Toronto Condo and Real Estate Blog

Greater Toronto Resale Housing at 2,000 Sales in Mid-November

Greater Toronto real estate agents recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.

The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.

In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in 2007.

“It’s particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax,” said Ms. O’Neill. “At midmonth a year ago, transactions in the 416 area had increased 24% over the same period in 2006.”

In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.

In the 416 area, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006.

In the 905 Region the average price is currently $358,130 from $358,610 recorded a year ago. During the first half of November 2006 the average price was recorded at $336,576.

“As an investment, a home not only offers shelter and an environment in which life’s most important moments are shared, but also offers financial appreciation in the long term, said Ms. O’Neill.”

Currently there are 27,562 homes listed for sale on the TorontoMLS system compared to a year ago when 20,173 properties were available. As such, the average time homes are remaining on the market is 41 days from 31 days in 2007. Sellers are currently achieving 97% of their list price.

————————————————————————————————————

Contact the Jeffrey Team for more information - 416-388-1960

Discover authentic loft living

From New Dream Homes and Condos Magazine

At Alterra, it’s all about creating exceptional living spaces and that’s just what they’ve done at Network Lofts.

Once an office for Bell Canada, the Network Lofts building at Bloor and Islington has been retrofitted, refurnished, and reborn. With direct connections to the city’s financial and entertainment districts, Network Lofts offers residents stylish living spaces in Toronto’s west end.

This landmark building has been refaced with a shimmering new glass and stucco exterior. Step inside and enjoy real loft living with polished concrete floors, exposed concrete columns, and ceilings ranging from 10 1/2 to 19 1/2 feet. Panoramic floor-to-ceiling windows provide spectacular views of the city and the lake.

Your transition from the outside world to the luxury within Network Lofts is made through an elegant covered entrance, past a front porch and vestibule, and into a refined boutique-style lobby. Here, a 24-hour concierge greets you and your guests, welcoming you into a sophisticated reception area with wood-paneled walls and stone and steel accents.

The lofts feature individually controlled in-suite heating and cooling system, French balconies with sliding doors (as per plan), and track lighting in entrance foyer and kitchen area. Each suite includes a security system and telephone intercom entry system for receiving guests.

The kitchens at Network Lofts are a gourmet’s dream with their custom “Eurostyle” cabinetry, double stainless steel sink with upgraded washerless single lever extended lever handle faucet, and four appliances.

The trendy Network Lofts bathrooms include porcelain or ceramic tile floors and porcelain or ceramic tile shower surrounds with ceramic tile floor finish. They also feature “Eurostyle” design finish cabinets with cultured marble countertops and integrated sinks with upgraded single lever faucets.

Ready to pamper you in both body and mind, Network Lofts‘ recreational amenities offer a relaxing sanctuary after a hard day at the office or during a weekend entertaining guests from out of town.

Amenities include a relaxing whirlpool spa, men’s and women’s steam rooms, lockers, and change rooms.

The fully equipped exercise room includes treadmills, elliptical exercisers, free weights, and a flat screen television. Other amenities include a party room with kitchen, a media lounge with home theatre system, a yoga studio, and fully finished guest suite.

————————————————————————————————————

I have a seller, who has a 2-bedroom, 2-bathroom loft on the ninth floor he wishes to sell. He takes occupancy on December 1st, so I should be able to arrange showings not long after that. If you are interested in this loft, please contact me for further information.

————————————————————————————————————

Contact the Jeffrey Team for more information - 416-388-1960

Toronto condos have become an increasingly attractive home ownership option for many people. Whether you’re a young couple looking for affordable housing, or a retired couple wanting to downsize because their kids have moved out, there is likely a condo for sale to fit your needs. A condo is a viable option for anyone who wants to own a home without the worry of repairs, maintenance and dreaded chores like snow shoveling. Condos require little work, and are maintained by the association, so the condo owner does not have to be concerned with certain maintenance activities.

As well, many people are turning away from the single-family home market and becoming more interested in the condominium market. There are three main reasons why condos are gaining such popularity: they are economical, convenient, and easy to maintain.

1. Economical. In general, condos cost less than traditional single-family homes. Some experts estimate condos are as much as 20% cheaper than their single-family home counterparts. Within recent years, such value has given a real boost to condo sales.

Condos will increase your buying power. Condos usually sell for 20 to 30% less than similar detached homes, so it is an ideal option for a first time buyer with a limited budget. You will have all the luxury of owning your own home, but will be able to share the cost of upkeep on the building. For most buyers the choice is to buy a condo that meets their living needs or continue to rent.

Condos usually cost less to maintain than detached homes. The replacement cost of a high rise roof may be more in absolute terms than replacing the roof of a detached single-family home, but the cost per owner should be less. Depending on the cost of the repair, there should be enough money from the association fees that can cover the repair without any additional cost.

2. Convenience. Condo living can be extremely convenient. Typically, condos are strategically built near the heart of a city, where most business and entertainment establishments are located. People are choosing to forego the commute required by suburban living, opting instead to centre themselves in the city. By avoiding a long drive or train ride into work, condo owners enjoy more leisure time and a reduced-stress lifestyle.

Condos have amenities that some people could not otherwise afford, such as swimming pools or tennis courts, their own community centre with exercise rooms and much more.

3. Easy to maintain. Condos are also popular because they require little effort toward maintenance. Homeowners know that they are responsible for all of the upkeep and repairs that are associated with keeping a house in good shape. On the other hand, condo owners typically don’t have to worry so much about matters of upkeep or liability. Condos are typically managed by a board that makes decisions regarding repairs and other maintenance issues. With condos, taking care of your property is a very hands-off experience that usually involves the periodic paying of fees and the choice to participate, if desired, in regularly-scheduled, condominium board meetings.

Condos are ideal homes for first-time buyers, small families or people without children, retired couples and vacationers. While a condo can be the first step on the ownership ladder, it is often a good stand-alone investment in real estate. If the above qualities are appealing to you, you should learn more about the condominium market in your area.

————————————————————————————————————

Contact the Jeffrey Team for more information - 416-388-1960