THE WACKY WORLD OF TORONTO REAL ESTATE IS FOR THOSE WITH $$$$$$ TO SPEND

housing1An early Christmas present goes to the owner of this house in VAUGHAN, a Bungalowland suburb north of TORONTO. It sold $400,000 over the asking price and attracted more than 800 visitors to 3 open houses. The final selling price was $1.1-million as-is.  The house had torn wallpaper, a partially finished basement, an old kitchen and well-used carpets. The vendor installed a new furnace and put railings on the front porch. Otherwise, it was sold in the original condition, without staging

PATIOHOUSE2The price of a new detached house in the TORONTO region rose 27% in the past year to an average $1.24-million per house according to the latest statistics from the Building & Land Development Association (BILD).

60% of the 43,651 new homes sold in the region this year were high-rise condos. The average sale price of those was $493,137. On average the size of condos in 2016 rose to 820 square feet.

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REAL ESTATE: ARE WE HEADING FOR THE ABYSS OR IS THE UNIVERSE UNFOLDING AS IT SHOULD?

Despite concerns that Canada is either in a recession or on the road to one, home sales in TORONTO remain on the upswing. TREB, the TORONTO Real Estate Board released figures this week stating nearly 12,000 detached houses, semis, townhouses and condos were sold in June.

REALESTATE1Within the City of TORONTO – average price for a detached house $1.052-million; in the 905 outer suburban ring $738,016. Average price for a condo in the City $418,599 in June. Average price of a City townhouse, up over 10.8% a year ago to $539,259; in the 905 suburban region up 14% year over year to $459,004. Sales of townhouses within the City were up 21.2%, and 18.5% in the 905 suburban regions.Top-tier real estate across the Greater TORONTO Area: condos and houses over $1-million were up 56% in the first half of 2015, surpassing VANCOUVER at 48%. In both cities, many detached and semi-detached houses and condos have jumped into the $1-million plus price range. Demand is outstripping supply and a low dollar is encouraging more foreign investment.

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TORONTO CONDO & LOFT BUYERS SHOULD GET TO KNOW THESE TWO VERY USEFUL WEBSITES

CONDOS1   TORONTO is awash in condos and lofts of all kinds, in almost every neighbourhood. It’s bewildering out there, but there’s bottom-line help available from two innovative, easy-to-use websites – http://www.condos.ca & http://www.mrloft.ca

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Realtor CARL LANGSCHMIDT and his two partners are shaking up the TORONTO real estate industry and giving buyers and investors the vital information they need. Says Langschmidt: “With this site, there’s no pulling the wool over peoples’ eyes in terms of what the real (values) are. There’s not going to be any way to hide from the facts.”  The team is getting the facts by buying critical land registry information that gives the exact square-foot measurements of more than 275,000 condo units across the Greater Toronto Area, as well as their maintenance fees, rules and restrictions.

Toronto Star Business Reporter SUSAN PIGG writes “they then had an analytics team painstakingly map out that information, building by building, and have cross-referenced it with MLS sold and other data to create a very clear picture of each building, going as far back as a decade.”

‘$2-MILLION IS THE NEW $1-MILLION‘ SAYS THE FINANCIAL POST

Data released by the Toronto Real Estate Board on June 4/2014 shows there were 461 detached home sales for more than $2-million through the MLS system in the first five months of 2014. That’s only 2.4% of all detached home sales for the year but the $2-million plus range has climbed 37% over the past year in the GTA.  “What you’re seeing is $2-million is the new $1-million,” says Drew Laszlo, an architect who has been involved in several infill projects that have fallen into the new threshold. – FINANCIAL POST