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$396,000 in North York, $575,000 in Toronto’s waterfront neighbourhood

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NORTH YORK

Location: 20 Edgecliff Golfway, Unit 515,

Don Valley Pkwy. and Eglinton Ave. E.

Asking price: $399,999

Selling price: $396,000

Previous selling price: N/A

Size: about 990 sq. ft.

Parking: one exclusive underground space; one exclusive locker; one ensuite locker

Maintenance fees: $617.19 per month

Taxes: $1,271 (2018)

Sold: September 8/18. Closed: October 5/18.

Overlooking a golf course, this two-bedroom condo suite comes complete with a den. It sold for 99 per cent of the asking price in only two days.

“Fully re-painted with a renovated kitchen with new stainless steel appliances, this suite is very bright and spacious. The private balcony has a clear unobstructed view,” say listing agent Dixie Lee MacDonald.

The building is close to Eglinton Town Centre, where there is shopping and a movie theatre. It has easy access to the Don Valley Pkwy.

Building amenities include a party room, an indoor pool, a sauna, an exercise room, and a security system.

Unit has: living room with parquet floor and walkout to balcony; dining room with parquet floor; kitchen with ceramic tile floor and quartz counters; den with parquet floor; master bedroom with parquet floor and walk-in closet; second bedroom with parquet floor and large closet; four-piece bathroom.

Listing agents: Dixie Lee MacDonald and Miia Kelly, Royal LePage Signature, Brokerage, 416-443-0300; www.dixieleemacdonald.com

TORONTO

Location: 560 King St. W., Unit 626,

King St. W. and Spadina Ave.

Asking price: $498,000

Selling price: $575,000

Previous selling price: N/A

Size: about 600 sq. ft.

Parking: no spaces, no locker

Maintenance fees: $405.37 per month

Taxes: $2,249 (2018)

Bedrooms: 1

Bathrooms: 1

Sold: September 22/18. Closed: October 11/18.

This one bedroom condo unit in the heart of Toronto’s King St. W. sold for 115 per cent of the listing price in only four days on the market.

“This unit is located in the award-winning building called Fashion House. It has an exceptional layout with nine-ft. exposed ceilings, floor-to-ceiling windows and hardwood floors throughout. The modern kitchen has stainless steel appliances, and the bedroom is bright and spacious,” says listing agent Andrew Ipekian.

The building is right next to Toronto’s entertainment district, steps to many popular restaurants, stores, nightlife, pubs, bars, the TTC, and TIFF Bell Lightbox. It is also walking distance to parks and businesses.

Amenities in the building are a 24-hour concierge, an Infinity Edge rooftop pool, and a gym.

Unit has: living room with hardwood floor and walkout to balcony; dining room with hardwood floor; kitchen with hardwood floor, stone counters and stainless steel appliances; master bedroom with hardwood floor, floor-to-ceiling window and double closet; four-piece bathroom.

Listing agent: Andrew Ipekian, Keller Williams Referred Urban Realty, Brokerage, 416-572-1016; www.Ipekian.ca.

What They Got: Condos is compiled by freelance contributor Allison Harness, a Toronto-based real estate writer, from information that is publicly available. Send recent homes sales to soldhome@rogers.com. Not all submissions can be used.



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Affordability driving demand for condos in Toronto

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The Greater Toronto Area (GTA) saw higher sales and demand for condominium units due to increasingly affordable prices.

Data from RE/MAX revealed that the GTA accounted for nearly 37% of the total residential sales on the Toronto Real Estate Board (TREB). Market share for this segment has been tracking higher since 2013, when the transfer of condominiums covered 30% of total sales.

Seen as the only property segment that rose above the 2017 market correction, the average price of a condominium apartment hiked almost 8% to $551,761 between January and October 2018, up from $512,552 during the same period in the previous year. Townhomes prices were at $571,058, compared to $568,165 in 2017. Meanwhile, prices of freehold properties, including single-detached, semi-detached, attached/row/townhouse, and linked townhomes fell year-over-year.

Despite the rising values, these home types are well-received because most Canadians still found it affordable and a sound choice for investment.

On the other hand, it was pointed out that the increased demand for condo apartments and townhomes was driven by immigration, population growth, and lifestyle choices. 

