LEASIDE & DAVISVILLE BLOG

LEASIDE & DAVISVILLE BLOG

Wednesday, December 7, 2016


































Friends, 
When shopping for the Holidays, remember  to #SHOPLocal and support our local Mount Pleasant Village BIA and Bayview Leaside BIA retailers, service providers & restaurateurs! They are an integral part of our neighborhoods and why we love to live here.... 

Don't forget to visit my web site for more #SHOPLocal stories, events and more....
www.patrickrocca.com   

And follow the adventures of the
Roccaweenies on Facebook.

Happy Holidays!!!!

Thursday, November 17, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDINGNOVEMBER 11TH, 2016

Did you survive Trumpaggedon? Withstand Trumpocolypse? Whatever the side of the fence you stand on, at least on this side of the border, life as we know it hasn’t changed much over the last few weeks. And while we don’t yet know what a Trump presidency is going to look like yet, or how it will affect us here in the north, our hope is that reason and calm markets will prevail. So far so good.
The freehold sector did not see much change in the number of new listings last week; however sales dipped by about 38% from 173 the previous week to 125. This drop is consistent with declines in sales over previous years and is more a statement of the approaching winter market than uneasiness in the US federal election outcome and continued adapting of the new Canadian mortgage rules which are likely only playing a small role. Still, sentiment for home ownership remains strong as nearly 65% of home transactions in the 416 sold at or above the asking price.
If you thought living in a condo was just a passing fancy...you were wrong. The condominium market is having a hard time keeping up to demand. Compared to last year at this time new condo listings are down 20% while sales are up 30%. If you think those numbers are exciting, consider that nearly 45% of transactions are happening at or above the list price compared to a mere 20% last year.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Wednesday, November 9, 2016

Reasonable Doubt: the dos and don'ts of attending your first condo board AGM

Posted in NOWToronto.com
BY TIM DUGGAN
NOVEMBER 7, 2016 ...1:07 PM


Stay informed and participate in the management of your building – after all, it's likely your most valuable asset

There is no shortage of new condominium buildings in Toronto. Many of the people purchasing units in those buildings may be first-time unit owners who aren't familiar with condominium governance and procedure. To this end, first-time unit owners who have received notice of their building’s annual general meeting often ask us what to expect at the AGM, and what they should and should not be doing. My recommendations are generally along the lines of the following.
DO: Attend your AGM. Your condominium unit is likely to be your largest investment, so you should do what you can to participate in the management of that investment’s value and to stay informed about issues that might affect it.
DO: Read the information in the notice package sent to you by your condominium’s management. It will generally include items like the minutes of the previous year’s AGM (so that you can see what was discussed at the meeting), the audited financial statements for the corporation (so you can see how financially healthy the corporation is, and what the corporation’s net asset position is), and resumes for the people who are running for a spot on the board of directors (so that you can make as informed a decision as possible about who to vote for).
DON’T: Be surprised if the only people running for election to the board are either the same people who are already on the board (running for re-election) or the same people who ran unsuccessfully for the board at the last AGM. In many buildings, the pool of people who are interested in being a member of the board is relatively shallow. A good indicator that you are in one of those buildings is if, immediately upon moving in, the property manager asked you if you would be interested in running for the board.
For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Saturday, November 5, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING OCTOBER 28TH, 2016

Inquiring minds want to know if the new mortgage rules are having an impact on housing activity in Toronto. Frankly we are as curious as the next guy but as it stands now we have not seen much change. Overall activity in the 416 continues to be strong as demonstrated by rising prices across every category of shelter. For the first time, affordability in the rental sector is raising concerns as the average price of a one bedroom condo increased by over 7% in the 3rd quarter of 2016.
Tight supply in the freehold market has been the ongoing story for the last few years. Consider that we have 63% fewer listings than the same period last year yet only 15% fewer sales. The net result is more sales happening above the list price (66.5% in 2016 compared to 55% in 2015). We will certainly witness a decline in resale listings over the next 2 months as we cruise into the winter season but it remains unclear if sales will drop in a corresponding fashion. The east core was the hot spot last week as 84% of all homes sold above the list price compared to 62% in the west core and 58% in the central core.
The condo sector held steady in terms of new resale listings as the number of available suites dropped a marginal 3.5% to 384 units. Sales were virtually unchanged from the previous week however there seems to be a slight uptick in demand as the number of units sold at or above the list price hit 49.8%, a new record for Toronto. Last week the hot spot of the market was reserved for the entry level segment ($200k-$400k) where a remarkable 66% of all condos sold at or above the list price.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Wednesday, October 26, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING OCTOBER 21ST, 2016

