10 Queen Quay Condo FOR SALE
12 August 15 05:41 AM | Jeff Johnston | 0 Comments   

10 QUEENS QUAY WEST #2106 (Floor Plan)
Exceptional Value & Living Space

• 1,700 sq. ft., 2 Bedrooms, 3 Bathrooms - MLS® $899,800

 -  Tired Of The Typical, Cramped, Cookie Cutter Condo with No View? Your Harbourfront Oasis Awaits! Exceptional Value & Living Space 1,700 SF with Sunny, Southwest, Forever Lake Views. Features A Desirable Split Bedroom Layout with 2 Master Suites, 2 Dens, 3 Walk-In Closets, Large Separate Laundry Room, 3 Renovated Bathrooms, Custom Built-In Closet Organizers, Murphy Bed, Built-In Desk & More. Freshly Painted In Designer Decor & Only $528 Per.SF! Walk Score 93/100 Transit 100/100. Click Video Tour.
Extras: Stove, Fridge, Built-In Dishwasher, Microwave, Washer, Dryer, Designer Light Fixtures, All Window Coverings, 1 Locker, 1 Parking. 30,000 SF of 1st Class Amenities: Yoga/Dance Studio, Indoor & Outdoor Pool, Gym, BBQ Terrace. Steps To RBC Centre/Path, Union Station, Shops & Cafes

Property information

Toronto Condo Market Report - July/August 2015
07 August 15 07:39 AM | Jeff Johnston | 0 Comments   

Sales Summary

We usually refrain from talking about all-time records but June was a record on the Toronto Real Estate Board as it produced almost 12,000 sales. This was 18% higher than June of last year. More importantly to us, June sales were slightly higher than May which is usually the peak sales month of the year. We said that if June was the peak month, then this would be a record year. Another way to look at the numbers is that year-to-date sales at the mid-year point usually represent between 52-55% of the year’s sales. Based on a year to date sales of 54,453, we are projecting a final sales number of 100,000 units which would be a new annual record for TREB.

Looking behind the numbers, ‘new’ listings were also up by 6.7% but ‘active listings’ were still 13% lower than last year. That is the driving force behind rising real estate prices. In terms of the downtown condo market, sales were up by 26% while ‘active’ listings were only 1% higher than a year ago. For the Humber Bay (Etobicoke Waterfront) market, sales were up by 38% while ‘active’ listings were up by just 3%. These numbers suggest that the condo market is not softening but actually strengthening in terms of sales to listing ratio.

A primary reason for the strong condo market is the rising price gap between prices for detached housing versus condos in the City of Toronto. The average price of a detached house is increasing at an annual rate of 8.4% versus 3.6% for condos according to TREB’s House Price Index for June.

A quick look at mid-July numbers show sales up by 12% compared to June of last year. However final July sales will be lower than for both May and June of this year. More importantly people are asking us the impact of the Bank of Canada ¼% interest reduction on mortgage rates. We can tell you that it will be negligible. The challenge in the mortgage market is not rate but that lenders are tightening their lending requirements and we have a lot more turn downs. But what the lower rate has done is weaken the Canadian dollar and that has made our real estate more attractive to foreign buyers – something that the Canadian Government did not want!

The other issue is the impact of the Pan Am Village condos after the Games are over. People remember Vancouver and the fact that the condos remained empty after the Games. The developers bailed, and the City of Vancouver was stuck with the losses. Not so in Toronto. Of the six building in the Village, one is dedicated to George Brown students, two are for low income housing, a fourth is for a YMCA hostel and only two buildings remain for the resale market. That is just 437 units which were sold for between $500 -600/sf. Absorption will not be a problem and no one will be stuck with a bill. 

Pure Spirit Condos: 33 Mill Street

Speaking of the Pan Am Games, we looked at Pure Spirit Condos at 33 Mill Street in the Distillery District. Built in 2009 it is becoming a prime location for people who want to live in a community within the City. The first unit we tracked was a one bedroom with parking, balcony, and no locker. On a high floor, it sold in 2010 for $327,000. The same unit sold in 2015 for $357,000. At 530 sf, the price was $670/sf with parking or $620 without. Over the five year period, the annual price appreciation was only 1.8%! The second unit we looked at was a two bedroom, two bath condo with parking, locker, and balcony. Also on a high floor, it sold in 2010 for $434,000. The same unit sold again in December of 2014 for $471,000. The unit measured 758 sf which translates to $621/sf. Over the four plus years, the annual appreciation was just 2.1%. This is a popular building and yet the appreciation has barely matched inflation. This supports what we have been saying that the price gap between freehold and condos continues to widen and people who want to live downtown will have to adapt to the condo lifestyle.

