Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

Cell 416-888-9842 | info@corinnemccabe.com

New featured property at 45 Elma ST in Toronto.
This Sweet, Charming & Bright Detached Home In Desirable Mimico Will Be Perfect For You, I Just Know It! So Well Cared For You Can Truly Feel The Love. A Coveted, Long Private Drive W/Garage At The Back Allows For 5-7 Car Parking! Sunny & Private, South Facing Fenced Yard W/Flowering Eastern Redbud & Lilacs Will Be Your Summer Oasis For Years To Come. Short Walk To Mimico Go Station, Steps To The Lake, Cafes & Restaurants, & Near Sherway Mall, Ikea, Costco, so everything you need really!
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More than two-thirds of Toronto condo investors are planning to sell their properties rather than pay the new vacant home tax, according to a new Toronto Regional Real Estate Board (TRREB) report. Toronto City Council voted to create an implementation plan for a vacant homes tax in the city which would take effect sometime in 2022. The tax would encourage owners to sell or rent out their vacant properties, which would increase housing supply, the City of Toronto said in a news release. Those who do not would need to pay the tax, and proceeds would go toward building new housing supply.


A total of 40 % of those polled at the end of last year said that they intend to sell their investment property in the next year in part due to a prospective vacancy tax, as well as further restrictions on Airbnbs. TRREB has been up front in asking the City to be prudent with its implementation of the tax, calling for exemptions for snowbirds, U.S. citizens, commuters, and other groups.


Using data from Vancouver’s implementation of a vacant home tax as an example, if one per cent of Toronto’s housing stock is vacant, at a tax rate of one per cent on the average Toronto home’s current assessed value, this could equal $55 million to $66 million in tax revenue per year. Toronto’s tax rate will be determined in the tax development process. Determining how a home is deemed vacant will be part of the tax development process, but residential property owners would be required to make a declaration each year about the occupancy status of the home.


On another subject, TRREB is applauding Toronto City Council for listening to the concerns we expressed and has decided to NOT implement an increase to the Municipal Land Transfer Tax on homes priced over $2 million. Had it been approved the portion of the property value over $2 million would have been subject to a 3.5% land transfer tax rate, up from 2.5% - a 40% increase.

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This property has SOLD at G09 350 Wellington ST W in Toronto.
Stunning, Rarely Available Terraced Unit At The Boutique Soho Condos. Located On The Ground Floor, This Bright One Bedroom Suite Offers Privacy With A Beautiful Tree-Lined West-Facing View & Exposed Brick Wall. Enjoy Your 155 Sq Ft Of Extra Living Space On The Sun-Filled Terrace! Engineered Hardwood Floors & Marble Bathroom. Freshly Painted Bedroom & Flexible Closing Date. Steps From TTC, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops.
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This week the Toronto Regional Real Estate Board (TRREB) released its annual Market Year in Review & Outlook Report for 2021, projecting optimism for a booming Greater Toronto Area (GTA) real estate market in 2021. The report forecasts near-record sales numbers of 100,000 units, with average selling prices expected to break records and exceed the $1 million mark.


The blazing start to the year comes from a strong finish in 2020. January recorded 6,928 sales which represents an over 50% increase measured year-over-year against January 2020. Sales growth was recorded in all market segments, including condominiums in both the 416 and surrounding 905 regions. New listings also increased year-over-year, though at a less pronounced rate, which led to a tightening of market conditions versus the previous January.


The average selling price for January 2021 spiked 15.5% year-over-year to $967,885, driven primarily by the low-rise market segments as condominium apartment prices dropped in Toronto during this period. Despite this, TRREB expects that the continued growth of condominium sales could soon lead to sales growth outpacing listing growth, and renewed condo price appreciation.


Is the real estate market picking up steam at an uncomfortable pace? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. Hopefully as we start moving into the spring market lets hope listings become more plentiful, especially after this long weekend and the kids are back at school. Let us take this weekend to be with family and see what next weeks brings us. Happy Family Day!

