Toronto Real Estate and Homes For Sale

This was much worse than a bad hair day for the Globe and Mail. Upon closer inspection of the figures the newspaper published on April 25, 2008, I now realize that the Globe’s numbers in some areas are so far off as to be ridiculous.
In Rosedale the actual average price given by the Globe is off by a monstrous 84 percent! This is a lot worse than I ever imagined when I first looked at the Globe’s numbers a few days ago.
 
I have received dozens of emails asking me to provide average prices for other neighbourhoods. In response, I decided to invest more time and publish the correct prices in a few more neighbourhoods. 

As I review these new figures, I continue to get comments and requests asking me to provide correct housing prices for other neighbourhoods in Toronto.

Since there is no software available to produce neighbourhood average prices from the Toronto Real Estate Board figures, I have to compile it myself.   Even though it is a time consuming task, I will try to find some additional time to do this.

* Toronto Real Estate Board

On April 25, 2008 the Globe and Mail featured a two page spread showing average prices of homes in most neighbourhoods in the Greater Toronto Area. The information was provided to the newspaper by Realosophy, a blog website dedicated to providing Toronto real estate information.

According to the Globe, the information provided by Realosophy is based on "data mapping technology" developed by Realosophy itself.

At first glance, I thought there were significant differences in the information provided in the Globe and Mail and my own knowledge, which is based solely on the fact that I have my "finger on the pulse" and my twenty plus years selling homes in these neighbourhoods. Curious to find out about the discrepancies, I sat in front of my computer and double-checked the same areas the newspaper had quoted sales figures for. 

I expected to find small variations primarily because many of these Toronto neighbourhoods are defined solely by real estate agents and the public. There are no official maps or boundary lines that clearly define the neighborhoods in Toronto. The closer I looked at the newspaper numbers the more I noticed serious discrepancies in prices.

Lets take a look at some examples:

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Find exactly what you are looking for on this site with ONE CLICK.  Enter a neighbourhood such as Leaside, or an address such as 786 Bessborough in the SEARCH box on this page in the upper right corner, above the homes photos, and voila, there it is. 

You can also search for phrases such as average sale prices in lawrence park, or homes for sale in Davisville Village. Search is not case sensitive.

Not able to find what you want, send us an email. WE WILL NOT SPAM YOU. 

I love the internet for all the wonderful tips and information I can find in a few minutes. The other day I ran into an article (see link below) where the author had very little good to say about dealing with a real estate agent. He decided that ALL agents are selfish, dishonest and will not give you the advice you need.

I found most of his advice impractical and unrealistic. For example, he begins by telling you not to trust anyone when putting an offer on a house.

"Thinking about putting in an offer - Trust no one! The point when the buyer submits an offer on a house is a time when a lot of house buyers - particularly first timers feel out of their element and defer to their agent for advice. This is the worst thing you can do. Your agent gets paid when the deal gets done and only when it gets done." 

What a way to begin a successful and delicate relationship! If you do not trust the agent, find one you do trust. What is the point of beginning such important negotiations with an agent you do not trust in the first place? The real estate profession is no different than any other profession. You will run into some highly professional individuals and you will also meet some of the bad apples.

The author goes on to give you more unrealistic advice:

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The trouble is that what you do tell may come back to haunt you as well!

In over twenty eight years in the real estate industry, I have never found a more challenging issue for the seller, the agent and the buyer as this one. You want to sell your home and proceed to tell me what improvements you have made over the years. I take very good notes because I want to pass this information on to my colleagues and to potential buyers.

When we start going over the need for repairs, we usually find some ’dirty little secrets’ about your homes condition. Things such as the leak in the ceiling on the second bedroom upstairs, the wet basement during heavy rains, or the noisy pipes in the bathroom. Are you better off not telling your agent and keeping quiet about any of these issues, or will they come back to haunt you after the new buyers find out?

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As I was driving home last week-end I noticed there were more open house sings than usual. A quick bit of market research confirmed my suspicion. On a two block section in central Toronto I counted nine open house signs.

This is a clear sign the Toronto market has begun to slow down.

The question I am often asked by my clients is¦are open houses effective and will it help sell my house? The answer is yes and no. Having an open house will create awareness about your property with neighbours and passers by.

Some of them may take the initiative and pass this information on to a friend or relative who would like to live on that particular street or in that neighbourhood.

The odds are very low that any of those potential buyers are first of all ready to buy right now.

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41 Hoyle Av		239 Manor Rd		580 Balliol St

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My partner and I have worked together in residential real estate sales for over 25 years. In the mid nineties my partner had an opportunity to join a large commercial real estate broker, which he did. After five years he decided he would rather work with residential consumers and rejoined me in residential real estate sales in central Toronto.

One of the first comments he made was how much the market had changed and how all homes for sale were so much more  'staged compared to only a few years earlier. This was about the time the 'Martha Stewart school of proper living was just beginning. Since then, it has become a prerequisite to have your home staged for sale prior to placing the for sale sign on the lawn.

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88 Vanderhoof		253 McRae

The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board.  For more information on any of these homes send us an email. 

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All major Canadian banks cut their prime lending rate by 50 basis points yesterday after the Bank of Canada slashed its main rate by half a percentage point. The bank warned that a serious economic slowdown was only just beginning pointing that Canada faces a tough two years. 'A troubled U.S. economy has hit exports hard, and undermined business and consumer confidence, the bank said.

Yale University economist Robert Shiller, who long predicted the housing market bubble, cautioned that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression, and bailouts will be needed so millions dont lose their homes.

Shiller who pioneered the widely watched Standard & Poors/Case-Shiller home price index, said there is a good chance housing prices will fall further than the 30 per cent drop in the historic depression of the 1930s.

In the United States home prices have already fallen 15 per cent since their peak in 2006, he said.

What has been driving soaring house prices in Canada in recent years?

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Some real estate markets simply defy all common wisdom, and apparently march to the beat of a completely different real estate drummer.

Leaside is no exception and continues to be one of Torontos hottest real estate markets. A brief look at the last 25 sales in this high-demand neighbourhood shows no fear or holding back by homebuyers.

The percentages on the graph are based on a calculation of the last twenty five home sales in Leaside.

Sixty four percent were sold above the asking price.
Twelve percent of the homes sold in the last month received the full asking price.
Less than a quarter of these homes sold below the listed price. 


 

Inventory of homes for sale in Lawrence Park remains fairly constant with fifteen homes for sale in early April. Prices range from mid nine hundred thousand dollars to over five million three hundred thousand.

280 St Leonards Avenue		105 Stratford Crescent		25 Sunnydene Crescent