July 2016 Toronto Market Update – WTF Edition!
July 2016: East Condos & Towns FTW.
The market update for those who live South of Bloor from Islington to the Bluffs. Still a large area and our numbers may not be 100% reflective of your home but are certainly closer than using the numbers for the GTA.
The dust has settled and the July 2016 real estate numbers are in. We haven’t seen an uptick in foreign buyers yet due to the bullshit tax the BC feds imposed on Metro Vancouver properties but it’ll come. We’ve already received the inquiries. August should reveal some serious gains so please stay tuned for that (if you’re not signed up to get these, do it here).
“Any move-in ready freehold product in an urban area will be $1mm by 2017 #leslieville #roncy” – @springrealtyinc
If you’re buying West Toronto real estate you’re going to continue to pay a lot for any freehold product. As land value approaches $650K in most communities anything move in ready located in the popular urban environments it’s going to cost you $900K +/- and homes that need a little updating (or aren’t presented well can be scored for closer to $800K. The same goes for East End communities like Leslieville & Riverside but you can still get into a home for the mid $800’s that won’t have you compromising too much (you may not get parking though).
The real opportunity here still lies in condo products. Condo towns like this one we just listed are so undervalued it’s insane. Sure, there’s a maintenance fee associated with these homes but let’s quash one of the biggest misconceptions in real estate right now. You do know there is maintenance with a house right? With a condo product, those costs are simply fixed and therefore easier to budget. We often hear folks say that they could afford more house if they add the condo fee amount to a mortgage payment. See how silly that is? Don’t do that folks!
“East Toronto condos and towns are sooo undervalued. #corktown” – @springrealtyinc
The demand for Toronto Real Estate has never been higher and your average cookie cutter condo is fetching $600/sqft and others hitting the $700/sqft mark for the first time. We just sold a Leslieville loft for $824/sqft setting the ultimate record for an East End condo. (Take a look at it here).
Want us to drill down into your specific neighbourhood? Email us and we’ll send you one within 24hrs.