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New featured property at 19 Sydenham ST in Toronto.
Exclusively listed! An Amazing & Bright 3 Bedroom, 3 Bathroom Freehold Townhouse In The Heart Of Downtown could be yours. Over 1400 total Square Feet Of Recently Renovated, Beautiful Space. There's Nothing Left To Do But Move In. Imagine Having A Private Drive & Garage, A Private Fenced Yard & A 3rd Floor Deck Too?!? More Space Than You Can Imagine For Your Perfect Urban Living Experience. Steps To Queen TTC, Regent Park Aquatics Centre, & Close To The Distillery District Too. Offers Anytime! Includes: Fridge, Gas Stove, Hood, Built-in dishwasher, Microwave, Washer & Dryer, Window Blinds, 2nd & 3rd Floor Armoires, Closet Organizers & Drawers, Garage door opener with Remote, All Electric light fixtures, Alarm System with Security Cameras. Wood Burning Fireplace.
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New featured property at G09 350 Wellington ST W in Toronto.
Stunning, Rarely Available Terraced Unit At The Boutique Soho Condos. Located On The Ground Floor, This Bright One Bedroom Suite Offers Privacy With A Beautiful Tree-Lined West-Facing View & Exposed Brick Wall. Enjoy Your 155 Sq Ft Of Extra Living Space On The Sun-Filled Terrace! Engineered Hardwood Floors & Marble Bathroom. Freshly Painted Bedroom & Flexible Closing Date. Steps From TTC, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops.
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New featured property at M15 350 Wellington ST W in Toronto.
No Long Lineups For The Elevator At The Boutique Soho Condos! Located On The 2nd Floor, This Bright One Bedroom Suite Offers Plenty Of Privacy With Tree-Lined West-Facing View. Engineered Hardwood Floors & Marble Bathroom. Freshly Painted & Ready For You To Move In! Steps Away From Ttc, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops, Not To Mention Just Minutes To The Lake! *** Seller Will Pay For 12 Months Maintenance Fees!***
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Toronto’s vacancy rate on apartments hit 5.7% in the fourth quarter of 2020, the highest level the city has recorded in 50 years, after nearly a decade of being under 2%. As the pandemic pushed tenants outside the core of the city, the vacancy rate in the 905 areas surrounding Toronto remained at a much tighter 2%. These results are just an example to just how drastically the pandemic altered the rental market.

As vacancy rates rose last year, rents declined. A study from Rentals.ca last week showed the average monthly rent for a one-bedroom apartment in Toronto fell 20% year-over-year in December to $1,832 and a 17.5% drop for a two bedroom to $2,416. Condo leasing activity soared 25% last year to a record 38,366 units. The average rent for condos, unlike apartments, dropped 14% to $2,076 across the Toronto region, the lowest since mid 2017. Rentals.ca predicts rents could continue to decline for the next three or four months because of weaker demand and more supply.

The freehold market on the other hand is starting off with a bang! The biggest source of concern are listings. The buyers are out there circling, and the weather has been kind to us, but the multiple offers are starting up again. Stories of a townhouse in Mississauga having 71 offers to a house in Oshawa having 47 offers. With low borrowing costs and high demand, the supply issue again is of concern. Are potential sellers reluctant to list their properties for sale in this uncertain market? The buyers are out there waiting. We remain cautiously optimistic!
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Toronto’s real estate market ended 2020 with a bang, as a December home-buying spree helped to push the average selling price to a record high of $929,699. After a steep drop in the spring due to the pandemic, the market took off in the second half of the year. The 13.5% increase over 2019’s average was led by single family homes where limited supply pushed prices up. The 905 areas outside Toronto saw the most pronounced price and sales gains. The number of homes sold in 2020 in the Greater Toronto Area totaled 95,151, up from 87,751 in 2019, and the third-best year on record.

In contrast, condo listings far outstripped growth in sales. The choice for condo buyers led to more bargaining power and a dip in the average sale price during the last few months of the year. For the City of Toronto, the average sale price in December was $625,828 down 4.7% from last years average of $656,233. What we are starting to find is that, with condo prices softening a little bit (they are down about 10 per cent in the downtown core for the year) there’s way more selection, far fewer bidding wars and interest rates as low as 1%. This has excited investors.

Sean Hildebrand from Urbanation thinks the soaring prices of single-family homes will also push more buyers back to the condo market. As of November, the average price gap between condos and detached houses was $596,000. The gap between a condo and a semi-detached or townhome was about $217,000. Both of those were at their second-highest levels since the market peaked in late 2016-early 2017, he said. “This could really start to swing demand towards condos in the second half of the year,” said Hildebrand.

Looking to the new year, 2021 prices are still competitive from 2020, and one thing the forecasts seem to agree on, is that whatever happens in the next few years, the long-term outlook for Canada’s housing markets is bright.
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With listings in both the freehold and condo sectors slowing down as we near the end of the month, the debate rages on. Should buyers wait until the New Year to purchase a new home or jump into the market now? There are different points of view on this topic. If you wait there will be more choice BUT you will be competing with all the other buyers who are also waiting for the spring market. More buyers bidding on the same home will drive prices higher. If you buy now there is less choice but fewer buyers. Still, demand for single-family homes supported by low interest rates and teleworkers, will keep the housing market resilient overall. What’s driving the market now is the lack of inventory. 

