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This all-glass Toronto home is now $1 million cheaper than it was last year

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Last April, when 561 Arlington Ave. was first listed for $3.6 million, blogTO featured this stunning glass house.

However, the three-bedroom, four-bathroom house sat on the market for two months and never sold.

Realtor Zack Fenwick, who has recently re-listed the property at $2,499,000, told blogTO that when it was originally listed with another realtor in 2022, the home was actually unfinished.

561 Arlington Ave Toronto

The open concept kitchen, dining and living areas.

“The basement wasn’t finished, parts of the kitchen weren’t finished,” he explained.

In fact, if you look at the old listing photos you’ll even see some of the construction debris in the driveway.

561 Arlington Ave Toronto

Since the first listing, the kitchen has been finished.

But since Fenwick and Harvey Kalles Real Estate took over the listing of this house, there’s been some major updates.

“We recommended the client complete the rennovation and bring it to a turn-key state,” explained Fenwick.

561 Arlington Ave Toronto

The primary bathroom.

According to the listing, more than $100,000 have been put into upgrades and finishing the renovation of the house.

561 Arlington Ave Toronto

One of the bedrooms.

Now the home is completely move-in ready — and it’s had a big drop in price.

After being on and off the market four times in the past year, it’s now more than $1 million less than when it was first listed.

561 Arlington Ave Toronto

Another bedroom.

Fenwick explained that this is all part of their strategy to get more traffic to the house.

561 Arlington Ave Toronto

The foyer is a stunning atrium-like space with a 14-foot wall of windows.

The strategy is already working after only one day on the market. According to Fenwick, house viewing bookings have been rolling in.

561 Arlington Ave Toronto

The living room has a fireplace and sliding doors that walk out to a patio.

And it’s a good thing, too, because this house deserves to be seen.

561 Arlington Ave Toronto

The home was designed and built in 2009 by architect Cary Linden.

“[The house] is so unique,” said Fenwick, noting the steel and glass construction that brings the surrounding nature right into the house.

“It’s such an oasis in the city. You only get stuff like this in cottage country.”

561 Arlington Ave Toronto

The front of the house.

The deadline for offers for the stunning property is next week, and Fenwick has his fingers crossed that the home will finally get the offer it deserves.

 

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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.

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