West End Toronto Real Estate Market Update - February 2021

Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.

The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.

We have broken down the west end Toronto real estate numbers so that you can see exactly how your neighbourhood is doing!

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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

At this time last year...

Most conversations we’ve had this week have included the statement, “at this time last year”.

Talking to my parents, it was a year ago they quickly packed up to drive home from their southern vacation and didn’t stop along the way.

Talking to my sister, it was a year ago I last saw her as I traveled out west to see her for a quick weekend getaway.

Talking to friends, do you remember that great dinner we had together? Can you believe that concert was a year ago?

Talking to our kids, I can’t believe it was a year ago you were sent home for March Break and didn’t go back.

Talking to our clients, remember how uncertain we were about how the pandemic was going to affect the real estate market?

It’s a lot to process, and I think even with many unknowns still lying ahead of us, we should take a minute to recognize the significance of this anniversary. Lives have changed in ways we could not have imagined 365 days ago.

This year has taught us many things, so we thought it was time to go through some of our highs and lows.

HIghs

Watching local businesses become even more creative as they found ways to continue to serve their customers and clients safely. Shout outs to Simply Beautiful, Wildhood, Dirty Food, The Commoner, and all the green grocers along Roncy.

Seeing our kids adapt to being thrown in to online learning, in-class learning, online learning and back to in-class.

Feeling the love…as communities joined together to help neighbours, volunteer time & money, and found ways to stay connected to each other.

Finding amazing shops on Etsy to replace being able to go to the flea market. Like this local pillow shop, this Ancaster collector and this vintage print shop.

Being grateful for the arts. Savouring entertainment through cooking, books, music and television. Lots and lots of television.

Celebrating Wendy’s oldest getting into the university and program of her choice! Way to go C!

Receiving & sending care packages back and forth with my sister to brighen each other’s days.

Joining the crowd and having a pandemic puppy join our family.

Hearing that our physicians and loved ones are starting to get their vaccines.

Lows

Missing family & traditions.

Missing travel.

Missing long and lazy dinners in a restaurant with friends.

Missing sleeping through the night because of said pandemic puppy.

Missing in person business meetings.

Missing ‘before’.

There is no doubt that this pandemic has changed us and the world in ways we may not even recognize yet. Life won’t go back to ‘before’. Many of us will continue to work from home, families have changed for better or worse, we’ve seen gaps in all levels of our government and society we may not have seen before, and even if we don’t see it yet, we are different than we were 365 days ago.

The good news is, that with all of this happening around us and to us, the highs far outweigh the lows.

The Importance of Staging Your Home

The market is crazy at the moment so you may question whether it is worth staging your home before you list it for sale. Our answer is a resounding YES! Chances are, at this moment in time, your house is going to sell regardless (and most likely in competition), but wouldn’t you like to know that you received the most money that you possibly could by showcasing your home in its best possible light? There are many compelling reasons why staging is worth the investment, both in time & money.

people buy homes based on emotion

When someone walks into your home they want to be able to imagine themselves living there, they are drawn to homes that are not like the home they just left, but ones that are clean, stylish & serene. No one lives like that in real life, but staging provides buyers with a blank canvas where they can picture their future life, without the distraction of clutter and personal belongings, and by doing so it can represent a new beginning in their lives.

best use

You obviously adapt your house to suit your lifestyle, but that may not be the best way to present your home when it goes onto the market. We will likely recommend removing excess furniture so that the home feels more spacious, and we will also recommend ensuring that each room is set up to maximize functionality. Small bedroom that you use for extra storage? Let’s set that room up as a den, office or nursery (depending on the target demographic) to optimize the space and show prospective buyers how useful it can be. By staging rooms to showcase their best use, it highlights to buyers how much functional space the home has, while also answering any questions they may have about what to do with a particular space.

it is not as expensive as you think

We do all our own staging and include it in our commissions. We are big proponents of working with what you have and only doing what is necessary. We will always provide a list of suggested ‘to-dos’, which will often include de-cluttering, moving out some furniture (and perhaps renting a few missing pieces) and small repair jobs such as painting and patching, but we also want prospective buyers to get a feel for the house and the people who live there. We shy away from the ‘sanitized’ staging look and like to work with our seller’s belongings so that the home has character and is a reflection of the people who live there.

