Sotheby's
International Realty Canada, Brokerage Nov 17, 2014
Toronto Real Estate Market Update - November 17, 2014
Posted by: louisa
If we are not too advanced into winter for some of the following:
In October, 8,552 home sold via the TorontoMLS in October 2014. This is 7.7% more than sold in October 2013. More sellers listed to the tune of a 3.4% increase. There was a greater discrepancy between new listings and sales which drove prices up by 8.9% to an average of $539,386 across the whole of the GTA.
No question that it is still a seller's market with most homes selling in under two weeks and over asking. The practice still is to deliberately price a house under apparent market value, and hold what is essentially a blind auction. This is especially true of most “hot “ areas: Davisville, Bathurst. St.Clair, Cabbagetown etc.
The only way to avoid a bidding war in these areas is to buy a home that nobody else wants, that has been sitting for a while either because of being overpriced, or poorly marketed.
To us at Sotheby’s, it's not about the size of the property, the number of bedrooms or even the price, but more about the distinct character that makes a home worthy of being called exceptional. I was fortunate to hear the great Pat Riley talk about selling his home after thirty years of living in it. It was more than four walls and a roof. It contained the family memories, good and bad. It contained lives lived.
I have been in several bidding wars this year. It's an unfortunate name. The definition of WAR: a state of competition or hostility between different people and groups.
On the bright side, holding back offers means that the home doesn't sell before you've had a chance to look at it. There are many sales that happen on the first day of a property being put on the market unless offers are “held back”. That's a really motivated buyer.
There is now the “pre-emptive“ offer, formerly called a “bully offer” where an agent demands that the seller look at an offer prior to offer date. Presumably the more buyers that see a property, the more offers there are going to be? The more offers, the higher the selling price. Sellers can request that their agent insert in the listing : “seller has informed the Listing Agent” that they will not consider pre-emptive offers.”
All offers have to be registered with the Listing Brokerage’s front desk. And the agents that register must be kept updated as to any new offers. There is fantastic software available that is updated as each offer comes in. It can be accessed by the Buyer representatives and their buyers who have shown the property.
Not all neighborhoods are created equal. Good schools, easy access to the TTC, and a neighborhood with shops, restaurants, green space are what we are all seeking. Folk tend to stay put once ensconced in these neighborhoods and there is very little turnover. Click here for the Home Price Index for October, 2014. It doesn't deal with specific communities, but does at least differentiate between districts and types of homes.
Here are a few stats I have collected. If any area or type is of interest, let me know and I will provide.
2.5 Storey, 4 bedrooms: 3 sold ; sold price: $1,141,000; 113% of asking, 8 DOM (days on market)
C03: Homewood/Cedarvale
2 storey, 3 bedroom semis: 3 sold; sold price: $703,373; 105% of asking, 6 DOM
C04: Lawrence Park South
2 storey detached. 4 bedrooms: 6 sold; sold price: $1,558,333; 100% of asking, 12 DOM
C07: Willowdale West
New, 0-5 years old, 2 storey detached, 4+ bedrooms: 5 sold; sold price: $1,813,502, 96% of asking, 35 DOM
C10: Mt. Pleasant
2 storey semi, 3 bedrooms, 2 bathrooms: 6 sold; sold price: $928,721, 108% of asking, 6 DOM
C13: Banbury-Don Mills
Attached Townhomes 3+ bedrooms: 3 sold; sold price: $691,000, 101% of asking, 15 DOM
E01: North Riverdale
2 storey semis,3 bedrooms, 2 bathrooms: 4 sold; sold price: $842,250, 115% of asking, 8 DOM
E02: Woodbine Corridor
2 storey semis, 3 bedrooms: 6 sold: $636,900, 102% of asking, 10 DOM
E03: East York
2 bedroom bungalows with private drives: 2 sold; $667,500, 114% of asking, 11 DOM
W02: Runnymede-Bloor West
4 bedroom, detached, 2 storey: 3 sold; $1,019,000, 103% of asking, 8 DOM
W07: Stonegate
6 bungalows sold, all 2 bedroom: Sale price: $697,917, 106% of asking, 10 DOM
W06: Mimico
3 bedroom, detached: 4 sold; Sale Price: $591,525, 100% of asking, 31 DOM
Vaughan: Crestwood-Spring Farm
4X4 bedroom, 4 baths +2 dens: Sale Price: $1,051,600; 99% of asking; 10 DOM
Markham: Royal Orchard
2X4 bedroom detached 2 storey: sale Price: $1,156,500; 99% of asking, 26 DOM
Looking in two areas that might be affordable for 1 time buyers:
C01: condo market downtown very much alive and kicking!
32X 1 bed+den with parking sold: Sale price $352,028, 100% of asking, 19 days on market.
C07: Willowdale W.
7X 2 bed+den sold: Sale price: $445,800, 99% of asking, 34 DOM
As always, thank you for your support. You are why I am in this business. Your support gives me the determination to succeed.
Kind regards.
