West End Toronto Real Estate Market Update - June 2020

Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 8,701 sales through TRREB’s MLS® System in June 2020. This result represented a very substantial increase over the May 2020 sales result, both on an actual (+89 per cent) and seasonally adjusted basis (+84 per cent), and was only down by 1.4 per cent compared to June 2019. Year-over-year growth in sales was reported in some areas and market segments. Especially notable were the detached and townhouse market segments in the GTA regions surrounding the City of Toronto.

New listings were up slightly on a year-over-year basis by 2.1 per cent. However, active listings on TRREB’s MLS® System at the end of June 2020 were down by 28.8 per cent compared to June 2019. Growth in new listings will need to outstrip growth in sales for a number of months before active listings approach last year’s levels. The MLS® Home Price Index Composite Benchmark was up by 8.2 per cent year-over-year in June. The average selling price for all home types combined was $930,869 – up by 11.9 per cent compared to June 2019. The actual and seasonally-adjusted average selling price was also up substantially compared to May 2020, by 7.8 per cent and 9.8 per cent respectively.Average and benchmark selling prices were up year-over-year for all major home types.

The strongest average annual rates of price growth were experienced in the detached and semi-detached market segments in the City of Toronto at 14.3 per cent and 22 per cent respectively. This, coupled with the fact that average selling price growth outstripped growth in the MLS® HPI benchmarks, points to a resurgence in the higher-end market segments.

Click the links to see how this month’s numbers compare to last month and last year.

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West End Toronto Real Estate Market Update - May 2020

The Toronto Regional Real Estate Board announced that Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019. While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1% year-over-year decline reported for April 2020.

On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2% compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2 per cent month-over-month.

The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104. On a month-over-month basis, actual new listings were up by 47.5%.

The MLS® Home Price Index Composite Benchmark price was virtually unchanged in May 2020 compared to April 2020. On a year-over-year basis, the composite benchmark was up by 9.4%. The average selling price for all home types combined was up by 3% compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6% month-over-month compared April 2020.

The difference in year-over-year growth between the MLS® HPI Composite Benchmark and the average selling price was related to the fact that home sales in the City of Toronto, particularly in the detached segment, were down by a greater annual rate than overall sales in the GTA. This resulted in a compositional impact on the overall average selling price.

Here is a breakdown of the numbers for Toronto’s west end districts. Click on the links to compare these numbers to April 2020 and May 2019.

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Taking the Overwhelm out of Downsizing Your Home

Some of our favourite recent clients have been those who have been downsizing from their current home to a smaller, more manageable home or condo, a family suite in a family member’s home or to a retirement residence. We love taking the time to guide these clients through this big life transition and help them to start this new chapter in their lives.

Many of these clients have been in their homes for decades and some as long as half a century. These clients endear themselves to us with their stories about how the neighbourhoods have changed, the neighbours who have come and gone, the home renovations they have undertaken and the families they have raised within the walls of these homes. We are honoured and grateful to take this journey with them and consider it a privilege to play a part in this transition.

Some of these clients are in their 70’s, their children have long left home and they are finding that they either don’t want to or can’t manage the responsibilities of maintaining a house any longer. These clients require special attention because most have not moved for many years, they often have accumulated decades worth of belongings that need to be sorted and organized, and it is common for them to feel overwhelmed by the process and all the decisions that need to be made.

However, not everyone considers downsizing later in life, some other motivating factors can be a need to reduce household expenses or pursue a simpler lifestyle, a divorce, an empty nest or the desire to reduce responsibilities in order to enjoy more financial freedom and travel. Regardless of the reason or motivation, the process is similar for everyone and requires compassion, sensitivity and proactive planning.

We take a very thoughtful approach to the downsizing process and are sensitive to the many emotional components that this transition can trigger. Dealing with items belonging to family members who have passed away, engaging grown children in the downsizing process, getting rid of sentimental items that no longer fit or serve and dealing with estates or the division of assets are just a few of the unique obstacles that we need to consider and navigate. With these things in mind, we often suggest beginning this process far in advance of the proposed move in order to avoid undue stress and overwhelm. We sit down with our clients and map out a detailed plan of how to get them from where they are to where they want to go, and implement a timeline and provide resources to help get them there.