“They were very effective at preparing the house for sale, only what was necessary, no over the top expectations, and what a difference it made!!”

— Irene

the market will not always be like this

Just because the market is hot at the moment does not mean staging is not worth it. Staging will always maximize your sale price and, given that your home is probably your biggest investment, wouldn’t it be nice to know that your got the maximum sale price that you possibly could? Also, the real estate market ebbs and flows, so there are always going to be dips in the market, and when these dips occur, staging is going to make your house stand out above others that don’t show as well. Even in the hottest markets, for whatever reason, sometimes a house just doesn’t sell as expected, but staging will definitely lessen the chance of this happening and if there is a delay, it will be a short one.

let us take this off your plate

We have a keen eye for design and a stockpile of accessories to fit every style of home. Once your ‘to-do’ list has been completed, we come in and do a staging inventory to determine what we will need to showcase your home in its best possible light. We co-ordinate the rental and delivery of any furniture (if necessary), and arrive with carloads of items to accessorize and style your home. We will often spend days getting your house ready, so that it is picture perfect when our photographer arrives for the photo shoot. We are also not afraid to roll up our sleeves and we have been known to patch, hang, mow, weed, plant, scrub, clean, hang, move and any number of other things in order to ensure that your home stands out amongst the rest!

“They have warm personalities, an artistic flair for staging and we feel blessed to have had them as our agents. Highly recommend.”

— Trish

no cookie cutter solutions

No green apples and bottles of San Pellegrino here! Every homeowner and home is different so we approach every house that we stage differently. Again, we like the home to be a reflection of the style of the house and the people who live there, so we dedicate a lot of time to putting together a staging plan that achieves this. We particularly love combining our client’s belongings with our own, to create a unique and beautiful backdrop, which allows buyers to picture themselves living there while highlighting the distinctiveness of the home.

no regrets

We can’t tell you exactly what the outcome is going to be when you sell your home, but we can assure you that our staging is going to put you in the best possible position to maximize your sale price and allow you to move into the next chapter with the confidence that the outcome could not have been any better. Our ultimate goal is to ensure that you get the most out of your investment, in your home and in us!

If you are considering a move, we would love to talk to you about how we can help showcase your home and maximize your sale price. You can click here to see some of our staging before and afters and here to read testimonials from some of our many ecstatic clients!

Getting started with a home renovation

We get lots of questions from clients and readers about how to best approach renovation projects. It’s not surprising, since we live and work in areas of the city where homes range in age from 70-120 years old. Where to start? What investments are worth making? Who do we recommend? Should I renovate or move?

The list is long and the answers are often complicated. Since I’m personally in the beginning stages of my own renovation project we thought it would be helpful to document the process and take you through the steps and stages as we move along. Let’s get into it!

should I renovate or move?

This is a big one and probably one of the questions we get asked most frequently by past clients. These are a few of the discussion points we go over with people:

• do you like the things you can’t change about your property? Think about your neighbours, parking, yard space, walkability and proximity to things like schools and favourite places. If you are happy with most or all of the things you can’t change about your property but the inside just isn’t working for you, it makes sense to stay put and renovate.

• moving is expensive. There are costs related to prepping your home for sale, realtor fees, land transfer taxes, lawyer bills and the list goes on. It may make sense to put that money back in to the home you already own if there is a way to make it work for you.

• renovating is expensive. Not only do you have the contractor fees & rising material costs there are other ‘soft costs’ you’ll need to consider. Are you moving out and renting for a period of time? Utility costs in both places. Fixtures and finishes add up. A budget will be your new BFF.