We have entered what is universally known as the “holiday season” and the freehold market seems to respect this, so we are not surprised to see the number of listings declining from the previous week, down by 19%. We did see a nice jump in sales, up 20% week-over-week. We believe the ultra low mortgage rates (some banks as low as 1.85% for a five-year term) are keeping buyers interested and this has resulted in 54% of freehold properties selling at or above their advertised price. 

The condo market saw a modest decline of 15% in new listings compared to last week but saw a small 3% uptick in sales. Forecasters expect the economy to improve next year now that there will be Covid vaccines available in the new year. For the short term, the winter will provide some good entry positions given the relatively soft nature of the condo market. There is plenty of choice out there now!
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Toronto Condo Prices Down 9% from Peak - Recent news articles about Toronto’s condo market range from pessimistic to optimistic leaving many wondering what exactly is happening. In early October condo listings surged 215% in downtown Toronto, while a couple of weeks later an article titled “Toronto condo prices rise over 8% even as new listings surge”. 

Jason Mercer, chief market analyst with the TRREB is saying “there is still enough competition between buyers to support average selling prices substantially above last year’s levels.” While this is technically true, it leaves one with the impression that condo prices are trending up when in fact average condo prices have been trending down over the past seven months. To better understand how prices can be up over last year but still be trending down we’ll need to look at some data on the downtown Toronto condo market (the area south of Bloor between the DVP and Dufferin) since it’s the hardest hit area in the GTA. 

Condo prices downtown were relatively steady during the first three quarters of 2019. The average price for a downtown condo in the third quarter of 2019 was $714K. But in the last quarter of 2019 and the first quarter of 2020 the market changed significantly. A sudden surge in demand coupled with very tight inventory resulted in a very competitive market which pushed average prices up to $820K in the first quarter of 2020, a $100K (15%) increase in just six months. Since then average condo prices downtown fell by 9% to just under $750K. 

We typically don’t analyze changes in home prices or sales on a month over month or quarter over quarter basis. Real estate is a seasonal business, so we typically compare prices and sales against the same period last year. But the risk with only comparing home prices year over year is that it can sometimes give us a false impression of the market today. That’s why the statement below from Urbanation’s Shaun Hildebrand really captures what is happening in the condo market today: 

“It’s very likely that by the first quarter of 2021 we could be in a situation where we see double digit year over year declines in average condo prices downtown, and that’s under a scenario where prices remain flat from where they are right now.”

Shaun’s prediction was not based on a forecast of the future, but a better understanding of where the market is today. Condo prices are already down 9% from their peak, and even if they remain flat for the next five months, we will see close to a double-digit year over year decline in downtown condo prices in the first quarter. The bigger question will be whether or not condo prices stay flat over the next five months or whether we will see more downward pressure on prices. (Move Smartly Report)
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This property has SOLD at 251 Crawford ST in Toronto.
Nestled Behind The Lush Front Garden You'll Find This Delightful Home At The Edge Of Trinity-Bellwoods Park. Live At The Hub Of The Creative Ossington Strip & The Iconically Cool Little Italy, & Bask In The City Skyline Views From The 3rd Floor Deck W/Your Sundowner Cocktail. Used As A Single Family Home, This Duplex Easily Becomes 2 Stunning Units. The Basement Bedroom Walls & Ceiling Are Soundproofed, So If You Need A Recording Studio, You've Got That Too!
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New featured property at 251 Crawford ST in Toronto.
Nestled Behind The Lush Front Garden You'll Find This Delightful Home At The Edge Of Trinity-Bellwoods Park. Live At The Hub Of The Creative Ossington Strip & The Iconically Cool Little Italy, & Bask In The City Skyline Views From The 3rd Floor Deck W/Your Sundowner Cocktail. Used As A Single Family Home, This Duplex Easily Becomes 2 Stunning Units. The Basement Bedroom Walls & Ceiling Are Soundproofed, So If You Need A Recording Studio, You've Got That Too!
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New featured property at M15 350 Wellington ST W in Toronto.
No Long Lineups For The Elevator At The Boutique Soho Condos! Located On The 2nd Floor, This Bright One Bedroom Suite Offers Plenty Of Privacy With Tree-Lined West-Facing View. Engineered Hardwood Floors & Marble Bathroom. Freshly Painted & Ready Fo You To Move In! Steps Away From Ttc, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops, Not To Mention Just Minutes To The Lake! ***Seller Will Pay For 12 Months Maintenance Fees!***
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The Toronto region had its fourth consecutive month of record sales volumes in October with 10,563 homes sold, up 25% from October 2019 and the Toronto Real Estate Board is forecasting record or near-record sales to continue through the balance of the year. The average sale price for the GTA was up 13.7% to $968,318 and for the City of Toronto it was up 10.8% to $1,025,925. Detached homes led the way, with sales up 33.9% and an average sale price of $1,204,844, an increase of 14.8%.


