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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
Covid-19 Monthly Market Updates

Toronto Real Estate Market Report – April 2020

April is a pivotal month for real estate in Toronto – it ushers in the start of the spring market and sets the tone for the months ahead. This year, April also represented the first full month of widespread lockdowns and closures throughout the city as a result of COVID-19. Property values, sales numbers, and market confidence were all impacted by these changes.

Many sellers elected to take their properties off the market and hold off on plans to sell. As a result, listings down by 57% compared to the month prior, and by 65% compared to April 2019. With fewer properties coming to the market, sales followed a similar trend, with only 2,975 taking place. This represented a stark contrast from the 14,000 that were sold during the same period of April 2019.

Prices and Sales Decline

All segments of the market saw steep drops in both the number of sales and their corresponding prices.

Detached Houses 

  • 313 sales took place during the month of April
  • 520 fewer homes than the previous month (62% decline in sales)
  • 669 fewer homes than the previous year (68% decline in sales)

  • The average price of a detached home was $1,249,730
  • Down $216,000 compared to the previous month (15% decline in price)
  • Down $106,000 compared to the previous year (8% decline in price)

Semi-Detached Houses 

  • 126 sales took place during the month of April
  • 103 fewer homes than the previous month (45% decline in sales)
  • 155 fewer homes than the previous year (55% decline in sales)

  • The average price of a Semi-Detached home was $1,096,437
  • Down $59,000 compared to the previous month (5% decline in price)
  • Up $44,000 compared to the previous year (4% increase)

Town Houses 

  • 108 sales took place during the month of April
  • 184 fewer homes than the previous month (63% decline in sales)
  • 236 fewer homes than the previous year (69% decline in sales)

  • The average price of a Town House was $784,899
  • Down $49,000 compared to the previous month (6% decline in price)
  • Up $27,000 compared to the previous year (4% increase in price)

Condominiums 

  • 482 sales took place during the month of April
  • 920 fewer condos than the previous month (65% decline in sales)
  • 1,126 fewer conds than the previous year (70% decline in sales)

  • The average price of a Condo was $612,300
  • Down $100,000 compared to the previous month (14% decline in price)
  • Down $24,000 compared to the previous year (4% decline in price)

There was a bit of good news when looking at prices in the Semi-Detached and Townhome markets – they both saw year over year price increases. However, condos and detached homes were hit the hardest in both numbers of sales and prices.

Three Trends To Watch

  1. The Ontario Government has temporarily banned short term rentals in the City. This directly impacts investors of AirBnB units and their ability to rent out condos.  It’s possible that this will bring more units back to the rental market, or even for sale!

    2. Could working from home be the new norm? If so, will commute times matter? The decision to live outside of the city may become an easier one to make. How will this impact demand in the City?

    3. In Toronto, our demand relies on population growth – and a lot of the growth comes from people migrating into the city. With travel restrictions and flight travel changing as we know it, this could have a significant impact on demand for future years ahead.

Categories
Advice for Landlords

A Summary of Kathleen Wynnes Changes to the Real Estate Market in Toronto

Premier Kathleen Wynne, Finance Minister Charles Sousa and Housing Minister Chris Ballard announced plans to cool Ontario’s housing market.  We’ve summarized the proposed changes, and included our thoughts on how it we feel it impact the market:

Rent Control For All Tenants

Current rent controls, only apply to properties built prior to 1991 leaving many of Torontos downtown condos exempt from increase limits (currently set at the rate of inflation). The new proposals will now cover all properties regardless of when they were built.  

They are also looking into unlocking provincially owned surplus lands that could be used for affordable and rental housing development and a $125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges. 

These steps won’t really do much to add to the current lack of supply, and with the introduction of rent controls, will probably deter developers from ever actually building new rental stock.

I do think that rent controls are needed, but at rate higher than just inflation – something as simple as inflation plus 5% would result in only a $140 rate increase/month on a $2000 rental.  I was hoping the Liberal government would have introduced some controls on Hydro and Heat costs to help with monthly affordability for all!

Standardized Lease Document for all Tenants

This was briefly mentioned in todays announcement – Its purpose was to ensure “illegal terms and conditions” were not included in leases. I’m not entirely sure how they plan on handling this one as the Landlord and Tenant Board already has pretty specific guidelines that cover what can and can’t be included in leases.  Also, every rental provides its own unique set of challenges that require the crafting of pretty specific clauses. To have a standardized lease could leave both sides unprotected!

An Assignment Ban

The government wants to ban speculators from assigning their pre construction purchases before completion. It’s not clear how they plan on qualifying someone as a speculator vs. a buyer who’s outgrown their space before the project completes.

