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Toronto’s toughest real estate markets?

Jane and Finch and the Bri­dle Path

Robyn Doolit­tle – Toronto Star

At one end of the spec­trum, there is the Bri­dle Path, some­times referred to as Mil­lion­aires’ Row.

On the other, there is the trou­bled Jane and Finch cor­ri­dor, which year after year ranks among the city’s most crime-stricken neighbourhoods.

These two com­mu­ni­ties could not be more dif­fer­ent, yet they share the same big prob­lem. The Bri­dle Path and Jane and Finch are the worst real estate mar­kets in Toronto.

In real­tor speak, they’re known as C12 (The Bri­dle Path) and W05 (Jane and Finch). And accord­ing to recent sta­tis­tics released by the Toronto Real Estate Board it would take exactly 102 days to burn through the cur­rent inven­tory in both regions, if no more prop­er­ties came on the market.

By com­par­i­son, it would take 36 days to sell off all the prop­er­ties cur­rently listed in (E02) The Beach and W02 (The Junction/High Park).

The city aver­age for all 36 MLS zones is just over two months: 66 days.

For hous­ing mar­ket con­sul­tant Will Dun­ning, the fact that prop­erty sta­tis­tics at Jane and Finch are iden­ti­cal to those in the upscale Bri­dle Path makes for an amus­ing sound bite, but eco­nom­i­cally, it’s not that surprising.

I think in gen­eral the tails of the mar­ket — the high and low end — tend to be the most vari­able over time,” he said. “In a recov­ery sit­u­a­tion, these mar­kets would rebound quickly, but when the econ­omy is soft­en­ing, which is what we’re see­ing right now, they will slow more quickly.”

Jane and Finch Apartments

Jane and Finch Apartments

Last month, when 44-year-old Selva Himala­yarat­nam put his yel­low brick bun­ga­low on the mar­ket in W05, he knew he could be in for a wait.

The self-employed con­trac­tor and his wife bought the Hoover Cres. prop­erty as a fixer upper last spring for about $305,000. Himala­yarat­nam gut­ted the house, installed new wash­rooms, hard­wood floors, a new kitchen with stain­less steel appli­ances, new win­dows and a refur­bished base­ment apartment.

The cou­ple put about eight months and $120,000 worth of work and mate­ri­als into the ren­o­va­tion. The five-bedroom prop­erty is listed at the rel­a­tively mod­est price of $519,000. In many neigh­bour­hoods around the city, the place would be gone in days. But Himalayaratnam’s house is just around the cor­ner from the city’s most noto­ri­ous inter­sec­tion in an MLS zone where prop­er­ties can sit on the mar­ket for months on end and fetch an aver­age price of about $320,000.

Our real­tor warned us it could take time,” he said. “This is an area that needs the right buyer. Maybe a new immi­grant fam­ily with kids who want to go to York Uni­ver­sity which is very close. This par­tic­u­lar street is very quiet, a lot of old Ital­ian cou­ples, but not every­one would want to live in this area.”

Mean­while, on the other side of town in C12 — where the aver­age sell­ing price is $1.4 mil­lion — a lux­u­ri­ous 1,394 square foot condo has been sit­ting on the mar­ket for 150 days. This ornate two-bedroom suite at 10 Old York Mills Rd. is located in posh Hoggs Hol­low, a com­mu­nity sep­a­rated from the Bri­dle Path by the Rosedale Golf Club.

Bridle Path Luxury Home

There are only so many buy­ers who can afford these types of prop­er­ties,” said Philip Ngon-Tim Ng, a local real­tor who spe­cial­izes in high-end con­dos. “Sell­ers know they need to be patient.”

Jason Mer­cer, a senior mar­ket ana­lyst with TREB, said these sta­tis­tics are a great tool to estab­lish a jump­ing off point for buy­ers and sell­ers, but he cau­tions against read­ing too much into them.

Some­times the months of inven­tory num­bers are (more) rep­re­sen­ta­tive of how that area devel­oped over time. For the Bri­dle Path, for exam­ple, you’re talk­ing about prop­er­ties that are only cater­ing to a small com­po­nent of the pop­u­la­tion… It’s not that the neighour­hood isn’t hot or not so to speak,” he said.

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Con­tact Lau­rin Jef­frey for more infor­ma­tion – 416−388−1960

Lau­rin Jef­frey is a Toronto Real­tor with Cen­tury 21 Regal Realty. He did not
write these arti­cles, he just repro­duces them here for peo­ple who are
inter­ested in Toronto real estate. He does not work for any builders.

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