With the stock market currently bouncing around like the stomachs of the passengers on this cruise ship, the world trying to push through this pandemic, and a gaping recession now at our feet, real estate values have also been hit by a storm. The market around Toronto is taking a deep dive and will continue on that track over the summer months, both in demand and prices. The Toronto Regional Real Estate Board says if current public health forecasts hold then a recovery is likely this summer to late fall.
The Toronto real estate market was red hot through 2020 up to March, so call this a “reckoning” if you want, but we’ll still focus on real estate investment as a safe harbour for your money. Properties are still being listed for sale or lease, and the world keeps turning. One difference buyers are to see more of now – prior to the pandemic it was difficult to gauge an accurate price point for a property, since prices were listed much lower than sellers wanted, opening the process to different offers and competition. Now we are seeing the true price that the seller is looking for, and very minimal offer dates. Buyers can now go into a potential deal knowing they will be dealing with an accurate price point, simplifying the process and hopefully alleviating the anxiety that comes with those offer dates.
We’ll be focusing on profiles of interesting Toronto-area luxury homes for sale (north of $1 million), starting with this Riverdale character home.
The sales representative is Katherine Minovski from Royal LePage Your Community Realty (416-816-7850, email@example.com).
- 107 Hiltz Ave., South Riverdale, in the heart of Leslieville, Toronto
- Click here for a virtual tour of the property
- MLS#: E4752379
- Beautiful vintage contemporary two-storey semi-detached
- Bright open concept brings light to living and dining rooms with custom wall paneling
- Hardwood floors throughout, new floors on main and lower level
- Beautifully designed kitchen with porcelain tile work and new tiling
- Newer bathroom featuring clawfoot bathtub
- Can easily fit one car to two-car parking
- Newer pot lighting
- New stairs out front and back
- Gas stove, fridge, washer/dryer, newer electrical wiring and plumbing
- Three bedrooms, two bathrooms, laundry, parking, mudroom, solarium, media/entertainment room, back patio, separate entrance to lower level
- List price: $1,248,000
“It’s close to a beautiful park, and an off-leash dog park,” says Minovski. “It’s a really coveted area of the city. There are great schools, cafes and restaurants around. The neighbour sold theirs for $1.3 million at the end of February with no separate entrance to the basement. These guys even built a separate office area/workshop detached studio bunkie out back, so it’s great for a work-from-home space, which is especially important now. The parking is a big bonus since there are homes in the area that don’t have parking at all.”
That semi-finished basement with a separate entrance that walks out to the yard/parking opens up the possibility of a rental income-generating apartment, she adds.
Investment pluses: Location, location, location, rental income potential, taking advantage of low interest rates