Toronto Real Estate Market Report – October 2014

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I hope your October treated you well… It’s time to put away the lawn furniture and pull out the Nutella lattes – it’s getting COLD out. As we prepare to go into the Holiday Season, I’m starting to see some seasonal adjustments in the real estate market!

October has been no different than the previous 3 months, with increases year over year were still common for all housing types. Many houses are still being marketed, and selling in a bidding war BUT the somewhat promising news is that the ones I’ve been following haven’t sold for crazy high amounts over the list price.  This is a welcoming relief for the many buyers out their trying to move up into a home.  On the condo front, I’ve seen many move in just a few weeks… with some even selling in days!

In short, I feel as if prices are starting to somewhat (I could totally be eating my words in two months) level out … but it’ll be interesting to see how this trend plays out through November!

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Average Home Price by Home Type

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,552 sales through the TorontoMLS system in October 2014. This result represented an increase of 7.7 per cent compared to October 2013. New listings were also up on a year-over-year basis, but by a lesser 3.4 per cent.

“Strong growth in sales was evident across all major home types during the first full month of fall. This suggests that there are a lot of households across the Greater Toronto Area who remain upbeat about the benefits of home ownership over the long term, whether we’re talking about first-time buyers or existing home owners looking to change their housing situation,” said Mr. Etherington.

The average selling price for October 2014 transactions was $587,505 – up 8.9 per centcompared to the average of $539,286 reported for October 2013. The MLS® HPI composite benchmark price was up by 8.3 per cent over the same period. Low-rise home types, including singles, semis and town houses, continued to be the driver of year-over-year growth in the average price and the MLS® HPI composite benchmark.

“While sales growth has tracked strongly so far this fall, many would-be home buyers have continued to have difficulties finding a home due to the constrained supply of listings in some parts of the Greater Toronto Area, particularly where low-rise home types are concerned. The resulting sellers’ market conditions are forecast to drive strong price growth through the remainder of 2014 and indeed into 2015 as well,” said Jason Mercer, TREB’s Director of Market Analysis.

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If you’re looking to live in Toronto, you can search the MLS directly from the blog: Search the Toronto MLS. I’ve also created specific searches for CondosLoftsHousesLuxury Condos and Million Dollar Homes. To contact me, simply fill out the form below:

Testimonial for Purchase at 33 Lombard St.

Spire 33 Lombard

I am a recent client of Mark, who is a member of Sage Real Estate. I am from Vancouver and had to travel to Toronto to purchase a condo. I initially met Mark on the phone, through a realtor in Vancouver as a referral. My initial contact with Mark was very a very good one. He demonstrated that he was in the know of the Toronto real estate market and came across very professional. After a few weeks I met Mark in person to show me some condos in Toronto.

In person Mark was just as knowledgeable and professional. Through my experience with Mark I found him to be extremely professional, very in-tune with the Toronto real estate market, very understanding to my particular needs and wishes in a future condo, he was very knowledgeable with different areas and even knew apartment buildings by name. When touring condos he would offer his input about the condo itself and building as to what the pros and cons were….I truly appreciated his opinion as it opened my eyes with different topics.

I did not find Mark to be pushy in terms of my buying a condo, in fact, he wanted me to purchase the right one for me and was very very patient, something I truly admire. When it came to putting my signature on paper to buy the condo I fell in love with, Mark, was there every step of the way. He explained what everything meant on every page that I had to sign. He was very patient, calm, knowledgeable and guided me through the process. At any point I still have questions, I email Mark and he helps point me in the right direction.

Overall, I completely recommend Mark with Sage Real Estate Brokerage to anyone who is considering buying a condo in Toronto….by choosing Mark, you are truly putting yourself in good hands and will be very well taken care of.

Nicola F.

If you’re looking to live in Toronto, you can search the MLS directly from the blog: Search the Toronto MLS. I’ve also created specific searches for CondosLoftsHousesLuxury Condos and Million Dollar Homes. To contact me, simply fill out the form below:

Condo Furniture for Small Spaces

Flat Transformable coffee table

It’s no secret – condos in Toronto are being built smaller than ever… and since developers aren’t building bigger, it’s crucial to furnish your space better!

