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The day like today when we'll reach almost 20 celsius in Toronto just reminds us of U2's It's a Beautiful Day (yes we're a bit vintage now and still like U2).

 

Normally, at this time of the year (at least up until 2019), we'd be busy with March break activities & sunny destinations. But it's 2021 and we just had 2020....when things went a bit sideways. While we can talk about many things in this newsletter, the one thing that most of us are extremely curious about is the hyper-activity in the real estate market. It seems like the entire population of this region is moving towards low-rise homes to get more space, backyards, basements, and more. Keeping that in mind, is it tough to be a Buyer?... Yes because we literally haven't seen the kind of sale prices that we're noticing at the moment. Is it tough to be a Seller? Hmmm... well only if you think that perhaps the warmer weather could bring you even better price.

 

Well, if you were following the real estate activity back in 2016, there're are many similarities to today's market. The notion of being in a Bubble was very much the talk of the town back then. Fast forward 5 years, we're seeing the same supply-demand challenge, lack of purpose-built rentals for young families, and development red-tape in core pockets preventing new construction. To top that off, we're seeing a shift in consumer behaviour where "bigger is safer" and high-rise lifestyle and downtown is not as attractive at the moment. While the local media loves sensationalizing real estate news and stories and has recently started ringing some alarm bells (nothing new there), the market is certainly more active than we would like it to be but not at a point that it would come crashing down or simply pop.

 

We believe that gradual rise in interest rates which we're already seeing happening will "calm" down this hyper-activity to some degree, the fatigue of losing on multiple offers may discourage some buyers to "wait it out", and ultimately when things start to open up and majority of the population is vaccinated, we'll begin to see a more rational and less impulsive consumer behaviour towards real estate. When will that happen is anyone's guess at the moment. The market still has some steam left for at least a few months before we see a dramatic change in the real estate activity. In the meantime, we're here to help answer any questions that you may have. Connect with us to chat about your specific curiosity questions. We're always up for a virtual coffee/tea or a beverage of your choice.

 

Usman & Komal

 

PS -

"It's a beautiful day and I can't stop myself from smiling

If we're drinking, then I'm buying

And I know there's no denying

It's a beautiful day, the sun is up, the music's playing

And even if it started raining

You won't hear this boy complaining

'Cause I'm glad that you're the one who got away

It's a beautiful day"

Back in February, we noted in our newsletter that "Given the current momentum in the market, seems like we may touch the million dollar mark on average price of a home in the GTA very soon."

 

Well, that was just last month and here we are in March with February average sale price touching $1,045,488, an increase of 15% from a year ago in the GTA. It was also an increase of 8.0% from just a month before.

 

One healthy change was increase in new listings in the GTA where the new inventory went up 60% in February compared to the month before. Sales were also up over 50% from a year ago and finally active listings were down 1.0% from February 2020 as demand has significantly surged.

 

As noted previously, the condo market especially in Toronto continues to send mixed messages with average sale price down 6.4% from a year ago while the sales activity is up over 60%. And it's fair to say that we're currently witnessing a rare buyer's market in Toronto condo sector which could be a great opportunity for investors and first time buyers to buy while there's still some time.

 

Connect with us to discuss the activity and real estate trends specifically in your community and neighbourhood.

This gem did not even allow us to get our morning coffee ready before it was sold. Congratulations to our amazing Sellers who worked tirelessly with us in strategizing and preparing their home for market launch and of course to the Buyers who now own a beautiful home on a gorgeous piece of land in one of GTA's most desirable neighbourhoods.

For Sale: Elegant, Timeless, Pure Luxury

Exquisite, Timeless, Elegant... These are just some of the words to describe 192 Forest Hill Road. Situated on prestigious Forest Hill Road on a 45 Ft. x 204 Ft. beautiful deep lot, this home's interior was redesigned by Dee Dee Taylor Eustace from Taylor Hannah Architects. Every room, every corner, every nook is well planned and elegantly finished while keeping the original charm and timeless style. The 3rd floor attic is a perfect hideaway for a home office or a gym while the finished basement provides the essential nanny suite with an ensuite, a recreation room, laundry, and a powder room.

 

The main floor is elegant and classy with sunken family room and high ceilings with a walk out to the stone patio and the backyard. The galley kitchen is adorned with marble, heated floors, Wolf Sub-Zero appliances and two separate dishwashers. The powder room is well-spaced with marble heated floors and is nicely tucked away. The sizeable and upgraded living room has classic elegance with large windows overlooking the front gardens while the dining room is perfect for large gatherings.⁠

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The 2nd floor's master retreat has two large his and her walk-in closets with built-ins while the master ensuite overlooks the backyard and brings in plenty of natural light. Three additional bedrooms & two more bathrooms compliment the rest of the space on the floor.⁠

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The driveway is fully heated to address the wintery snowy days of Toronto while the front and back gardens are maintained by the irrigation system.⁠

 

Bloor Promenade stands as your last opportunity to become a part of the Islington Terrace community. Live in the centre of a vibrant neighbourhood at the corner of Bloor and Islington, attended by over 50,000 square feet of indoor & outdoor amenities. Available for occupancy in 2021, we have 2 large 2 bed 2 bathroom units on high floors. Take a dip or swim laps in the indoor Euro-style swimming pool, or head to the whirlpool’s warm waters to refresh tired muscles. For those who prefer their water in a different form, there’s a Steam Room and Sauna too.

Do you have a home you'd like to sell or know someone who's thinking about it? We are always working actively with a number of our buyer clients who're in the market for specific types of homes and/or investment opportunities across the Greater Toronto Area. If you or anyone you know have a property that fits these criteria, please connect with us.

© 2021 Sotheby’s International Realty Canada, Brokerage. Independently Owned & Operated. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. E&O.E: This information is from sources which is deemed reliable, but must be verified by prospective purchasers and may be subject to change or withdrawal. Not intended to solicit properties already under agreement.

 

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