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Mark Savel

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The Pros and Cons of Open Houses in Toronto

By Advice For Sellers

Selling your home is a significant undertaking, and one question that often arises is whether hosting open houses in Toronto is worth the effort and investment. In this blog post, we’ll explore the pros and cons of open houses to help you make an informed decision about whether they are the right strategy for selling your home!

The Top 5 Pros of Open Houses:

  1. Exposure to a Wide Audience: Open houses attract a broad range of potential buyers, including those who might not schedule private viewings. This exposure can increase the chances of finding the right buyer for your home. The more people through the door, the better the chance of getting the most for your home.
  2. First Impressions Matter: Open houses allow buyers to experience your home in person, creating a tangible connection. A well-staged and inviting presentation during an open house can leave a lasting positive impression. Remember, we don’t sell like how we live… so don’t take it personally if your realtor advises clearing out personal effects.
  3. Feedback and Market Insights: Hosting an open house provides an opportunity to gather feedback from potential buyers. This insight can be valuable in making necessary adjustments to the price or to enhance your home’s appeal in the market.
  4. Sense of Urgency: Creating a sense of urgency by having specific viewing hours can motivate potential buyers to make decisions quickly, especially if they see others expressing interest in the property.
  5. Facilitates Networking: Real estate agents often use open houses to network and connect with potential buyers. This can lead to additional exposure for your property through word of mouth and industry connections.
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The Top 5 Cons of Open Houses:

  1. Security Concerns: Opening your home to the public may pose security risks. While most visitors are genuinely interested in purchasing, there is a potential for theft or unauthorized access. Always have jewelry, laptops, and any other high-value items removed from the home.
  2. Inconvenience for Sellers: Hosting open houses can be disruptive for sellers, requiring them to vacate the premises for extended periods. Balancing privacy and the desire to showcase the home can be challenging.
  3. Quality of Leads: While open houses attract a wide audience, not all attendees may be serious buyers. Some people might be curious neighbors or individuals who are not financially prepared to make a purchase.
  4. Limited Time Frame: The limited time frame of an open house might not be sufficient for potential buyers to thoroughly explore the property. Private showings often allow for a more relaxed and detailed viewing experience.
  5. Effectiveness Varies: The effectiveness of open houses can vary depending on the market, location, and property type. In some cases, the return on investment may not justify the effort.

    If you’re interviewing multiple realtors before choosing the right one to sell your home, ask them to outline all the processes and procedures they use to host a safe and efficient open house!
brown wooden dining table with white chairs near kitchen

The 3 Best Tips for Maximizing An Open House:

  1. Effective Marketing: Promote your open house through various channels, including online listings, social media, and traditional marketing methods. Don’t discount the old-school methods of sidewalk signs and door to door marketing.
  2. Well-Staged Presentation: Ensure your home is impeccably staged for the open house to create a positive and memorable impression. (and yes, a tray of freshly baked cookies is always a good idea)
  3. Security Measures: Implement security measures to protect your property during open houses, such as removing or securing valuable items. Have your realtor keep a log of all guests and visitors

Is Having an Open House Worth it for Your Home?

The decision to host open houses when selling your home ultimately depends on various factors, including your comfort level, the local market conditions, and your specific goals. While open houses can provide exposure and valuable insights, they come with potential drawbacks. Carefully weigh the pros and cons, and consider consulting with a real estate professional to determine the most effective strategy for showcasing your home in the competitive real estate landscape.

For Lease: 1001 Roselawn #319

By Sold Properties

LEASED

1001 Roselawn #319

Forest Hill Lofts


Price: $2,999

Bedrooms: 2

bathrooms: 2

loft living

Enjoy living in this spacious 1100 sqft Art Deco inspired two-bedroom, two-bathroom Forest Hill Loft with its own private 375 sqft rooftop terrace, and the recreational Beltline Trail and public transit at your doorstep. A genuine open-concept hard loft, it features 13ft ceilings, fluted columns, exposed ductwork, ample mezzanine storage space, and 10ft windows spanning the entire width.  Unique features include an electric fireplace, engineered hardwood floors, and custom bookshelves with built-in tv. Rent includes private parking spot, locker, private terrace, and all hydro, heat, A/C and water usage. 


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Sold: 1048 Broadview #2108

By Sold Properties

SOLD

1048 BROADVIEW #2108

MINTO SKY

 

Price: $799,900

Bedrooms: 1+1

bathrooms: 2

Take in
The Best Views
From
Broadview

What was originally a tight, two-bedroom layout, has been transformed into a sprawling space with stunning views. The recently renovated suite features a long list of improvements which include a combination of luxury vinyl and porcelain flooring throughout, refinished kitchen cabinetry, quartz countertops, a custom banquet with added storage, shelving and a tiled feature wall.

