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West End Toronto Real Estate Market Update - January 2020
There were 4,581 home sales in Toronto in January 2020 – up by 15.4% compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8% compared to December 2019.
“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said TREB’s President, Michael Collins.
The average selling price in January was up by 12.3%, driven by the detached and condominium apartment segments in the City of Toronto. “A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.
Here is a breakdown of how the west end Toronto real estate market did in the month of January.
A look back at our west end business spotlights from 2019
As the first month of 2020 comes to an end, we thought it'd be fun to look back at the amazing west end Toronto business owners we highlighted in 2019. These women were so much fun to interview and spend time with. We wish them continued success and happiness this year.
Vicki Bell The Little Paper Toronto
Vicki Bell is the owner of The Little Paper, a local mama, a city girl, a nature lover and continues to find time to give back so much to the west end she calls home. We loved doing a spotlight on her, you can read it here.
Amy Montemurro Kid Kind
Amy Montemurro is the proud owner of KidKind, a local business focused on educational programming, workshops, camps and spreading kindness.
Lauren PIncente Wildhood Toronto
If you haven't been to Wildhood yet, go now. And if you are lucky you'll get to meet Lauren Pincente the owner and florist extraordinaire.
Julie Sousa Annette Street Music
We have had the pleasure of working with Julie Sousa for the past 8 years and she still greets us with the same warm smile every week. If you are looking for music lessons in the west end of Toronto, look no further/ Annette Street Music offers a variety of classes for all levels of musical interet.
Jennifer Slauenwhite Queens Fitness Toronto
Jennifer Slauenwhite pushes women to become their best selves at her west end fitness studio Queens Fitness. We love her motto that fitness is not about being better than someone else, it is about being better than you used to be.
What a great roundup of amazing entrepreneurs who are all doing their part to make our communities shine. If you know of any west end business owners that deserve to be in spotlight let us know. We'd love to meet them!
How to organize your home in 10 easy steps!
Whether you are an empty nester looking to downsize into a smaller home or condo, a divorcee looking for an emotional (and physical) fresh start or just any one of us who are looking to embrace the life-changing magic of tidying up, here are some tips on how to de-clutter your space (and your mind!) and get yourself organized with a view to downsizing into a new space or just creating more calm within the space that you are in.First things first:
1. You need a plan
Before getting started, it is paramount that you have a plan in place, complete with timelines and deadlines. Just like goal-setting, you will need to write it down, keep it someplace where you can see it, and keep checking those tasks off your list (it will give you a feeling of accomplishment, I promise).
2. Be prepared
Make a list of everything you are going to need to accomplish this momentous task and go out and get them. The easiest way to get sent off course is to get into a rhythm and then find that you don't have the tools available to complete the task at hand. Go get garbage bags, boxes, packing tape, sharpies, a label maker and storage containers of various shapes and sizes. Then crank some music or put on your favourite podcast and get to work!
3. Enlist help
We know that the thought of downsizing and de-cluttering can be completely overwhelming, but there are people out there who can help. As realtors, we have a system to help downsizers tackle the clutter and get their house ready for sale, so if you are looking to sell, make sure you engage a realtor who is experienced with the process of downsizing. There are also professional organizers who, for a fee, can walk you through this transition and, depending on the level of engagement, can even do it all for you. Additionally, enlist your children and family members to help out, and in some (most) cases, come pick up their stuff!
4. Eat the frog
You know that task that you absolutely positively DO NOT want to do? Yeah, do that one first. I know it sucks and I know you really really really don't want to clean out that storage closet under the stairs, the one that has been collecting all the discarded Christmas gifts and kids art projects for lord knows how many years, but just think how amazing and empowered you will feel when you do finally eat that frog!
5. Go room by room
Don't multi-task, this process needs to be methodical, so attack each room individually; then close the door and move on. Go through and pull every item out of every drawer and closet, clean off every surface and then move on to #6.
6. Separate & Discard
Keep it, give it away or throw it out. Separate everything into three piles, but be very discriminate, this is not a time for sentimentality. If you haven't looked at it or used it for years, then it needs to be given away or thrown out. We know it is difficult to part with items related to your children or family members who have passed away, but try to whittle it down to a much more manageable size. Maybe take photos of your children's art projects, put them in an album and then keep only your favourite three pieces? Try shifting your mindset by giving away clothes that belonged to a loved one to charity, they are not only freeing up space in your life but also getting a new one. Have a yard sale and make a little bit of money while you're at it. If there are items that you don't use, but are having trouble parting with because they are valuable, have them appraised and see if you can sell them. There are lots of goods options available nowadays and there is someone out there willing to buy everything!
7. Organize
Do not put anything back that does not have a purpose or a place! This is key. Before you put anything back in a drawer or cupboard ask yourself whether it has a purpose and if so, make sure to make a place for it. This is when storage containers come in very handy and there is so much variety nowadays, there are lots of options that are both practical and decorative. Have some fun with it and be creative.
8. Make a list of updates & repairs that need doing
As you are going through this process, make sure to make a list of any repairs or updates that are required, and if you are selling, make a plan to complete them prior to putting the house on the market. Once the de-cluttering is done, it will then be easy to make the necessary repairs or hire contractors to do them.
