Toronto Condos

Some recent shots I took while showing condos around the city

Totally forgot to post this but here are the September numbers before the October numbers get released 😂

Every once in a while I like to do a little digging and look into stats on a specific subject. Today’s topic was short term rentals in Toronto. Visit TorontoCondos.org (or click the link in my bio) to see the full article but here are the top 5:

101 Peter – Peter Street Condos – (104 units registered)
12 York St. – Ice Condos (106 units registered)
14 York St. – Ice Condos (136 units registered)
21 Iceboat Terr – Parade II (151 units registered)
300 Front St. W – Three Hundred Front Street (209 units registered) – With 683 total units in the building less than 1 in 4 units is a short term rental.

Throughout my career as a Realtor I have had the opportunity to help many people downsize from a home to a condo. This takes a special knowledge of both the housing market, but also knowing the intricacies of condos, and which buildings are best for downsizers and which they should avoid.

The process can take anywhere from about 6 months to a few years depending on what the client wants. We typically begin by viewing what that next move might look like and view several condos over a period of time to get an idea of different square footage, buildings and characteristics to look for in the next property. While this is happening the client usually starts looking at what items they want to bring with them or what items they may no longer need. As the client gets more familiar with what is out there and feels more comfortable to make the move then we then assess if selling or buying should come first based on market conditions. I have also developed a few strategies where the additional equity from the sale of the home can be used to go into an investment to help fund their retirement.

If you are thinking about making a move one day and would like to get an idea of what is out there or what your home might be worth then don't hesitate to reach out and I can explain all of this better in person.

Graham Rowlands - Homing Real Estate
Sales Representative at Re/Max Professionals Inc., Brokerage
4242 Dundas St W. M8X 1Y6
(t) 416-236-1241
(c) 416-720-0003
http://www.homing.ca/

The interest rate hikes seem to finally be showing an impact on the market. After the rate hike in June 7th the market started to feel a little different.

The condo market was the first to feel the effects with inventory rising and sales slowing down. Things were looking good earlier in the year when Month’s of Inventory dropped below 2 but that trajectory has quickly changed and we are sitting at almost 4 month’s of inventory in a short time. Those who don’t need to sell will do quite well in the hot rental market, but those who do need to sell will likely see prices below the peak.

The freehold market has also seen an increase in inventory, but I suspect this has mostly to do with seller’s chasing older pricing with a lot of over-priced listings sitting. Properties that are priced will are still moving very fast with a decent amount of interest.

*The view expressed above are my own and do not necessarily reflect those of my brokerage.

The condo market has been relatively invincible these past few years and continued to perform quite well despite the interferences in the market from the Bank of Canada.

This may be starting to show signs of cracks though and condo prices fell month's of inventory has been trending upwards these past few months.

I suspect we will continue to see a slower condo market throughout the summer month's but good properties will continue to sell well for decent prices.

Condo townhomes have also seen a bit of a drop in pricing these past few months and there is a bit of a disconnect right now between what sellers want and what buyers are willing to pay.

Welcome to Humber Bay Shores, where luxury meets tranquility. Step into this tastefully designed 1-bedroom condo that offers views of the lake and gardens below, along with modern updates and convenience. Situated in one of Toronto’s most sought-after waterfront communities, this residence presents an opportunity for an elevated living experience. The open-concept layout seamlessly blends the living, dining, and kitchen areas, creating a sense of spaciousness and an ideal environment for both relaxation and entertainment. Host a party in the sky lounge with incredible views of the lake and city skyline. Embrace direct access to the picturesque lake and trails along the waterfront or choose from the many lakeside dining options, making it easy to enjoy waterfront activities and breathtaking views. Ample visitor parking is also provided to effortlessly accommodate your guests. Maintenance fees include hydro, heat & water! Parking & locker included.

Indulge in an abundance of exceptional amenities provided by this building, ensuring a lifestyle of comfort and convenience. Indoor pool, well-equipped gym, luxurious guest suites, electric car chargers, car wash, soothing sauna & theatre.

Looking for an awesome condo to buy or rent? Check this one I have listed at 15 Windermere just a block from the lake!

If you are looking for the ultimate luxury condo in one of the best buildings in Toronto's West End, look no further! Lower Penthouse 5 at Lago at the Waterfront is sure to impress.

Featuring approximately 1400 sqft of living space, 180-degree panoramic sunrise and sunset views, tasteful modern finishes throughout and Instagram worthy views of the waterfront and Toronto skyline are just a few of the reasons you are going to fall in love with this property. Experience the laid-back lifestyle that Humber Bay Shores has to offer. Dock your boat at one of the nearby yacht clubs, take a stroll along the many waterfront trails, or grab a bite one of the many lakeside restaurants, all just steps from your building. Easy access to the Gardiner, 427 and TTC right along Lake Shore, or a short drive to Mimico GO Station. This is the dream lifestyle you are looking for, welcome to your future home.

🛏️ 2 Bedrooms Plus Den (den could be bedroom)
🛀 2.5 Bathrooms
🚘 2 Parking Spaces
🔐 2 Lockers (One oversized and one bicycle locker)
📐 Approx 1400sqft

Approximately 300 square foot wrap-around balcony, floor to ceiling windows, integrated Miele appliances, built-in wine fridge, gas line for BBQ, 2 parking spaces and 2 lockers (one oversized and one bicycle), premium roller shades and upgrades throughout.

For more details or to arrange a tour in person email [email protected] or send me a message here.

The big story this month is Month's of Inventory spiked over 4 to 4.1 month's. For those of you who haven't been following me, this indicates how many months it would take to sell every property on the market if nothing new came to market given the current sales numbers.

It is safe to say we may finally have reached a buyers market for condos but if you look back historically to November 2020 when the MOI was at 3.7 it quickly dropped to 2.0 just one month later so this can change quickly.

I think if we start to see some good numbers on the freehold side once again, this could cause the condo market to rebound quickly, but I suspect there is some room to go down from here so there may be some good buying opportunities coming.

It’s hard to believe this, but prices actually rose last month when compared to both the previous month and same period last year. Sure, it was only by about 1% but when everything in the news these days seems very doom and gloom, somehow prices are holding stable.

The biggest takeaway from the data this month is that sales are down significantly which means not only are there less buyers, there are also fewer people wanting to list right now with new listings down by 21%.

It is a bit of a strange market, but my prediction is there will be a bit more pressure on pricing with condos over the next few months with Month's Of Inventory almost a month higher than the detached market right now but overall the market seems to be somewhat stable despite all the interest hikes.

Important ecomonic dates for 2023 thanks to