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Sold Properties

Sold: 121 Prescott Ave #13

SOLD

121 prescott ave. #13

the stockyard lofts

Price: $499,900

Bedrooms: 1

bathrooms: 1

Parking: Yes

one of only 27 units available

Here’s your chance to live in one of the cities’ most intimate buildings – The Stockyard Lofts! This authentic Brick and Beam building was originally built as a tannery in the early 1900’s. In the late ’90s, the building went through a complete overhaul and was converted for residential use. The loft has only 27 units, each with its own unique layout and style.

Located on the second floor, and measuring it at over 533 sq.ft., the loft features an open concept layout, a large spacious bedroom and ample storage throughout. In true hard loft fashion, 11 ft ceilings span the space, with the stark red bricks contrasting the original factories floor. The large window in the bedroom shines tons of natural light throughout the loft. With its generous sized layout, one can easily fit a king-sized bed, add a built-in closet and still have space for a work desk!        

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Categories
Monthly Market Updates

How Did the Toronto Real Estate Market Perform in 2018?

How Did the Toronto Real Estate Market Perform in 2018?

2018 wasn’t much of a record-shattering year, and I don’t think anyone should be very surprised by the outcome! As we forecasted at the start of it, 2017 hit new heights in the city – and keeping on pace in 2018 would be nearly impossible. But that doesn’t make 2018 a disaster either. In fact, 2018 was a more balanced and easier to navigate market than in years past… so with that being said, let’s take a closer look at what happened!

Average Prices in Toronto for 2018

The average price of real estate in Toronto for 2018 was $783,082! There was a two-way tie for the highest average price with June and October both clearing $807,000. $736,783 marked the lowest average price and was set in January. Compared to 2017, the overall average price in Toronto declined by 2.85% or $23,000.

Total Number of Listings In Toronto for 2018

The busiest month of 2018 was May with more than 19,000 properties coming to market. As impressive as the number sounds, we were still 6,000 properties short of the 25,000 listings reached in May 2017. The slowest month for new listings was December with only 4,300 coming to market and was expected with the seasonal slowdown during the holidays.

Total Number of Sales

In total, we had 77,909 sales in 2018. That represented a sharp drop of 15,249 fewer sales (16%) compared to the 93,158 sales in 2017.

Days On Market In Toronto for 2018

It took 25 days (on average) for properties to sell in Toronto. From March to June that number went down to just 20 days, and in January and December, it went up to 30 days.

 

A Summary of 2018

To better understand 2018, we have to start back in 2017!

2017 was a pivotal year in the city, reaching historical highs for both prices and the number of properties sold. The driving source of the price appreciation in the market was the soaring prices for detached homes throughout the first part of the year. At its height, detached homes were selling for more than $1,500,000. Affordability coupled with buyer fatigue, government intervention and changes to mortgage lending resulted in a swift cool down from May to August. We saw prices start to pick back up from September to year end, but never quite reaching the highs we saw earlier in the year.

At the beginning of 2018, we cautioned that the media would focus solely on “Year over Year” comparisons. We also forecasted that the numbers wouldn’t be as strong as in 2017, and to expect sharp contrasts between the two years. It’s hard to get a real sense of where the market is at if you’re only comparing against a record-breaking year (and the same is true if we were to compare it with a less than stellar year). For this reason, we also added analysis of the three-month trend for each segment and gained a more accurate look at the direction of the market!

Prices of detached homes proved to be a double-edged sword. As they cut through the headlines of 2017 and boosted the monthly averages – they did the opposite in 2018, performing like more of an anchor bringing prices and overall averages down.

Detached homes experienced the biggest price decline in 2018. Prices were down by $76,000 on average (a 5.5% decrease year over year) to just $1,307,604.

On the other side of the scale, condo prices helped the market maintain its pace and took the top awards in several categories.

Condos represented the best-performing segment of the year – up 9.4% (from January-December 2018), they had the highest year over year appreciation – up 9% (or $49,900) and also recorded the highest number of sales at 16,348!

Townhouses started off strong, nearly tieing the 2017 record-setting price of $793,129 by recording a high of $792,180 in April of 2018. But from there on out, prices started shifting down with prices ending the year at $714,456.

In 2018, the Semi-Detached market caught our attention the most… and we think they’re going to continue to be the segment to watch in 2019! From January to November, prices have gone up by over 13% (even higher than condos). There are two main reasons for the sharp appreciation: Price Point and Housing style.