A typical project takes about 2-5 years to complete and in that time things can change.  I’ve worked with several buyers that have outgrew their initial purchase and wanted to sell before the project closed.  When buyers take this route, the often sell at less than market value, but for more than their original purchase price.

We don’t see very many properties sell by way of assignment as they are often tricky to complete and require builders approval before the sale can be finalized.  Those that do sell, often sell for less than market value (which helps those trying to get into the market)- so I’m not really sure how this will help with affordability.

Speculation Tax for Non-Resident Foreigners

Several reporters at todays announcement asked the officials for data to back up the claim that foreigners are buying up all these properties – but each time the question was avoided.  In reality, the government doesn’t currently collect this information. As part of todays announcements, all purchasers will now have to reveal their citizenship and where they live. Buyers will also have to disclose if the property will be used as primary residence or investment (something we already have to do when applying for a mortgage)

They also planned to introduce a 15 per cent tax on home purchases by non-resident foreigners… but of course, since they currently don’t have any real data on exactly how many foreigners are actually buying property at the moment – it’s hard to say if this actually take any competition out of the market.

Final Thoughts

I’m a bit relived that these aren’t the catastrophic changes some have speculated may happen. “This plan balances those needs to stabilize the market and prevent a sharp correction that would be harmful to everyone,” said Wynne. My take is that ultimately these measures won’t bring much change to Torontos real estate market. 

If you’re a buyer, things won’t be getting any easier anytime soon. You’ll still be faced with 5-20 people bidding for your “dream home”, with or without the foreigner tax.

Sellers, the climb continues (unless you’re trying to sell an assignment). Economics 101 teaches us that this price increase is fueled by a lack of supply and a ton of demand.  

Renters of properties built after 1991 who haven’t received a rent increase in the last 12 months – expect a price bump in the coming weeks.

Categories
Architecture Luxury Real Estate

The Shangri-La Toronto Penthouse Collection

Rise above it all at the penthouses of the Shangri-La in downtown Toronto! With the help of  Kristen Duern from Chestnut Park Real Estate Limited, Brokerage and Anthony Lavignasse from Fixed Exposure, we took a tour of these super exclusive spaces to bring you inside the Penthouses of the Shangri-La!

Shangri-La Penthouse

Shangri-La Penthouse

Imagine coming home to one of four, 2 level penthouses that can only be described as something out of a fairytale… except in this story, the glass slipper is a glass and steel staircase, complete with a Boffi Italian kitchen to cook up and left over pumpkin! 

Penthouse 6501 measures in at just under 5000 sq.ft (including terrace). I instantly fell in love with the white oak, chevron flooring and the triple sided gas fireplace, – bookmatched with Calacatta stone in the living room!

Living Room and Fireplace

Shangri-La Penthouse

Dining Room

Flanked between the Living and Kitchen area is the Dining Room.  The open concept space opens up to the 1,500 sq.ft. outdoor terrace and is the centre focal point of the main level.  My eyes were instantly hooked on the cherry blossom chandelier by Swarovski!

Shangri-La Penthouse

Kitchen and Family Room

And now for my favorite part of any home… the kitchen! This kitchen featured Boffi Italian walnut cabinetry, matching corian countertop and backsplash along with a Miele built-in coffee maker.  Miele appliances were also used for the speed oven, steam oven, wall oven and gas cooktop. The Sub-Zero fridge and freezer are seamlessly integrated to match the look and feel of the space. The open concept layout spills over and into the spacious family room.

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Terrace

The terrace can be accessed from both the family and dining room.  At over 1500 sq.ft. the space features Basalt stone pavers, Gas BBQ with stone countertop and under counter fridge, a jacuzzi along with landscaping and even a irrigation system.  One element many don’t think about when this high up is the wind! Especially in downtown Toronto, being this high can present its own set of challenges. The architects and engineers solved this by including massive glass walls, spanning nearly to floors high.  The thick glass provides safety from below and gives owners use of the space, practically year round!

Shangri-La Penthouse

Upper Level

At over 1600s sq.ft. the second level can be reached by private ensuite elevator, or the gorgeous glass stair case! Upstairs is where you’ll find the three bedrooms. Each feature a variety of finishes from the white oak chevron flooring, to Calacatta heated marble and even Boffi walnut cabinetry… oh, and VIEWS!!!

Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse

Shangri-La Penthouse Shangri-La Penthouse Shangri-La Penthouse

Additional Features and Price

Each penthouse comes with a triple car garage, motorized sun shades, built in ceiling speakers, valet and limousine services! Penthouse 6501 is currently listed for $9,332,500 and has monthly maintenance fees of $2,878.22.