Welcome to 180 Berkeley Street, a stunning South Cabbagetown reno on one of the most prestigious streets in the city’s east end. Located in the heart of downtown, it’s an easy walk to Eaton Centre, St Lawrence Market, Distillery District, Corktown, Ryerson, Allen Gardens, Riverdale Farm … it’s a walker’s paradise (walk score 95)! With the street car and subway nearby, and with excellent bike lanes, it’s also a rider’s and biker’s paradise (transit score 100, bike score 97)!

The open plan main level includes a recently renovated kitchen with quartz counters, stainless steel appliances and sleek cabinetry; an elegant formal dining area; and a dramatic sunken living room with 11 ft ceilings. Walk out from the living room to a huge wood deck and private fully fenced back yard.

A luxurious master suite with a renovated three piece ensuite bath, and Juliet balcony encompasses the entire upper level and there are two more generous bedrooms on the second together with a renovated four piece bathroom.

The lower level has a renovated three piece with a glass shower enclosure, along with a spacious laundry room and direct access to the garage.

Selling prices for detached homes in the GTA continued their meteoric rise in October. Detached prices have gone up for the last 6 months in a row and are now 22% higher than the “COVID low” in April, as well as 15% above last October. The average price for a detached home in the Toronto area is now $1,204,844, just a hair’s breadth below the all-time high of $1,214,122 reached in early 2017.

Sales of detached homes in the GTA have exceeded 5,000 in each of the last four months, roughly 40% higher than in the same four months last year. This has driven inventory below 1.5 months, an extremely strong sellers’ market to say the least.

With 5 year fixed mortgage rates at obscenely low levels, and projected to stay that way (or even go lower) over the next 1-2 years, and with many condo dwellers seeking more space (both inside and outside), there is every reason to expect that the hot market for houses will continue for some time.

The market for Toronto area condominium apartments is completely different. Prices have flat-lined for the past five months, and now appear to be heading lower. Prices in October were essentially the same as last October, however, to put this in context, October 2019 was actually an all-time high for condo apartment prices.

The reason for the weakness in the condo market is that the inventory of condos for sale has been steadily rising over the past 4 months. This is not due to a lack of demand, as total condo sales were actually about 8% higher than the same 4 months last year. What’s massively different this year is the number of condos for sale. Active listings of condos have gone up by 50% since May, and October listings were more than 2.5 times higher than last October. There were actually more listings for condos than for detached houses in October, likely the first time that this has ever happened.

Crazy low interest rates are propping up condo sales, as there are still lots of people who want to buy real estate but can’t yet afford a house. Owning a condo is better than renting a condo or a basement apartment. However, COVID is driving many condo owners to houses, for reasons that everyone is by now well aware of. That trend is being further compounded by the record number of new condo completions this year (with even more to come next year) as well as an anemic condo rental market that is causing owners of investment condos (which are legion) to put their units up for sale. Like the factors behind the strong market for houses, these drivers are unlikely to change any time soon, and so the condo market will probably continue to soften for some time to come.

Welcome to 720 Bloor Street, a renovated three bedroom bungalow on a huge 65 ft x 119 ft lot with plenty of parking. This bright and airy family home has a gorgeous renovated kitchen with granite counters and a walk-out to a large deck and a massive back yard. There are two renovated bathrooms, updated hardwood flooring throughout the main level, and updated windows. The lower level is fully finished with a kitchen, full bath, two bedrooms, and family room – excellent potential for an in-law suite or rental apartment.

This home is in a great central location in the popular Applewood community, close to shopping, schools, parks, walking trails and public transit. Also, it’s just a short drive to Square One, Sherway Gardens, Downtown Toronto & Pearson Airport.

This home is in very good mechanical condition and an above average home inspection report is available on request.

The term ‘snow washing’ was coined by the Toronto Star to describe the flow of dirty money into Canada, mostly through real estate transactions, to evade taxes or to finance terrorist operations. The term is in wide use internationally because Canada has become known as a destination for money laundering due to its weak rules concerning corporate transparency.

So how does snow washing work? One way is to create a company without disclosing your true identity. You can then buy real estate anonymously using ‘dirty money’. When the real estate is later sold, presto, the money is clean, washed as white as Canadian snow.

Canadian law does not require information on the ‘beneficial owners’ of companies to be collected and verified, so it’s relatively easy for individuals to hide their identities and set up companies to launder money like this.