1. Price Point – semis have been hovering around the million dollar mark throughout the year. In many parts of the city, you can still buy a semi for less than a million dollars. This gives buyers the flexibility to purchase with less than 20% down (something that can’t be done with houses priced over a million). Even at the million dollar mark, semi’s represent a housing style (with land and a backyard) for much less than the detached average of $1.3 million!

2. Housing Style – Most people start the property ladder single, and in a condo. As they partner up and move up the ladder, a house is typically the next step. We think that as more condo owners trade up, demand for houses will increase (as we partially saw in 2017). The semi represents a more affordable option and smaller price gap when compared to a detached home. Most semi’s also come with 3 or more bedrooms. Bungalows (at times can be priced in the same range as semis) often times only offer 2 bedrooms. For those who want the space and style of a house but without the higher price found in the detached market – the semi is our pick best-appreciating segment in 2019!

Individual Market Performance by Segment

Detached Houses

Average Price: $1,307,604
Yearly Percent Change: -5.51%
Yearly Dollar Amount Change: -76,207.58

Yearly High: May $1,426,094
Yearly Low: December $1,145,892

Semi-Detached Houses

Average Price: $991,105
Yearly Percent Change: +1.75%
Yearly Dollar Amount Change: +$17,081.50

Yearly High: May $1,067,128
Yearly Low: August $891,208

Townhouses

Average Price: $738,458
Yearly Percent Change: +3.56%
Yearly Dollar Amount Change: +$25,407.17

Yearly High: April $792,180
Yearly Low: January $712,186

Condos

Average Price: $590,832
Yearly Percent Change: +9.03%
Yearly Dollar Amount Change: +$48,936.67

Yearly High: September $615,582
Yearly Low: January $543,279

 

Categories
Testimonials

Testimonial for Purchase – 1415 Lawrence Ave West

Mark was very confident when he spoke about any properties we saw. He came prepared and prepared me as a first-time buyer! It felt like I was getting advice from a family member! He is wonderful and hopefully, I get to work with him again!”

Carmela L.

Categories
Testimonials

Landlord Testimonial – 155 Marlee Ave

“Mark is the consummate professional. His knowledge of the market and neighbourhood is exceptional. What he provides is more than a new home, he provides peace of mind and ease of transaction. This is the third time I have worked with Mark and each time has been seamless. I will continue to use and recommend his services. Thank you, Mark, for making the process less daunting and stressful!”

Audrey B.

Categories
Testimonials

Testimonial for Purchase – Etobicoke Townhouse

This is the second home I have purchased with Marks support. He does not disappoint. He really listens and understands your needs and guides you in the right direction. He does not simply tell you what you want to hear, he provides honest feedback to support your decision making. He is readily available and makes his clients a priority. 

I will continue to use and recommend Mark to friends and family. He is great to work with.

Stephanie M.

Categories
Advice For Buyers Video Blog

How Will the B-20 Mortgage Guidelines Impact Your Purchase?

For the second time this year, new guidelines are being introduced that will impact how Canadians get approved for a mortgage… and for the second time this year, a lot of people are confused by what these changes mean! I’ve put together a short video to better explain who IS and ISN’T affected by it, and what it all means.


 

10 Ways The New Changes May Impact You

  1. The new guidelines would introduce “STRESS TESTS” for all purchasers taking out a mortgage with MORE than 20% of a downpayment.
  2. If you’re putting LESS than 20% down, taking a VARIABLE mortgage, or a term of less than 5 years – you’re already subject to qualifying under a stress test. No change to this segment of the market.
  3. If you’re putting down MORE than 20% – you too will also be subject to the test.
  4. The guidelines will require purchasers with more than 20% down to qualify at the Bank of Canada Rate OR the Contract Rate + 2% (which ever is higher)
  5. For Example: Say the banks are offering you a 3% fixed rate for 5 years.  In order to be approved for it, you must actually qualify at 5% (3%+2%).  
  6. Because purchasers are qualifying at a higher rate, many will see their max budget amount reduced by roughly 15-20%
  7. The new guideline ONLY apply to those lenders that are deemed a Federally Regulated Financial Institution (currently 85 in Canada).
  8. Those that don’t fall under Federal Regulations are not subject to the new guidelines.  The most popular alternative is CREDIT UNIONS like Duca or Meridian… although there is some discussion that they may adopt similar measures to the B-20 Guidelines. 
  9. Although many will see their MAX budget reduced – it’s important to remember that NOT EVERYONE wants to spend the max a lender can make available for them.  I know of many clients who chooser to only spend 60, 70 or even 80% of their max budget on a purchase.
  10. Like all changes in the market, there will be an adjustment period of probably 4-6 months for people to adjust to the changes.