In the coming months, I’ll be making the move into a 580 sq.ft. condo of my own.  In preparation of the move – the hunt is on for chairs, tables and a desk that’ll make the most of my modest space.  As luck would have it,  I met a downtown furniture company at the 2014 Interior Design Show that specializes in exactly this. Resource Furniture (Located at 366 Adelaide Street East Suite 102 in Toronto) carries a full show room of space saving furniture from some of the most innovative European designers.

Scala Zero Chair and Stepladder

Step Ladder Chair

Every house or condo needs a stepladder, and thankfully the Scala Zero chair can do both.  A product of the Italian company Morelato, the wooden chair works as an accent piece in a room while also serving as a stepladder… perfect for searching for that last bag of spaghetti that always seems to hide in the top shelf!

Flat Transformable Coffee Table

Flat Transformable coffee table

One of the biggest challenges I’ll face in my smaller space is finding an area to work from.  Luckily all I really need is a laptop and a strong espresso, but even still – I don’t want to clutter my condo with a desk.  The Flat Transformable Coffee Table from Ozzio makes for the perfect solution in a living room space.  Simply raise an end, and in seconds the table transforms into a makeshift workspace. When guests come by, simply fold it back down and viola, living room restored.

Flat Transformable coffee table

I also like that the table has a built-in storage compartment to hold the items that would typically be placed on top!

Flat Transformable coffee table

Box Legno Dinner Table

Because you never know who will be dropping by for dinner, it’s a good idea to be prepared with an expandable table! The Box Legno (also by Ozzio) can accommodate space for 2-8 people… The metal frame design is adjustable from 25 to 84 cm!

Box Legno Dinner Table

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With a creative plan and the right furniture any condo or apartment can be maximized to it’s full potential! If you’re looking for an apartment of your own, check out some smaller downtown condo options currently available on the MLS:

City Sounds Mixtape – Tracking Tracks

City Sounds Mixtape

There’s nothing new under the sun… at least that’s what rapper Nas says in one of his songs! With music these days, it’s not much different! The majority of songs on the radio all owe something to the artists of years past.  For this weeks City Sounds Mixtape, I put together a list of the original songs sampled in todays hits.

As you’re driving around to open houses or touring different neighbourhoods – enjoy these classics and see how many you can recognize!

If you’re looking to live in Toronto, you can search the MLS directly from the blog: Search the Toronto MLS. I’ve also created specific searches for CondosLoftsHousesLuxury Condos and Million Dollar Homes. To contact me, simply fill out the form below:

Canadian Mortgage App For iPhone and Android

Mortgage App

When it comes to calculating – we’ve come a long ways from the days of “abacuses” and “counting frames”… and for mortgage math, we no longer need complex formulas on our binary business calculators to compute the cost of our dream home.  No no no savvy purchaser, today we can calculate almost every dollar in a few clicks of the mouse! But what does one use when not in front of a computer?

For me, it’s the robust Canadian Mortgage App for the iPhone (and Android)! This trusty app helps me crunch the numbers and estimate both closing and monthly carrying costs within seconds.   The app is simply designed allowing for super ease of use and a clear breakdown of payments over the years.

Mortgage App

What I most love about the app is it’s been designed to work in every province! There’s over 65 different rules and algorithms worked into the app to ensure the figures are reflective of the City you’re in.

According to their website: While you try out different scenarios with various interest and amortization values, experience the real power of our Mortgage App. We calculate all payment frequencies side by side in real time. Extremely Precise! We avoid typical errors with other calculators by ensuring that the calculations do not round off or trim off your hard earned money. You can simultaneously view all values to the nearest thousands of a cent!

Mortgage App

The app is free to download and one of the most used tools on my phone! I highly recommended it for everyone at any stage of the Real Estate process!

You can search the MLS on your own directly from my blog by clicking here: Search the Toronto MLS. I’ve also created specific searches for CondosLoftsHousesLuxury Condos and Million Plus Homes.

Sage Logo PNG copy Mark Savel - Sales Representative - Sage Real Estate LTD., Brokerage - 1820 Bayview Ave. Tor, Ont, M4G 4G7 - 416-483-8000