After years of reading about the unrelenting boom in residential real estate, we are now reading about how the sky has fallen. Hyperbole sells newspapers but doesn’t help educate the consumer. The sky has not fallen.  

If I were going to make a weather metaphor for the state of the market for summer 2010, I would say the consumer doesn’t need sunglasses or a raincoat. If you are a Buyer, cloudy and bright with no rain is a comfortable climate to be in. You can afford to spend the time it takes to find what you want.

In May, 2010, there were 4,915 properties for sale in the Central Toronto real estate districts. On average, it took a lightning-fast 19 days for a property to sell. In Rosedale and North Toronto, the average was an astonishing 17 days.  Buyers poured into the market, hoping to purchase before interest rate hikes and the start of the HST. Sellers listed their property in droves, putting 3,866 new listings on the market. 1,764 homes changed hands, with an average sale price of $590,251. 

The summer that followed made quite a different picture. In July, 2010, there were only 3,966 active listings in the Central districts. Of these, 2,011 are new to the market.  The number of properties sold was 1,180, and the average sale price was $509,106. On average, Central properties sold in a reasonable 32 days.  

Fall is traditionally a busy time in the real estate market. If this fall sees a large number of new listings come to the market, Buyers may be prompted to be even more selective.  However, fewer listings than expected could heat up the market in the Sellers’ favour. At present we have an orderly market where Buyers are finding that time is on their side.

Best Wishes for Success,

I have just listed 33 Green Valley Road, a south facing river lot located at the quiet end of the street.  33 Green Valley Road represents an incomparable opportunity to build in the Valley. 

Land value only.  For more details on 33 Green Valley Road, click here.

63 St. Clair Avenue West, no. 1502, is a 2 bedroom corner condominium located in Granite Place. At approximately 1525 square feet, the apartment is spacious and well-proportioned. There are hardwood herringbone floors in the principal rooms and both bedrooms. The renovated kitchen has stainless steel appliances and a breakfast room. Two walk-outs to the balcony provide spectacular north, west and south views. The unit includes two owned parking spaces and one owned locker. 

Granite Place has an indoor pool, a sauna, an exercise room, and a party room. The atrium/lobby is filled with beautiful plants and flowers. There is a private park between the building and St. Clair Avenue. You are steps from Yonge Street’s shops, restaurants and the subway.

For details about 63 St. Clair Avenue West, no. 1502, click here. 

135 Balmoral is an exciting and vibrant renovation to a traditional 1920's semi-detached house at Yonge and St. Clair. The current owners valued the original house for its build quality and solidity but felt it needed brightening up.  

The house's new look was a co-creation of the owners and Timothy P. Mather, who was selected by Andrew Martin as one of the "world's leading designers". The renovation was featured in Canadian House and Home magazine and will be shown on House and Garden TV. 

Light pours in from two large second floor skylights and illuminates a most welcoming front hall. The original doorway from the front hall to the living room was widened and the wall separating living and dining rooms was removed. The result is a joyous space perfect for art, music and entertaining.

Under the skin the physical plant is in great shape. A Bellini kitchen opens to a breakfast area with a table for eight and a family room with wood burning fireplace.  The lower level has another family room and fireplace with a walk-out to the garden. There is also a three piece washroom and sauna. Overnight guests may be easily accommodated.

The neighbourhood speaks for itself. Shopping, transit, dining and a wide variety of professional services are all a short walk to Yonge Street. Brown School, Upper Canada College and The Linden School are all within walking distance.

For details about 135 Balmoral Avenue, click here.