Rental Commentary

We are now in the peak season for rentals. The studio unit now averages $1400 per month and around University of Toronto, the number approaches $1500. The biggest market is for one bedroom units. The entry point remains at $1600 without parking. The most popular unit is the one plus den with parking at $1900 per month. More and more renters are trying to convert the den into a second bedroom to reduce costs.

The two bedroom market continues to be most in demand. The entry level without parking is now $2300 per month. The most popular unit, with parking but no den, averages almost $2500. Adding a den will push the average price to almost $2800 per month. The three bedroom market is growing and 22 units were leased in this segment at an average price of $3900.

What potential tenants need to know: days on market for rentals are averaging less than 20 days for all types, the best ones rent within two days; and the list to rent price is 99-100%!

In June almost 1300 units were leased in the downtown market which is almost double the number of resale transactions. Ten years ago the markets were reversed with sales dominating. As we have said before, the downtown market is becoming more and more like the Manhattan market where rentals dominate. 

Condo For Sale @ Yonge/Sheppard (Toronto)
27 July 15 08:45 AM | Jeff Johnston | 0 Comments   

• 877 sq. ft., 2 bath, 2 bdrm apartment - MLS® $469,880

 -  Upgraded, 2 Bedroom Corner Suite With 2 Full Baths & 2 Walk-Outs To Rare, Large Uncovered Terrace. Enjoy A Sunny Western Exposure From The 37th Floor Overlooking Yonge St. with Captivating City/Lake Views. Features Hardwood Floors., Granite Counters, Stainlenss Steel Appliances, Modern Bathrooms with Shower+Body Jets, & Walk-In Closet with Custom Organizers. Freshly Painted In Designer Colours. Turn Key Living!

Extras: Stainless Steel Fridge with Water Line, Stove, B/I Microwave, B/I Dishwasher, All Window Coverings & Elfs,1 Locker,1 Parking Amenities: Theatre Room, Indoor Pool, Bowling Alley, Billiard, Guest Suites, Gym, Exercise,24Hr Concierge. 97/100 Walkscore - Steps To Subway, Theatre, Restaurants.+Shops

Property information - 23 Hollywood Avenue, Toronto

Family Home for Rent in Falgarwood (Oakville)
03 July 15 06:27 AM | Jeff Johnston | 0 Comments   

1507 Jasmine Cres., Oakville

• 2,500 sq. ft., 4 bath, 4 bdrm 2 story - $3,200

Property information

Condo For Rent/Lease in Liberty Village
08 June 15 12:16 PM | Jeff Johnston | 0 Comments   

• 423 sq. ft., 1 bath single story - $1,300.00 Monthly

 -  Studio/Bachelor Condo For Sale in Highly Sought After Liberty Village. Large Studio with over 450 feet of Living Space, including a 35 SF Terrace. Liberty Central By the Lake is just minutes to the water and surrounded by Amazing Restaurants, Bars, Shopping & Nightlife. Unit includes 9ft Ceilings, Stainless Steel Appliances, Granite/Marble Counter Tops, Hardwood Laminate Floors, Double Glazed Thermal Windows, Washer/Dryer. Also includes 1 Locker.

Liberty Central Building Amenities include Guest Suites, Fully-equipped Fitness Centre, Steam rooms, Multi-purpose Party Room with Kitchen and Lounge area, Games room, Media room, Yoga studio, Aqua massage room, Landscaped Outdoor Lounge with Lap Pool, Hot Tub, Misting Station and BBQ area plus Poolside Party Room and Kitchen.

Property information

Single Story For Sale in Dundas West/Bloor
26 May 15 11:02 AM | Jeff Johnston | 0 Comments   

5233 Dundas Street West  The Essex
1 Bdrm+Den @ Tridel's Luxurious Essex 2

• 708 sq. ft., 1 bath, 1 bdrm single story - MLS® $314,800 - Parking & Locker Incl.