The den area doubles as the perfect “work from home” office space and can also be adapted as a nursery or guest room depending on one’s need. A custom cut, “live edge” desk has been installed in the space and blends perfectly with the accented wallpaper.

The main bedroom is large enough to comfortably fit a queen-sized bed, with plenty of space for side tables. The closets are well equipped with built-in organizers and offer ample storage. A four-piece ensuite bathroom completes the space and was recently upgraded to feature a glass enclosure for the shower, tiling throughout and a newly installed vanity.

For the entertainers out there – you’ve got to check out the incredible, open concept living and dining room. There’s over 360 sq.ft of space in between the rooms, connected by floor-to-ceiling windows that flood the unit with natural light. Views of the sun setting over the Don Valley and Brickworks make for the perfect backdrop after a long day… or step out onto your private 100+ sq.ft. balcony and take in the panoramic views!

The condo measures in at over 1000 sq.ft (1029 to be exact), and also includes one locker and one parking spot. Residents have access to a gym, party room and bbq area. There is a front desk concierge for accepting deliveries and greeting guests. Explore the various nature paths nearby, or venture down to the Danforth for a variety of dining options!


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Sold: 210 Victoria St #2004

By Sold Properties

Sold

210 victoria st #2004

Pantages Tower

 

Price: $799,900

Bedrooms: 2

bathrooms: 2

Lights,
Camera,
Action!

Live in the centre of the city at 210 Victoria Street! This two-bedroom, two-bathroom suite measures nearly 920 sq.ft. and features sweeping views of the city from the east to the south.  The floor-to-ceiling windows from this corner unit offers tons of natural light and unobstructed views.  You’re literally front row to Massey Hall, steps to the Eaton Centre and neighbours with the Ed Mirvish Theatre and St. Mikes hospital.

You’ll love the recently upgraded hardwood floors, modern guest bathroom, open concept living room, and two spacious bedrooms. The galley-style kitchen offers ample prep room, stainless steel appliances and loads of storage.  

Guests are greeted by front desk security/concierge and have access to a wide range of amenities in the building. The purchase price includes one parking spot and one locker!


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Leased: 93 Billings Ave

By Sold Properties

leased

93 Billings Ave

Greenwood Park

 

Price: $3,000

Bedrooms: 3

bathrooms: 2

Spacious and
affordable

This spacious three bedroom home offers something for everyone! The open concept main floor, opens up to a large living and dining area. The kitchen, features a newly purchased gas stove and stainless steel fridge. Stay in an entertain, or head out to the back deck and BBQ with friends.

The lower level has two dens that can double as a work from home office and gym. An upgraded three-piece shower and laundry area round out the space.

Upstairs, you’ll find three spacious bedrooms, each with a closet. Large windows in the main bedroom allow for tons of natural light. The bathroom went through an overhaul and has been updated to feature heated floors, a new vanity, and extra storage.

At 93 Billings, you’re a short walk from Greenwood Park, transit, and shopping on both Queen East and The Danforth. Parking may be possible through street permit, all utilities will be separately billed to the tenant.


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Leased: 40 Fern Ave

By Sold Properties

LEased

40 Fern Ave

Roncesvalles

 

Price: $5,500/month

Bedrooms: 3+1

bathrooms: 3

A Rarity In Roncy!

This fully renovated semi-detached homes measures in at over 1800 sq.ft and features a host of unique features. Separated into two unique spaces – the main and upper level features 3 spacious bedrooms, 2 bathrooms, heated floors, wide plank hardwood, a fireplace and a chef’s dream kitchen.  Highlights of the kitchen include a gas stove, large quartz island and ample storage.  There’s also a walk-out to the private and fully fenced backyard. A large two-car garage rounds out the home and is accessible through the laneway.

Below the main living area is a separate, self-contained, one-bedroom apartment.  The unit has a four-piece bathroom, a full kitchen with stainless steel appliances, quartz countertops and its own laundry.

The home is available as a whole for $5,500 a month, or for $4,000 for the main and upper levels and $1700 for the basement. Hydro, Cable and Internet extra.


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Toronto Real Estate Market Report – November 2020

By Monthly Market Updates

 

According to the calendar… this year is almost over. According to November’s market numbers, the craziness continues!

The Toronto Real Estate Market saw a drop in new listings, active listings and overall sales. It also took about 4 days longer (28 versus 24 days) for homes to sell in the city. But between a mid-month lockdown and the seasonality of the year – this didn’t really come as a big surprise. 

Average Price

The average price of a home in the city increased by 13% when compared to the same time last year, bringing us to an average price of $955,615. And for those keeping score… that’s a $116,000 increase since January of this year (not bad during a pandemic).

