Buyer and building resident moves up into penthouse suite with $1.47-million sale | Canada News Media
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Buyer and building resident moves up into penthouse suite with $1.47-million sale

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Re/Max Hallmark Bibby Group Realty

500 Richmond St. W., Ph12, Toronto

Asking price: $1,495,000 (June, 2023)

Selling price: $1,475,000 (July, 2023)

Taxes: $5,283 (2023)

Days on the market: 22

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

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At 1,579 square-feet, the two-storey penthouse unit is the largest in the building.Re/Max Hallmark Bibby Group Realty

The action

June wasn’t the greatest time to list a large condo in downtown Toronto, especially as it was only a few weeks after the Bank of Canada bumped up interest rates. On the other hand, the sunny weather played to this two-storey penthouse’s greatest asset – its 820-square-foot rooftop terrace.

“The main selling feature of this suite was the terrace [because] it was the largest terrace in the complex, and the owner spent quite a bit of time preparing the garden space,” said agent Christopher Bibby. “In terms of presentation, summer months were ideal.”

“But after that first round of interest rate hikes in early June, a little of the momentum was taken out of the market.”

It didn’t take long for one buyer, who already lives in the mid-rise, to make a determined bid for the 1,579-square-foot space.

“It’s unique because it’s the largest unit in the building, and the average penthouse that comes up is about 1,100 square feet,” said Mr. Bibby.

“The buyer was actually someone in the building, so they knew how rare and uncommon it is to have this terrace and interior space, and the fact this owner had done a renovation with an updated kitchen and bathrooms also held value.”

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The kitchen has stainless steel appliances and faces out to an open-concept living and dining area.Re/Max Hallmark Bibby Group Realty

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The suite has south-facing windows in the living area and primary bedroom, located on the upper floor.Re/Max Hallmark Bibby Group Realty

What they got

This over 20-year-old penthouse has south-facing windows along the living and dining area, and primary bedroom above.

The kitchen has stainless steel appliances and there is hardwood flooring throughout, including the den upstairs.

A storage locker and parking complete the package. Monthly fees are $737.

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The unit has hardwood floors throughout, including in the second floor den.Re/Max Hallmark Bibby Group Realty

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The unit’s 820-square-foot rooftop terrace was its biggest selling point.Re/Max Hallmark Bibby Group Realty

The agent’s take

“Down the street, the Ace Hotel opened up,” said Mr. Bibby. “You can literally see it from the unit, and the restaurant on the rooftop terrace has become a big draw for the area.”

“The Waterworks building across the street also has a food hall that just opened up.”

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Re/Max Hallmark Bibby Group Realty

 

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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