“Aging infrastructure, combined with a lack of transportation alternatives, longer commute times and the environmental component — with efforts to reduce carbon footprint — have all played a role in buyers choosing condominiums in Toronto proper that are close to both work and play,” RE/MAX noted in a statement.

The most popular area for condominium sales was still the downtown core, with 21.9% sold in the area bordered by Bloor Street to the north, the Lakeshore to the south, the Don Valley Parkway to the east and just past Dovercourt Road in the west.

However, supply remained low, which pushes prices higher.

“Limited inventory continues to place substantial upward pressure on prices, with fewer affordable housing options available — and that includes condominium rentals,” said

Christopher Alexander, executive vice president and regional director at RE/MAX of the Ontario-Atlantic Canada Region.

As a result, buyers tend to avoid the higher prices in the core and turn to condominium communities farther afield instead.

Currently, almost 51% of condominium sales in the GTA are below the $500,000 price point, but it is worth noting that builders and developers are currently facing skyrocketing construction costs and a land crunch within the GTA.

 

Related stories:
Revival of investor immigrant program stirs academic discussion
BC enters $1B deal to provide affordable homes

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate




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App matches you with the perfect real estate professional

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Real estate matchmaking platform Mortgage Sandbox recently beta launched a free web-based app called Match Finder in the Vancouver market. The app was conceived as a way for buyers to connect with suitable professionals that can help them find their perfect home.

“The beta program is dedicated to gathering feedback from users so that we can improve the product while rewarding participating home buyers and real estate professionals with better working relationships at no cost,” said David Stroud, founder and CEO of Mortgage Sandbox.

Similar to an eHarmony questionnaire, Match Maker asks 10 simple questions to match home buyers with three trusted, pre-screened real estate agents and mortgage brokers. Users can then make their selection to start their home-buying process.

The app was envisioned to provide a better home buying experience for all parties involved. Match Maker is a secure, cloud-based application that also provides real-time interest rates and property forecasts. It has advanced home buying calculators and can be used on a laptop or a smartphone.

“The tools are part of Mortgage Sandbox’s ongoing commitment to build the most complete home buying advice platform on the market,” said Stroud.

Stroud emphasized that Mortgage Sandbox tapped into the real experiences of Canadian homebuyers and real estate professionals to properly address issues that are encountered when purchasing homes.

“We’ve designed an easy to use, data-driven, matching tool that connects you with local, pre-screened real estate professionals who share your interests, values, and have a complementary work style,” said Stroud.

“We believe aligned values lead to better working relationships and a more successful home buying experience.”

 

Related stories:
Revival of investor immigrant program stirs academic discussion
BC enters $1B deal to provide affordable homes

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate




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Headlines

App matches you with the perfect real estate professional

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Real estate matchmaking platform Mortgage Sandbox recently beta launched a free web-based app called Match Finder in the Vancouver market. The app was conceived as a way for buyers to connect with suitable professionals that can help them find their perfect home.

“The beta program is dedicated to gathering feedback from users so that we can improve the product while rewarding participating home buyers and real estate professionals with better working relationships at no cost,” said David Stroud, founder and CEO of Mortgage Sandbox.

Similar to an eHarmony questionnaire, Match Maker asks 10 simple questions to match home buyers with three trusted, pre-screened real estate agents and mortgage brokers. Users can then make their selection to start their home-buying process.

The app was envisioned to provide a better home buying experience for all parties involved. Match Maker is a secure, cloud-based application that also provides real-time interest rates and property forecasts. It has advanced home buying calculators and can be used on a laptop or a smartphone.

“The tools are part of Mortgage Sandbox’s ongoing commitment to build the most complete home buying advice platform on the market,” said Stroud.

Stroud emphasized that Mortgage Sandbox tapped into the real experiences of Canadian homebuyers and real estate professionals to properly address issues that are encountered when purchasing homes.

“We’ve designed an easy to use, data-driven, matching tool that connects you with local, pre-screened real estate professionals who share your interests, values, and have a complementary work style,” said Stroud.

“We believe aligned values lead to better working relationships and a more successful home buying experience.”

 

Related stories:
Revival of investor immigrant program stirs academic discussion
BC enters $1B deal to provide affordable homes

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate




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