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Nov 08
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Toronto Housing Market Surges 44% After Bank of Canada Rate Cuts

By Advice For Buyers, Advice For Sellers, Real Estate, Toronto

The Toronto Housing Market is Heating Up: Here’s What You Need to Know About Rate Cuts

If you’ve been following the real estate scene in the Greater Toronto Area, you’ve probably noticed something interesting happening. Remember all that doom and gloom from last year? Well, things are starting to look pretty different, and it’s largely thanks to the Bank of Canada’s recent moves.

The Game-Changer: Rate Cuts

Let’s talk about what’s really stirring the pot. The Bank of Canada has been on quite a roll lately, slashing rates four times in a row since last June. The latest cut was a big one – dropping the key rate from 5% to 3.75%. And guess what? The market is definitely taking notice.

The Numbers Don’t Lie

Here’s where it gets exciting. October 2024 saw some pretty impressive numbers:

  • Home sales jumped by a whopping 44.4% compared to last year
  • We’re talking about 6,658 properties changing hands
  • Even month-over-month, we saw a solid 14% increase

What’s Hot and What’s Not

Want to know what’s really flying off the market? Townhouses are the surprise winner here, with sales skyrocketing by 56.8%. But honestly, everything’s moving:

  • Detached homes? Up 46.6%
  • Semi-detached? Up 44%
  • Even condos are getting in on the action with a 33.4% increase

The Price Tag Story

Now, here’s the interesting part – despite all this activity, prices haven’t gone completely bonkers. The average home will set you back about $1.1 million, which is only up about 1.1% from last year. Not too shabby, considering all the action we’re seeing… that being said, in October – the average price for a detached home was over $1.7 million sooooo context is important!

What This Means for You

If you’re thinking about jumping into the market, here’s the scoop: There’s still plenty of inventory out there, which means you’ve got options. But (isn’t there always a but?), experts are saying this sweet spot might not last forever. As more buyers jump back in and inventory gets snapped up, we might see prices start to climb, especially by spring 2025.

brown wooden center table inside room

The Bottom Line

Here’s my take: The market is definitely warming up, but we’re not seeing the crazy bidding wars of years past – at least not yet. The rate cuts have brought buyers back to the table, but they’re being smart about it. If you’ve been sitting on the fence, now might be the time to start looking seriously.Just remember, real estate is always local, and what’s happening in one neighborhood might be completely different from another.

My advice? Keep an eye on those interest rates, do your homework, and maybe start booking some viewings.

P.S. Don’t forget to subscribe to our newsletter for more real estate insights and market updates!

Oct 28
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Couple of friends, keys and new home selfie for moving in together for real estate investment. Rent

Navigating Tenanted Properties in Toronto: Tips for Buyers and Sellers

By Toronto

Purchasing or selling a property can be a daunting task, even under the easiest circumstances. When you add a tenant into that mix, the complexities increase significantly. In this blog post, we delve deep into the intricacies of dealing with tenanted properties, unraveling what both buyers and sellers need to consider to ensure a smooth transaction.

Tenant Rights and Types of Leases

When it comes to tenanted properties, understanding tenant rights is the key starting point. There are typically two types of leases: fixed term leases, such as a one-year lease and month-to-month leases. With fixed term leases, the tenant has the right to stay until their term ends, which means the buyer cannot move in until the lease period is completed. On the other hand, a month-to-month lease offers more flexibility as the property owner can issue a 60-day notice if they plan to sell.

Challenges with Tenanted Properties

One of the significant challenges when dealing with a tenanted property is the unpredictability of the situation. For instance, even if you’ve set a closing date months in advance, issues may arise if the tenant refuses to leave. In such cases, the buyer is faced with three options: assuming the tenant, canceling the purchase, or negotiating for an extension on the closing date.

New Tenant Life: Young couple tenants, with cardboard relocation boxes, new apartment's living room

Cash for Keys: A Controversial Solution

A controversial yet sometimes necessary solution is the practice known as “cash for keys.” This involves compensating tenants to vacate the property, thus avoiding long legal battles or expensive delays. While this may expedite the process, it comes with its own set of ethical and financial dilemmas, making it a contentious strategy. VERY IMPORTANT TO ONLY TAKE THIS PATH WITH THE HELP OF AN EXPERT

Expert Advice for Buyers

If you’re considering buying a property that’s tenanted, make sure you’re clear about the type of lease the tenant holds. Request to see signed agreements such as an N11 or an N9, which show that the tenant has agreed to vacate. This reduces the risk involved and ensures a smoother transaction.

