Spotlight: "Massey Harris Lofts" In The King Street West/Liberty Village Area

     The King Street West/Liberty Village area is home to a handful of architecturally historic buildings.  One of the best examples of these is located right next door to my brokerage's office.  I'm talking about the "Massey Harris" building.  It's without a doubt one of the more desired loft buildings in downtown Toronto, due to its location and the fact that the suites here are simply gorgeous.  I helped a couple purchase their first home together here a few years ago and it's certainly one of the more unique properties I've sold.

The Massey Harris Building was designed by Toronto architect Edwards James Lennox in the late 1800's and served as the Massey Harris farm equipment headquarters.  The building was designated a heritage property by the city in 1973 and was converted into residential lofts by Canderal Stoneridge Equity Group Inc. (also responsible for DNA Phases 1, 2, & 3 just down the street) in 2002/2003.

The building is located at 915 King Street West and has 5 floors and 46 units.  The majority of suites are characterised by exposed brick walls, wood posts & beams, 11+ foot ceilings, bathrooms with modern glass showers, and Cecconi Simone designed kitchens.  If you take a look at the building you'll notice that the top levels consist primarily of glass instead of brick.  This was built as an addition to the existing structure during the conversion and houses the 2-storey penthouse suites.

I've included some photos of the building and adjacent park below.

                   

                   

If you own a suite in the Massey Harris building and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite in the Massey Harris building specifically, or in the King West/Liberty Village Area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: February 2010 Statistics

     Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.

“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”

New listings also increased in February, climbing 24 per cent compared to the same month last year.

“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

YourTorontoProperty Is Now On Facebook And Twitter!

Late last week I flipped the switch on both my Facebook Fan Page and my Twitter account.  Both are now live and ready to connect!  You can find me by clicking on the appropriate icons in the sidebar to the right (located under "Subcription Options").  Or you can simply click on the buttons above.

Looking forward to seeing you there!

Toronto Real Estate Market Report: February 2010 Mid-Month Statistics

     Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.  This represented a 74 per cent increase compared to the 2,044 sales recorded during thesame period in 2009 when resale transactions had dipped due to the recession. The  February mid-month sales total was also 7.7 per cent above the previous high set in 2006.

"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.

The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212.

"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

Federal Government Changes Mortgage Rules

     Jim Flaherty and the Government of Canada announced yesterday three changes to the standards involved in Government backed mortgages:

• Buyers must now qualify at the 5-year rate
• Home owners can now refinance up to 90% of their home's value (down from 95%)
• Speculative buyers must now come up with at least 20% down (up from 5%)

It'll be interesting to see the effects these rule changes have.  Certainly the tightening will be felt by those looking to purchase and flip.  It's also possible that the changes (to be implemented April 19th) will add to the push already felt by some buyers/sellers to make a move before the HST comes into effect this summer. 

Following is yesterday's release from the Department Of Finance Canada:

The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
• Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
• Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.

For access to a Mortgage Calculator and other financial tools, visit my website here. 

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Spotlight: "MOZO" In The St Lawrence Market Area

     Upon its completion in 2003, condo critic Christopher Hume wrote a review of MOZO ("Modern Living Zone") in his Toronto Star column.  He gave the building an A+.  To this day realtors are fond of quoting Mr Hume's article in their marketing materials (he called it, "One of the most beautiful buildings in Toronto").  And rightly so.  MOZO is one of the most sought-after buildings in the St Lawrence Market area.

MOZO offers a variety of different layouts and floor plans.  I've stepped foot in a fair number of units in the building and each one has been a bit different from the last.  Some of my personal favourites are the east-facing suites on the 9th floor (these are the ones with the 375-400 square foot terraces).

MOZO was developed by Context Develpoment (also responsible for SPIRE, Tip Top Lofts, and Radio City, among others) and designed by Architects Alliance.  As I mentioned above, the building was completed in 2003 and it occupies an entire block of Sherbourne St, sitting at the corners of King & Sherbourne AND Adelaide & Sherbourne.  The municipal address is 333 Adeladie Street East and the building has 15 floors. 

Suites here are characterised by floor-to-ceiling windows, high ceilings (9 feet+), exposed concrete ceilings, sliding barn doors, and modern designer features & finishes. 

The building amenities include concierge, exercise room, sauna, party/meeting room, and visitor parking.  I've included photos of some of the common elements below.

If you own a suite at MOZO and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you’re thinking of purchasing a suite at MOZO specifically, or in the St Lawrence Market Area in general, feel free to contact me for more info.

Is A Home Inspection Condition Always Necessary When Purchasing A House?

