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Midtown condo plays up unobstructed view

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Jordan Prussky Photography

1815 Yonge St., No. 1702, Toronto

Asking price: $1,249,900 (October, 2022)

Selling price: $1.2-million (November, 2022)

Taxes: $4,574 (2022)

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Days on the market: 29

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

The action

The unit’s sought-after corner location with unobstructed views brought in a bid of $1.2-million.Jordan Prussky Photography

This two-bedroom plus den unit has a sought-after corner location with unobstructed views over Yonge Street, the Kay Gardner Beltline Trail, Mount Pleasant Cemetery and Davisville station. A similar unit sold about three years ago, prompting agent Christopher Bibby to list this one for $1,249,900 late last year.

“People understood [market] conditions are unknown and turbulent at the moment, but this is a fairly unique piece of real estate,” Mr. Bibby said.

“We were getting one to two showings per day, so we knew there was interest, and the feedback was not that we were overpriced, or our expectations were unreasonable, but it was that buyers needed more space, or it was too small, so these were factors we couldn’t control.”

Over four weeks, the eight-year-old unit attracted 42 visitors. One eventually fine-tuned a bid for $1.2-million.

“We knew, regardless, someone was going to negotiate. So we kept that in mind,” Mr. Bibby said. “There are still buyers out there, but they’re apprehensive.”

What they got

The wraparound balcony has access from the open principal room and smaller bedroom.Jordan Prussky Photography

This 1,001 square-foot unit has an open, airy feel with walls of windows and a wraparound balcony with access from the open principal room and smaller bedroom.

The kitchen is outfitted with stainless steel appliances. New hardwood flooring extends to the primary bedroom with a walk-in closet and one of two bathrooms.

A storage locker and parking is included. Monthly fees of $964 cover water, heating, concierge and use of the gym and rooftop terrace.

The agent’s take

Thanks to the walls of windows and wraparound balcony, the space gets plenty of natural light throughout the day.Jordan Prussky Photography

“Being a corner unit, it has a wraparound balcony, but generally speaking, you may just have one exposure or a balcony on one side,” Mr. Bibby said.

“This had beautiful views to the south, and a lot of natural light at the end of the day on the west side.”

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Nanaimo Real Estate Market Report: January 2023

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NANAIMO – Calm start to the year indicates a great time to buy

In January, 46 single-family homes sold in Nanaimo, down 33 per cent from December and 26 per cent from the previous year.

Active listings of single-family homes on the Mid-Island rose 108 per cent year-over-year, but dropped by 4 per cent from December.

The average price for a single-family home in Nanaimo was $795,527 in January, a 23 per cent drop from last year.

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In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a rapidly changing environment.

These are the benchmark numbers for Nanaimo in January 2022, as well as central and northern Vancouver Island:

  • Nanaimo’s benchmark price decreased to $755,300, a 7 per cent decrease from last year.
  • Campbell River’s benchmark price for single-family homes was $647,600, a 4 per cent decrease from the previous year.
  • Comox Valley’s benchmark price decreased by 4 per cent from last year to $784,700.
  • Cowichan Valley reported a benchmark price of $745,700, an decrease of 4 per cent compared to January 2022.
  • The Parksville-Qualicum area decreased 6 per cent from the last year to $856,100.
  • Port Alberni’s benchmark decreased to $518,300, a 8 per cent decrease from last year, the largest decrease on the island.

The monthly Nanaimo Real Estate report analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report

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Montreal home sales down 36% from January 2022: Quebec real estate association

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MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.
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The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued. A woman walks by a house for sale in Montreal, Friday, March 4, 2022. THE CANADIAN PRESS/Graham Hughes

MONTREAL — The Quebec Professional Association of Real Estate Brokers says Montreal’s January home sales fell to a level not seen since 2009 as the market slowdown continued.

The association says last month’s sales totalled 1,791, down 36 per cent from 2,816 in January 2022.

Charles Brant, the association’s market analysis director, says these numbers mean activity is approaching a historic low for the month of January and come as rising interest rates are weighing on homebuyers.

He says first-time homebuyers in particular are taking a cautious wait-and-see attitude despite recent drops in prices.

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The median price of a single-family home edged down seven per cent to $500,000 year over year, while condos dipped three per cent to $370,000 and plexes dropped six per cent to $675,000.

As median prices fell so did new listings, which hit 4,598 compared with 4,808 a year ago.

This report by The Canadian Press was first published Feb. 7, 2023.

The Canadian Press

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B.C. residential real estate investors unfairly ‘painted as speculators’: BCREA

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Statistics Canada released data last week revealing 23.3 per cent of B.C. homeowners are also investors in the market. The Vancouver census metropolitan area (CMA) had an overall investment rate in condominiums and houses of 21.3 per cent.

“Investors often get kind of painted as speculators who are out to buy up housing and do nothing with it, or flippers or any other kind of pejorative terms that we add to investors. But what this data shows, and what’s good to understand, is that they’ve really invested a lot in a primary rental in Canada,” said Brendon Ogmundson. “A lot of the rental units that are being provided are smaller investors who own one unit and are renting it out.”

Statistics Canada defines an investor as an “owner who owns at least one residential property that is not used as their primary place of residence.” 

In B.C., 73 per cent of properties with multiple dwellings were owner-occupied investment properties. Investor-occupants are more common in the province, making up 9.6 per cent of owners.

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This is due to a higher proportion of properties with multiple residential units – 11.7 per cent – such as laneway units or basement suites, according Statistics Canada. The national statistics agency said these types of units are more likely to be owner-occupied.

“So many owners in B.C. have chosen to also be landlords by renting out their basement suites or laneway houses and it’s way, way different than any other province in this dataset,” Ogmundson said. 

RE
Statistics Canada data breaking down homeowners by investor-type. 
The region of Greater Vancouver A or Electoral Area A, which includes the University Endowment Lands, Barnston Island, Howe Sound communities, Indian Arm and Pitt Lake communities, had a higher proportion of houses and condominium apartments used as an investment at 42.1 per cent compared with the rest of the region. 

The City of Vancouver had a lower proportion at 32.5 per cent.

This difference is attributed to students attending the University of British Columbia, who are more likely to be renters or live in a second property owned by a family member, according to Statistics Canada. 

The proportion of condominium apartments owned for investment purposes by non-resident investors was the highest in B.C. among the provinces – seven per cent.

The rate of condominium apartments used as investment was lower in the Vancouver CMA (34 per cent) than the rest of the province.

Across B.C., non-residents and out-of-province investors owned 43,890 houses used as an investment. This number was typically higher in areas near the Alberta border. 

Out-of-province investors owned 1.6 per cent of homes in B.C., while in-province investors accounted for 9.8 per cent of all investors. 

clwilson@glaciermedia.ca

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