Inside the Eastside: Life Changes — Is it time to trade up?

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GOODHOOD has partnered with The Richards Group Re/Max Hallmark to bring you a local real estate series with the hottest market news, the best resources for your home and inside info on buying and selling in Leslieville, Riverside and other neighbourhoods in Toronto’s east end.

We get it. Life changes… sometimes a lot. And that means your home might need to change, too. We know you’re cruising real estate listings wondering how you can make it happen. What will it take to get you to the next place?     

Budget is definitely a consideration, but deciding what’s really important in your next move and what you’re willing to give up in order to gain that is also critical.    

The place you bought years ago probably reflected your lifestyle at the time. But…  

If your living room is the new club and you need a new Saturday night hangout, it’s time to trade up.  

If you’ve Marie Kondo’d your house to death and you still don’t have enough space, it’s time to trade up. 

If the school district suddenly becomes more important than the fashion district, it’s time to trade up. 

Here are two examples of how you can take advantage of the market and create an opportunity for change. 

CONDO TO SEMI-DETACHED

Condo on Carlaw Ave.
Sold for $810,000 

This super sexy Leslieville condo is amazing for two, but for a couple about to start a family it’s going to feel really small, really fast.

Let’s say you jump up to….

Beach Semi-Detached
Sold for $1,128,000

Let’s assume:

·      Condo was purchased in 2010 for $327,060 with 10% down

·      Mortgage payments of $1,333.31 + maintenance fees $563 = $1,896.31/mth

·      Mortgage after 9 years: $209,568.82

·      Down payment for next home after fees and next home land transfer = $516,596.18

·      Mortgage on next home (assuming 5 yr fixed 3.29%) $611,403.82 = $2,985.18 + $339/month property taxes = $3,324.27

Jumping from a condo to a semi-detached home is an increase of $1,427.96/mth.

SEMI-DETACHED TO DETACHED

Prime Beach Semi-Detached
Sold for $1,400,000

While some semis are spacious, often times they’re not. Time for some more wiggle room and a place you can truly call all of your own? Upgrade to a detached home.

Prime Beach Detached
Sold for $1,950,000

A detached will give you the truest sense of home ownership and make entertaining and hosting family a dream.  Not to mention not having to contend with that weird co-decorating coordination that comes with semi-detached living. 

Let’s assume:

·      Semi-detached was purchased in 2008 for $670,000 with 20% down (assuming you had gained more equity from previous purchase).

·      Mortgage payments of $2,338 + $/451.21 month property taxes = $2789.21/month

·      Mortgage after 11 years: $336,617

·      Down payment to put down on next home after fees and next home land transfer = $913,333

·      Mortgage on next home $1,036,667 = $5061.53 + $597/month property taxes = $5,658.61

 Jumping from a semi to a detached home is an increase of $2,869.40/month.

You can always make that difference smaller by moving just outside of a prime location or going for a home that isn’t completely renovated.

Don’t forget to check in with an awesome mortgage broker — and don’t assume your own bank will do better because you already have your mortgage with them.    

Our recommendation?  Angie Alvarez from Capital Home Lending: email angie@capitalhomelending.ca or call 416-315-6261.

There are some great opportunities out there in the market today for your next move – give us a call or email to find out more today!

You can reach The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.


The Richards Group Re/Max Hallmark has the honour of being East Toronto’s agency of choice as a result of their ability to help so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to your wealth and lifestyle goals.

Inside the Eastside: Spring real estate report

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GOODHOOD has partnered with The Richards Group Re/Max Hallmark to bring you a local real estate series with the hottest market news, the best resources for your home and inside info on buying and selling in Leslieville, Riverside and other neighbourhoods in Toronto’s east end.

The big news in Leslieville continues to be the amazing appreciation of semi-detached homes and condos.  Fuelled by both demand and supply, this remains a popular segment with buyers. Condos and new developments also continue to prove fruitful as a solid investment and the average condo price in Leslieville at $734,638 outperforms the average condo price in Toronto, which stands at $603,243 (granted, a portion of this higher average price would be based on better square footage and boutique buildings vs. traditional downtown high-rise units). 

According to Jason Mercer, Toronto Real Estate Board’s Chief Market Analyst: "Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices.”

What will prove to be interesting is the potential migration of home owners who have enjoyed incredible appreciation in this east end community. The jump from a semi-detached to a detached home doesn't typically offer much within the area — yard and property size, square footage and parking remain challenges even among prime detached homes.   