More Reading:

Final Revised Guideline B-20: Residential Mortgage Underwriting Practices and Procedures

Canada’s banking watchdog sets tougher rules for mortgage lending

New mortgage stress test to hit ‘move-up’ home buyers

Categories
Architecture New Condo Developments

3140-3170 Dufferin St. To Be Redeveloped

What Do They Want to Build at 3140-3170 Dufferin Street and 60-68 Apex Road?

Add another application to the developing Dufferin St strip! In 2015, RioCan submitted an application to amend the Official Plan at 3140-3170 Dufferin Street and 60-68 Apex Road.  Currently the site is home to TD Canada Trust, Staples, Tim Hortons and Swiss Chalet… but if all goes according to plan, 2 new condo towers will be built on the site.

The application is calling for two mixed-use buildings of 28 and 22 storeys separated by a new public road. The proposed redevelopment will include 578 residential units and 5,632 square metres (60,622 square feet) of at grade retail space. It will also include 878 parking spaces, 1135 bicycle parking spaces and even a new public park as part of the redevelopment. Below are some early drawings of what the development may look like:

3140 Dufferin St 3140 Dufferin St


According to the proposal, the building will look as follows:

Building One

Building One (or Block 1), will front on Dufferin Street, will include the development of a 22-storey mixed use building with 263 residential units and 4,848 square metres (52,183 square feet) of grade-related retail and service commercial space.The building will consist of a 5-storey podium along all street frontages, an 8-storey mid-rise component along Dufferin Street and a 17-storey tower component above the 5-storey podium. The podium transitions to a mid-rise component for Levels 6, 7 and 8 located along the Dufferin Street, providing an outdoor amenity area in the northwest quadrant of the 6th level.

A total of 263 units are provided within Block 1, including 92 one-bedroom units, 136 two-bedroom units, 27 three-bedroom units, and 8 live-work units. Amenity spaces are provided on Levels 6, 9, 14 and 18. In total, Block 1 includes 617 square metres of indoor amenity space and 1,869 square metres of outdoor amenity space.

The building includes two levels of underground parking and parking areas central to Levels 2-5, accommodating a total of 444 parking spaces. A total of 667 bicycle parking spaces are provided.

Building Two

Building Two (or Block 2) 

Block 2, located West of Building One, will have a site area of 4,470 square metres (excluding the public park and half of the northsouth public road) and will include the development of a 28-storey mixed use building with 315 residential units and 784 square metres (8,442 square feet) of grade-related retail and service commercial space.  The building will consist of a 6-storey podium and a 22-storey tower. 

The ground floor includes two retail units, one along Apex Road and the other in the northeast corner of the building. The residential lobby has frontage on the proposed new public street located south of the retail unit. The ground floor also includes 10 townhouse units within the podium that front onto the proposed new public park and 6 live/work units within the podium that front the proposed new public street, between the residential lobby and retail unit. The interior of the ground floor is utilized for bicycle parking, waste facilities, elevators and stairs, all accessed by a central hallway. The remainder of the podium (Levels 2-6) is occupied by residential units along the perimeter and a double-height fitness area on Levels 2/3.

Residential units within the podium are accessed by a central hallway connected to the centralized elevators and stairs. An outdoor amenity area is located on Level 4. Additional indoor and outdoor amenity space is provided on Level 9, 14 and 18. The top of the podium, at Level 7, is utilized for a green roof. The tower contains residential units accessed by a central hallway, which is connected to centralized elevators and stairways. The proposed height to the top of the 28th floor is 89.0 metres, with a height of 95.0 metres to the top of the elevator overrun/rooftop mechanical. 

A total of 315 units are provided within Block 2, including 8 bachelor units, 99 one-bedroom units, 149 two-bedroom units, 53 three-bedroom units, and 6 live-work units. Amenity spaces are provided on Levels 2, 4, 9, 14, and 18. In total, Block 2 includes 1,309 square metres of indoor amenity space and 1,012 square metres of outdoor amenity space.

My Thoughts on the Proposal

The success of the Treviso development is proof that Dufferin, North of Lawrence is ripe for development! The west side of Dufferin has much larger lots than the East, and I think utilizing the lands make most sense.  The retail at grade helps keep business in the area, and the towers above can add to the shortage of housing options in both the city – and the Dufferin and Lawrence neighbourhood.  In the City report, there were a lot of items that needed addressing, but my hopes is that they all get sorted out and the Dufferin strip continues to develop!

