The first quarter of 2015 saw an increase in Lawrence Park real estate. As compared with the same period of the previous year, the price of detached homes rose by an average of 7.25%. In Q1 2014, 61 houses were sold. In 2015, 69 properties changed hands, an increase of 13%. The number of days a house typically took to sell went from 10 days to 14. With 30 days being the average time a properly priced house takes to sell, 14 days on market is still fast-paced. The sales-to-list-price ratio remained at 104%, indicating competition for some properties. The big picture is of a sought-after neighbourhood that continues to increase in value.
Best Wishes for Success,
Toronto's Housing Market and the Boomers
Boom, Bust and Toronto Real Estate
We had another very interesting office meeting recently. First up was the subject of gifted down payments. A Genworth Mortgage Insurance study ascertained that 30% of first-time buyers had their down payments supplied by others. Of that 30%, 1% had inherited money, 5% used wedding gifts and the rest received money from their families.
The second item on the agenda was David Foot’s book, Boom Bust and Echo. First published in May of 1997, he predicted that the Boomers would eventually sell their houses and downsize, thus depressing the real estate market. While some of his predictions materialized he was off the mark about real estate. Rather than trading down, “Boomers” have been buying more luxurious real estate; cottages, farms, often financing these purchases. Many are still working and are treating themselves to the best of everything.
Not all Boomers are “…spending our children’s inheritance.” Many parents are helping their children by providing down payment money for house purchases. This is one of the many contributing factors propping up house prices in the City of Toronto.
The third discussion revolved around a study produced by the London School of Economics that suggested land use policies in the world’s largest cities are, on large part, responsible for the stratospheric price of residential real estate. These policies are established and maintained by “bottom-up” politics. Those who already own have a huge influence over change. Rate Payers groups, environmentalists, Historical Boards and others use their influence to stall growth. If governments took a “top down” approach to development, housing supply would increase faster and prices would either increase more slowly or adjust downward. You might try “dining-out” with this idea should conversation stall at your next social engagement!
Best Wishes for Success,
For more information about Toronto real estate, please contact me.
What is Real Estate in Rosedale - Moore Park Worth?
Rosedale - Moore Park, Toronto Real Estate Report
House and Condominium Prices Q4, 2014
Homes' Average Price
% of Final Sales Price to Listing Price
Days on Market
The Rosedale and Moore Park real estate market had a remarkable 4th quarter in 2014. Sales decreased by 16% from the same period the year before, though prices increased by 1%. Despite a 6% rise in new listings, inventory remained down. We also saw properties sell at 98% of listing price and within a month of being put on the market.
In February, 1995, a newspaper advertisement for a new condominium proclaimed The Residences of Lawrence Park to be an “… opportunity to live in one of Toronto’s most preferred mid-city residential neighbourhoods.” The first owners began moving in two years later and the project has been living up to its advertising ever since.
2727 Yonge St. is a healthy example of mixed-use development. Retail outlets at street level encourage pedestrian traffic and the building itself is set well back from the sidewalk. The east-facing units overlook the gardens of St. Hilda’s Avenue. There are 101 apartments, ranging in size between 803 and 2,656 square feet. Amenities include an indoor pool, a guest suite, visitor parking, a rooftop terrace with 3 barbeques, a party room with a kitchen and an incomparable front desk. The entire condominium is wheelchair accessible. Pets are allowed with some restrictions.
“The Residences of Lawrence Park” satisfies the first requirement of any real estate purchase: “Buy location, location and location.” A stroll down Yonge Street to Eglinton Avenue will take you past many destination shops and restaurants. Three blocks north, the shops of Yonge and Lawrence provide the same village atmosphere. The permanence of these shopping districts is underwritten by the subway stations at Eglinton and Lawrence Avenues.
The first choice of empty nesters and downsizers is usually to move within their neighbourhood. 20 years after The Residences of Lawrence Park was first advertised, there are very few alternatives for homeowners wanting to trade grass cutting and snow shoveling for the freedom offered by condominium ownership.
2727 Yonge Street will be a destination address for many years to come.
The sale of 25 Scrivener Square, #1007, as featured in the Toronto Star.
"There were many factors that contributed to this fast sale. Some of those factors include a wrap-around terrace with a gas barbecue, three French door walkouts, direct ..."