     I showed a property to some clients of mine a few weeks ago, a fixer-upper in the Parkdale area.  We all agreed that the house had plenty of character but that it would potentially need plenty of work as well.  There were 16+ offers on the table come offer night and it sold FIRM for more than $100,000 over asking.  The thing to note here is that the property sold FIRM - no home inspection condition.

Shouldn't you always include a condition in your offer-to-purchase that allows for a home inspection?

I certainly wouldn't advise a client to make a purchase without having an inspection done.  Reason being, there are sometimes underlying issues with a property that are not obvious to the untrained eye.  Having a professional come in and spend a few hours doing a thorough inspection is crucial if the buyer is to make an informed decision.

This isn't to say that a buyer shouldn't move forward on a property just because the inspection report isn't perfect.  Older homes are almost always going to have some issues (the boiler may be nearing the end of its life expectancy, there may be some dampness in the basement, etc).  But having an inspection done will shed some light on what the potential issues are and the buyer can proceed accordingly.

Getting back to the house in Parkdale...  Even though the property sold FIRM on offer night doesn't mean that a home inspection wasn't done.  Any number of the 16+ potential buyers may have had an inspector come in at some point during the week that the property was on the market.  This is actually quite common in a seller's market where offers are "held-off" until a specified date (generally a week-or-so after the property first comes on the market).   I touched on this in a previous post, which you can read here.

In this way buyers still get the benefit of having a complete, thorough home inspection done prior to making a purchase without actually having to include a home inspection condition in their offer.  The work is done ahead of time so that they can come to the table with a clean offer, thereby bettering their chances of getting the property. 

For more info on submitting an offer, visit my website here.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: January 2010 Statistics

     Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”

The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.

“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

Spotlight: "DNA 3" Coming Soon To King Street West

     Last month, in another of my "Condo/Loft Spotlight" posts (read it here),  I focused on DNA Phases 1 and 2 in the King Street West/Liberty Village area.  There's no doubt that both rank as two of the most sought after buildings in the downtown core.  Well, there's another building soon to be added to this list - "DNA 3".

DNA 3 is being developed by Canderal Stoneridge Equity Group Inc. (also responsible for the Residences of College Park on Bay St, Aura, DNA 1 and DNA 2) and designed by Graziani & Corazza Architects.

The building will be located at 1030 King Street West, on the north side of King at Shaw, where the former Chrysler dealership building now stands. 

Aside from the building itself, the marketing for DNA 3  has been the focus of much interest.  Back in October they were a sponsor of LG Fashion Week, the headquarters of which sat at the future location of the condo.  It was an inspired piece of marketing and certainly generated an initial wave of buzz that has been building since.

The project will be launching this spring and from the rendering it looks to be an impressive addition to the King Street West area...

If you're thinking of purchasing a suite at DNA 3 and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: January 2010 Mid-Month Statistics

     Greater Toronto REALTORS® reported 1,749 existing home sales on the Multiple Listing Service (MLS®) during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.

“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour.  “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long-term.”

The average price for transactions in the first two weeks of January was $395,307, compared to an average of $332,495 for the same period in 2009.

“Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year’s winter downturn,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

Spotlight: "SPIRE" In The St Lawrence Market Area

             The St Lawrence Market area is, in my humble opinion, one of the best places in all of downtown Toronto to call home. It offers an impressive blend of history, architecture, and entertainment, and it's located steps to the TTC, Financial District, grocery stores, the Market itself, St James Park and Cathedral, etc...  My first few years as a realtor were spent working primarily in this area and it continues to be one of the main areas I do business. There are a number of quality condo/loft buildings here to choose from (some of which I'll spotlight in future blog posts), but at the moment I'd like to take a look at "SPIRE".

SPIRE was developed by Context Develpoment (also responsible for Tip Top Lofts, Radio City, and MOZO, among others) and designed by Architects Alliance.  Completed in 2007 and sitting at the corner of Church and Adelaide, the municipal address is 33 Lombard Street.  The building has 45 floors and the suites are characterised by floor-to-ceiling windows and open layouts.  The majority of suites have balconies and 9 foot ceilings. 

SPIRE is without a doubt one of the more highly sought after buildings in the area and as such suites generally sell for top dollar compared to some of the older buildings in the area. 

The building amenities include 24 hr concierge, exercise room, rooftop terrace/garden (located on the 5th floor podium rooftop), party/meeting room, and visitor parking.  I've included photos of some of the common elements below.

If you own a suite at SPIRE and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you’re thinking of purchasing a suite at SPIRE specifically, or in the St Lawrence Market Area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: December 2009 Statistics

     Greater Toronto REALTORS® reported 87,308 MLS transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace."

