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.  

Tiny Record Shop & Token break in new space with housewarming party

There’s only one way to break in a new space and that’s with a proper housewarming party.

Retail partners Tiny Record Shop and Token carried on the tradition of hosting in-store shows with the first performance in their new location.

Singer-songwriter Lou Canon and musician Mappe Of played songs to warm up the new space, which recently opened at 777 Queen St. E.

Pizza from Blondies and drinks from Leftfield and Brickworks Cider made it all that much better.

If you haven’t yet had a chance, go check out the new location. Or, just read about it.

Photos: Matt Forsythe Photography

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.

The Leslieville Flea announces two-day holiday market at Jimmie Simpson

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Flea markets are havens for finding one-of-a-kind gems, and the Leslieville Flea is no different.

Back this season with a two-day holiday market at Jimmie Simpson Recreation Centre, organizers say over 55 vendors will attend each day with a variety of unique and affordable vintage items for everyone on the holiday gift giving list.

The market is taking place Saturday, Dec. 8 and Sunday, Dec. 9. Admission is always free and there will be food, coffee, music and a festive photo booth for a seasonal selfie, with proceeds going to CAMH.

Plus, the U of T Glee Club will be dropping by to sing carols from 2 p.m. - 5 p.m. on the Saturday.

Peruvian photo exhibit and pop-up shop coming to the east end

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Emerging local artist Isabel Lavandeira presents MANTAS, a colourful exhibit and pop-up shop celebrating the lives of Indigenous women from the Peruvian Andes.

Shop one-of-a-kind textiles, jewelry, ceramics and accessories made in the heart of Peru.

The free event is taking place Nov. 24-28 at The Riverdale Hub, located at 1326 Gerrard St. E

Visit isabellavandeira.com for gallery hours and documentary screening times. 

40th Anniversary Auction and Benefit for the South Riverdale Child-Parent Centre

 

The South Riverdale Child-Parent Centre is a haven for parents, caregivers and children to play, learn and grow. Imagine a place where babies and young children are given the opportunity to interact and play with a variety of age-appropriate toys, and parents are supported by the staff in learning new parenting skills.

The 40th Anniversary Auction and Benefit for the South Riverdale Child-Parent Centre will be on Nov. 15 from 7 p.m. - 11 p.m. at the Jam Factory, 2 Matilda St.

To purchase your tickets now, click here.