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When is the Best Time to Start Looking for a New Home in Toronto

By Advice For Buyers

Embarking on the journey of finding a new home in Toronto is an exciting and significant step. However, timing plays a crucial role in ensuring a smooth and successful home-buying experience. In this blog post, we’ll explore each season and list out the reasons to why it may be the best time to start looking for a new home in the bustling real estate landscape of Toronto.

three pink patio umbrella

Spring into Action

Best Time: Spring is widely considered one of the optimal periods to start your home search in Toronto.

Why:

  • Blooming Market: Spring brings new life, and it’s no different in the real estate market. With warmer weather, more properties tend to become available, giving you a broader selection to choose from.
  • Curb Appeal: Viewing homes in spring allows you to see properties at their best, with gardens in bloom and outdoor spaces showcased in optimal conditions.

Summer Exploration

Best Time: Early to mid-summer is a favorable window for home searching in Toronto.

Why:

  • Extended Daylight: Longer daylight hours mean more time for property viewings, making summer a practical and enjoyable time to explore potential homes.
  • Family Moves: Families often prefer moving during the summer to minimize disruptions to their children’s school routines.

Fall Finds

Best Time: Late summer into early fall can be a strategic time to begin your home search.

Why:

  • Serious Buyers: As the summer rush subsides, serious buyers tend to remain in the market. Sellers may also be more motivated to close deals before the winter months.
  • Comfortable Weather: Fall weather in Toronto is generally mild, providing comfortable conditions for exploring neighborhoods and attending open houses.

Winter Advantage:

Best Time: Late winter, specifically February and March, can offer unique opportunities for homebuyers.

Why:

  • Less Competition: Winter tends to have fewer active buyers, giving you an advantage in negotiating deals and potentially finding a property at a more reasonable price.
  • Motivated Sellers: Sellers listing their homes in winter often have specific reasons, such as relocation, making them more motivated to finalize transactions.
a city bus driving down a snowy street

Tips for a Successful Home Search in Toronto

  1. Pre-Approval: Get pre-approved for a mortgage before you start your search. It helps you understand your budget and makes your offers more appealing to sellers.
  2. Work with a Realtor: A knowledgeable real estate agent can guide you through the process, providing insights into the Toronto market and helping you make informed decisions.
  3. Research Neighborhoods: Understand the different neighborhoods in Toronto to find the one that aligns with your preferences and lifestyle.
  4. Be Flexible: Toronto’s real estate market is dynamic, and being flexible with your criteria can increase your chances of finding the perfect home.
  5. Stay Informed: Keep an eye on market trends, interest rates, and any changes in real estate regulations to make informed decisions.

Conclusion:

The best time to start looking for a new home in Toronto depends on various factors, including personal preferences, market conditions, and lifestyle considerations. Whether you choose the vibrancy of spring, the extended daylight of summer, the strategic timing of fall, or the potential advantages of winter, being well-prepared and working with experienced professionals will set you on the path to finding your dream home in the diverse and dynamic city of Toronto.

brown sofa near glass window

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.
brown staircase

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.

Empty white room with laminate flooring and french windows

Understanding Toronto’s Vacant Home Tax: A Closer Look at the New Initiative

By Advice For Buyers, Advice For Sellers, Video Blog

Toronto, like many other major cities around the world, is grappling with the challenges of urban housing. As the city continues to evolve and attract new residents, policymakers are exploring innovative solutions to address the housing shortage and ensure a sustainable and vibrant urban environment. One such solution that has gained traction in recent years is the Toronto Vacant Home Tax.

Understanding the Vacant Home Tax

The Vacant Home Tax (VHT) is a policy aimed at encouraging property owners to put their vacant properties into productive use by imposing a tax on homes that remain unoccupied for extended periods. Homeowners who choose to keep their properties vacant will be subject to this tax and VERY IMPORTANT TO NOTE: residents are required to declare the occupancy status of their property every year, even if they reside there.

In Toronto, this initiative represents a proactive approach to address the housing crisis, promote community engagement, and maximize the utilization of available housing stock. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives, including the Multi-Unit Residential Acquisition (MURA) program.

