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Masks off! Uncovering the rise in real estate values in Oshawa – Oshawa Express

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Lindsay Smith

By Lindsay Smith/Columnist

I am going to start this column off with a headline from May: “CMHC sees house prices in Canada falling between 9 per cent and 18 per cent over the next 12 months.”

Let’s look at another quote responding to real estate brokers disagreeing with this forecast. “Please question the motivation of anyone who wants you to believe prices will go up.”

I have mentioned before how inaccurate my crystal ball is so let’s dig into what is happening with prices in Oshawa.

We (if you remember pre-COVID-19 there was a real estate price boom) had a run up in prices in Ontario that ended in the spring of 2017. In Oshawa, the average detached home peaked in April 2017 at $668,000. The trigger that seemed to stall the market was a foreign buyer tax that sent a shock wave through the real estate marketplace. By the end of June 2017, the average detached home dropped in price to $508,000. Since then, we have seen a slow steady increase, and as we began 2020, we had a jump-up in values reminiscent of the boom of 2017. Then, in March, COVID-19 shuttered our market and it came to a standstill. Prices dropped and the doomsayers were predicting a collapse. Here is what happened – a turnaround that has surprised even the most positive pundits.

Average Detached Home Oshawa:
December 2019 – $600,709
January 2020 – $609,773
February 2020 – $625,618
March 2020 – $618,106
April 2020 – $567,134
May 2020 – $591,514
June 2020 – $629,826

This is an increase of about 5 per cent in six months! Even if my crystal ball was polished, I could not have seen this coming.

When I discuss market trends with my clients, I find the best way to allow them to capture what is trending is to keep things simple. In Oshawa, up to $650,000, there is less than one month of inventory available. What I mean by this is if nothing else was placed on the market for sale in Oshawa at below $650,000, it would take less than a month to sell all the available homes. In fact, it would take just over two weeks to sell everything for sale. In Oshawa over the past week, of all homes sold, 69% per cent sold for full asking price or for more than asking. This is what is called an “overheated” seller’s market.

This is the reality across most of Durham Region. In 2017, it took a tax law to upend the market. In 2020, a pandmeic cannot even slow things down.

One thing that will cause the market to fall back into more of a balanced one is when the number of available homes increases. This will allow the buyers more selection and more opportunity to negotiate. At the end of June 2020, we had 200 detached homes for sale. By the of end 2019, there were 461 homes available. This is one of the reasons for the multiple bids on homes causing the prices to sell over asking.

If you are planning on making a move, a seller’s market is a good opportunity to capture the best price and terms. If you are looking to buy, be certain the sales representative you are working with has a proven track record and negotiating skills that have been honed in volatile markets like the one today. A good quote to remember is, “When a person with experience meets a person with money, many times the person with the experience ends up with the money and the person with money ends up with the experience.” Experience in today’s market is critical.

If you need help understanding how the numbers may affect your area, or if you see a real estate emergency on the horizon, I can be reached at lindsay@buyselllove.ca.

Lindsay Smith Broker
Keller Williams Energy Brokerage

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Vancouver real estate: $2.5 million townhouse along Choklit Park, former home of Purdys, sells over asking price – The Georgia Straight

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For its location and views, it’s not suprising that this Vancouver townhouse beats a lot of single-family homes in price.

These also likely explain why the strata property at 1089 West 7th Avenue didn’t stay long on the market.

As well, the property sold over its listing price, when a buyer picked it up for $2,505,000.

The Fairview Slopes townhouse is located along a storied and unique green space, Choklit Park.

The 0.07-hectare park is associated with the legacy of Purdys chocolates.

“This site was formerly the location of the Purdy’s Chocolate factory, hence the name!”, according to the online parkfinder from the City of Vancouver.

The park is “tucked into a steep slope”, and comprised by a “series of steps and terraces with a beautiful collection of trees and shrubs”.

“Although tiny, the park is expanded with its views to False Creek and downtown,” the city notes.

Purdy’s made chocolates from 1949 until 1982 at what is now Choklit Park. Sold property indicated by red mark.
GOOGLE

The Vancouver Heritage Foundation recalls online that Charles Flavelle, owner of Purdys, said that the choklit spelling was suggested by one of the “hippie” carpenter crew that built the park.

“That’s the way a kid would spell it,” Flavelle was reportedly told.

The heritage association reproduced online the plaque recalling the history of the park:

Charles Flavelle of Purdy’s Chocolates created Choklit Park in 1970 on the unused Spruce Street right-of-way at 7th Avenue, using a crew of six hired on an “Opportunities for Youth” grant. The chocolate factory at 1107 W. 7th needed an improved truck-loading facility and the children in the neighbourhood needed an adventure playground. The crew used the right-of-way and all the available space around the factory for the children’s park. Purdy’s made chocolates here from 1949 until 1982.

