*Did you know we publish a monthly newsletter that you can subscribe to for FREE? Just click the link at the bottom of this post!*
While we've certainly left traditional real estate market dynamics behind and moved into The Season Of COVID-19, the annual increase in activity typical of September and October held true this year - at least for the freehold housing segment. Ground-based housing - detached, semi-detached, and townhomes - continued to experience significant competition this autumn while the condomimium market floundered. Thanks to both the fear of COVID-19 in high-density buildings and the newly-imposed Toronto policies restricting Airbnb rentals, condomiums flooded both the sale and rental markets; this caused transaction activity to slow and many sellers and landlords to initiate reductions in asking prices to remain competitive. As of two weeks ago, realtors have noticed an even steeper decline in condo activity, with showings all but halting as the second wave of COVID-19 washes over us.
With new market dynamics oscillating weekly, real estate activity is becoming less predictable. Realtors must stay vigilent, exercise their intuition, and, most important of all, rely on their knowledge and experience of Toronto housing. Having 28 years of experience buying and selling in Toronto, we're here to offer our guidance on the state of the market or anything real esate-related! Please do not hesitate to reach out!
Welcome to our October 2020 E-Promo! Here is what you will find in this month's e-newsletter:
For October, our Dear Urbaneer post is entitled, 'Dear Urbaneer: What Do I Do With My Dated Bungalow? (Plus A Brief History On This Housing Type) In this installment, we provide counsel to a client who owns a 90-year-old Toronto bungalow and is preparing to sell. He wonders about the necessity and ultimately the return on investment of any changes or renovations he might undertake prior to putting this property on the market: "My bungalow originally suited my personal needs but has ultimately served as an investment property for over a decade. Admittedly many of the building components are aging or have failed, and the décor is extremely dated. I'm considering selling soon and wonder if it is advisable to invest money in upgrades and/or renovations before I sell? If so, how do I get the best bang for my buck?" Steve shares a brief background on bungalows in Toronto and Canada, before laying out the pros and cons of a few different courses of action for prepping this property to sell.
Next, we share our October Homewatch News blog, 'How To Make The Most Of Your Finances By Enlisting A Mortgage Broker'. When it comes to financing what may likely be the largest purchase you ever make, the smartest thing you can do is enlist the help of a seasoned mortage broker. Be sure to speak with a few recommended candidates beforehand, to get a sense of who might be a good match for you. Some qualifications to consider include their knowledge base, breadth of experience and personal contacts and connections. A mortgage broker can give solid advice regarding making a 'smart buy', ensure you get the most bang for your buck, and assist in setting you up with a mortgage plan that suits your means and your lifestyle moving forward.
The Urbaneer Team posts multiple blogs every week, where we share our love of all things real estate and Toronto!
This month, our most-read blog was, 'The Season Of COVID-19 & Canadian Real Estate'. If there's one essential truth I'm learning as a realtor working in the 'Toronto real estate trenches', it's that property Buyers and Sellers are re-evaluating their futures, assessing their current quality of life, their attitudes and behaviours to work and play, and the direction they'd like to 'pivot' moving forward. Plain and simple, I'm witnessing a collective realignment of the way we navigate our place in the world - and it has completely shifted the way the Canadian real estate market oscillates! The tradtional interplay between the four seasons and real estate, along with the dynamics governing the motivations of Buyers and Sellers have become less predictable as we venture into unknown territory. Read all about what I call the Season of COVID-19 - and the implications for real estate - here!
The second most popular post was 'The 8 Largest Loft Condominium Conversions In Toronto'. I have a multi-disciplinary education in housing, and over the duration of my decades-long career, I've had the opportunity to witness and participate actively in the fashion and trends of real estate development, while honing my expertise to specialize in niche areas of the market- in particular, the evolution of the Innovative Space market including the adaptive reuse of non-residential buildings into loft conversions. Both hard and soft lofts have distinct industrial and urban attributes - exposed brick, concrete floors/ceilings, exposed ductwork, large factory windows, etc. - that are extremely coveted by downtown dwellers, which is why units in loft conversions always garner a premium! In this blog we offer the history and composition of eight of Toronto's largest, most sought-after buildings - including promotions of a few lofts currently available for sale!
We appreciate that our post 'Urbaneer’s Secrets To Successfully Downsizing To Smaller Accommodations' was also very well-read! While downsizing has typically been thought of as the domain of the retiree (or soon to be retiree) perched at the top of the property ladder in large dwellings and looking to trade up space and maintenance for comfort and care, COVID-19 has the real estate market presenting a different reality. Now, with so many Canadians revising their domestic wishes, lifestyle decisions, and work/life balance, we are seeing a broader commitment to minimalist (and in some cases, more removed) living, that is growing in appeal across multiple demographics with varying goals for downsizing. Read on!
And - for lovers of unique urban spaces - take a peek at all of the sensational slices of Toronto real estate that we've had the pleasure and privilege of selling over the years!
Browse the October 2020 E-Newsletter here!
We LOVE Toronto real estate!
*Like what you've read? Did you know we were recently listed as one of The Top 25 Toronto Real Estate Agents To Follow On Twitter! and The Top 50 Blogs On Toronto? Consider signing up in the box below to receive our FREE monthly e-newsletter on housing, culture and design including our love for unique urban homes and other Toronto real estate!
*Love Canadian Housing? Check out Steve's Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, product and real estate in Canada!