Property information

Filed under: ,
Single Story For Sale in Harbour Square
22 May 15 08:50 AM | Jeff Johnston | 0 Comments   

30 Grand Trunk Crescent, Toronto, ON
2 Bedroom Condo In Desirable Downtown

• 2 bath, 2 bdrm single story - MLS® $558,800

 -  Gorgeous, 2 Bedroom Condo In Desirable Downtown Location. Walkers Paradise 97/100 Walkscore. Great Split Bedroom Layout with 2 Full Baths. 1 Parking & 1 Locker with Spectacular CN Tower City Views, Large Balcony, Laminate Hardwood, Designer Furniture & Finishes.

Extras: Stainless Steel Fridge, Stove, Microwave/Hood, B/I Dishwasher, Washer/Dryer, All Elfs, Designer Solar Shades & Curtains, 1 Parking, 1 Locker, Hydro Included. Great Amenities Include Indoor Gym, 24Hr Concierge And So Much More!!

Property information

Filed under: ,
Custom Built Home For Sale in Elizabeth Gardens
28 April 15 08:41 PM | Jeff Johnston | 0 Comments   

5370 Bromley Road Arial View

• 5 bath, 4 bdrm 2 story -

Property information

Filed under: ,
Toronto Condo Market Report - February/March 2015
01 April 15 05:38 AM | Jeff Johnston | 0 Comments   

Sales Summary

February was the coldest month ever in Toronto! But that did not stop the real estate sales momentum of January. February sales as reported by the Toronto Real Estate Board were 11% higher than February of last year. This was achieved despite the fact that new listings for the month, and active listings at month’s end were down by 3% and 9% respectively from last year at this time. Average days on market also dropped from a year ago to 24 from 26 days. So much for my weather concerns with buyers and sellers. Turning to the condo market, it was February a year ago that the Globe and Mail ran an article on: “Five Reasons Not To Buy A Condo”. This February overall condo sales were up by 10% over February of last year. The primary worry was the downtown condo market. Condo sales in this market were also up by 10%. But what was more surprising was that new listings for the month of February were down 14% from February a year ago and active listings were 6% lower! On the Etobicoke Waterfront, condo sales were up by 15% while new and active listing numbers were unchanged from a year ago.

Sales data on new condos always lags the resale market by a month. Sales in January were down 25% from January of last year. In 2014 there were 22,000 new condo sales which was the third biggest year ever. Sales for 2015 will depend on the number of new condo launches. (There is no lack of investors for good condo developments). For the first half of the year we expect fewer launches and hence sales will consistently run behind 2014. That is good for the resale market.

In terms of condo prices we continue to track individual units. Average prices are so misleading. The average condo price west of Yonge St was down 3% in February from a year ago whereas the average price east of Yonge was up by 4%. But on a price per sf basis, condos west of Yonge are always higher than the east side.

Rental Summary

While the cold weather in February did not slow down the sales market, it did impact the rental market. Potential tenants were prepared to stay indoors and they missed the lowest rental prices of the year. A lack of tenants and several new condos being completed lead to investors cutting rents in the month. The average price of a studio dropped to $1350. The one bedroom market had stayed firm at $1600 without parking, but in February the average price was $1550. The one bedroom with den and no parking also dropped to $1700 on average. The one plus one with parking averaged $1850 – again down $50/mo. The two bedroom market also softened in terms of prices. The entry level two bedroom without parking averaged $1900. The top end of the two bedroom market with den and parking averaged close to $3,000 and remains unchanged. More three bedroom condos are coming to market, 13 this month and they averaged $3300. We can tell you that over the first ten days of March, a lot of condos with no offers were suddenly rented. Multiple offers on rentals also came back in the market. Our guess is that rental prices will not only bounce back from February lows, but they will also reach new highs by May

1700SF Condo For Sale in Queens Quay
30 March 15 05:29 AM | Jeff Johnston | 0 Comments   

10 Queens Quay
Stunning 1,700 Sf Of Pure Luxury

• 1,700 sq. ft., 2 bath, 2 bdrm single story - MLS® $899,000

 -  Stunning 1,700 Square Feet Of Pure Luxury with Sunny, Southwest, Forever Lake Views. Meticulous Renovated with High End Finishes Throughout. Over $140K Of Updates. Desirable Split Bedroom Layout with 2 Master Suites, 3 Walk-in Closets, 3 Renovated Spa-Inspired Baths, Custom Built-Ins, Quartz Countertops, Spacious Kitchen with Large Centre Island, Torlys Uniclic Hardwood Floors'12 & More. Lake & City Views From Every Room. Click Video Tour Link For More. Exceptional Value Only $528 per Square Foot! Walk Score 93/100 Transit 100/100

