have some good news on the home front! For the first time in a year the Bank of Canada has decided to hold its key interest rate; Incredible news for current home owners and prospective buyers. Until Wednesday, the BoC raised its key rate 8 straight times (bringing it from close to 0% up to 4.5%) in a relatively short period of time. These rate hikes put an increasingly heavy burden on home owners as the cost of of borrowing ballooned. The increases were especially significant for those holding a variable mortgage as their monthly mortgage payments skyrocketed to the point where a trigger rate was hit; which I wrote about earlier this year (you can read about it here).
The Bank of Canada’s key interest rate remains steady at 4.5%
As far as the economic outlook goes, I think this bodes well for the GTA real estate market. We have begun to see an uptick in activity over the past few weeks and it seems as though the market is ramping up as we head into spring; typically one of the busiest transaction periods of the year. Buyers have adjusted to the current interest rates and are hopeful that they will start to come down over the next year or at the very least, hold steady. Sellers have also noticed the increased activity among buyers in the market and many have responded with the familiar tactic of listing their homes slightly below market value and setting an offer presentation date. This gives buyers about a week (on average) to thoroughly look through the property before presenting their offers on the presentation date. Listing slightly below market value can benefit the seller as it leads to more potential buyers viewing the property which they hope will lead to more offers and a higher sale price. However, there is a risk to using this strategy as there is no guarantee that the offers a seller receives will reach the price point they truly desire.
Will we see the real estate market bounce back in a major way this Spring?
While the interest rate hold is a massive relief to many, there can be some negative consequences on the macro level. Our neighbours to the south have yet to tame their economic inflation and have shown no sign that they will stop their interest rate increases. As our biggest trading partner, US monetary policy has ramifications for us here in Canada. Historically, Canada has followed the lead of the US when it comes to rate hikes/decreases and for good reason. The fact that our economies are so closely linked to each other, increased inflation in the US usually means that a similar occurrence is likely to happen in the Canadian economy. If our paths regarding interest rates diverge too much, the value of the Canadian Dollar can take a hit; resulting in a major impact on US imports. As I stated earlier, the US is our biggest trading partner and if goods become more expensive to import, we will see that reflected in an increase to the price of products on the shelves.
Back to real estate! With rates remaining steady, I’m confident that the recent increase in market activity will continue. Many buyers and home owners(myself included!) are deciding to take short term mortgages (1yr, 2yr, 3yr) in hopes that when their term is up for renewal, the interest rates will have come down to a more manageable point. It is always important to remember that as a country we witnessed a housing boom and enjoyed historically low interest rates for the past 10+ years. The immense year over year rise in home prices were unsustainable at the rate they were increasing from 2018 and onwards. I believe the market correction over the past 6-8 months while painful to some (most?), were a necessary evil in order for the economy to move forward in a healthier manner.
Heat Wave?
The Toronto real estate market is alive and well! If it was NBA Jam (oh how I loved that game) the announcer would be screaming “he’s heating up!” and the basketball would be engulfed in flames when a player shoots it. If you recall my last blog post, I spoke about the return of multiple offer scenarios and how they are becoming common place once again in the Toronto real estate landscape. Well, to put it simply, this trend has continued and a major shift in buyer confidence has led to the market really picking up some steam.
NBA Jam
In Toronto, 653 Freehold homes have been listed over the past 14 days. 117 of those listed freehold homes have already sold firm* with the average selling price being about 4.9% higher than the asking price. The average DOM (days on market) for these 117 listings was only four days. As you can see, not every home is selling like hot cakes but the properties that show the best (functional layout, good price, few renos needed, well staged, professional photos etc) have been flying off the shelves.
If we tighten the window to the past 7 days, there have been 22 properties that have already been listed and sold in that time. The average days on market for those properties? 2 days.
A view of the Kitchen with Dining Room in the background (85 Rockwell Ave)
Case in point, 85 Rockwell Ave (seen above & below) was co-listed by my colleagues Jordan Rasberry and John O’Connor of Core Assets Real Estate. A beautifully renovated 3 bedroom 2 bathroom semi-detached home just north of The Junction, this home lasted just two days on the market. The property was listed on February 27th and instantly garnered a ton of interest. They had an offer presentation date set for March 6th, but received a bully offer within hours of being on the market. The property sold firm on February 1st for $1,150,000; list price, $999,000.