9. Don't forget the outdoor spaces!
Yup, you have to tackle the garage and garden shed as well. Go through the same process with the outdoor spaces, getting rid of everything that no longer serves your purpose. Just think, if your plan is to move into a condo, you can say good-bye to that lawnmower forever!
10. Celebrate!
We know this process can be totally daunting, but we promise it is worth it. At the end of it, you will feel lighter and more empowered, so once it is done, pour yourself a glass of wine and give yourself a big high-five! We think you deserve a gift as well ;). If you are looking to downsize and would like us to come by and walk you through our step-by-step guide to downsizing, please feel free to get in touch, we are always available for your questions!
New decade, new goals. What do you want to accomplish this year??
Most people look at a new year as fresh start; a time to create new good habits, break old bad ones, and set new goals in their personal and professional lives. Unfortunately without a plan in place, these resolutions tend to get broken....well, right about now. This is why the gyms are packed for the first couple of weeks of January and revert back to normal by the beginning of February! We are not experts, and are definitely learning as we go, but wanted to share with you some tips we use for setting goals, and sticking to them.
1. Decide what you want to accomplish
First things first, you need to really think about what you want and how and when you want to get there. The rule of thumb is that goals should be SMART - specific, measurable, attainable, relevant and time-bound. If you want to lose weight for example, you should determine a realistic amount of weight that you want lose within a certain time frame. In saying that, make sure that your goals are not too easy to achieve, challenge yourself and think big! You might also want to set goals for different areas of your life, such as personal (read x number of books this year), health & wellness (work out 4 times/week), career (make x amount of money), relationships (go on a date night with your partner once a week). I think it's also a good idea to have long and short term goals - 10 year, 5 year, 1 year & quarterly. Once you have a clear picture of what you want to achieve and within what time frame, then you need to....
2. Write them down!
This step is really important. A lot of people walk around with ideas in their head of what they would like to accomplish, but without writing them down and having them somewhere as a constant reminder (see #3) then you are way less likely to follow through on them. Just the physical act of writing them down makes you that much more committed to carrying through on them. Apparently you are 50% more likely to achieve your goals if you write them down, but that could be fake news :).
3. Visualize
This step is two-fold. The first part is that you need to be able to visualize yourself achieving your goals, which is a tool that professional athletes have been using for decades. Being able to actually visualize yourself achieving your goal can be very powerful. The second part is having your goals prominently displayed someplace where you can visually see them everyday, as a constant reminder of what you are aiming for. We know it's totally hokey, but we like to make a vision board for this. A vision board is just a compilation of images, quotes, lists or really whatever you want, which is a visual display of your goals and ultimately it should conjure up the feeling of what you want to achieve as well.
4. Plan of Action
Here is where you put a plan in place to make those goals a reality. Write down what you can do today, tomorrow, this week and this month to move you closer to your goals. Every morning set aside some time to review your goals (and admire your fancy vision board!) and make a list of small actionable steps that you can take on a daily basis that will get you closer to the big goal. This is also a good time to review your progress; where you are doing well, where you are doing not so well and course-correct as needed. Don't beat yourself up though, this is a journey and we are all learning as we go!
5. Accountability
This step is key, and if you are not good at being accountable to yourself, bring in support; whether it's through your partner, a friend, a business mastermind group or a coach; make sure that you have someone who is willing to kick your butt if you're not doing what you said you would do! (Lots of people are using social media to hold themselves accountable.)
6. Review
Constantly review your big and small goals to make sure that you are still going in the right direction, that your timelines are reasonable, and that your goals still fit your current needs and wants. There is nothing wrong with changing your goals if they no longer suit you.
7. Celebrate Success
This is the fun part! Tie your goals to rewards so that you have that additional feeling of accomplishment and something physical to mark your achievement and hard work.
Off to clean my office, one of my first goals of the new year. If you are thinking about any home improvements or renovations this year, reach out to us! We are happy to provide you with a complimentary Home Improvement Consult to help you allocate those dollars to see the best return on investment. Wishing you much joy & prosperity in 2020!
West End Toronto Real Estate Market Update - 2019 The Year in Review
December is traditionally a slow month in real estate, and this December was no exception, so instead of providing you with the December numbers, we wanted to give you a snapshot of how the west end Toronto market fared in 2019.
Each neighbourhood is its own micro-market so we have broken down all the west end Toronto MLS districts to provide you with a summary of EXACTLY how your neighbourhood did in 2019.
For the entire Toronto Real Estate Board December sales were up by 17.4% year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6% compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade. “We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said TREB president Michael Collins.
While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4% year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period. “Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
Are you looking to dip your toe into the real estate market in 2020 but don’t know what your current house is worth? Or are you a buyer looking to taking the plunge? We would be happy to meet with you to provide a detailed market evaluation or to review the extensive buying services that we provide. Feel free to get in touch, we are always available for your questions!
Christmas Countdown | Days 21 - 24
Thanks for joining in on our holiday countdown again this year. We have all had a busy month and we are 4 days away from our 2019 countdown finishing up. We are easing in to Christmas this week spending time with family and spreading some holiday cheer. Here's what we'll be up to over the next four days.