As the kids get older and incomes and personal wealth grow, will there be a transition to areas like the east Beach that offer a bit more wiggle room, a lakefront lifestyle and amazing schools while still being in reaching distance of Leslieville and Riverside? (Let's be honest, everyone in the Beach goes out for dinner in Leslieville anyway!) Conversely, will the attraction of a more urban lifestyle outweigh the desire for space and a retreat in the city?   

There will be some interesting condo opportunities coming up as the well-known Riverside Condo development transitions to occupancy. Investors who are ready to sell will be able to assign or sell their units in the coming months, potentially opening up some amazing condo inventory in the area.   
 
Overall, the lifestyle Leslieville offers has proven to be a major selling point in the community’s growth. Proximity to the city, an incredible food scene and retail hot spots combined with family and pet-friendly parks and resources makes for an irresistible combination. Heck, you can even do yoga with your puppy here now!  

If you're curious what it would take to make a move, or you're thinking about a condo buy, shoot us an email (we've got the inside scoop on a number of potential condos in Riverside!)

You can reach The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.


The Richards Group Re/Max Hallmark has the honour of being East Toronto’s agency of choice as a result of their ability to help so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to your wealth and lifestyle goals.

Home design trends we're obsessing over this year

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Spring is here and it's time to start thinking about new design and decor (along with warmer weather and longer days, of course). To celebrate winter's emerging departure, The Richards Group is presenting home trends and ideas our design team is crushing over so far this year. Some are throwbacks, some are a twist on tradition — and some are just a fun way to freshen up your space.

Want more where this came from? Follow us on Instagram for more ideas and home design inspo and check out our Home Trends 2019 board on Pinterest.

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LOOK UP
Shannon Balm – Design Services

The things we used to put on your walls and floors are relocating to our ceilings. Shannon has fallen in love with natural woods as the ceiling treatment — a refreshing change from neutral drywall and something many homes can be easily retrofitted with. Go one step further and play with a funky wallpaper on your ceiling!

Check out the fun custom wallpapers at Cry if I Want To.

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MAKE YOUR WALLS POP
Samantha Davies — Design & Client Care

Walls are seeing lots of texture this year with our love affair of geometric patterns moving from tiles to raised profiles on walls. A carpenter plus inexpensive trim can create this effect easily and dramatically depending on the detail of the pattern. Patterned walls are great way to freshen up a foyer or home office.

Pat’s Home Hardware can get you started with materials and tools.  

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LET YOUR WINDOWS SHINE 
Parris McKenna — Design & Client Care

It’s time for your windows to get a makeover with Parris’ favourite trend for 2019 — statement drapery. Rich textures and colours are the way to go. You can find budget-friendly options at West Elm or splurge at Restoration Hardware if you want to truly commit.

Compliment these statement drapes with gorgeous accessories and finishing touches at Black Rooster Decor.

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COLOUR YOUR WORLD 
Selene Richards — Founder: The Richards Group

After black, white and textured neutrals have had their share of the limelight, Selene is looking forward to having fun with colour again — rich jewel tones, luxurious textures and statement lighting figures with shades of soft violet and emerald.

Check out Pro Glo Paints in Leslieville or Nabors Paint in the Beach.

Don’t forget to check out more of our favourite east end shops for the best In home design:  

Looking for more inspo? Check out our Staging Manager, Bianca Zorzi sharing her staging secrets on the Marilyn Dennis Show!


The Richards Group Re/Max Hallmark has the honour of being East Toronto’s Agency of Choice from helping so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to where you want to be.

 

Looking into the crystal ball of real estate: Considerations for buyers and sellers in 2019

Looking into the crystal ball of real estate: Considerations for buyers and sellers in 2019

This year should be one of stabilization and modest gains.  Re/Max Canada is forecasting a two per cent price increase in the Toronto region, compared to the 1.7 per cent Canada-wide. The relative calm is a relief after the turbulence of recent years, said executive vice-president Christopher Alexander.

Read More

Inside the Eastside: How will published sold data affect Toronto real estate?

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This fall, the Supreme Court of Canada ruled that the Toronto Real Estate Board (TREB) must publish sold data for the public.    

Is this good or bad?  What can home owners expect?  

There are still so many nuances to the value of a home that basic sold data and listing history cannot tell the whole story.   

Think about your own neighbourhood for a moment.  If you got a list of all of the semi-detached homes with three bedrooms, in say for example, Leslieville, would you expect that you could take an average of all of the sold prices and come up with a value?    

If only it were that easy.

Here’s the process we undergo to determine the value of a client’s home when they’re thinking of selling or putting an offer in on their next home: 

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1. Search properties within a comparable geographic area based on style, i.e.: detached vs. semi, number of bedrooms, parking, etc. 

This is where the general public would typically have to stop in their analysis. 