You can find more details about how we approach the downsizing process on our downsizing services page. If downsizing is something you are considering but don’t know where to start, we would be happy to sit down with you and chat through your options. With a good plan and an experienced team behind you, downsizing doesn’t have to be overwhelming and can open you up to a world of possibilities!

Local Business Spotlight | Sockfootage

Hey there! Hope everyone enjoyed the long weekend. It was so nice to have the extra day to get some things done around the house.

This week, we are thrilled to be sharing the story of ‘Sock Footage’. Marisa Sheff is an example to how to both grow an independently owned company with giving back to your community.

Marisa is offering free shipping in the GTA to our readers with the code WESTSIDE at checkout.

Thanks for sharing your story with us Marisa!

West End Toronto Real Estate Market Update - April 2020

Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS®System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day. New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average. The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upwardt rajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10 per cent. The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down.

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Local Business Spotlight | Simply Beautiful : handcrafted & discovered

If you haven’t had the pleasure of browsing through Deborah Ross’ shop Simply Beautiful or meeting this amazing woman in person, we hope you’ll take a minute to learn a bit more about her. Deb is serious about community, supporting artisans and finding beautiful things that provide beauty and function. Thanks for sharing your story with us Deb!

photo credits: Simply Beautiful : handcrafted & discovered

How to Get Your House Ready to Sell While You Stay at Home

I feel like the first week of this state of emergency went by in a blur, I was totally engrossed in the theories being batted about on social media and addictively watching the news. I quickly learned that we were in this for the long haul and that I needed to put a plan in place to adapt to this new normal. Everyone deals with crisis differently, but I figured out that if I wanted to be at all productive during this time, I had to limit my time on social media and wean myself off the news, limiting my exposure to only credible news organizations who deliver the facts without the fear mongering. I certainly haven’t been perfect and still catch myself scrolling through Facebook at times, but I am trying to focus on getting some of our behind-the-scenes work done that we never seem to have time to do, get some exercise in everyday and keep my kids educated and entertained. No small task, there is A LOT of baking going on at our house!

We are doing everything in our power to do our part to flatten the curve, as I’m sure you are as well. Real estate is a bit of a grey area at the moment, it has been deemed an essential service, but the governing bodies have been clear that this is not business as usual. They have said that only necessary transactions should take place and face-to-face meetings and open houses should be discontinued. If a showing is necessary, strict physical distancing and sanitary measures should be enforced. Many brokerages are requiring disclosures be signed before a showing and all offers should include clauses to protect both buyers and sellers from situations or delays that could arise as a result of the pandemic.

However, if you are considering selling once this is over, there are a lot of things you can do now to get your house ready for the time when we can get back to normal life.

Paint

It’s cheap and can make a huge difference in your space. If your kids are a bit older, you can even recruit them to help out, it will keep them engaged and added bonus, it’s a great life skill. Ideally you have some paint and supplies around to avoid going out to the hardware stores, but if not, some of the small local hardware stores are quiet and could use your business. Also try and tackle any small repairs that you come across in the process. When we do a pre-listing home consultation, 9 times out of 10 we will suggest at least some painting, so this is a great task to check off your to-do list if you have some time on your hands. We would suggest sticking with neutral colours and carrying the same colour palette throughout the open spaces. If you would like to set up a video chat to get our input, we would be happy to connect with you!

patio furniture

It’s April, the sun is shining and the weather forecast is looking favourable. A little vitamin D is always a good idea, so take advantage of this weather by unwrapping the patio furniture and giving it a good scrub down. Clean the furniture with soap and water and wipe down the glass surfaces - this also a great job for kids and even the little ones can join in. Take advantage of the low daytime hydro rates by taking the cushion covers off and putting them through the wash. Shop online for some new throw pillows to give your patio a pop of colour. Another added bonus is that when you are done, you and your family can put it to good use for barbecues, reading or take your WFH outside!

gardens & Outdoor space

You may not be able to plant, but you can certainly rake and clean out the garden beds, mow the lawn and get your yard ready for planting. You can also do any outdoor touch-ups that may be necessary. My goal for next week is to clean and paint my front porch which took a beating over the winter. It’s also a great time to power wash the deck and clean out the shed or garage.