A view of the Dining Room with Living Room in the background (85 Rockwell Ave)
The real estate market is tough to time and often hard to predict. The fervour for housing has always been here but recent interest rate hikes and economical factors temporarily put a damper on consumer confidence. Now that inflation has begun to regress and the public has adjusted to these new interest rates (with the hopes that they will only become more favourable moving forward), it appears that more and more buyers are capable/willing to shoot their shot for the homes they desire.
Timing the market can be difficult
*Sold firm: a sale is considered firm when a buyer and seller agree to the terms of the deal and all conditions (ie. home inspection, arranging financing etc) have been fulfilled. Likewise, a house can be sold firm when a buyer and seller agree on a sale price and closing date and the transaction does not include any conditions at all.
Hello, Old Friend…
The buying and selling process can be stressful at times. On the buy side, over the past 5-10 years, the sheer level of competition for homes (boosted by a lack of supply and overwhelming demand) led to many people becoming frustrated with multiple offer scenarios. Buyers had very little negotiating power when they were competing with scores of other interested consumers.
The numerous interest rate hikes over the past year led to a softening in the market and shifted the balance of power from the sellers to the buyers. For many months now, buyers have been able to make offers on potential homes armed with something they’ve rarely had in the previous 5+ years: Leverage. It became common once again to see conditional offers, and more due diligence being performed on the buy side; a welcome change to the often stressful multiple offer process.
However, since the beginning of February, there has been a sharp rise in bidding wars. The housing supply still remains low, but it seems that buyers that were hesitant to purchase over the past few months have come back into the fold. Once again, multiple offers have become the norm in recent weeks. This past week alone I have seen 15, 20, and even 25+ offers being registered on a single property. I am also seeing a lot more freehold homes being listed with offer presentation dates* and it stands to reason that this trend will continue once the spring market hits.
A few weeks back when I asked if we have “reached the bottom” I did not expect the answer to be so resounding (in the short term). If these recent weeks are any indication of what is to come moving forward, we may see a bit of a bounce back in the market in the early stages of this year; something that didn’t seem very likely just a couple months ago.
*an offer presentation date occurs when the seller chooses a specific date to review any/all offers for their property (usually after a few days/a week of being on the market). This is usually done when there is a significant amount of interest in the property. This way every buyer gets a chance to prepare and in turn, the process is more streamlined and less chaotic for the seller.
Open House This Saturday!
Come and join me this Saturday from 2-4pm and take a walk through this gorgeous two bedroom, two bathroom loft located at 766 King St W! If you’re looking for a spot in a premium location in the city, this is home is for you. But don’t just take it from me, here is what my colleague (and listing agent) Jordan Rasberry has to say about it:
“This boutique two-storey hard loft conversion has been updated throughout and boasts spacious open-concept living with soaring ceilings and a sunny terrace with a built-in gas line for bbq that is perfect for entertaining.”
“The main living space has beautiful wide-plank hardwood floors, a large kitchen with plenty of storage and a centre island, plus a coveted main floor powder room.”
“Upstairs is a beautifully renovated bathroom and two generous bedrooms including a primary bedroom that comes with two closets and a Juliette balcony.”
“The conveniences of 766 King St W are unmatched! Just steps from the best restaurants (think: Gusto, 416 Snack Bar, Ascari, Wilbur, Terroni), bars, nightlife, grocery stores, boutiques and cafes. Also, being west of Bathurst St gives way to a quiet neighbourhood with Stanley Park and Trinity Bellwoods Park just a stones throw away. As an added bonus, the TTC is right outside the door, offering a quick commute to the Downtown Core.”
For more info on this property, head on over to 766 King St W and get familiar. You don’t want to miss this one!
Toronto’s New Vacant Home Tax
Attention all homeowners! By now you would have gotten notice from the government that you will need to confirm the current status of your residence(s). But why? This hardly seems necessary, right? Well, starting this year a 1% tax (derived from the assessed market value of your home) will be applied to any residence that has been left vacant/unoccupied for a minimum of 6 months in a year or that is not used as a principal residence and is sitting empty.
The municipal government is hoping this new tax will lead to an increase in housing supply as it should theoretically force homeowners to make sure that they fill any vacancies they may have. Whether homeowners will follow suit, or accept the tax is totally up to their discretion.
The deadline to declare the status of your property is February 2nd so if you have not yet completed the declaration, get on it! There is a $250 fine for any city of Toronto homeowner that does not confirm the status of their residence(s) and up to $10,000 in fines for any one found guilty of trying to defraud the government by knowingly lying in their declaration.
You can fill out the declaration online at toronto.ca/vacanthometax