Categories
Architecture New Condo Developments

Holiday Inn at Dufferin and Wilson to Become Condos

An application has been submitted to the City of Toronto to redevelop the Holiday Inn Hotel at Dufferin and Wilson!  The site, located at 3450 Dufferin Street, is located across from the Yorkdale Mall and sits on roughly 20,500 square meters of land. On it sits the Holiday Inn Hotel, but if all goes as planned – it will soon be home to 3 condos towers and a new neighbouhood park!

Holiday Inn Yorkdale

What Do They Want to Build at 3450 Dufferin St?

The proposal is calling for a mixed-use development that will include: 3 towers (with heights of 37, 33, and 29 storeys), townhouse units, a new hotel, a restaurant and a 1800 sq.m of public parks! 

Once complete, the site will be home to 1044 residential suites! Layouts will include studios, 1 bedroom, 1 bedroom + den, 2 bedroom, 3 bedroom and townhouse units at the base of the buildings. According to the application, the breakdown of units is as follow:

Building A will contain 257 residential units with 214 being 1 bedroom plus den units and 43 being 2 bedroom units. This building will also contain 255 hotel rooms.  Guests and residents will have separate amenity spaces.

Building B will contain 352 residential units with 104 1 bedroom units, 183 1 bedroom + den units, 56 2 bedroom units, 6 3 bedroom units and 3 townhouse units.

Building C will contain 353 residential units with 27 studio units, 82 1 bedroom units, 108 1 bedroom plus den units, 98 2 bedroom units, 23 3 bedroom units and 15 townhouse units.

Building D will contain 82 residential units with 4 studio units, 24 1 bedroom units, 28 1 bedroom plus den units, 12 two bedroom units, 8 3 bedroom units and 6 townhouse units. Building B and D will be connected.

This proposal was just for the Holiday Inn site – the Honda Dealership to the south is not part of the planned development.

Please keep in mind that this is just an application, and that these unit distributions can change! Below is a sitemap where the proposed buildings would be positioned along with some elevations from various directions!

3450 Dufferin St

3450 Dufferin St 3450 Dufferin St 3450 Dufferin St 3450 Dufferin St

My Thoughts on the Proposal

The Holiday Inn at Dufferin and Wilson has a special place in my heart – when we were kids, my parents used to rent a hotel there every year for New Years Eve – but things change, and the city is growing.  I think the timing of this development is perfect and a welcomed addition to the Dufferin and Lawrence neighbourhod.  The west side of Dufferin has much deeper lots that the east, which allow for projects like this to be possible.  With Treviso at the south end of the strip, and this project potentially to the north – it’ll form a gateway of sorts for future developments along Dufferin… and the neighbourhood gets a new public part in the process.

I’ll be updating the blog with information as more is officially released!

Categories
Architecture New Condo Developments

What Are They Building at 3019 Dufferin Street?

A Proposed 8-Storey Condo is Planned for Dufferin and Claver

The Dufferin and Lawrence neighbourhood continues to grow, as another application has been submitted for a low-rise development! The proposal is calling for an 8-storey mixed-use building that will one day be home to 105 units residential units, and retail space on the ground floor.

The site itself is pretty near and dear to me on a personal level – my father used to work at the address when it was a Post Office.  Today, the main floor leased to ARD Outdoors  with the lower level home to the Uptown Power Station (my local gym thats been whipping me into shape – thank you spin classes). Below is what the address currently looks like:

3019 Dufferin St

What are the Future Plans for 3019 Dufferin St?

The application is calling for the demolition of the current structure and the development of an 8 storey midrise condo. The building will have a total of 105 residential units and a tiered terrace along the southeastern portion of the building, (from floors 3-8 with), a wrap-around terrace on floor 7 and a rooftop amenity area. Below the building will be two levels of parking and enough space for 100 parking spaces along with 106 bicycle parking spaces!

What Will The Development Look Like?

The application included several renderings from the different elevations of the building,  I’ve included them below:

3019 Dufferin St 3019 Dufferin St 3019 Dufferin St 3019 Dufferin St

Bedroom Layouts and Amenity Spaces

The building will be comprised of:

  • 10 bachelor units
  • 61 one-bedroom units
  • 27 one-bedroom plus den units
  • 5 two bedroom units
  • 2 two-bedroom plus den units

A portion of the units will contain private balconies and terraces as well as shared rooftop space.  According to the application: A total of 394.3 square metres of outdoor amenity space will be provided on the rooftop and 210.8 square metres of indoor amenity space will be distributed within two rooms on the ground and second floors of the building.