Tips for Sellers

For sellers, addressing the tenancy issue before listing the property might save a lot of headaches. Guidance from a real estate professional suggests having a candid discussion with the tenant well in advance, so they are aware of the impending sale and have time to find alternative accommodation. Sellers should aim to deliver the property vacant unless they are prepared to lower the selling price or face potential difficulties during the sale process.

Conclusion

Buying or selling tenanted properties demands an added layer of caution and planning. By understanding the rights of tenants, the type of leases involved, and the nuances of negotiation within this context, both buyers and sellers can mitigate risks and ensure a smoother transaction. Whether you are a buyer or a seller, being well-informed and prepared to handle tenant-related issues will facilitate a successful real estate experience.

Sep 11
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Famous landmark Toronto, Canada

August in Real Estate: A Month of Predictable Challenges and Golden Opportunities

By Monthly Market Updates, Toronto

Welcome to our deep dive into the real estate market’s August performance. This month, as predicted, played out with some key insights and opportunities that potential buyers should take seriously. Here’s what you need to know about August’s numbers and trends in the Greater Toronto Area (GTA).

 

August in Toronto Real Estate: A Recap

August has traditionally been a slow month for real estate, and this year was no exception. As many people took vacations and the hustle of preparing for the school year began, the real estate mindset took a backseat. The result? A predictably slow month in terms of transactions and new listings. Notably, August recorded less than 5,000 sales, the second slowest of the year, reminiscent of January. “Sales” here strictly refers to transactions, not a depreciation in property valuation. Realtors and potential buyers were difficult to reach, many being away in regions like Europe or cottage country. New listings witnessed a notable drop as well, aligning with the expected seasonal trend. With fewer realtors advising clients to list in August, this drop wasn’t necessarily a negative outcome. Instead, it created a strategic opportunity for those who did choose to list.

Key Observations and Trends

Active listings did show a downturn for the first time this year, decreasing by a thousand to 22,600. While not significant, this drop is noteworthy as the first sign of potential shifts in market absorption. It is an aspect we’ll keep an eye on moving forward. What caught our attention was the average price movement, especially for condos. August saw a substantial decline in average prices to $1,074,425, marking a return to figures equivalent to early 2023 or even late 2022. This rollback presents a noteworthy purchasing opportunity for those in the market.

A Golden Opportunity for Buyers

Condos, surprisingly, had the least drop in transactions at 7.25%, despite their price adjustment. In contrast, semi-detached homes faced a 22% drop. This disparity highlights a classic case of supply impacting market value, offering condo buyers a prime chance to enter the market at a relatively lower price point. For sellers, this market requires flexibility. It’s not the most favorable time to sell unless necessary, so navigating current conditions with an open mind to negotiation is crucial.

Why Now is the Time to Buy

For the potential buyers on the sidelines—now is a great time to consider stepping into the real estate market. Prices have reset to a point reminiscent of less competitive market conditions, providing an entry level that might not last long. While the market remains tight for sellers, the flexibility and potential for negotiation create a compelling case for buyers.

Conclusion

Overall, August reaffirmed some of the traditional patterns we associate with this end-of-summer month. While sales slowed due to seasonality, the reduction in condo prices signals a window of opportunity. As we move forward, keeping an eye on September’s performance will be essential in detecting emerging trends and preparing for market shifts. Remember, the key in real estate is timing and preparation, and for buyers, this August may have laid a golden path forward. Stay informed, stay strategic, and you might just find your ideal opportunity in today’s dynamic market.

Apr 30
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Living in a Hotel/Condo in Toronto: Exploring the Pros and Cons of a Unique Lifestyle

By Advice For Buyers, Toronto

Toronto, a city known for its diversity, energy, and cultural richness, offers an array of housing options. One intriguing choice gaining popularity is the hotel/condo lifestyle. Blending the comforts of a hotel with the conveniences of a condo, this unique living arrangement comes with both advantages and challenges. In this blog post, we’ll explore the pros and cons and take a closer look at what living in a hotel/condo is all about!

Pros

Amenities Galore:

  • Luxurious Facilities: Hotel/condo living often provides access to upscale amenities such as fitness centers, spa services, concierge services, and sometimes even housekeeping. The spas are a big perk for us, as many hotel/condos have some of the best in the city!
  • Restaurants and Bars: Some developments feature on-site restaurants and bars, offering residents the convenience of dining options right in their building

Convenience and Services:

  • Concierge Assistance: The presence of a concierge can simplify daily tasks, from handling packages to making reservations or arranging for maintenance.
  • Housekeeping Services: Depending on the arrangement, residents may have the option to avail themselves of housekeeping services, reducing the burden of chores (at an extra cost)

Central Location:

  • Prime Locations: In Toronto – Hotel/condo developments are situated in prime, downtown locations within the city, offering easy access to entertainment, business districts, and cultural attractions.