This Fall has not been kind to our city. First, the Blue Jays got knocked out of the playoffs, then the Federal Government introduced tighter mortgage regulations. It was nothing more than a one-two punch to the stomach. But hey, we’ve been down this road before and if any place can be resilient in the face of adversity you know it’s Toronto. We just get back up, dust ourselves off and get back to business.
Clearly, homeowners aren’t terribly concerned about the market these days. Yes, listings went up last week by 26.5% and while sales remained consistent with the previous week, activity was much stronger as nearly 78% of homes sold at or above the list price. That is the highest level of activity since the Spring market of 2016. Still, the sweet spot for downtown Toronto remains as single-family homes in the $700k-$1.5M range. The notable slow spot last week was the ultra, high-end home ($3+m) that only recorded 8 sales last week compared to 18 the previous week.
The condo market had another stellar week with a modest 8.1% increase in the number of new listings to just shy of 400 units. While sales tapered off by a negligible 3.5% excitement in the condo market reached a new record with 47.1% of all sales last week trading at or above the list price. Nowhere is competition more fierce than in the east core where 14 out of the 16 sales that took place received multiple offers. 
Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Friday, October 21, 2016

New mortgage rules mean raising babies in apartments, financial planner says

By Muriel Draaisma, CBC News Posted: Oct 17, 2016 3:24 PM ET Last Updated: Oct 17, 2016 3:43 PM ET

Shannon Lee Simmons says millennials may have to put off dreams of home ownership for now


New mortgage rules that took effect on Monday will likely mean many millennials will have to raise infants in apartments, says a Toronto financial planner.

Shannon Lee Simmons, a certified financial planner at the New School of Finance in Toronto, told CBC's Metro Morning on Monday that many millennials hoping to buy their first homes may have to rent for a little longer, maybe even three to five years.
"We are all going to be raising babies in apartments. That's what it's going to come down to," Simmons said.
Her advice to millennials, of which she is one, is accept their plight, don't overdo it on rent, stay in an apartment with affordable rent for three to five years, start your family, pay for day care and come out the other side with savings. 
"Accept your fate a little bit," she said.
For information on buying or selling and the current real estate market, contact me by email or call 416-322-8000.

Friday, October 7, 2016

MARKET UPDATE

MARKET UPDATE FOR THE WEEK ENDING SEPTEMBER 30TH, 2016

We aren’t sure what is worse...the break-up of Brangelina or the federal government’s proposed new mortgage rules. Like other government initiatives we Canadians can be pretty forgiving, and it’s likely that after we have adapted to the changes things will return to normal. But the end of Brangelina? Well that’s going to leave a scar. Maybe a Blue Jay playoff run could dull the pain.
It could be just the anticipation of a long weekend but freehold listings were down by 25% last week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an extraordinary 53.7% from the previous period and as expected, supply and demand economics propelled 76.1% of sales at or above the list price, (the highest level since mid-May. Not surprisingly, houses priced in the $400-$700K range were in demand the most with 38 out of 40 homes sold over the asking price.
The condominium market performed similarly to the freehold market last week with a 15% reduction in new listings to 368 units throughout the core. Sales improved by 10.3% from the previous week, and the activity continues to be strong with 43.4% of condos selling at or above the list price. The east and west core shows the depth of the market’s demand with more sales (45 combined) than listings (32 combined). Overall, 86% of condos sold in the 416 are below $700k.
Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Jordan and Port Hope, Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.