How to Declare Your Homes Occupancy Status

Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year and can do so by visiting the City of Torontos Vacant Home Tax Portal. You’ll also need the following:

  • Assessment Roll Number, found on your property tax statement
  • Customer Number, found on your property tax statement
  • If applicable, documents required to show your Vacant Home Tax Exemption 

The whole process will take less than 5 minutes, and can save you thousands in unnecessary taxes each year!

Fees Fines and Penalties Related to the Toronto Vacant Home Tax

If the declaration is not submitted by the specified deadline, the property will be considered vacant and will become subject to the Vacant Home Tax. Starting January 1, 2024, a fee of $21.24 will be imposed for failing to submit the declaration of occupancy status by the designated deadline.

Interest charges, amounting to 1.25 percent, will be applied to any outstanding Vacant Home Tax balance on the initial day of default and subsequently on the first day of each subsequent month until the outstanding taxes or charges are settled.

In case of payment default, the unpaid amount will be included in the property tax roll for the residential property and will be collected in the same manner as regular property taxes.

Any payments dishonored by a financial institution will incur a Dishonoured Cheque Processing/Non-Sufficient Funds (NSF) fee.

Failure to submit the declaration of occupancy status by the deadline may lead to a $250 fine. Additionally, making false declarations regarding occupancy status or failing to provide requested information may result in a fine of up to $10,000, in addition to the required tax payment.

 

Exemptions to the Vacant Home Tax

A property may be left vacant and be exempt from the Vacant Home Tax if one of the following criteria is met:

  1. Death of a registered owner – (need to show death cert.)
  2.  Major repairs – (submit work permits and contractor receipts.)
  3. The principal resident is in long-term care (hospital or supportive care facility)
  4. Transfer or Legal ownership (what we just talked about… submit a copy of deed)
  5.  Occupancy for full-time employment (proof of residency outside GTA and signed letter from employer 
  6. Court order – a court order is made which prohibits occupancy of the property 

Visit the City of Torontos Vacant Home Tax website for more details!

Key Features of the Toronto Vacant Home Tax

  1. Definition of Vacancy: The Toronto Vacant Home Tax identifies vacant properties based on specific criteria. Generally, a property is considered vacant if it is unoccupied for more than SIX MONTHS within a calendar year.
  2. Tax Rates: The tax rates are structured to incentivize property owners to either occupy or rent out their vacant properties. Higher tax rates are typically applied to properties that remain vacant for more extended periods, creating a progressive system that encourages swift action.
  3. Exemptions and Appeals: The policy also considers legitimate reasons for property vacancy, such as renovations or major repairs. Property owners can apply for exemptions, and there is an appeals process in place to address any disputes regarding the determination of vacancy.

Impact on Toronto’s Housing Landscape

The Vacant Home Tax is expected to have several positive impacts on Toronto’s housing market:

  1. Increased Housing Availability: By discouraging long-term vacancy, the tax aims to bring more housing units into the market, increasing the overall availability of homes for residents.
  2. Neighborhood Revitalization: The initiative is likely to contribute to the revitalization of neighborhoods by reducing the number of empty homes and fostering a sense of community.
  3. Revenue for City Services: The tax revenue generated can be used to fund essential city services and initiatives aimed at addressing housing challenges and improving the overall quality of life for Toronto residents.

Challenges and Criticisms

While the Vacant Home Tax is seen as a step in the right direction, it has not been without its challenges and criticisms. Some property owners argue that the tax unfairly penalizes them for circumstances beyond their control, such as personal or family reasons for keeping a property vacant.

Conclusion

Toronto’s Vacant Home Tax is a bold and necessary step in addressing the city’s housing challenges. By encouraging the efficient use of available housing stock, the initiative aims to create a more dynamic and inclusive urban environment. It’s important to remember that the deadline for declaring the status of your property is the last day of February and that the property status refers to the previous year’s history. 

You can get more information on the latest details of tax, as well as declare the status of your home by visiting the City of Torontos Vacant Home Tax Portal.