 

Every segment of the market saw a drop in sales for November. The detached market had the biggest decline with a 24% drop month over month. However on an annual basis, both detached and semi-detached saw great gains with an 18% and 36% increase for each. Price increases were also the strongest for these two segments up over 8.5% for each. 

Condo Activity

2020 was definitely NOT the year of the condo!  In November, sales were down by more than 4% month over month – and nearly unchanged year over year. Prices followed the same trend – down by 4% month over month and nearly 3% year over year (nearly $20,000 less than the same time last year).

… but it is in the condo market that we see the biggest opportunity. With prices down and supply up, buyers, especially in the downtown core, these next few months offer one of the greatest times to get into the market. A quick MLS search for 1 bedroom condos south of Bloor brought up nearly 150 listings – this time last year, that was practically unheard of!

Three Trends To Watch

  1. We’re optimistically hoping that vaccines and the current lockdown help bring down COVID-19 case numbers in the months ahead and a return to a new normal.
  2. New by-laws for AirBnB operators will be enforced in early 2021 – will this impact supplies in the condo market further
  3. Will those that left the city due to COVID-19 make it through a northern winter? And will that impact demand in 2021?

 

DETACHED HOUSES

993 sales took place
295 fewer homes than the previous month (24% decrease in sales)
145 more homes than the previous year (18% increase in sales)
The average price of a detached home was $1,477,226
An increase of $6,369 compared to the previous month (0.4% increase in price)
An increase of $116,980 compared to last year (8.6% increase in price)

 

SEMI-DETACHED HOUSES

336 sales took place

80 fewer homes than the previous month (19% decrease in sales)

89 more than the last year (36% increase in sales)

The average price was $1,160,911

An increase of $6,824 compared to the previous month (.59% increase in price)

An increase of $93,884 compared to last year (8.8% increase in price)

 

TOWNHOUSES

362 sales took place

47 fewer homes than the previous month (11.5% decrease in sales)

68 more homes than the previous year (23.13% increase in sales)

The average price was $819,752

decrease of $8,338 compared to the previous month (1% decrease in price)

An increase of $56,454 compared to the previous year (7.4% increase in price)

 

CONDOS

1,375 sales took place

63 fewer condos than the previous month 4.4% decrease in sales)

more condos than the previous year (.5% increase in sales)

The average price was $640,208

decrease of $27,953 compared to the previous month (4.2% decrease in price)

decrease of $19,647 compared to the previous year (3% decrease in price)

 

LEASED: 350 Wellington #215

By Sold Properties

Leased

350 Wellington St #215

SoHo Condos


Price: $1,800/month

Bedrooms: 1

bathrooms: 1

All the perks of hotel living

Enjoy all the perks of hotel living at the SoHo Condo! Centrally located at 350 Wellington, this one bedroom unit measures in at over 600 sq.ft. 

The condo features an open concept living and dining room, large kitchen area and a spacious bedroom with ample space. Its also one of the few remaining condos in the city that has Heat, Ac, Water and Hydro included in the monthly rent.

Enjoy all the hotel amenities including Full Size Gym, Steam Room, Sauna, Salt Water Pool, And Concierge.


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Leased: 120 Parliament St #803

By Sold Properties

leased

120 Parliament St 803

East United condos


Price: $1,850/month

Bedrooms: 1 + Den

bathrooms: 1

Be the first to live at East United

​Be the first to live in the newly completed, East United Condos by the SigNature Communities!

This spacious 1 bedroom plus den unit features 9-foot ceilings, an open concept living and dining room (perfect for entertaining), and a private balcony with stunning city views to the North.

The real value is in the separate den – you won’t find any “nooks in the wall” here. The separate room can be used as a nursery, guest bedroom or work from home office!

The bedroom can comfortably fit a queen-size bed, and comes with ample closet space. The landlord is in the process of having window coverings installed throughout.

The building amenities include a Fitness Centre, Rooftop Terrace, Yoga Studio, Party Room and front desk concierge.


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Sold: 80 Virginia Ave

By Sold Properties

SOLD

80 Virginia Ave.

detached home


Price: $888,000

Bedrooms: 2+1

bathrooms: 3

Envision the possibilities

Envision the home of your dreams at 80 Virginia – complete with front pad parking and a fully fenced in backyard! 

The detached two storey home is ripe for redevelopment amongst its custom-built houses along the street. It currently features two large bedrooms, three bathrooms and two kitchens and sits on a 22 x 105 ft lot. As it nears the end of its useable life, 80 Virginia makes for the perfect opportunity to build a home that suits your needs. Schools, Parks, 

Shopping, restaurants, transit and even Michael Garrison Hospital, are all just a short commute away!


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