how's the market-3It’s the number one question we get asked – by friends, family, strangers at parties. So without further ado….here’s our take on what’s hot in the fall 2014 market:

  • Houses under $700K – It seems there are fewer and fewer houses available in this much sought-after price bracket. Some of the fiercest bidding wars this fall have been fought in this price range.
  • Roncesvalles and High Park – After months of slim-to-no inventory, September brought some much-needed new listings to two of Toronto’s hottest neighbourhoods. But more inventory didn’t satiate the Buyers, who continue to line up in bidding war after bidding war. As prices continue to creep, many Buyers are being priced out of the area and moving further west (heck, we did it and moved to Dundas/Jane). Go West, Young Man!
  • Fixer-Uppers – Toronto renovators and flippers continue to struggle to find suitable properties and are sacrificing profit margins just to keep their workers busy. We had 20 offers on one of our listings in Trinity Bellwoods a few months ago – I can’t remember seeing renovators compete with such ferociousness before.
  • East York – Much like what we’re seeing in the west end of Toronto, aspiring house-buyers are adjusting their Leslieville and Riverdale dreams and moving north of the Danforth. You can still find good houses under $600K in East York and with all the young families moving in, the lifestyle is good and getting better.
  • Duplexes and Triplexes – As prices continue to climb, Buyers are turning to basement apartments to help fund their dreams of home ownership. The “Mortgage Helper Apartment’ has long been a feature of the Vancouver market and it appears to have taken hold of Toronto too. It makes sense: a $1000 rental income covers $200,000 of mortgage!
  • Liberty Village condos – While I can’t say with certainty if this is an across-the-board trend, our team hasn’t been able to keep our Liberty Village condos on the market longer than a week. In buildings where it normally takes 25 days to sell a condo, we’re seeing them fly off the shelf in just 4 or 5 days. Is this the second coming of Liberty Village?
  • Condos in the $500-750K range – This price range has been struggling for the past few years, but all signs point to a recovery. It was really just a matter of time before would-be house buyers realized they could get more value and fewer headaches by buying a condo instead of a house.
  • Hard Lofts – Nothing new here…Toronto condo buyers love unique spaces and converted warehouses continue to be hot, hot, hot!

 

 

 

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