It’s ironic that the Canadian Government set up a massive bureaucracy in 2011 (following 9/11) called the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) with the express purpose of tracking suspicious financial transactions. Under FINTRAC, lawyers, real estate agents, accountants, and mortgage brokers (among others) are required to meticulously keep track of all large financial transactions, and to report anything that doesn’t seem right. And yet, the gaping loophole left by allowing beneficial owners of companies to remain anonymous remains unfilled.

While the exact amount of ‘dirty money’ flow isn’t known, it’s been estimated that it’s somewhere in the $50-$100 billion per year range.

Ideally, a federal registry of beneficial owners of companies should be created and made publicly available & easily searchable. The Federal Government is working in that direction, but at glacial speed.  Meanwhile, Transparency International has ranked Canada dead last among G20 countries due to its failure to meet G20 anti-money laundering commitments.

The term ‘snow washing’ illustrates how Canada is being lumped in with such money laundering havens as Afghanistan, the British Virgin Islands, China, Macau, and Columbia. Not exactly august company. Time to fix the problem. Quickly.

Welcome to The Glenlake, a well-managed condominium building nestled among residential homes in High Park’s popular West Bend neighbourhood. Exceptional location within easy walking distance of High Park, the West End Railpath, grocery & drug stores, subway and UP stations, as well as the shops & restaurants of The Junction and Roncesvalles Village.

This open plan one bedroom suite has an east-facing balcony and gets plenty of morning sunshine through the living room and bedroom windows. The kitchen has a large breakfast bar & plenty of cupboard space, and the bedroom has a walk-in closet. The suite comes with a parking spot as well as an oversize locker.

Building amenities include an exercise room, games room, party/meeting room, security system and visitors’ parking. The common areas have been recently renovated, and there is also a concierge on duty from noon until midnight.

Prices for detached homes continued their steeply rising trend in September. Since the COVID-induced bottom in the spring, house prices have increased in each of the past 5 months and are now up 20% from April and up 13% since last September. While the rate of increase is leveling off somewhat, there are no indications as yet that the trend will reverse any time soon. Even the recent upsurge in COVID cases doesn’t seem to be having much effect. We’ll have to wait and see if a Christmas/New Years slowdown happens this year, though nothing else this year has conformed to the ‘normal’ trends of the past.

The chart shows only detached home prices, however, the same trend is also evident across other freehold properties (semi-detached and attached).

The story for condominium apartments is somewhat different. Similar to houses, condos got off to a very fast start early this year and suffered the same fall in prices when COVID restrictions were first introduced. Prices recovered after that, but not to the same extent as houses, and prices have been stuck in a narrow range below the early spring peak for the past five months. Condo prices in September were 7% higher than the same time last year, however, the trend right now is flat or even declining whereas the trend last year was rising.

The charts below put the freehold vs condo comparison into sharper relief. These charts show the inventory (months’ supply) of condo apartments and detached homes for sale over the past two years.

The condo chart on the left shows that inventory remained below 2 months’ supply all through 2019 (green line) and into the first three months of 2020 (purple line). This reflects a very hot condo market, which cooled instantly in April when COVID restrictions came into play. Inventory came back down part way over the next three months, but has been rising again for the past two months. At 3 1/2 months’ supply, the condo market is now relatively balanced but is on the verge of becoming a buyers’ market.

The market for detached houses was also strong through 2019 and into early 2020, though not nearly as hot as the condo market. As with condos, the inventory of houses for sale spiked up in April but, unlike condos, the inventory quickly came back down to very low levels by June and has stayed there ever since. The present market for houses is just as hot as the condo market was a year ago, and shows no signs of cooling off.

Why is the inventory of condos for sale rising so quickly? It turns out that it’s not because of falling demand for condos: sales in August and September were actually 7-8% higher this year than last year. What is changing dramatically is the number of condo units for sale. In August and September of 2019 there were 2,117 and 2,319 condos for sale, respectively; this year the corresponding numbers were 4,564 and 5,423 units for sale, more than double last year! There are several likely reasons for this, all of which relate to COVID-19:

• The claustrophobia associated with living in a condo apartment with no access to building amenities and waiting lines for elevators has caused many condo dwellers to yearn for a house with more space, a back yard, and no need to wear a mask when you walk in the front door.
• The trend toward work-at-home means that extra space is needed for home office(s), and moving to an affordable house outside the city is more palatable now that less (or no) commuting is required.
• The rental market is miserable, and this is causing many owners of investment condos to put their units up for sale.

With a ‘second wave’ of COVID-19 now upon us, it seems unlikely that these forces will abate any time soon, and so the condo market is more likely to soften than to strengthen over the coming months.

