A Pop-Up Trend in the 6ix!

Are you someone who appreciates new experiences, boutique shopping, and tasting menus? If you answered YES, then Toronto is the city for you!

Pop-up shops are all the rage right now and they’ve been showing up in different spots all across Toronto more and more often. What’s a pop-up shop? Pop-up shops are boutique-like retailers of good and services offered to the public at a limited time. If you haven’t experienced one, definitely think about adding it to your bucket list! However, if you were a Toronto resident or frequent city-goer, you’d probably have a higher chance of seeing one before it receives an ample amount of buzz on social media.

Thinking of moving soon and want to embrace the uniqueness and diversity of the big city? Check our two featured listings below.

Presenting… 193 Indian Road Crescent, Toronto

193 Indian Road Crescent

Extensively renovated turnkey 3 unit property in prime High Park/Junction location. Walk to Junction shops & restaurants, High Park, great schools, 2 subway stations, Go & Up stations; close to Bloor West, Roncesvalles & Lakefront Parkland. Spacious 2nd/3rd storey 3 bedrooms with walk-out from the kitchen to large roof-top deck. Main floor one bedroom with family size kitchen and walk-out to the private yard. Lower level studio unit. Each apartment has its own laundry.

CLICK HERE FOR MORE PHOTOS.

A three-unit residence, not your ideal home?

Welcome to 59 Indian Grove, Toronto.

59 Indian Grove

An oft-admired landmark residence on a pretty tree lined street in a prestigious High Park enclave surrounded by stately mansions.

This grand centre hall plan home has more than 3400 sq ft of living space on three levels, together with over 1000 sq ft in the lower level, a private drive with a built-in garage, and a walk-out to a deck, patio and large private yard. Presently set up as three spacious units, this exceptionally bright and solidly built home is ready for a creative renovation to realize its full potential.

CLICK HERE TO READ MORE.

Interested in learning more about the Real Estate market?

CLICK HERE FOR THE TREB MARKET WATCH REPORT.

 

Smith Proulx Team

David Proulx, Ingrid Smith, Renee Proulx
Sales Representatives

RE/MAX WEST REALTY INC, Brokerage
Independently owned and operated

The Heat Goes On In The Toronto Market

The rapid acceleration in prices in the Toronto area market continued in March, with the average price over $900,000, up 33% over last March. Eye-popping bidding wars were everywhere, with selling prices routinely going $300,000 or more over the asking price.The Toronto condo apartment market, in particular, surged dramatically, with prices up 33% over last year, the same as detached and semi-detached homes. This continues a trend that accelerated late last year with the imposition of tougher mortgage qualification rules by the federal government, pushing buyers more and more toward condos as their only affordable option.

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The Heat Goes On In The Toronto Market

New Regulations Coming to Cool Hot Toronto Resale & Rental Markets?

The recent federal government budget contained no new measures to curb the real estate market, however, rumours are flying that such measures might soon be coming to Ontario. For example:A vacant property tax is being considered for the City of Toronto. The number of vacant units in Toronto has recently been estimated to be as high as 65,000, though there is a lot of uncertainty around this number. A vacant property tax could be seen  by the City as a win/win: either it will encourage owners of vacant properties to sell or rent them and free up more inventory; or, if they don’t, the City will at least be able to collect more taxes. Conceptually, the tax would similar to the one recently enacted in Vancouver, which will levy an additional tax of 1% of the assessed value if the property is vacant for 6 months or more during the year.

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New Regulations Coming to Cool Hot Toronto Resale & Rental Markets?

Toronto Market Soars Ever Higher

Following an exceptionally strong January, the GTA market has accelerated even further in February, with the average selling price across all GTA areas and all types of real estate almost 28% higher than last February. The last time we had year-over-year price increases like this was in the late 1980′s, when prices rose by an average of 26%/year for four straight years, a bona fide bubble that ended abruptly in 1989 and was followed by 6 years of falling prices.The “B Word” is showing up everywhere in the media and, while it’s pretty clear that the rapid increase in prices cannot be supported by economic fundamentals, history teaches us that this sort of imbalance can continue much longer than you would think possible before the correction finally comes. So, is a market crash around the corner, or will this continue for another year, or two, or three  or more years? I’ll leave that sort of crystal ball gazing to the ‘experts’; in my view the timing is completely unpredictable, as is the eventual trigger (if any) that will signal the turning point.Along with the rapid increase in prices has come a significant reduction in inventory, which in February was less than one month’s supply of homes & condos for sale. The paucity of listings is driving frenzied and ferocious bidding wars all across the GTA and is a principal reason for the acceleration in prices, as eager buyers compete for fewer and fewer homes.You would think that more and more sellers would be encouraged to put their homes up for sale to take advantage of this hot market, but that isn’t happening

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Toronto Market Soars Ever Higher

What Problems Do Home Sellers Have To Disclose?