Security:

  • 24/7 Security: Enhanced security measures, including 24/7 concierge and surveillance, provide residents with a sense of safety and peace of mind.

Cons

Cost:

  • Higher Price Tag: The luxurious amenities and central location come at a cost. Living in a hotel/condo can be more expensive compared to traditional apartment living in Toronto. Plus, all the added services typically result in higher maintenance fees
  • Financing: Banks often treat hotel/condos as a higher risk, and as a result require higher downpayment compared to condos without a hotel component.

Limited Personalization:

  • Decor Restrictions: Residents may face restrictions on personalizing their living spaces due to furnished units or condominium rules, limiting the ability to make the space truly their own.

Potentially Transient Environment:

  • Changing Neighbors: The nature of short-term leases and the transient nature of hotel/condo living may result in a constantly changing community, potentially affecting the sense of neighborhood and community. Remember, you’re in a hotel so naturally there will be higher amount of turnover.

Noise and Crowds:

  • Busy Common Areas: Shared amenities and common areas, while convenient, can sometimes be busy and noisy, especially during peak hours or events hosted within the building. For most hotel/condos in the city, residents have their own private access.
Lobby Lounge

Conclusion

Living in a hotel/condo in Toronto is an enticing option that combines luxury, convenience, and a central location. The decision to embrace this lifestyle depends on individual preferences, budget considerations, and the desire for a unique living experience.

Whether you prioritize the amenities, services, and central location or value the personalization and stability of a traditional home, carefully weighing the pros and cons will help you determine if hotel/condo living aligns with your lifestyle in the vibrant city of Toronto.

Apr 23
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A Comprehensive Guide to Toronto’s Best Hotel/Condos Buildings

By Advice For Buyers, Toronto

Toronto, a city known for its dynamic lifestyle and diverse real estate offerings, has seen the emergence of a unique housing trend – the hotel/condo hybrid. Combining the comfort of hotel living with the convenience of condominium amenities, these developments offer residents a lifestyle that’s both luxurious and convenient.

In this blog post, we’ll explore some of the noteworthy hotel/condos in Toronto, each bringing its own distinctive charm to the urban landscape.

The Residences at The Ritz-Carlton, Toronto

Location: 183 Wellington St W, Toronto, ON M5V 0A1
Developer: Cadillac Fairview & Graywood Developments
Architect: Kohn Pederson Fox Associates
Year Completed: 2011
Number of Floors: 51
Number of Units: 159
Sizes: 1,397 – 11,000 Sq.Ft.

Features:

  • Luxury Redefined: As part of The Ritz-Carlton brand, these residences offer unparalleled luxury, with high-end finishes, stunning views, and access to the hotel’s amenities. The 24 hour concierge is available to help with valet parking, chauffeur services, and security. The building is equipped with an expansive gym, yoga studio, saltwater pool and spa!
  • Prime Location: Situated in the heart of the Entertainment District, residents enjoy easy access to theaters, restaurants, and cultural attractions. The Ritz-Carlton, is directly connected to the PATH, Toronto’s downtown walkway linking 27 kilometers of underground shopping, services, and entertainment, as well as St. Andrew subway station. The condo is also within walking distance to the city’s attractions, restaurants and sports venues; The CN Tower, Ripley’s Aquarium, Roger’s Centre and Scotiabank Arena (formerly Air Canada Centre), as well as the Metro Toronto Convention Centre

Shangri-La Toronto

Location: 180 University Ave, Toronto, ON M5H 0A2
Developer: Westbank and Peterson
Architect: James Cheng
Year Completed: 2012
Number of Floors: 66
Number of Units: 393
Sizes: 819 – 4,400 Sq.Ft.

Features:

  • Opulent Living: The Shangri-La residences exude opulence, with spacious layouts, contemporary designs, and top-tier amenities. Our favourite space in the Shangri-La is the stunning Lobby Lounge. Residents do have their own private entrance, but walking through the lounge is always a special treat. They have an expansive drink menu with an array of small-bite options. For something a bit more upscale, Bosk is the ideal place to have a conversation, business meeting or special date night.
  • Five-Star Services: Residents can indulge in the hotel’s world-class services, including a spa facilities (Miraj Hammam Spa), fitness center, and an indoor lap pool, hot tub and sauna!