Extras: Stainless Steel Kitchen Aid Stove, Fridge, Built-In Dishwasher, Built-In Microwave, Bar Fridge, Washer/Dryer'14, Custom Solar Shades, Designer Light Fixtures, 1 Locker, 1 Parking. 30,000 Sf Of 1st Class Amenities;Yoga/Dance Studio, Indoor & Outdoor Pools, Gym, BBQ Terrace, Guest Suites, 24hr. Concierge. The Ultimate Central Harbourfront Location! Steps To RBC Centre, Path, Subway/Union Station, Shops, Cafes, Financial/Entertainment Districts, ACC, Loblaws, GO, Via, Island Ferries, Parks, Harbourfront & More

Property information

Toronto Condo For Rent in Church-Yonge Corridor
19 March 15 11:31 AM | Jeff Johnston | 0 Comments   

• 1 bath, 1 bdrm apartment - MLS® $1,850.00 Monthly

 -  Fully Furnished 1 Bedroom Condo @ The Met! Feature 9' Ceilings, Hardwood Floors, S/S Appliances, Private Balcony, Floor 2 Ceiling Windows, Gorgeous City Views & Efficient Open Concept Layout. Great Building & Locale! 24 Hr Conceirge, Indoor Pool. Gym++ Maple Leaf Garden Loblaws across the Street. Excellent Value. Available May 1st.

Extras: Stainless Steel Fridge. Stove. B/I Microwave, B/I Dishwasher. Washer/Dryer. All Window Coverings. All Elfs, 1 Locker, HD Flat Panel TV, All Furnishings & Cookware (Ask Agent for List), Min 1 year Lease. Steps to Subway. U of T, Ryerson, Shops, Major Hospitals & More!

Property information

Townhouse For Rent in Bathurst-Bloor-Dupont Area
13 February 15 07:03 AM | Jeff Johnston | 0 Comments   

Modern 3-Storey Townhome-Loft

• 999 sq. ft., 1 bath, 1 bdrm townhouse - MLS® $3,100.00 Monthly - Partially Furnished

 -  Modern 3-Storey Townhome @ Annex Loft Houses. Let The Sun Shine In with Floor To Ceiling Windows On Every Floor, Soaring 11Ft Ceilings & High Quality Finishes Throughout. This Multi-Level Condo Has It All! Radiant In-Floor Heating, Gas Fireplace, Central Vacuum, Balcony Off The Master Plus Your Own Rooftop Terrace W/Gas Line. Modern Chef's Kitchen Includes Gas Stove, Caesarstone Counters, Ss Appliances, B/I Microwave & Breakfast Bar. Designer Ripplefold Drapes Included

Extras: Ss Stove, Fridge, B/I Micro., B/I Dw, Washer & Dryer, Designer Drapes. This Boutique Development Is Nestled Between Seaton Village & The Annex - Close To Transit/Subway, Shopping, LCBO, Gyms & Downtown Core. Luxury At Its Best! Partially Furnished

Property information

St.Lawerence Loft For Sale in Toronto
11 February 15 08:39 PM | Jeff Johnston | 0 Comments   

Rare, True Loft Conversion

• 750 sq. ft., 2 Bathrooms, 1 Bedroom Condo - $474,900

Property information

2 Bedroom, 2 Bathroom For Rent at 215 Sherway Gardens
26 January 15 10:25 AM | Jeff Johnston | 0 Comments   

215 Sherway
2 Bedroom, 2 Bathrooms, Balcony, Parking

• 2 Bedroom, 2 Bathroom, Balcony  - $1,750.00 Monthly

 -  Amazing 2 Bedroom, 2 Bathroom Condo with Balcony. South East Exposure. Walking distance to Sherway Gardens Shopping Mall & TTC. Bright & Spacious. Minutes To Go Station.

Fridge, Stove, B/I Microwave/Rangehood, B/I Dishwasher, Washer, Dryer, Electric Light Fixtures, Vertical Blinds, 1 Parking Space, 1 Storage Locker.