As an FYI, TREB automatically generates a report that shows the average price based on the homes this search generates. Plus, agents who don’t know the market and don’t do the work will also stop here. 

2. Refine based on specific streets that may not be comparable – one street may have more rental properties vs. detached primary residences. 

3. Further refine based on specific location features, i.e.: located across from firehall, bus route and condition of neighbouring homes.

4. Going a step further, focus on more specific features, , i.e.: lot size, parking situation and school district.

5. Apply local knowledge of the quality and quantity of renovations and updates within specific homes.  

6. Adjust for market conditions at the time of sale, or specific circumstances of the home sale. For example, did the home sell quickly and for less due to highly motivated sellers? 

7. Draw on experience and knowledge of homes in the area for the various nuances of why a home may or may not be a good comparable. From the 40-50 homes you start with, there are perhaps only five to eight homes that will be truly comparable to yours.  

Ensure you’re working with a full-time professional agent or team. If they aren’t, they may not be seeing enough homes in your area to have the knowledge to provide an accurate valuation. In 2017, just over half of 50,000 agents did 1 or 0 transactions in 2017. Only 10% did 10 or more sales. Source: REMonline.com (in case you were wondering, our agents do almost double that.) 

8. Factor in the real-time market conditions. What has changed since those other homes sold? What near-future policy or economic changes could affect the value? 

9. Evaluate the competition of other homes currently for sale and how that positions your home in the market. 

10. Incorporate knowledge of other homes that are not listed yet but hitting the market around the same time as yours.

When you’re talking about one of your most valuable assets, work with a professional to determine the value of your home before you make any big decisions. 

Real estate IS a hobby and it’s even more fun to see what has sold in your area. Sold data just made it that much more fun. Email rachel@therichardsgroup.ca to get set up as soon as our sold data site is released.    


The Richards Group Re/Max Hallmark has the honour of being East Toronto’s Agency of Choice from helping so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to where you want to be.  

Inside the Eastside: Local real estate report

GOODHOOD has partnered with The Richards Group Re/Max Hallmark to bring you a local real estate series with the hottest market news, the best resources for your home and inside info on buying and selling in Leslieville, Riverside and other neighbourhoods in Toronto’s east end.

Toronto’s east side continues to be one of the hottest areas of the GTA, with increasing prices fueled by high demand and lower inventory.

Although properties in Toronto’s east end have been on the market for longer than this time last year, they are still selling for more. The price of detached homes are up 11% as are condos by 8%, while semi-detached homes had the biggest boost — a 16% increase from last October.

Semi-detached homes are becoming a fast favourite for new families; they are selling 10% faster than they did in October 2017, and sold prices just keep climbing with no trajectory of slowing down. In fact, semi-detached homes account for 39% of sales, followed by condos at 28% and detached houses at 17% in the past year.

An emerging trend in the east end, and Toronto as a whole, is the investment in mid-rise condos. There has been a decline in investment proposals for the huge tower projects that populate the downtown core as the market continues to call for more family-friendly units in quiet neighbourhoods.

Development has gotten underway at the highly anticipated Wonder Condos. The eight-storey space will have 286 units with a mix of lofts and townhomes.

Stephen Price, chief executive of Graywood Developments, shared: “…a two-bed in Wonder is in the $600,000 range; you simply can’t buy a house in Leslieville for $600,000 … there are no real housing alternatives available in the community for under $1-million. There’s a huge appetite for medium density in Toronto. Many don’t want to live in the downtown core, this buyer is more interested in being in a community and there is a greater propensity to buy larger, more livable units.”

Toronto’s housing market showed ongoing signs of stability in October as prices for condos and semi-detached homes jumped, even as total unit sales were little changed. The housing market continues to recover after a slowdown earlier this year in which tougher mortgage qualifications took effect, in addition to a rise in mortgage costs. The beginning of the year had a rough start, as the rule changes made it more difficult to borrow for a home.

The 7,492 sales recorded in October 2018 represent a 6% year-over-year increase and a 1% decline when measured month-over-month to September 2018. The increase in demand bumped up price appreciation for this month, with average sale prices for resale homes up 3.5% year-over-year, now reaching $807,340.

If you have questions about the market and the neighbourhoods — whether you’re hoping to get into the community or make your next move — get in touch with The Richards Group at info@therichardsgroup.ca or call 416-699-0303 to get the conversation started. Search local listings in Toronto’s east end.


The Richards Group Re/Max Hallmark has the honour of being East Toronto’s agency of choice as a result of their ability to help so many clients move their lives forward. They have redefined real estate with an experience of total care, unlocking the true potential of your home while delivering industry leading results, so your next move brings you closer to your wealth and lifestyle goals.