St. Regis Residences Toronto

Location: 311 Bay St, Toronto, ON M5H 4G5
Developer: JFC Capital ULC
Architect: Zeidler Partnership Architects
Year Completed: 2012
Number of Floors: 58
Number of Units: 118
Sizes: 1,300 – 11,000 Sq.Ft.

Features:

  • Timeless Elegance: Formerly known as the Trump Hotel – the property was sold for nearly $300 million, and was rebranded to the St Regis in 2017. Today, the St. Regis Residences embodies timeless elegance, offering a refined living experience with bespoke services and sophisticated design. Residents have exclusive access to the Sky Lobby on the 32nd floor, which comes complete with 24-hour concierge, a fitness centre, a fully equipped gym, an indoor pool, and direct elevator access. Room service and maid service is also available (at an extra cost)
  • Coveted Location: Situated in the Financial District, residents are near Toronto’s business hubs and cultural attractions. Residents can dine out right in the building at either the Astor Lounge (perfect for drinks and small bites) or at the Louix Louis Grand Bar and Restaurant on the 31st floor… you’ll definitely want to check out the 60 ft mural on the ceiling of the Grand Bar. Painted by local Toronto artist Madison van Rijn, the mural, known as a ‘Bouquet of Whisky’ is inspired by a glass of Canadian whisky and looks just as refreshing as one. Salute!

Four Seasons Private Residences Toronto

Location: 50 Yorkville Ave, Toronto, ON M4W 0A3
Developer: Menkes Developments & Lifetime Developments
Architect: architectsAlliance
Year Completed: 2013
Number of Floors: 55
Number of Units: 210
Sizes: 655 – 9,038 Sq.Ft.

Features:

  • Yorkville Elegance: Nestled in the upscale neighborhood of Yorkville, the Four Seasons Private Residences provide a sophisticated living experience with stunning views of the city. You’re steps away from the cities finest shops in the city, with all the big brands at your doorstep.
  • World-Class Amenities: Residents enjoy access to the renowned Four Seasons amenities, including a spa, fitness center, and gourmet dining. D Bar is the destination of choice for those looking to unwind with a cocktail and some lite bites. Cafe Boulud offers a more formal setting and features a menu highlighting seasonal locally sourced ingredients and one-of-a-kind style.

Conclusion

Toronto’s hotel/condos redefine urban living, offering residents a blend of luxury, convenience, and world-class services. Each development brings its own unique character and charm, catering to different tastes and lifestyles. Whether you’re drawn to the opulence of The Ritz-Carlton, the contemporary elegance of Shangri-La, or many offerings of The Four Seasons these hotel/condo hybrids enhance the city’s real estate landscape, providing an elevated living experience for those seeking the best of both worlds. Explore these iconic residences and discover the epitome of sophisticated living in the heart of Toronto.

Connect with us below for more information about any of these hotel/condo projects!

Nov 17
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Meet Noda Design

By Toronto

It’s about time the city formally meets one of its most creative and talented interior designers – Toronto based (and globally connected) Nora Voon of Noda Design! For well over a decade, she’s been building up a portfolio of homes, offices and restaurants around the world… and now, she’s opened her first brick and mortar shop here in the city!

Their flagship location is now open by appointment at: at 11 King St. East (Toronto, Ontario. M5C 3C2) 

In Noras own words:

A well-designed space should tell a story. Of great travels, of love, passion, mystery, seduction. At Noda you won’t find cold, empty, minimal Instagram spaces in our portfolio, that’s never been our style. We go for texture, for artifacts, bold rich colours, for quirk and kink. 

Let us introduce ourselves. We are Nora Voon, founder, artist, designer, a lover of traditional craftsmanship, and a dedicated traveler. As a graduate of Inchbald School of Design in London, UK, Nora studied Interior Architecture and was awarded for her work at the Preen Fashion House by Fox Linton Associates. 

 

From there Nora took to the world, to work with artisans and designers on projects in Europe, Asia, the Middle East, and North America. This time inspired Nora’s love for organic motifs mixing high design with delicate crafts. 

Nora created Noda to honour the places she loves, the people she respects, and frankly to infuse the architecture and design world with a great mischievous sense of delight. Along for the ride are Ceren Kaptan, our lead product and furniture designer with degrees from Florence, Italy, and Turkey. And to keep us all on our toes is Julia Milborne our haute marketer, strategist, and client relations with a background in marketing and real estate.

