adplus-dvertising
Connect with us

Real eState

King West condo price reduced twice to lure reluctant buyers – The Globe and Mail

Published

 on


Open this photo in gallery:

Pope Real Estate Ltd.

438 King St., W., No. 1105, Toronto

Asking price: $859,990 (Late October 2023)

Previous asking price: $919,990 (Early October 2023); $969,990 (August 2023)

Selling price: $830,000 (December 2023)

Previous selling price: $840,000 (July 2020); $395,500 (May 2007); $271,906 (January 2007)

Taxes: $3,604 (2023)

Property days on market: 116

Listing agent: Robin Pope, Pope Real Estate Ltd.

The action

Open this photo in gallery:

The cabinetry was updated in condo’s the two bathrooms and kitchen, which also features granite countertops and stainless steel appliances.Pope Real Estate Ltd.

This two-bedroom corner unit was listed at an asking price of $969,990 shortly after another unit in the building, similar but with less favourable views, finishes and outdoor space, sold for about $900,000. A lack of buyers willing to view the unit led the sellers to drop the price to $919,990. This piqued the interest of one visitor, who nonetheless waited for six weeks – and another price reduction, this time to $859,990 – to begin negotiations. A final purchase price of $830,000 was accepted.

“It goes to show, there wasn’t a lot of urgency on the market, even though we dropped the price from when they saw it originally,” said agent Robin Pope.

“[Even though] it was a great price, the buyer was still expecting a discount.”

The sale price was $10,000 less than the owners paid for the unit in 2020. But it came after they had finalized the purchase of a west-end house, which they bought at a price that was $200,000 under their budget.

“They perceived they saved at least $200,000 on purchasing that property,” said Mr. Pope. “Therefore, for them to sell their condo for $10,000 less than they paid, they still saw it as a win.”

What they got

Open this photo in gallery:

This 844-square-foot unit in a 17-year-old high-rise at the corner of King Street West and Spadina Avenue has nine-foot ceilings, windows in every room, and a north and west-facing balcony off the principal room.Pope Real Estate Ltd.

This 844-square-foot unit in a 17-year-old high-rise at the corner of King Street West and Spadina Avenue has nine-foot ceilings, windows in every room, and a north and west-facing balcony off the principal room.

Cabinetry was updated in the two bathrooms and kitchen, which also features granite countertops and stainless steel appliances.

A storage locker and parking spot are included. Monthly fees of $778 pay for utilities, concierge, and amenities.

The agent’s take

Open this photo in gallery:

A storage locker and parking spot are included. Monthly fees of $778 pay for utilities, concierge, and amenities.Pope Real Estate Ltd.

“It was a corner unit, so it was very bright and had a great view west,” Mr. Pope said.

“Many units in that building have smaller balconies, and this one had a premium-sized balcony.”

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

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

Published

 on

 

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.

Source link

Continue Reading

Real eState

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

Published

 on

 

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.

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

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.

Source link

Continue Reading

Trending