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This might be the coolest multi-plex in Toronto right now

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Rarely does a multiplex come on the market that looks like it belongs in the pages of House & Home Magazine.

But 121 Sorauren Ave. was recently listed for $3,175,000 and if wasn’t already fully tenanted we’d be moving in.

The four-unit semi-detached house is a dream – both aesthetically and financially.

The lobby.

Firstly, it’s actually a legal four-plex. Shocker, we know. Second, it was completely renovated and built to code with fire rated plumbing, HVAC, walls, etc. Something that’s almost completely unheard of!

The kitchen in the main floor unit.

The listing also boasts an excellent capitalization rate of 4.5 per cent, which for the uninitiated is essentially how much return on the property you can expect it to make year over year.

One of the bedrooms in the main floor unit with a brick fireplace.

Additionally, it’s worth noting that the average rent in the neighbourhood in 2023 is around $2,393 a month but when the main unit was last rented out in 2020 it was $3,200 a month.

A kitchen in another unit with an exposed brick wall.

It was also recently back up for rent at $4,975 a month, although it didn’t find a tenant. However, if successfully rented out at that rate it would bring in almost $60,000 gross income a year from the main unit alone.

Another kitchen.

And it’s easy to see why the rental asking price can be so high for the units.

The main floor unit open concept kitchen and living area.

The main floor unit is a whopping 1,100 square feet with two bedrooms, two bathrooms and it has an additional 1,000-square-foot private backyard, deck and parking.

A bedroom on the third floor.

The wide plank flooring and exposed brick, combined with the modern finishes, are the perfect mix of old charm and functionality.

Another bedroom with a walk-out to the backyard.

The main floor also comes fully furnished, so its more like an executive suite than your typical rental.

The basement unit.

The other units are equally stunning, even the basement unit doesn’t look soul destroying.

One of five bathrooms.

The other units in the building are currently rented at $3,500 a month and $2,600 a month.

The living space in one of the upstairs units with a walk-out to a balcony.

As far as location goes for a rental property, it couldn’t be better. It’s right in the heart of Roncesvalles, close to transit, the Gardiner, parks and shopping.

One of five bedrooms in the house.

And this latest asking price is significantly lower than what the owners were originally after.

The backyard and patio.

When they first put the multiplex on the market they listed it for $3,595,000 – so $420,000 less is not bad for a professionally designed investment property.

 

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Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

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

The Canadian Press. All rights reserved.

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Two Quebec real estate brokers suspended for using fake bids to drive up prices

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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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