 

Yes, we’re all women team and so proud of it. #Badass We bring a female empowerment perspective to every project and piece. On our own, we led adventurous lives, and now working together we bring that same all-in energy to the spaces and objects we create. 

From the get-go, Noda’s objective has been centred around one of our favourite four-letter words: PLAY! To tease, to wink, to arouse the mundane. We do this in the interiors we reimagine and pieces we create. Snagging inspiration from our most treasured destinations. Our tag line is: Made From The World. It speaks for our worldliness brought to life through great craftsmanship.

 

Go on, go check out our portfolio

Come on in!
For many years Noda ran as a design group, but today we add bricks and mortar to our name. The Noda Flagship store is in Toronto, Canada straddling between the design and the financial district, right on 11 King Street East.

Inside is our line of Noda collection, along with unique finds curated and collected from Nora’s travels. To us, this is a living space, where we’ll soon host great talks and events. We plan to be a hub for conversation and creation.

Pop in for a visit

The great tapestry that is our planet, is our greatest muse. This is the story we bring to you. Let our journey begin.

Nov 26
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Visiting The Harpa Concert Hall in Reykjavik Iceland

Visiting The Harpa Concert Hall in Reykjavik Iceland

By Toronto

Iceland is home to many things… waterfalls, lagoons, and even really, really, realllllly good hotdogs – but did you know, it’s also where you’ll find one of the BEST DESIGNED BUILDINGS IN THE WORLD!

Located in downtown Reykjavik, The Harpa Concert Hall (as it is officially known) is home to the Iceland Symphony Orchestra and the Icelandic Opera. It has four large halls – the largest can accommodate up to 1800 seats. But it’s size alone isn’t the only reason why you can’t miss it… the envelope of the building is wrapped with 714 uniquely shaped glass panels, each giving off a different colour or shade depending on how the light hits it! It is also the proud winner of the prestigious European Union Prize for Contemporary Architecture – Mies van der Rohe Award, the European Commission and the Mies van der Rohe Foundation beating 335 other works from 37 European countries!

The History of The Harpa 

The hall was designed in collaboration with Danish-Icelandic artist Ólafur Elíasson along with his Studio, and the Danish firm Henning Larsen Architects who also built the Opera House in Copenhagen. 

Harpa celebrated its opening with a concert on May 4th, 2011 – but its rise to fame started much earlier.  Construction started in 2007, and at that time the plan was to build an  “Icelandic World Trade Center” complete with hotels and luxury apartments. But then the financial crisis hit in 2008, and deeply impacted the country.  Things got so bad that the project was essentially put on hold and sat half finished. Thankfully Icelandic Government stepped in to save the project and funded it to completion.

According to the Grayline Iceland blog, the hall got its unique name through a public competition:  Over 1,200 residents entered over 4,000 names. The winning name, Harpa, is an Old Icelandic word that refers to a time of year, and it is also a month in the old Nordic calendar, and the first day of the month of ‘Harpa’ as it was known was the first day of summer.

Visiting The Harpa Concert Hall

After crossing waterfalls, and hot-springs from your to-do list, be sure to include a stop at The Harpa.  It’s free to visit, though access to certain areas may be restricted while events are being held. It shouldn’t take more than an hour to see, and offers a warm refuge from the windy Reykjavik streets!

Visiting The Harpa for your first time is much like walking into a giant igloo (much warmer of course)! The sheer size of the place is incredible, and the transparent walls allow for some spectacular views of the bay and mountains in the distance.  The ceilings are capped with reflective mirrors that further distort the sense of space inside the Hall. You’ll be in awe at the architectural and engineering marvel that went into its construction… but if “world-class design” isn’t your thing, there’s also a restaurant and gift shop (complete with furry hats) – as well as guided tours of the Hall.

Prior to visiting Iceland, I had no idea the Harpa even existed.  With all that the country has to offer, visiting “another building” never really registered on the itinerary of things to do – but after seeing it’s beauty first hand, I’d highly recommend it as something everybody should see while in Iceland… below are some of the other sights we took in while on the trip:

 


Oct 26
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Feel Good Lane Mural Project in Toronto

By Toronto

Feel Good Lane is located between Atlas and Arlington, half a block north of St. Clair West. The laneway was renamed in memory of Barry Luksenberg. Barry, who went by the MC name of “Feel Good”. The Laneway had it’s garages painted with the help of local street artists.

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