Louisa
- Have the eaves troughs cleaned and at the same time have whoever you use to check the condition of your roof.
- Make sure any down spouts discharge 6 ft from the house. Cover any exposed down spouts.
- Have your furnace maintained.
- Clear dust away from the furnace grills and cold air return
- Turn off the outside water before the first frost.
- Vacuum all exhaust fans in the kitchen and bathroom.
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No question that it is still a seller's market with most homes selling in under two weeks and over asking. The practice still is to deliberately price a house under apparent market value, and hold what is essentially a blind auction. This is especially true of most “hot “ areas: Davisville, Bathurst. St.Clair, Cabbagetown etc.
The only way to avoid a bidding war in these areas is to buy a home that nobody else wants, that has been sitting for a while either because of being overpriced, or poorly marketed.
To us at Sotheby’s, it's not about the size of the property, the number of bedrooms or even the price, but more about the distinct character that makes a home worthy of being called exceptional. I was fortunate to hear the great Pat Riley talk about selling his home after thirty years of living in it. It was more than four walls and a roof. It contained the family memories, good and bad. It contained lives lived.
I have been in several bidding wars this year. It's an unfortunate name. The definition of WAR: a state of competition or hostility between different people and groups.
On the bright side, holding back offers means that the home doesn't sell before you've had a chance to look at it. There are many sales that happen on the first day of a property being put on the market unless offers are “held back”. That's a really motivated buyer.
There is now the “pre-emptive“ offer, formerly called a “bully offer” where an agent demands that the seller look at an offer prior to offer date. Presumably the more buyers that see a property, the more offers there are going to be? The more offers, the higher the selling price. Sellers can request that their agent insert in the listing : “seller has informed the Listing Agent” that they will not consider pre-emptive offers.”
All offers have to be registered with the Listing Brokerage’s front desk. And the agents that register must be kept updated as to any new offers. There is fantastic software available that is updated as each offer comes in. It can be accessed by the Buyer representatives and their buyers who have shown the property.
Not all neighborhoods are created equal. Good schools, easy access to the TTC, and a neighborhood with shops, restaurants, green space are what we are all seeking. Folk tend to stay put once ensconced in these neighborhoods and there is very little turnover. Click here for the Home Price Index for October, 2014. It doesn't deal with specific communities, but does at least differentiate between districts and types of homes.
Here are a few stats I have collected. If any area or type is of interest, let me know and I will provide.
FREEHOLD HOMES SOLD IN OCTOBER: (all averages)
C01: Palmerston/Little Italy2.5 Storey, 4 bedrooms: 3 sold ; sold price: $1,141,000; 113% of asking, 8 DOM (days on market)
C03: Homewood/Cedarvale
2 storey, 3 bedroom semis: 3 sold; sold price: $703,373; 105% of asking, 6 DOM
C04: Lawrence Park South
2 storey detached. 4 bedrooms: 6 sold; sold price: $1,558,333; 100% of asking, 12 DOM
C07: Willowdale West
New, 0-5 years old, 2 storey detached, 4+ bedrooms: 5 sold; sold price: $1,813,502, 96% of asking, 35 DOM
C10: Mt. Pleasant
2 storey semi, 3 bedrooms, 2 bathrooms: 6 sold; sold price: $928,721, 108% of asking, 6 DOM
C13: Banbury-Don Mills
Attached Townhomes 3+ bedrooms: 3 sold; sold price: $691,000, 101% of asking, 15 DOM
E01: North Riverdale
2 storey semis,3 bedrooms, 2 bathrooms: 4 sold; sold price: $842,250, 115% of asking, 8 DOM
E02: Woodbine Corridor
2 storey semis, 3 bedrooms: 6 sold: $636,900, 102% of asking, 10 DOM
E03: East York
2 bedroom bungalows with private drives: 2 sold; $667,500, 114% of asking, 11 DOM
W02: Runnymede-Bloor West
4 bedroom, detached, 2 storey: 3 sold; $1,019,000, 103% of asking, 8 DOM
W07: Stonegate
6 bungalows sold, all 2 bedroom: Sale price: $697,917, 106% of asking, 10 DOM
W06: Mimico
3 bedroom, detached: 4 sold; Sale Price: $591,525, 100% of asking, 31 DOM
Vaughan: Crestwood-Spring Farm
4X4 bedroom, 4 baths +2 dens: Sale Price: $1,051,600; 99% of asking; 10 DOM
Markham: Royal Orchard
2X4 bedroom detached 2 storey: sale Price: $1,156,500; 99% of asking, 26 DOM
Looking in two areas that might be affordable for 1 time buyers:
C01: condo market downtown very much alive and kicking!
32X 1 bed+den with parking sold: Sale price $352,028, 100% of asking, 19 days on market.
C07: Willowdale W.
7X 2 bed+den sold: Sale price: $445,800, 99% of asking, 34 DOM
As always, thank you for your support. You are why I am in this business. Your support gives me the determination to succeed.
Kind regards.
Louisa