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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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)

 

Toronto Real Estate Market Report – October 2020

By Monthly Market Updates

As we enter the third quarter of pandemic activity in the city, one thing is becoming abundantly clear – houses are in high demand… and condos, not so much!

The average price in the city hit a new all-time high of $968,318 – largely thanks to the surge of prices in both the detached and semi-detached house markets. Condos continued to trend down in price with an average price of $668,161 nearly unchanged from last year’s monthly average.  

As rent prices continue to decline for condos (down 15 – 20%), and supply continues to increase, buyers have ample options to choose from. With the holidays around the corner, we’ve advised many clients to hold off on plans to sell (if possible), and revisit listing in the second quarter of 2021.

Three Trends to Watch

  1. a second lockdown may be looming in the city, and with it could come a further hit to consumer confidence. Could this impact all housing styles?
  2. with rent continuing to decline, will condo prices continue to soften?
  3. What impact, if any, will this have on the pre-construction market?

DETACHED HOUSES

1,228 sales took place
67 more homes than the previous month (5.77% increase in sales)
194 more homes than the last year (18.76% increase in sales)
The average price of a detached home was $1,470,857
A decrease of $16,265 compared to the previous month (1.09% decrease in price)
An increase of $147,842 compared to last year (11.17% increase in price)

SEMI-DETACHED HOUSES

416 sales took place
5 fewer homes than the previous month (1.19% decrease in sales)
94 more than the last year (29.19% increase in sales)
The average price was $1,154,087
An increase of $8,528 compared to the previous month (.74% increase in price)
An increase of $54,285 compared to last year (4.94% increase in price)

TOWNHOUSES

409 sales took place
7 more homes than the previous month (1.74% increase in sales)
69 more homes than the previous year (20.29% increase in sales)
The average price was $828,090
A decrease of $39,915 compared to the previous month (4.60% decrease in price)
An increase of $32,975 compared to the previous year (4.15% increase in price)

CONDOS

1,438 sales took place
111 fewer condos than the previous month (7.17% decrease in sales)
137 fewer condos than the previous year (8.7% decrease in sales)
The average price was $668,161
A decrease of $18,030 compared to the previous month (2.63% decrease in price)
A decrease of $5,530 compared to the previous year (.83% decrease in price)

 

LEASED: 36 Via Bagnato #526

By Sold Properties

LEASEd

36 Via Bagnato #526

treviso condos

 

Price: $1,950/month

Bedrooms: 1 + Den

bathrooms: 1

spacious and stylish

Located in phase 1 of the Treviso community is where you’ll find this spacious one bedroom and den condo – for lease! Measuring in at nearly 700 sqft. the condo features an upgraded kitchen island (and backsplash), with an open concept living and dining room. The large den is perfect for those looking to Work From Home, as it can comfortably fit a home office. The main bedroom has a double door closest and can easily fit a queen-sized bed.

After a long day, unwind on the oversized terrace which overlooks the community pool. The covered terrace offers ample space for entertaining with friends or getting in a quick outdoor workout from the comfort of your home.

The building features two gyms, a sauna, library, outdoor pool and bbq area along with 24-hour security and a public park to the rear of the building!


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W4883639

 

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LEASED: 12 Nina St

By Sold Properties

for lease

12 Nina St

detached home in the Casa loma neighbourhood


Price: $6,750/month

Bedrooms: 4

bathrooms: 3

casa loma living

Rarely available, home for lease in the Casa Loma community! This freshly painted, four bedroom house measures in at over 2000 sq.ft. on the main floor and an additional 700 + sq.ft. below. 

The well equipped kitchen includes and gas stove top, ample counter space, and stainless steel appliances. Create memories of your own in the separate family room or relax in the professionally landscaped backyard and enjoy the privacy of a fenced in yard.

Also included in the monthly rent: Stainless Steel Fridge, Gas Range and Hood, Oven, Dishwasher, Clothes Washer and Dryer, Gas Fireplace. All utilities to be metered separatly and the responsiblity of the tenant to pay.


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