When you’re in the process of buying a home, it can be very easy to get caught up in the esthetics of the structure — such as the marble countertops and hardwood floors. But elements such as foundations, wiring, plumbing, and heating and cooling systems are just as important, if not more so.So, if there are problems with the home, what obligations do sellers have to disclose them to you?There are two types of problems: patent defects are those that are clearly visible; latent defects are not apparent and may not be discoverable, even by a home inspector or other expert.Examples of patent defects include visible cracks in a foundation wall, missing safety railings or visible stains that suggest a roof leak. The seller doesn’t have to disclose patent defects to you, as these items can be found during a home inspection or are visible to the potential buyer’s eye. It’s up to you to do your own research and ask specific questions.As an example of a latent defect, consider a home that has a history of flooding, structural or fire damage where the impact is not visible without an invasive inspection. In this case, the seller is only obligated to disclose the problem if they know about it — and if the defect could be deemed a serious risk to health and safety of those who live in the home.This could be a structural defect that poses a risk of a wall collapsing, or a history of flooding that would foster the growth of toxic mould.

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What Problems Do Home Sellers Have To Disclose?

Why You Should Be Investing in Rental Property

Owning a rental property has its benefits. The supplemental income can help offset your mortgage payments and with the growing trend for renting in and around Downtown Toronto, the demand is higher for rental suites. There are tax benefits too, you may be able to deduct from your tax expenses:mortgage interest property taxes insurance maintenance/upgrades property management utility bills (if you include them in the rent). Looking for a great rental income property

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Why You Should Be Investing in Rental Property

Toronto Market Explodes Out of the Gate in 2017

The Toronto market is typically very quiet, almost sleepy, in the month of January. Not so this year. 2016 was exceptionally strong, with sales over the full year up 12% over 2015 and prices up more than 17%.

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Toronto Market Explodes Out of the Gate in 2017

Demographia Releases Worldwide Housing Affordability Report

Demographia recently released it’s 13th annual report on housing affordability in 406 metropolitan housing markets in nine countries: Australia, Canada, China (Hong Kong only), Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States.Demographia uses the following housing affordability ratings based on median house price divided by median household income:Affordable 3.0 and under Moderately Unaffordable – 3.1-4.0 Seriously Unaffordable – 4.1-5.0 Severely Unaffordable – 5.1 and over Some highlights of the report:Of the 406 total markets there are 99 rated as affordable, of which 82 are in the United States, 10 in Canada, 4 in Australia and 3 in Ireland. The most affordable market in the world is… Racine Wisconsin. There are 94 severely unaffordable markets, of which 36 are in the United States, 33 are in Australia, 11 in the UK, 7 in Canada, 6 in New Zealand and one in China. Hong Kong is the least affordable market in the world, followed by Syndey, Vancouver, Aukland and San Jose. Toronto ranks 12th, just below the top 10.

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Demographia Releases Worldwide Housing Affordability Report

Toronto Real Estate Board Predicts Strong 2017 Market

On January 31, 2016, the Toronto Real Estate Board published a report reviewing the  2016 Toronto area real estate market and forecasting the outlook for 2017. Highlights of the report include:There were 113,133 residential freehold and condo properties sold in the GTA in 2016. This was an all-time record, and it was 11.8% higher than in 2015, which was itself an all-time record. Average selling prices for all types of properties in the GTA were 17.3% higher than in 2015

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Toronto Real Estate Board Predicts Strong 2017 Market

Prices and Sales Fall in December — But Are Still Much Higher Than Last Year

Toronto Prices in December were 6% lower than in November, and sales were 38% lower, but the market remained much stronger than last year. Our market follows a predictable seasonal pattern, with prices & sales at their lowest ebb in July/August and again in December/January. So the drop in sales and prices in December was expected and, in fact, prices were 20% higher than last December while sales were 8% higher.Even more telling, active listings in December were down a whopping 45% from November and 48% from last December and, combined with higher sales, this meant that the inventory of homes for sale (active listings/sales) continued to fall, and is now at one month’s supply.The recent changes in mortgage rules, together with the small recent increases in mortgage interest rates may at some point put a bit of a damper on the market but, for now, it would seem that we are in for another very frantic early spring market.

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Prices and Sales Fall in December — But Are Still Much Higher Than Last Year

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