Toronto Real Estate and Homes For Sale

Leaside Market Report and Average Sale Price - October 2008

Leaside sales came down by 33%, but the average sale price climbed by 13%.

Surprisingly, the listing price versus the sale price decreased from 104% to 97%, which is a relatively modest decline compared to other Toronto neighbourhoods. 

As I have mentioned before, Leaside buyers don’t appear to be too concerned about the economic turmoil in the U.S. and Canada.
Will they be proven right? The jury is still out.

Leaside 

There were 2,546 transactions recorded last month in the City of Toronto, an 11 per cent decline from the 2,854 sales in September 2007, and a five per cent drop from the 2,680 sales in September 2006.

The average price of $393,647 came down six per cent from the September 2007 average of $420,182.

The Greater Toronto Area (GTA) showed a six per cent decline with 6,424 homes changing hands last month, compared to the 6,866 sales that took place in September 2007. The GTA resale housing market has seen home sales decline by 14 per cent from the 73,827 transactions recorded a year ago.

There have been 63,595 sales through the Toronto MLS system this year. In the City of Toronto, year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions in 2008.

I will be reporting changes in these areas as they occur, so be sure to check back for the latest updates.

You can also have this information delivered direct to your inbox. Simply enter your email address in the section above “CATEGORIES” on the left-hand side the page.

Would you like to know the value of your home in today’s market?

Click “What is my home worth” and I will send you an evaluation by email.

Lawrence Park Market Report and Average Sale Price - October 2008

Comparing sales activity from July to September 2007 with the same time period in 2008, we see that home sales in Lawrence Park have remained steady. However, the average sale price has dropped 22%. Be aware that the average sale price using such a small sample can give a distorted view.

This is the first time we’ve noticed the effects of the market slowdown in this upscale neighborhood. 

Other indicators of slower activity are the decline in the percentage of the sale price received, and the increase in the number of days on the market (DOM).

Lawrence Park

It will be interesting to see how the financial crisis will impact these prime Toronto neighbourhoods.
I will be reporting changes in these areas as they occur, so be sure to check back for the latest updates.  

You can also have this information delivered direct to your inbox. Simply enter your email address in the section above “CATEGORIES” on the left-hand side the page.

How Will the Financial Meltdown Affect the Toronto Housing Market?

Yesterday I was having a conversation with some clients who were discussing the impact that the recent financial tsunami might have on the Toronto real estate market. Before the Wall Street crisis, our market had already begun to slow down. 

How did we get here? An abnormally low inventory of homes for sale, along with the lowest mortgage rates in years was the main fuel for the last boom in home sales in Toronto. Today the number of homes listed for sale has gone up across the board and mortgage money is becoming tighter as lenders become cautious not to see a repeat of the U.S. experience. 

These most recent developments in the financial market can only contribute to a further decline in both the number of homes sold and the average price. Toronto is not a real estate island, immune to the current global financial storms. What happens on Wall Street is bound to affect us here too. 

Essentially, we have gone from a sellers’ market to a buyers’ market. Listings have gone up and home sales have declined. In Toronto, the most affected neighbourhoods are mostly in the suburbs. So far, some areas in Central Toronto have been able to buck the trend, with some actually recording average price increases, despite higher home inventories and fewer home sales. A confusing situation, no doubt!

Where do we go from here? From now on we need to keep a close eye on how this financial turmoil will impact our housing market. Homes are not stocks or mutual funds. We invest in them for shelter, security and comfort. No matter what the financial markets do, most of us will keep on investing our hard-earned dollars in home ownership.

However, what we must accept is that it’s no longer business as usual.

This message is especially directed to home sellers. The real estate future looks uncertain for now. If you are seriously motivated to sell, be aware that you have more competition from other sellers. There are fewer buyers and the mortgage institutions are tightening their lending guidelines.

Stay tuned!  

Have a question? 
Simply send me an email, or call me: Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519 
I will be glad to answer all your Toronto housing related questions or concerns.

Why Retiring Baby Boomers Hold The Key to The Future of Housing Prices in Canada

Let’s face it, with the world’s financial markets in free-fall one day and soaring the next, and the impact of the largely American sub-prime meltdown on the Canadian real estate market still uncertain, it’s not surprising that many current and aspiring homeowners have decided to wait out the turmoil.

But there are other factors that will also have a major effect on the future of home values for Canadians. These include the gyrating price of oil, the performance of the U.S. economy, and potential military conflict with Iran.

All of this makes the timing of your decision to sell more complex than perhaps at any other time in history.

And now you can add to this confusion yet another looming crisis, the end of the “generational housing bubble”.

Read the rest of this article »

More Homes for Sale and Fewer Buyers - The New Challenge for Home Sellers

True, you may be kicking yourself for not selling your home last year when the market was hot and sellers had the advantage. But selling in a buyers’ market need not be a traumatic experience.

Just keep in mind that with more homes on the market and fewer buyers, impulse buying is virtually non-existent, so home buyers again need to be “wowed”.

Once again though, this dramatic shift in the real estate market shouldn’t worry you. The key is to anticipate what to expect, and prepare accordingly.

First and foremost — you need to “Stand Out From the Crowd.”