declutter

Even more than painting, decluttering is probably the number one suggestion that we have for homeowners. Take this time to organize and declutter your space, go room by room and you can use our previous blog on downsizing as a guide to get you started. Throw out what is garbage and put any donations in bags and put them in the trunk of your car to be dropped off once the donation centres reopen. We are also in the midst of putting together a room-by-room guide to decluttering so stay tuned!

shop online

If you can afford to, support retailers (particularly local businesses) by shopping on-line for items that will give your house that WOW factor when it goes on the market. Bedding, throw pillows, decor items, vases and wall hangings are all great inexpensive items that can pack a lot of punch.

clean

This is a bit of an ongoing task, but is another great one to get the kids involved in. Clean everything. Be methodical and go room by room. Again take advantage of the lower hydro rates and clean all the bedding, the curtains, rugs & couch cushions. Do a deep clean of the bathrooms and kitchen, and don’t forget the oven, fridge and pantry. Not only will your house sparkle but it is also a great preventative measure for combating the coronavirus.

grout & caulking

I could have put this under cleaning but I think it deserves its own category. This is a crappy job that goes to the bottom of everyone’s list, but it does make a big difference. Here is a link to a effective way to clean the grout lines between tiles. This also a good time to remove old caulking from the bathroom and replace it with a nice clean, white line.

take up a hobby

This isn’t necessarily related to getting your house ready to go on the market, but it can be. If possible, and if you have the time, take up a new hobby or dust off an old one. If you’ve always wanted to learn to sew, try and make some new cushions for your couch, or it can be something completely unrelated, try your hand at a new language or pick up a musical instrument. This is an unprecedented and stressful time and I think that by finding even the smallest amount of joy during this time, it will help to carry us through, and maybe make us better into the future.

Stay safe everyone and please know that we are here for you. If you need assistance or if you would like to ask a question or talk through your options, please reach out, we are always available to chat!

How to continue to shop local ... from a distance

We miss seeing each other. We miss our work routines and our social lives. We miss the kids going to school! And we miss all of the small business owners that make our communities a community.

How do we thank and support all of the small businesses that are temporarily closed but are the cornerstone of our communities? You know, the ones who donate to the kids fun fair at school year after year, or sponsor a sports team, or support worthy causes? The ones that we can count on when we need a neighbourhood walk and a special gift or treat?

We can continue to support them from afar. Here are a few of our favourite local shops that have come up with some creative ways for us to safely continue to shop locally and support them, like they’ve supported us.

The Beau & Bauble has launched a webstore with free neighbourhood delivery. If you need a birthday gift or card, a puzzle or game to pass some time or something shiny for yourself, she literally has something for everyone in the family. Kate also has Gift Certificates for both stores so you can shop now and “indulge later”.

Flowers and plants are always a pick me up. Lauren from Wildhood has worked hard to get her website up and running over the past weeks. I bought a gift card and can’t wait to spend it when the store is full of flowers again.

Coal Miner’s Daughter is a favourite stop in the Junction and Roncy. They are offering Gift Cards online and a selection of their usual line up. Use the code SHIPFREE for free shipping across Canada.

Pretty Clean Shop is open online and is offering free local delivery. We did love the smell of her shop, so miss that for sure, but at least we can get a head start on our spring cleaning with the extra time on our hands!

We all need to keep busy and if you’re a reader Type is doing contactless curbside pickup and west end delivery! You can call 416-761-9973 to place your order.

When this all over, we are going to look to reconnect with friends and family. There is no place I’d rather do that than Famous Last Words. I may even FINALLY take that cocktail course I’ve been talking about.

Deb works tirelessly to bring unique and special gifts to her shop Simply Beautiful. She is offering local porch drop offs and is working on getting her website up for online orders.

Scout has a fantasitc online selection. If you need a gift to lift the spirits of a friend or family member, there are lots of great options. They are offering free shipping on orders over $40 with the code SCOUTLOVE.

If you need a break from homeschooling and some fun with the kids, Tere at Scooter Girl Toys has your back. She is still working out the best/safest way to get goodies to people, but if you give her a call between 11-2 or drop an email and she’ll take care of you.

When we look back at this time, we want to be proud of how our communities stood together and supported each other during all this uncertainty. So continue to shop local if you can find a safe way to do so. Check back on the blog soon, we’ll take a look at organizations and charities that also need our support.

Stay together….but apart.