For Lease: A Beautiful Renovated Home in Riverdale, Toronto
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Main, second and third floors of bright, beautifully renovated 4-bedroom home in Riverdale, Toronto. Fireplaces warm the living room and master bedroom. The kitchen has a granite countertop and a breakfast bar on the centre island. It combines with the family room, which overlooks the backyard.
Rosedale, Forest Hill, Lawrence Park, Toronto Price Report
Demand and Supply in Toronto Real Estate
Houses in Lawrence Park, Toronto
We don’t have to wait for the final numbers to come in to know that this has been an extraordinary year for real estate in Toronto. In the city’s luxury neighbourhoods, the average price of a detached house in Rosedale rose by 15% from $2,083,801 in November, 2015 to $2,409,444 in November, 2016. The average price of a detached home in Forest Hill rose by 35% from $1,434,960 in November, 2015 to $1,943,683 in November, 2016. In the same time period, the average price of a detached house in Lawrence Park rose from $1,642,798 to $2,294,291 – an increase of over 39%.
The Toronto Real Estate Board’s statistics for all of Toronto in November, 2016, show a picture consistent with the rest of the year. The number of sales in November, 2016 rose by 16.5% from November, 2015. The average sale price of any property in the Greater Toronto Area rose from $632,774 in November, 2015 to $776,864 in November, 2016, an increase of 22.7%.
Economics tells us that when demand exceeds supply, prices will rise. Here are 3 factors driving up the demand for homes in Toronto:
1. Investment and Immigration: Toronto’s global reputation as a safe, clean city of opportunity attracts both real estate investors and those who wish to become residents. Even as the Canadian government considers gathering data on how many properties are owned by foreign investors, it’s worth remembering that Toronto also receives an average of 100,000 new inhabitants a year.
2. Demographics: These days, becoming an elder doesn’t mean incarceration in the house the children were raised in. Many “empty nesters” would like to trade in the family home for a turnkey condo lifestyle, but have no interest in a small cubicle in the downtown core. Toronto is still very short of the 1400 – 1700 square foot condo apartments that are the desired transition from a 2000 – 3000 square foot house. Because of this shortage, Mom and Dad are staying put, frustrating the younger generation’s search for a family home.
3. Economics: Despite the periodic government tightening of qualifications for home Buyers, money is still cheap. Because it’s anybody’s guess how long the low interest rates will last, Buyers are scrambling to secure loans at favourable rates, and to make their purchase at the first opportunity.
The current market may change if and when investment and immigration taper off, when more “next step” housing becomes available to potential Sellers or when interest rates rise. In the meantime, it is easy to see demand for Toronto real estate continuing to exceed supply, and prices reacting accordingly.
10 Avoca Avenue, No. 502/503 is a corner apartment in the sought-after Avoca Apartments. Two suites were combined into one to create a property measuring 1812 square feet by floor plan. There are three bedrooms, one of which is currently in use as a den.
The combined living/dining room offers spectacular views of the Vale of Avoca ravine. This is as close to a "forever view" as one can expect in a city of constant change. The wraparound balcony is accessible from the living room, kitchen and den.
In 2013, the apartment was extensively renovated. The kitchen was treated to stainless steel appliances and Caesarstone counter tops. Both bathrooms were redone. New built-in shelves were added to the den and the east bedroom. New flooring was added to the hallways and kitchen. The original parquet flooring was refinished in the living room, dining room, den and east bedroom.
The Avoca Apartments offer 24-hour security,an outdoor pool, a gym, a sauna and a common room. Shopping, dining, transit and many services are all outside your door.
10 Avoca Avenue, Apartment No. 502/503 is a rare buying opportunity.
Just Sold: 1 Bedroom Condo Yonge & Lawrence, Toronto
2727 Yonge Street, Apartment No. 605, is a bright, 1 bedroom condominium in the Residences of Lawrence Park. It measures 1,404 square feet per floor plan.
The apartment is characterized by its thoughtful design and use of space.Two balconies on opposite sides of the apartment bring in an abundance of natural light. A double-sided gas fireplace warms the family room and the master suite. The combined kitchen/family room makes a convivial "heart" of this home.
2727 Yonge Street is one of North Toronto's most sought-after condominium projects. It features attentive concierge service, an indoor pool, a rooftop terrace with barbeques and visitor parking. Outside, you are steps from Yonge-Eglinton shops, restaurants, movie theatres and the Eglinton subway station.
2727 Yonge Street, Apartment No. 605 is an opportunity to enjoy a well-designed living space in the heart of North Toronto.
Just Sold: Yonge - Eglinton Soft Loft Condo, Toronto
BRIGHT 1 BEDROOM + DEN ACROSS FROM EGLINTON SUBWAY
2181 Yonge Street, Apartment No. 503 is a bright 1 bedroom plus den soft loft in Quantum South. Floor to ceiling windows and a south east exposure let the sun shine in. Light-stained hardwood floors add to the brightness of the apartment. The renovated kitchen has an oversize granite-topped island with a breakfast bar and stainless steel appliances. Walk out to the open-to-the-sky balcony from the master bedroom.
Quantum South's amenities include concierge service, an indoor pool, a sauna, a gym, an exercise room/yoga studio, a party room with kitchen and pool table, and a business centre with WiFi.