Purdys Chocolatier moved to Kingsway in East Vancouver, where it continues to make and sell chocolates.

Engels and Volkers Vancouver listed 1089 West 7th Avenue on November 24, 2020, for $2,298,000.

After six days on November 30, the townhouse sold for $2,505,000 or $207,000 over its original asking price.

The transaction was tracked by fisherly.com, an online real-estate information site.

The home features two bedrooms and three baths.

The listing describes it as an “architectural oasis that will capture those in search of privacy, beauty and incredible views”.

The three-level concrete and brick townhouse includes three private decks, including one on the rooftop, which offer “panoramic city views”.

“Large master retreat includes rare solarium, perfect art studio/office/shop + custom closets,” the listing adds.

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Vancouver real estate: Shift on to big corporate landlords of apartment buildings

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Article content continued

Goodman describes the market as being balanced between the supply of and demand for listings, even though he is seeing more rental buildings for sale than in the past.

“While private investors made up the majority of vendors and purchasers in the first half of 2020, real estate investment trusts, or REITs and institutions are likely to increasingly emerge as buyers, particularly on larger deals, in the back half of the year and into early 2021,” according to a fall 2020 report by Avison Young.

Rental apartment buildings are seen as a very attractive and reliable investment for REITs and other financial companies in these uncertain times, said John Bunting of PwC Canada’s B.C. region real estate practice.

“It’s called (investing in) ‘beds and sheds,’ or the first basic needs of safety, security, shelter and food,” he said.

Bidding opened Monday for a package of 10 apartment buildings, with over 400 rental suites across Vancouver.

A family-run, Vancouver-based company, Hollyburn Properties Ltd., is selling these properties, which it has owned for decades. They make up almost a third of the 33 multi-family, rental buildings it owns in the Vancouver area.

Lance Coulson of real estate broker CBRE, which has the listing, and Hollyburn spokesperson Olivia Brown did not respond to questions and there is no publicly listed asking price.

Coun. Jean Swanson had a motion on the agenda for Vancouver city council last week, which mentioned the Hollyburn listing, picking it as an example of “a portfolio that could be attractive to REITS” because of its large number of buildings and units and its likely higher dollar value, she said.

Source: – Vancouver Sun

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Vancouver real estate: $2.5 million townhouse along Choklit Park, former home of Purdys, sells over asking price – The Georgia Straight

Published

 on


For its location and views, it’s not suprising that this Vancouver townhouse beats a lot of single-family homes in price.

These also likely explain why the strata property at 1089 West 7th Avenue didn’t stay long on the market.

As well, the property sold over its listing price, when a buyer picked it up for $2,505,000.

The Fairview Slopes townhouse is located along a storied and unique green space, Choklit Park.

The 0.07-hectare park is associated with the legacy of Purdys chocolates.

“This site was formerly the location of the Purdy’s Chocolate factory, hence the name!”, according to the online parkfinder from the City of Vancouver.

The park is “tucked into a steep slope”, and comprised by a “series of steps and terraces with a beautiful collection of trees and shrubs”.

“Although tiny, the park is expanded with its views to False Creek and downtown,” the city notes.

Purdy’s made chocolates from 1949 until 1982 at what is now Choklit Park. Sold property indicated by red mark.
GOOGLE

The Vancouver Heritage Foundation recalls online that Charles Flavelle, owner of Purdys, said that the choklit spelling was suggested by one of the “hippie” carpenter crew that built the park.

“That’s the way a kid would spell it,” Flavelle was reportedly told.

The heritage association reproduced online the plaque recalling the history of the park:

Charles Flavelle of Purdy’s Chocolates created Choklit Park in 1970 on the unused Spruce Street right-of-way at 7th Avenue, using a crew of six hired on an “Opportunities for Youth” grant. The chocolate factory at 1107 W. 7th needed an improved truck-loading facility and the children in the neighbourhood needed an adventure playground. The crew used the right-of-way and all the available space around the factory for the children’s park. Purdy’s made chocolates here from 1949 until 1982.

Purdys Chocolatier moved to Kingsway in East Vancouver, where it continues to make and sell chocolates.

Engels and Volkers Vancouver listed 1089 West 7th Avenue on November 24, 2020, for $2,298,000.

After six days on November 30, the townhouse sold for $2,505,000 or $207,000 over its original asking price.

The transaction was tracked by fisherly.com, an online real-estate information site.

The home features two bedrooms and three baths.

The listing describes it as an “architectural oasis that will capture those in search of privacy, beauty and incredible views”.

The three-level concrete and brick townhouse includes three private decks, including one on the rooftop, which offer “panoramic city views”.

“Large master retreat includes rare solarium, perfect art studio/office/shop + custom closets,” the listing adds.

More

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