New listings for all categories of homes rose to 17,802 across the GTA, up 36% from October 2019. Condo listings more than doubled to 6,193, compared to October 2019. Sales of condominium apartments fell 8.5% in the City of Toronto compared to the same month in 2019, with prices up just .8% to $668,161. Active listings are up 158% in Toronto to 5,719 units. As the pandemic slowed economic development and halted tourism in the city, the short and long-term rental income many investors relied upon dried up. If you are looking to buy a condo it’s a buyer’s market now and you will benefit from more choice available.


The strongest gains across all re-sale housing categories occurred in the 905 communities outside Toronto, where buyers can often afford a little more space. Suburban areas that once lagged desirable city addresses are now roaring hot as home buyers wearied by lockdowns seek bigger yards and larger living spaces. Tight downtown condo markets that previously commanded expensive rents are now thick with supply. And the flow of immigrants that typically fuel demand for housing of all types has slowed to a trickle.

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This property has SOLD at 43 Sparkhall AVE in Toronto.
An Absolutely Lovely Home In Prime Riverdale. A Welcoming Front Porch Leads You Inside This Wide Semi-Detached Charmer. 3 Bedroom, 3 Story Home W/Renovated Kitchen, Bath & 3rd Floor Master Retreat. Exposed Brick On The Main Floor, W/Cozy Gas Fireplace You Can Enjoy For The Holidays. Easy Possibility Of Parking Off The Laneway! Just Move The Fence And Remove Some Garden. High 7'5" Basement Is Awaiting Your Finishes, Meanwhile Providing Lots Of Storage!
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New featured property at 43 Sparkhall AVE in Toronto.
An Absolutely Lovely Home In Prime Riverdale. A Welcoming Front Porch Leads You Inside This Wide Semi-Detached Charmer. 3 Bedroom, 3 Story Home W/Renovated Kitchen, Bath & 3rd Floor Master Retreat. Exposed Brick On The Main Floor, W/Cozy Gas Fireplace You Can Enjoy For The Holidays. Easy Possibility Of Parking Off The Laneway! Just Move The Fence And Remove Some Garden. High 7'5" Basement Is Awaiting Your Finishes, Meanwhile Providing Lots Of Storage!
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This property has SOLD at 4 61 Nelson ST W in Brampton.
A True 3 Bdrm In Beautiful Downtown Brampton! This Freehold, Executive Townhome Is Stunning & Ready For You To Move Right In. Freshly Painted, Cleaned, No Carpet In Any Rooms, W/Many Upgrades Throughout. Spacious Master W/Walk-In Closet & Ensuite Bath W/Sep Shower Stall. 2nd Floor Laundry, & Plenty Of Storage W/Bsmt Crawl Space Off The Furnace Room. Walking Distance To The Rose Theatre, Go Train, Restaurants & Amenities. Direct Garage Access. Offers Anytime!
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New featured property at 4 61 Nelson ST W in Brampton.
A True 3 Bdrm In Beautiful Downtown Brampton! This Freehold, Executive Townhome Is Stunning & Ready For You To Move Right In. Freshly Painted, Cleaned, No Carpet In Any Rooms, W/Many Upgrades Throughout. Spacious Master W/Walk-In Closet & Ensuite Bath W/Sep Shower Stall. 2nd Floor Laundry, & Plenty Of Storage W/Bsmt Crawl Space Off The Furnace Room. Walking Distance To The Rose Theatre, Go Train, Restaurants & Amenities. Direct Garage Access. Offers Anytime!
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This property has SOLD at 9 1 Cole ST in Toronto.
A Beautiful South-West Corner Unit Is Now Available! The 'Winchester' Suite, A 2 Br, 2 Bath + Media Area, & A Large West Facing Balcony To See The City Skyline. The View At Night Is To Die For! 849 Sq Ft With 146 Sq Ft On The Balcony. Upgraded W/ A Centre Island, The Kitchen Has Granite Counters And A South-Facing Window. This Spotless Unit Is Ready To Move In, Nothing At All To Do But Enjoy. Open Houses: Thurs 5-7, Sat 1-4 & Sun 2-4.
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