Your home MUST appear impeccable. When buyers set out to look at homes, they take all their dreams and images of the perfect home with them. The closer your home matches those images, the more likely the buyers will reward you with a great offer to purchase.

Secondly — you’ll need powerful marketing that emphasizes online advertising.

Recent surveys show that women - responsible for 80 percent of all household purchasing decisions - are abandoning newspapers and embracing the internet for their home search, and are “using newspapers to line the canary cage.”

Read the rest of this article »

Top Seven Most Offensive Home Buyer Turn Offs and How to Avoid Them

Toronto’s housing market has made a 180-degree turn from a sellers’ to a buyers’ market. That means that buyers are now in the driver’s seat.  

What worked in the buying frenzy pre-2008, won’t work now. This is especially true for you as a home seller. In order to attract buyers, you not only need to make your home stand out from the competition, but you also have to avoid turning off buyers.  

The seven biggest buyer turn-offs:

Overstuffing. Having too much furniture, trinkets and mementos on display. Put most of them in storage. Buyers want to see your house, not your stuff!

Pet distractions. Some people are terrified of dogs (or even cats). So don’t turn off potential buyers by keeping Fido and Fluffy around during showings. Dog and cat odours are likewise a major turn-off, not to mention serious allergies that some buyers may have to them.

The jungle front or back gardens. The message you send to buyers is that the rest of your house is probably neglected too. No curb appeal means lower offers from buyers.

Bad paint or wallpaper choices. If your wall colours are anything but neutral, consider having them redone before starting your showings. Nothing turns a buyer off faster than seeing a colour or pattern which they consider to be “hideous”, splashed all over the walls.

The dirty bathroom. Anything less than a spic ‘n’ span washroom is unacceptable. Even a water stain in the sink can bring out the “ewww” response in buyers.

The mildewy basement. The first stop for many buyers is the basement - will yours pass the sniff test? What buyers DON’T want to smell is mold or mildew. If your basement has even a borderline odour, invest in a de-humidifier.

The overly ambitious asking price. In a buyers’ market, this alone will be enough to stop people from even looking at your home. Statistics show that the percentage of potential buyers will increase as much as seventy-five percent for every $20,000 to $40,000 you adjust your asking price, depending on the price range of homes in your neighbourhood.  

Read Other Related Articles: 
Single Biggest Mistake Home Sellers Make in a Buyers Market
 
How to Get the Most for Your Home in a Slowing Toronto Real Estate Market - Part One 

How to Get the Most for Your Home in a Slowing Toronto Real Estate Market - Part Two 

How to Get the Most for Your Home in a Slowing Toronto Real Estate Market - Part Three 

Unsure as to what to do in this market? Simply send me an email, or call me Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519

Buyer Sues Real Estate Agent Because She Overpaid for Her Home

I overheard the following conversation between two agents at my office a few days ago: “Did you hear about the buyer in the States who is suing her agent because she claims she paid too much for her house?” To which the other colleague replied: “If this ever reaches Toronto, half the real estate agents will be in court!” 

It was only a matter of time before something like this would happen. Fortunately for all concerned, home prices in Toronto are holding their own, so we are not likely to see a train wreck here like we are seeing with our neighbours to the south. 

Read the rest of this article »

Single Biggest Mistake Home Sellers Make in a Buyers Market

Your mother probably warned you to stay out of the sun or you might get burned due to overexposure. Well, I’m here to warn you that overexposing your home to the market could burn you too.

When I show a home, the firt two questions the buyers will invariably have are, number one - what is the asking price, and two -how long has it been on the market.

Then they get around to asking the bricks-and-mortar type questions; how old is the roof, the furnace, is there any knob and tube wiring?

The reason for asking how long a home has been on the market is, buyers want to assess if there might be something wrong with this house that has made other buyers shy away from it.  

Read the rest of this article »

Now Available MoZo Condo with Amazing Views in Toronto

Noted for its innovative smart architecture, this mid-rise building is clad in brick, steel and mostly glass, with double-height glass panels at the exterior grade level. This unit with south and west spectacular views has had a complete interior rebuild with meticulous attention to detail using the highest standard of interior finishes.

The flooring has been replaced with dark hardwood and with honed statuario marble in bathrooms and kitchen. Designer lighting punctuates the white ceiling.

A zone controlled entertainment speaker system with theatre sound ensure the ultimate in enjoyment.

Thirteen hundred plus square feet, two bedrooms, two and a half baths, and thirty five foot-long living room-dining room of continuous views over Lake Ontario and the Toronto Island await the new owner.

Two terraces, clear skyline, lake views!

The Feeling of New York, Miami and Paris! Steps to restaurants, the Market and financial district.

The TriBeCa of Toronto!

Priced at $785,000

For more information about this amazing unit call me, Rosalin Smith-Carr at 416-482-8330 ext.3519 or send me an email,

Leaside Homes for Sale and Average Price - September 2008

Home sales in Leaside comparing August 2007 with August 2008 using total homes sold, average sale price and days on the market.

It is important to point out that these one month statics do not necessarily reflect a market trend. To keep abreast of home sales in Leaside visit our site frequently.

For more information on any of these homes, call me at 416-482-8330 ext.3519 or send me an email,