Welcome to 217 Glenlake Avenue, a spacious four bedroom home in the heart of the popular High Park neighbourhood. Originally this was a five bedroom home, and it can easily be converted back to add another bedroom. This renovated family home is close to the shops and restaurants of The Junction, Bloor West Village and Roncesvalles Village, and a short walk away from the Keele subway station, High Park, and excellent local schools.
The welcoming covered front porch offers tree-top views overlooking Lithuania Park. Inside you’ll find an open concept living/dining area with high ceilings, updated hardwood floors, pot lighting, and a handsome gas fireplace with brick and wood surround. Next you’ll enter through a pocket door to a renovated kitchen with stainless steel appliances, quartz counters, solid oak cabinets, and a large breakfast bar with pendant lighting. The kitchen walks out to a large, gorgeous back yard with a multi-level deck and private patio.
On the second level there are two bedrooms, including a double size master bedroom (originally two bedrooms), with a bay window, fireplace and double closet. There is also a renovated four piece bathroom and updated hardwood flooring throughout. You’ll find two more generous bedrooms on the third floor.
The lower level is fully finished, with an extra-large rec room, cork flooring, renovated four piece bathroom, and separate laundry room.
This home is in excellent mechanical condition – an above average home inspection report is available on request. The home has also been fully insulated and professionally draft proofed.

Another month, another gain in Toronto area house prices. Ever since the disruption in April due to the COVID-19 lockdowns, the market for houses has been on a tear, with prices for detached homes increasing every month and now almost 20% above the April low. The ‘delayed spring market’ meme is starting to wear a bit thin, as prices have continued to rise right through the traditionally slow summer months. Nothing traditional at all about this year.

The fall season, which starts after Labour Day, has seen a significant boost in house prices every single year for at least the past 20 years, and maybe that will again be the case this year. Or maybe this isn’t a year to bet on the continuation of long term trends. It does seem reasonably safe to assume that, as long as both interest rates and the inventory of homes for sale stay low, the present trend will continue at least until flu season starts in October/November. After that, depending on COVID-19 vaccines, the severity of this year’s influenza strain, and even US election politics, all bets are off.

It’s interesting to note that house prices are now within 3% of the all-time high reached during the 2017 bubble, and we may well surpass that record before the end of this year. All in the context of a major recession or even depression. Go figure.

The trend in condominium apartment prices, on the other hand, has been quite different. After the bubble in 2017, condo prices fell slightly but never collapsed the way house price did, and have been setting new all-time highs ever since… until COVID-19.

The SARS-COV2 virus, and especially government’s response to the virus, has been a game changer for the condo market. Most notable has been the work-from-home (WFH) revolution that has been accelerated by the COVID crisis. While WFH and the technology supporting it is nothing new, the COVID crisis has forced its rapid adoption out of necessity, and many organizations are coming to realize that WFH is surprisingly productive and cost-effective. This makes a house a much more attractive option for a condo owner, both because of the additional space available for a home office and also because an affordable house outside the city makes much more sense if little or no commuting to the office is required. A further benefit of a house is outside space (AKA a back yard), which is much more desirable now that eating out and public events are more restricted and likely to continue so for some time.

All of this has resulted in a recovery of the condo market from the initial COVID shock that has been much more muted than that of the house market. Prices have increased by 9% from the April low, but are still 6% below the February peak, and have gone no-where over the past four months.

A strong driver, as well as a result, of the recent increase in house prices has been the declining inventory of homes for sale. This is because:

1. A lower number of homes for sale means more competition among buyers – simple supply and demand; and
2. The difficulty of finding a home to buy means that many buyers will choose to purchase a home before putting their own home on the market. This further reduces the supply of homes for sale, which feeds a viscious cycle where falling inventory leads to even less inventory.

This cycle could be reversed as sellers become less fearful of COVID and more interested in taking advantage of the hot market, and as the higher prices make houses more and more unaffordable. The small uptick in inventory in August suggests that this process may already have begun, and could moderate further price increases. Time will tell.

Welcome to 1830 Bloor Street West #402, a stunning one bedroom plus den suite with two full baths in the exclusive Daniels High Park Condominiums. A parking spot and locker are included.

This spacious, open-concept suite features beautiful quartz countertops in the kitchen and baths, hardwood floors throughout, and a large balcony. The chef’s kitchen includes a breakfast bar island, perfect for everyday dining or easy entertaining.

The den is a flexible space suitable for home office use or as a bedroom for your family and guests to enjoy. This professionally fitted room has sleek tempered glass sliding doors imported from Italy as well as a custom Italian Murphy bed.