• renovating can be stressful and time consuming. If you are already time crunched and need more space for a growing family or to have a parent move in, it may make sense to pass on the renovation project and move.

we’ve decided to renovate, now how do we choose a contractor?

The short answer is, very carefully. Renovation costs are on the rise and you want to be absolutely confident in the person you choose to work with.

• ask around. You know the friends who have that amazing new kitchen, or the neighbours that have a similar property and just finished a big project, ask them questions. Who did they use? Were they happy? What went right and what went wrong? You want to hire someone that has experience working in a similar type home and has glowing references.

• interview and get quotes from several companies. Yes, this helps you to get a range of prices for sure, but it also gives you the chance to meet different people and find the person that clicks best with you.

• don’t let price be your deciding factor. The costs will change along the way and the quote will not be what your final bill is with any contractor.

• go with your gut. Hire someone that you click with and feel good about working with.

get a plan together

Ahh, the best laid plans, but when taking on a renovation project it’s vital to have a plan.

• define your scope of work. What do you expect the end result to be and how long will it take? There may be some back and forth with your contractor here, but making sure you are on the same page to start will help streamline the process.

• consider hiring a designer. Not only will they help you with some of the hundreds of decisions you’ll have to make, they will help you keep an eye on the prize.

• move out. I know it’s tempting to try and save some money (rent is expensive in Toronto and short term rentals are hard to find!) but save your sanity and that of your contracting team and get out of the house. It is dusty, dirty and stressful to try and live through any renovation project.

do I need to get permits?

It may depend on where you live, but here in Toronto you’ll need a permit for most interior work if you are moving plumbing, touching electrical or doing anything with structural walls. The City of Toronto website is a good place to start your research. Getting a permit ultimately protects you, the homeowner, to ensure work is being done to code and provides an extra layer of accountability. I would be wary of a contractor that doesn’t want to pull permits. In addition, it can be helpful when and if you ever did need to sell your home in the future. It’s nice to be able to show that the work was done with City building permits and the permits have all closed. As Realtors we are always concerned when ‘flips’ or home renovations were done without permits.

At the end of the day, there are countless decisions that need to be made when renovating. If you are someone (like me!) that can get a bit overwhelmed by the number of decisions you need to make, my best advice is to choose a team that is patient and you truly believe has your back. I’m glad that we have The Scott Home Company and Ashley Montgomery Design in our corner, this process is not for the faint of heart!

West End Toronto Real Estate Market Update - January 2021

January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.

New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.

The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.

Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.

Here is a breakdown on how the west end Toronto real estate market did in January.

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Click here if you would like to compare these numbers to last month’s or last year’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

Black history Month in Canada

Carrie Best is well known in Nova Scotia but most Canadians likely don’t know her name, or much about her contributions to the civil rights movements of the 1940’s and beyond. I certainly had not heard of her or been taught Canadian Black history in school. It wasn’t until I met my husband, and started to learn about his rich Nova Scotian heritage, that Carrie Best became a household name. She is my husbands great-aunt, and I was honoured to get the chance to meet her before she passed away in 2001.

This 30 year old CBC interview gives you a sense of the strong, independent woman she was. She was a tenacious leader, loved her home and family and had a wicked sense of humour. Carrie’s son, Dr. Calbert Best carried on his mothers’ legacy and had a long career in federal politics, focusing on labour and human rights advocacy.

If you’re ready to expand your knowledge of Canadian Black History here are some ideas that we’ve been doing with our own family:

The National Film Board has 30 films on their Black Communities in Canada channel. We have watched Journey to Justice, Ice Breakers, Black Mother Black Daughter and The Road Taken. We’d really like to watch one a day this month with the kids to continue to learn about Canadian Black history.

Have you watched the CBC show Still Standing? Jonny Harris is truly a gem on GEM. He has a great delivery and his stand-up routines, mixed with Canadian small town history is a family favourite. Much of my husbands family settled in East Preston so this episode is top of our list.