Property information

Toronto Real Estate Market: A year in review
08 January 15 01:16 PM | Jeff Johnston | 0 Comments   

2014 In Review

• Our forecast for 2014 keyed on the fact that 2014 would be a record year for sales on the Toronto Real Estate Board. We were the only ones who made that call. Most of the banks were calling for lower sales and a price correction. Today most banks and CMHC are calling for a strong real estate market in 2015 and we can only agree.

• We also reported last year that the biggest challenge in the condo market was NOT the number of units being built but rather the mix of units. We need bigger units going forward and developers are already committing to more two bedroom units for 2015.

• There are still some ‘bears’ that are negative on the Toronto real estate market. They will tell you that young people will move to the ‘burbs when they have children, that mortgage rates will be 7-10% sometime in the future, and that real estate prices are overvalued. The ‘bears’ making these comments don’t live in Toronto and they don’t know the vibe of the City. Some young people may move to the ‘burbs’ but most are going to stay downtown. Mortgage rates are not going anywhere for the next five years, and overvalued is an opinion not a fact. The market will always determine price.


Key Trends Impacting the Market

1 Current immigration levels to Toronto (foreign and Canadian) require 35,000+ new housing units each year. Low rise construction is falling each year and currently sits at 11,000 units annually. The balance has to come from the high rise or condo sector. So current condo completions of 20,000 units annually will actually lead to a shortage in housing!

2 People hate ‘commute times’ and even with a commitment to improve public transit, nothing major will occur for at least seven years.

3 People living downtown are going ‘carless’. They want to walk or bike to work. The savings can be directed to more expensive housing.

4 Millenials value ‘free time’ above all else. That means Starbucks as opposed to grass cutting and a different lifestyle from baby boomers.

 2015 Market Forecast

The Toronto Real Estate Market Consists of Four Market Segments: Most forecasters make the fatal flaw of talking about a Canadian real estate market. The fact is it does not exist. Houses don’t move so it is possible to have an oversupply in one market and an undersupply in another. That being said, there is no such thing as a single Toronto market either. Hence we intend to narrow our focus to just the downtown (416) Toronto market. And within this market there are four segments we need to examine: the low rise market, the condo resale market, the new condo market (where less informed people equate cranes with oversupply), and the condo rental market.

1 Sales in the low rise market in Toronto may actually decrease in 2015.
With the double land transfer tax, it is cheaper to renovate than to move. The only opportunity will be in the townhouse segment with infill housing. For developers the opportunity will be for stacked towns. That being said, prices in this segment can only go in one direction – up and 8-10% will be the norm.

2 Sales in the resale condo market will increase by 10% over 2014.
Revenue Canada has effectively killed the Assignment Market by applying income as opposed to capital gains tax on profits plus charging HST on the profit and original deposits (treating the sale as a commercial property). The increase in condo sales will come from more listings, as most investors will sell their units as resale condos instead. We expect over 20,000 condo units to be registered in 2014 and the same number in 2015. With this increase in supply, we expect condo price increases to moderate with prices increasing by 2-3%. The silver lining for condo owners is that with the price of low rise properties increasing even faster, more buyers will be drawn to the condo market which will support current prices.

3 The new or pre-construction condo sale market is a challenge to track.
Sales and ‘under construction’ stats are difficult to verify. Developers can report whatever numbers they choose and they often can overstate them. The only true measurement number is completions or registered units – those units entering the resale pool. In 2015 we expect about 22,000 units to get registered and we expect developers to report about 25,000 new sales. However the two most important changes to this market are the increase in the percentage of bigger - two bedroom+ condos being sold, and the launching of not just condo but multi-use projects (incorporating office and retail space with new condos).

4 The condo rental market will continue to grow faster than the resale market as more investors rent out their units.
Currently the rental market is one and half times bigger in terms of transactions. The good news for tenants is that rents will be unchanged for most and that any increases will barely keep up to increases in operating costs for investors. But the good news for investors is that the vacancy rate will stay under 2%.



There is no doubt that the Government would like to see a market correction occur with this real estate market. While we see little chance of this or a change to interest rates in 2015, do not rule out the Federal Government intervening with tighter mortgage rules (e.g. lower the TDS ratio, increase the minimum down payment, or ???). That could catch the real estate market off guard.

More Posts Next page »

This Blog