The Daniels building has 18,000 square feet of unparalleled indoor and outdoor amenities: cardio and weight studios, sauna, double-height rock climbing wall, indoor/outdoor yoga & Pilates studios, big-screen home theatre, party room, billiards room, indoor/outdoor fireside lounges, catering kitchen for large group entertaining, outdoor terrace with barbeques, and rooftop gardening plots. There is a 24-hour concierge, locker and bicycle storage, and unique resident bike engagement and bike share programs.

Located directly across from High Park, with 24 hour Rabba, Vivo restaurant and Hannah’s Café & Bakery on the main floor, and steps from two TTC stations (High Park and Keele), this location couldn’t be better. It’s walking distance from GO and UP transit, and the Gardiner Expressway is easily accessible. With a Walk Score of 85, this building is ideally located within walking distance of three popular shopping districts: Bloor West Village, the Junction, and Roncesvalles.

Welcome to your new home in one of Canada’s top neighbourhoods, The Kingsway. At your doorstep you will find biking, running and walking trails in the glorious Humber River Valley, running both north and south to the lake. It is a nature lover’s paradise and fitness enthusiast’s dream and the Kingsway’s best kept secret. Walk to shopping and dining in the Kingsway and Bloor West Village. You are steps away from the Old Mill subway station for a quick ride downtown.

Your home is the rarely offered Riverview Suite in The Kingsway, one of the most prestigious condominium residences in Toronto’s west end. Unlike typical condos, here you will experience the benefits of a floor plan designed for discerning homeowners. You will also enjoy a rare separate foyer, a powder room away from the entertaining spaces and a cook’s separate eat in kitchen to make entertaining tidy and a breeze. The den is a flexible space suitable for home office use or as a bedroom for your family and guests to enjoy, away from the Master Wing. The Master Wing is fully enclosed, and has a large ensuite with separate shower and six foot soaker tub. The large walk-in closet is a fashionista’s dream. This immaculate suite has been impeccably maintained by the original owner and is ready for you to move right in.

Bring the outside in, opening your double hinged French doors, with phantom screen, looking out onto the green space with amazing tree top south facing views. The Kingsway Condominium affords you rare privacy and quiet. Enjoy walks past the neighbourhood’s stately homes, or meet friends and entertain in your large private award winning Victorian Garden. The Kingsway also boasts an elegant party room, indoor pool, gym, guest suite, 24 hour concierge and ample visitors’ parking. The building has electric vehicle charging capabilities, and arrangements can be made to add a charger plug to your parking spot. Also, if you are a bike rider, there are assigned bike racks, and you can even have one installed in your parking spot. With a long list of social activities here, you will meet fascinating new friends. Enjoy your new lifestyle at the Kingsway Condominium.

Welcome to 392 Quebec Avenue, a detached, two-and-a-half story property with three self-contained units on one of the nicest streets in the neighbourhood!

This property contains a renovated two level, two-bedroom unit with a large covered balcony on the second and third floors; an updated one-bedroom unit spanning the main floor and lower level; and a two-level, one-bedroom unit at the back of the house.

392 Quebec has a very deep 25 ft x 160 ft lot with a huge, lush backyard, and a grapevine covered patio. It’s situated in the heart of the trendy Junction neighbourhood, close to great local schools and with the shops, bars, and restaurants on Dundas just steps away.

It’s also TTC-accessible: the 40 Junction and 26 Dupont buses are around the corner, it’s a ten-minute walk to High Park station, and the Bloor GO/UP station is a short drive or bike ride away. Annette Street, with its extensive bike lane, is close by, and the green space in High Park is just short ride away. The West Toronto Railpath provides a quick and scenic route to downtown.

With its spacious, livable units and unbeatable location, 392 Quebec is the perfect investment opportunity.

Mark your calendars for Monday September 7 (Labour Day)!

Our ice cream truck will be making 5 stops in High Park, The Junction, Bloor West Village and Swansea!

We will have free ice cream cones plus a draw for a chance to win an iPad!

Here’s the truck stop schedule:

• 12:00 – 12:45    Vine Park (Vine St & McMurray)
• 1:00 – 1:45         Lithuania Park (Glenlake & Oakmount)
• 2:00 – 2:45        Ravina Park (Clendenan & Glendonwynne)
• 3:00 – 3:45        Beresford Park (Beresford & Ardagh)
• 4:00 – 5:00       Rennie Park (Rennie Terrace & Waller)

Birthday Panda will make a guest appearance at each stop!

Hope to see you there!