On the way to East Preston leaving Halifax you’ll pass Cherry Brook & the Black Cultural Centre for Nova Scotia. The museum is great for kids and families. Until we can travel again, we’ll visit their website & bookshop.

Other ideas for expanding your education around Black History:

Celebrate Black History Month through films by checking out the 9th annual Toronto Black Film Festival taking place February 10th-21st. You can purchase a pass and watch all films online this year.

The Incredible Black Canadian Women You Should Know by Kathleen Newman-Bremang has several Black Canadian women on it that I either knew very little about or had not even heard of. All of her articles are insightful and I enjoy reading her views on everything from allyship to entertainment.

Black in Canada is a website is dedicated to highlighting and discussing Black Excellence in Canada. There are profiles and podcasts celebrating dozens of Canadians making a difference.

Most Canadian adults did not get any Black history taught to us in school. It’s up to us to pick up the slack and educate ourselves on the the good, and bad parts of our own history. In the digital age, there is no excuse to not be more educated.

Finally, as Kathleen Newman-Bremang said:

This is where the hope comes in. I hope all the “listening and learning” and feigned wokeness of last summer starts to pay off in tangible ways this month. This is the time for allies to prove they’ve actually been listening. It’s their time to pick up the burden. I hope this month is different not just because non-Black people are promising to do better, but because they are actually following through.

It's time to get organized

Usually, at this time of year, we are away together on our annual retreat for a few days. We LOVE our annual business and personal goal setting session. It is a time we use to recharge after the holidays and look forward to the year ahead. After missing out on being away together this year, I think Hawaii may be justified for 2022. Husbands have been warned.

One thing we always focus on during our planning session is getting organized. We wear many hats as Realtors and being organized is the way we work best. We set up tools to keep our communication on track for the year, plan out how to best serve our clients and ultimately, both feel less stressed being ready to stay on course for the coming months.

Clients reach out to us when beginning to contemplate a move about how and when they should start to de-clutter and get organized. Having recently started a renovation personally, I focused on the importance of purging and selling/donating items so that we didn’t have to touch things “twice”, that we weren’t planning on moving back home.

So, whether you are getting ready to move, temporarily moving to renovate or just need to get organized for 2021, here are some past blogs of ours that can help get you started.

WHY ARE THE DANISH SO HAPPY?

The simplicity and beauty of Scandinavian design has had serious staying power. The concept of surrounding yourself with items that are both personal and beautiful, while also being useful, and removing anything from your home that is not is the cornerstone of Hygge. Have a look at this blog as a good reminder that less, is more.

HOW TO ORGANIZE YOUR HOME IN 10 EASY STEPS!

We started off 2020 with a blog about 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. Since we are mostly working from home with children home online schooling as well right now, creating calm might be just the blog you need.

TAKING THE OVERWHELM OUT OF DOWNSIZING YOUR HOME

If you are one those people thinking about moving in the next few years, this blog is a great reminder on how to do so without losing (too much) sleep! You can also pop over to our downsizing page to learn more about the process.

During the lockdown several people have asked us about ways they can donate gently used items during the pandemic. Here are some of our suggestions:

• walk around to find a neighbourhood ‘little library’ to donate your gently used books

• Value Village is still accepting curb side donations even while stores are closed

• Sanctuary is not accepting clothing due to COVID-19 but they are looking for gently used tents

• Body Co Health and Wellness in The Junction is accepting gently used warm winter clothing on behalf of New Circles Community Services

• your local community group on Facebook. Always a great hive, let them know what you’ve got and people have all sorts of wonderfully creative ideas and connections.

West End Toronto Real Estate Market Update - December 2020

Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.

“The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President.

Highlights from 2020 include:

• 95,151 sales were reported through TRREB’s MLS® System – up by 8.4 per cent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.

• Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.

• The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.

• After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.

  “While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year,” said Jason Mercer, TRREB Chief Market Analyst.

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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!