Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Toronto condo buyers take their pick

Carolyn Ireland – The Globe and Mail

People who are shopping around for a condo unit to buy in Toronto have lots to choose from these days.

Gleaming new buildings such as Clear Spirit in the Distillery District, Market Wharf near Front and Jarvis, and Charlie near King and Spadina have brought fresh supply to the market recently.

“There’s a lot of inventory to choose from,” says real estate agent Christopher Bibby of Sutton Group Associates.

Agents say the market for single-family houses is still moving along quite well, but condo units are taking longer to sell.

Comment: Of course, there are many more condos – new and resale – for sale than houses.

Mr. Bibby says the buyers are still out there, but he has noticed recently that the volume of showings has also slowed – especially compared with the spring.

“Buyers are just in no rush,” he says. Mr. Bibby recently sold a condo with two bedrooms and two bathrooms in a downtown building that’s considered highly desirable. It took three months to sell because there were 10 other two-bed, two-bathroom units for sale in the same building.

Economists at Capital Economics say housing starts in Canada have risen noticeably over the past six months or so because multi-unit buildings planned years ago are now under construction. But, the economists point out, housing starts are a lagging indicator of housing market conditions. They expect housing completions to drift higher over the coming year as more towers are ready for the first residents to move in.

Comment: For once, a prediction that might come true!

Geon van der Wyst of Royal LePage Real Estate Services Ltd. says one of the most difficult issues for agents right now is persuading sellers to accept “the new reality.” With so much competition, he says, condo sellers have to be very careful not to set asking prices too high. Buyers are looking for what they perceive to be good value, he says, and they won’t even come forward with a low-ball offer if they think an asking price is too rich.

Mr. Bibby points to the example of the coveted DNA lofts at King and Shaw. In the past, agents would set an offer date and wait for multiple bids. Last spring a one-bedroom plus den was listed with an asking price of $379,000. It sold after four days for $420,000.

More recently Mr. Bibby says, a unit with the identical layout was listed for $399,000. It sold after two-and-a-half weeks on the market for $10,000 below asking.

“I feel the buyers are in the driver’s seat right now.”

Comment: Only for some things, for a select group of properties – for the other 90%, it is still a sellers market.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.

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