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

What Can We Expect From The The Toronto Real Estate Market As We Enter 2010?

     Needless to say, 2009 was an interesting year for the Toronto Real Estate Market.  Back in January we were in the depths of a major downturn that had been in effect since Fall 2008.  By late Spring/early Summer however, we were in a seller’s market and prices were on the rise.

Two of the biggest factors contributing to this turnaround are the record-low interest rates we've enjoyed and a low inventory of properties for sale.  I think it’s safe to say that both of these will continue to play a significant role in the market as we enter 2010.

Interest Rates:  This historically low cost-of-borrowing has motivated many buyers to enter the market, creating a greater demand for homes.  This demand should remain strong and will likely grow as we near June/July, which is when the Bank of Canada will raise the overnight rate resulting in a corresponding rise in mortgage rates.  No doubt there’ll be many buyers motivated to purchase while they can still take advantage of the incredibly low rates. 

Inventory:  The law of supply and demand is always at play in any real estate market.  In the Toronto market of the past 7-8 months, the increased demand for homes has not been met with an increased supply of homes.  This has resulted in multiple-offer scenarios, a steady increase in prices, and many frustrated buyers.  However, we may see more inventory hit the market in the coming months as Sellers respond to the message we've been spreading since the summer, "Now is a great time to sell!"

HST:  The arrival of the Harmonized Sales Tax in July will have an effect as well.  Many buyers will be motivated to purchase before the new tax comes into play so as to avoid having to pay more for lawyer fees, home inspections, etc.  Sellers will also want to avoid paying the higher tax on realtor fees, lawyer fees, etc.

Although no one has a crystal ball to predict exactly how things will play out, it's reasonable to expect the market to cool a bit in the second half of 2010, due primarily to the increase in interest rates.  And there are of course other factors that could have an effect on the market as well (the state of the U.S. economy, the stock market, etc...) and no one can predict exactly how these things will play out either. 

I generally advise my buyer clients that the best strategy is to purchase for long term (5 years or more) in order to realize a sufficient value increase in the property.  Buyers also need to remember that although the interest rates are attractively low right now, they need to be prepared for an increase in their monthly cost-to-carry when the time comes to renew their mortgage at a higher interest rate.

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: December 2009 Mid-Month Statistics

     Greater Toronto REALTORS® reported 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008. The strong growth represents both increased home ownership demand and the fact that we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter.

Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period.

"We experienced a very strong and broad based recovery in the second half of 2009," said Toronto Real Estate Board President Tom Lebour. "The rebound in the housing sector speaks to the confidence that households have in overall economic recovery.”

The average resale home price during the first two weeks of December rose 17 per cent to $423,103. The year-to-date average was $395,411, up four per cent compared to the same period in 2008.

“The double-digit price growth we have experienced since September will continue through the first quarter of 2010. Average price growth will move to a sustainable pace in the spring as listings increase," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

Is December A Good Time Of Year To Buy Or Sell Real Estate?

     The real estate market generally tends to slow down during the month of December as buyers put their search on hold in favour of gift shopping, holiday preparations, vacations, etc.  Accordingly, sellers usually don’t put their property on the market so close to the holiday season unless they have to.   A listing can suffer a bit if it sits over Christmas/New Years with no showings and the thought is that it’s better to wait and list in January/February when more buyers are in the market.

Of course there's always the other side of the coin.  From a seller’s perspective, listing at a time when there are fewer properties on the market means that you have less competition.  From a buyer’s perspective, searching for a property when the market is slower means that you’ll be competing with fewer other buyers.

A December slow-down isn’t always the case though.  Over the past few weeks I’ve been involved in a couple of multiple-offer situations and I’m gearing up for another one tomorrow evening.  We’re at mid-December now and there are still buyers viewing properties and submitting offers.  There’s still steam in a market that’s been hopping for the last 6 months and, although there will be a break for the holidays, it might only be a short one.

December 2007 was quite active as well, due in part to buyers scrambling to purchase before the new Toronto Land Transfer Tax came into play.  December 2008 was obviously a very different story...  Anyone who bought in that market likely got a steal of a deal.

So, it seems that December can be a good time to sell.  And it can be a good time to buy.  It depends largely on what's happening in the market at that time (this is obviously true no matter what time of year it is) and, to a lesser extent, on the perspectives of the sellers and buyers themselves.

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: November 2009 Statistics

     Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour.

“Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14 per cent year-over-year to $418,460.  The average price year-to-date was up four per cent to $394,464.

