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.”
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.
“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.
Contact Laurin Jeffrey for more information – 416−388−1960
Laurin Jeffrey is a Toronto Realtor with TheRedPin.com. 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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