I’ll be updating the blog with information as more is officially released!

Categories
Advice For Buyers

Storage Bed Solutions in Toronto

Finding a storage bed in Toronto is no easy task, as I recently learned! My one bedroom condo, measures in an about 575 sq.ft. with most of the space in the open concept living area. The bedroom has an efficient square layout, and a decent closet… but with the amount of tee’s, ties and trackpants  I own -there still wasn’t enough storage!

It took about three months before I found the perfect storage bed solution… and in an effort to help you on your search, I’ve put together a little guide that outlines the path I took before finding the right storage bed for my condo!

IKEA Storage Beds

fjell-bed-frame-with-storage-black__0180634_PE332698_S4

When you’re trying to make every dollar count, there’s no better place to start than Ikea. Both online and in store offered a ton of options, colours and styles all for under $500. They had daybeds with two drawers, pull-up beds with storage and traditional styles with headboards.  Out of all the places I visited, Ikea had by far the largest selection and the lowest prices… BUT at a cheap price, comes lesser quality. After trying countless beds and reading tons of reviews – the most common complaint was of the finish peeling off and looking worn out relatively fast. In the end, I decided to pass on Ikea and up the budget for a better built bed!

(sidenote: If I was looking for a short-term solution of only a few years, I think ikea would have totally won, as they definitely had the most affordable options)

Cavana Storage Bed from Modani

Screen Shot 2015-08-28 at 12.36.37 AM

With locations like Miami, LA and NYC… Toronto is the perfect fit for a modern furniture store like Modani.  I ventured into their mid-town location (1400 Castlefield Avenue Toronto, Canada M6B 4N4) to check out their selection.  They had several displays of fully decked out bedroom layouts that would have been so perfect for my space.  BUT I was on a mission, and my mission was to find a storage bed… that’s when I discovered the Cavana Storage Bed.

Described online as: You can have style AND function despite having a small space. Designed to add storage, the Cavana Storage Modern Bed White uses a hydraulic system to lift up the mattress to reveal additional storage space for your home. Tuck away your personal mementos, extra blankets and more with this modern bed. The headboard is cushioned to provide the ultimate in comfort. Inspired by French Design, the headboard is then sealed with a fine leatherette.

Screen Shot 2015-08-28 at 12.47.34 AM

Double the price of the Ikea Storage beds, the Cavana came it at $999 and was available in black or white. As beautiful and modern as the bed looks, my issue was with its design. For those that aren’t keen on making their beds, this solution could be a perfect fit… but since I’m a stickler for making mine every morning – having to lift the mattress up to dig for a pair of socks isn’t the most ideal for my set-up, so I passed on the bed and continued the search!

UpCountry Evoke Storage Bed

Work had taken me down to the East side of King Street… in between showings, I visited UpCountry (310 King St E Toronto, M5A 1K6) to see their selection!  It was here that I found the Evoke Storage bed! With 6 large drawers, a sleek dark wood frame and pastel blusish/green headboard – it caught my attention. The pricest of them all, coming in at $1,895 it had almost everything I was looking for!

Evoke-Bed-Open-930x375

Unfortunately, the height of drawers resulted in a higher placement for the mattress and in the end the colour and design just didn’t work in my space.

Simple Bed from EQ3

A few doors over at Eq3 (222 King Street East, Toronto, ON M5A 1J7) is where my next stop took me. After a few laps around the store, I was ready to leave… UNTIL I SAW IT! The most perfect storage bed I’ve ever laid eyes on!

simple_bed_walnut_corner_w_hb_w_drawers

Available in two colours, Onyx and Walnut – it was everything I was looking for.  The bed can be purchased with multiple add-ons.  Starting at $999 for the queen, it comes with no storage. For an additional $800, you can add 2 set of 3 side drawers giving you a total of 6 extra drawers.  I choose to go with only one set so the other side could be kept open to store large blankets and bedding.  The bed came in about 3 weeks and was fairly easy to put together.  The majority of the bed is pre manufactured, so only a few connections had to be made.  Night stands could also be added ($200/side) so complete the set.

simple_bed_l_nightstand_walnut_corner_w_bed

The above are just a few of the many places I visited while searching for the perfect bed, I’d also suggest checking out: ALX Home (formerly PositiveSpaceInteriors.com), BLVD Interiors, and InStyle Home as they too provided options for storage beds in Toronto!