“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

Spotlight: "DNA" In The King Street West/Liberty Village Area

     My brokerage’s office is located in the King Street West/Liberty Village area and it’s a part of the city where I do a good deal of business.  One of the buildings that I find myself consistently viewing with clients and answering questions about is “DNA".

DNA (“Downtown’s Next Address”) is widely regarded as the crown jewel of the many condo/loft buildings in the area.  And for good reason too.  The quality of features and finishes here are impressive, with granite counters in the kitchens and bathrooms, open layouts, large windows, and an overall contemporary urban feel.

DNA was developed by Canderal Stoneridge Equity Group Inc. (also responsible for the Residences of College Park on Bay St) and designed by Graziani & Corazza Architects.  It consists of two phases, with a third phase planned for the near future.

Phase 1 was completed in 2005 and is located at 1 Shaw Street, at the corner of Shaw & Douro.  This phase has 15 floors and the suites are characterised by 9 foot ceilings and generally have more of a loft feel than phase 2.  The suites here have gas stoves and the balconies have gas barbeque hook-ups.

Phase 2 was completed in 2006 and is located at 1005 King Street West, at the corner of King & Shaw.  This phase has 9 floors and the majority of ceiling heights here are the standard 8 feet, except for the top few floors which are 9 feet. 

The building amenities include concierge/security, fitness center, party room, rooftop terrace, and visitor parking.  I've included photos of some of the common elements below.

If you own a suite at DNA and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you're thinking of purchasing a suite at DNA specifically, or in the King West/Liberty Village Area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: November 2009 Mid-Month Statistics

     In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-over-year to $415,066.

Increased interest in ownership housing has been widespread throughout the GTA and across all housing types,” said Toronto Real Estate Board President Tom Lebour.

“However, it is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price” 

Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at $393,180, is up by three per cent.

“Sales and average price in the GTA this winter will be well above levels reported throughout the fourth quarter of 2008 and the first quarter of 2009," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.

Parking (Part III): "What Are The Different Types?"

     In part one of this series on parking I addressed the question, “What’s it worth?”  In part two, I addressed the question, “Should I purchase a property that doesn’t have parking?”  In this third part, I’d like to identify some of the different types of parking.

PARKING WITH A CONDO/LOFT

Owned:  In a condo/loft, parking is generally either owned or exclusive use.  If the space is owned, it’s registered on Title (either within the unit description or as a separate piece of property) and can usually be bought and sold apart from the unit, subject to certain restrictions. 

Exclusive Use:  If the space is exclusive use, the condo corporation owns the space but grants the unit owner the exclusive right to use.  The unit owner has less rights here than if the spaced were owned, as the space cannot be severed and sold as a separate piece of property.

Leasehold:  There are some buildings in the city where the parking spaces are retained by the condo corporation and are leased out to the unit owners.  For example, I recently helped some clients purchase a condo at 77 Maitland Pl (“Celebrity Place”).  The parking spaces here are not owned, but all unit owners have the option of leasing one, at a cost of approx $80.00/month.  I helped another couple purchase a condo at 250/260/270 Queens Quay (“Harbour Point”).  Parking here is leasehold as well (at a cost of approx $110.00/month), however not every unit owner has the option of leasing a space.  Basically, units either have a leasehold space attached to them or they don’t.  As a result, the units that have an attached leasehold space are valued higher than the ones that don't.

PARKING WITH A HOUSE

Private Driveway/Garage:  For those living in a house the most sought after type of parking is private driveway/garage.  It offers the highest level of convenience and generally comes with the fewest encumbrances or restrictions.

Front Pad:  This is essentially a compromised version of driveway parking.  Access still comes from the street, but the usable space is often much less (usually just enough for one car) and it occupies what would otherwise be part of the front yard.  As a result, there tends to be less curb appeal and a more cramped feel than driveway parking.  Furthermore, the legality of a front pad parking space can come into question and should be verified prior to making an offer-to-purchase.

Rear Parking Via Laneway:  Here, owners access the rear of their property from a common laneway that runs along the rear of the neighbouring properties as well.  The parking space may be located in a garage at the rear of the property or on a rear parking pad. 

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: October 2009 Statistics

     In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.

"Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour.  “The highest rate of sales growth in October was experienced for properties selling for over $750,000.  In contrast, luxury home sales declined at an above-average rate last year.”

Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008.  Average price, at $392,264 was up by almost three per cent.

"After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis.  “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.” 

If you're thinking of making a move and would like to know how I can help, feel free to contact me for more info. 

For complete copies of TREB's Monthly Market Watch Reports, visit my archives here.