Archive for June 2019

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Thinking About Moving? Ned to Downsize? Preparing to Sell?

 

Have you ever thought about moving and were just completely overwhelmed by the thought? I had those feelings too after 17 years in our last house. So much stuff! Where start? Now, imagine what it would be like after 47, 57 or even 67 years in the same house! Many seniors face this very predicament. They bought the family home, raised their children and stayed put. The stuff accumulated and so did their children’s. Add age and physical deterioration to the mix and it’s no wonder people feel overwhelmed. For some, just coping with day-to-day activities is challenging enough, let alone downsizing and moving.

“The good news is help is available. I recently met Laurie Hunt of Toronto Residential Downsizing; a company she started after helping an elderly friend with failing health though the process of downsizing. Through this experience she became acutely aware of the importance and need for specialized services to support those dealing with such life transitions. Laurie provides comprehensive services such as downsizing, estate dispersal and pre-sale preparation, which she expertly tailors to each client’s particular needs. Laurie and her team serve the Greater Toronto Area and beyond – homes, cottages, condos, storage facilities and out-of-town properties.”                        – Chip Barkel, Chestnut Park Real Estate

“It starts with a conversation. We discuss your project, arrange a site visit consultation and prepare the best possible plan that fulfills your wishes and suits your needs. Our goal is to give you peace of mind knowing you project is being handled in a professional and timely manner.”

-Laurie Hunt, Toronto Residential Downsizing 

There are many reasons for downsizing. Most are planned lifestyle changes such as empty nesters and retirees looking forward to lightening the load and simplify their living arrangements or moves to condo or retirement communities. Others may be due to personal and life-altering circumstances such as health issues, the loss of a loved one or moving a parent to retirement/care residence. You may be the Executor of an estate and wonder how you will ever cope with the multitude of tasks required to liquidate the estate or ready the property to be sold under the pressure of a deadline. These are all challenging circumstances that are time-consuming, and can be stressful and overwhelming. Toronto Residential Downsizing is there to help.

Kim’s Story

“Laurie had multiple contacts and managed to sell or dispose of all the contents and cleaned the home to prepare for the new owners. We would highly recommend working with Laurie, she made a sad and tiresome job pleasant and achievable.”    – Kim Shannon, Estate Executor

 

TorontoDownsizing.ca     416.465.2424     Info@TorontoDownsizing.ca

Consignment Shops: Around the Block

Moving? Have a lot of stuff that won’t fit in your new place and kids don’t want it? Good stuff that your really don’t want to throw away? Around The Block is a consignment shop for home furnishings. It’s housed in a warehouse-sized showroom and things are priced to sell.

Their model is simple. If you have small things, call for an appointment and bring them in. They will discuss the price with you. For larger items, like furniture, email them photos. The initial price is good for 60 days, after that the item is reduced 10% every 30 days on a published schedule. They have brisk walk-in traffic. I saw two things that interested me on a Saturday and when I went back the next day both of them had been sold.

 

April 2019 Toronto Real Estate Market Report

 

April 2019 Toronto Real Estate Market Report

April’s housing market results clearly demonstrated that the Toronto and area resale market is strong and robust. As indicated in previous monthly reports, any sluggish behaviour by the resale market was due to a lack of inventory, and not to a decline in buyer demand.

In April, for the first time in several months, the number of new listings coming to market exceeded expectations. No doubt improved weather conditions were a major factor. In April 17,205 new properties came to market, 8 percent more than the 15,933 that came to market in April last year. For the first time in many months buyers had choice that had previously been unavailable to them. Notwithstanding this increase in new listings, by month-end the total number of active listings available to buyers was only 18,037 properties, still 1 percent less than the 18,206 available last year. The explanation? Absorption.

April saw Toronto and area realtors posting 9,042 sales, a dramatic 17 percent increase compared to the 7,744 properties that were reported sold last year. It is obvious that buyers were waiting for more properties to become available. They did, however, have to act extremely quickly.

In April all properties sold (on average) in only 19 days, an astounding number when it is considered that this number represents the sale of all properties in the greater Toronto area, including condominium apartments. In some neighbourhoods, the pace of sales was even faster. For example, all semi-detached properties in the neighbourhoods of Riverdale, Leslieville and the Beaches sold in only 8 days, a pace not seen since the frenzied period leading up to April 2017. In fact, all semi-detached properties throughout the entire 416 area of Toronto sold in only 10 days, and for average sale prices of 107 percent over asking.

Condominium apartment sales were just as resilient. All condominium apartment sales in the City of Toronto took place in only 17 days and for an average sale prices of 100 percent of the asking price. This was also true in Toronto’s central districts were more than 60 percent of all Toronto condominium apartment sales are recorded. What is a troubling about these results is that for the first time the average sale price in the central core exceeded $700,000.

The once affordable alternative housing is now becoming quite pricey in Toronto.

With sales happening at these speeds throughout the greater Toronto area, it is not surprising that the average sale price also increased In April. The greater Toronto average sale price came in at $820,148, almost 2 percent higher than last April’s average sale price of $804, 926. In the City of Toronto, the average sale price was even higher, coming in at $904,000, once again a number similar to the one that caused the provincial government to implement various measures to try to cool the resale market, including the implementation of 15 percent foreign buyer’s tax. It should be added that that number includes condominium apartment sales, which account for 50 percent of all reported sales. If condominium apartments are removed for this calculation the average sale price for detached and semi-detached property sales in the City of Toronto comes in at $1,193,000.

In April we saw some improvement in the number of higher-end sales. April saw 250 reported sales having a sale price of $2 million or more. This compares favorably with the 233 that were reported sold last year, a 7 percent increase. These numbers were one of the first increases recorded in this price-point in some time. Although most of these sales were represented by detached properties, it is worth noting that almost 10 percent of the sales reported in this price-point were condominium apartments. Only 8 of these $2 million or more reported sales were semi-detached properties.

It is clear from April’s data that the resale market has recovered in the City of Toronto, but continues to lag in the 905 regions of the greater Toronto area. In the 905 regions sales took place at a slower pace, and average sale prices are substantially lower. As indicated earlier, the average sale price for all properties sold in the City of Toronto came in at $904,000, including condominium apartments. In the 905 region the average sale price was only $820,000, almost 10 percent lower. Similarly, all sales in the City of Toronto took place in only 17 days and at 101 percent of asking prices. In the 905 regions sales took 19 days and at only 99 percent of asking prices. As April came to an end the 905 regions had 2.6 months of inventory, whereas the City of Toronto was reduced to only 2 months of inventory.

The looming concern in all this good news is affordability. It is exciting and invigorating to see how resilient the greater Toronto area resale housing market is, however with average sale prices approaching $1 Million in Toronto and $820,000 in the 905 regions, buying a property in the greater Toronto area may soon be beyond the reach of most first-time buyers.

Prepared By:

Chris Kapches, LLB, President and CEO, Broker