I had this grand idea of doing a “20/20 vision” “I can see clearly now” music video promoting my clarity and forecasting on the Toronto real estate market in January 2020…THANK GOD I didn’t!
As we look back over the year 2020 and reflect on what a deranged year it’s been, we can’t help but be fascinated by the real estate market. When the pandemic first hit, nobody really knew what this year would bring us. As the months went on, it painted a very clear picture and that was that people wanted the hell out of their condos. As the workforce has opened up to a more virtual space, people are spending more and more time in their homes, less money on entertainment, and craving not only a larger dwelling, but some green space to call their own.
As the single-family residential market (detached, semi-detached, and townhouses) continues to soar, condos in Toronto remain flat. Am I worried? NO! Just like I told all of my clients in the beginning of this pandemic “this too shall pass”. 2020 was actually the time to take chances and build your portfolio. In my humble opinion, the condo market will see a surge once the vaccination is readily available to everyone (today was the first day it was released here) and once borders open back up and our beautiful country opens its arms to immigrants who have been patiently waiting.
Overall, the Danielle in the City team was busy as ever helping our clients buy and sell, find the life partners, advise on the best pizza around etc.! As we look back at our transactions this year, many stand out as success stories; however, we wanted to highlight our top 5! If you have any questions or would like more details about any of the sales, neighbourhoods, pricing, etc. please feel free to give me a call at 416-728-5401.
18 Laidlaw St, Unit 1030
Listed for: $799,900
Sold for: $900,000
What: 2+1 Bedrooms, 2 Bathrooms, 1 parking
When: June 2020
Nate and Erika (and their three littles) were referred to me by a neighbour I had helped last out year. After just 1 conversation, I was hooked on making this family of 5 a ton of money by listing their place. They had renovated their home to this Scandinavian-Esque standard and used high-efficiency cost and space-saving systems to create one of the most unique townhomes I’ve ever seen in our city. We decided to list right in the middle of the first wave of the pandemic. We didn’t know what our sale would look like but we knew we had everything going for our product. We were ecstatic when someone bully offered and presented us with the single highest sale price for a townhome of this size, beating the last sale (in a booming sale period) by 10%. Erika and Nate were able to take their profit and purchase a family home in Etobicoke that they will undoubtedly build incredible memories in. Congrats guys!
1 Shaw St, Unit 505
Listed for: $599,900
Purchased for: $599,000
What: 1+1 Bedrooms, 1 Bathrooms, 1 garage
When: March, 2020
This was a funny one. Even for the start of a pandemic, this sold for much much less than it should have. TBH, I even messed up a sale for my husband who had listed a similar property in the building. He had to sell for less than he had thought he would because of my “steal” for my client. Mike bought his first investment property, jazzed it up a little, and found a tenant that was actually paying enough for him to have CASH-FLOW. Yes, cash flow in our current rental market after buying JUST THIS YEAR. Having this property be his first, Mike has now put himself in a position to build his real estate portfolio with ease. your first purchase is the catalyst for the next. Good Job Mike!
10 Foundry Ave, Unit 232
Listed for: $839,900
Purchased for: $820,000
What: 2+1 Bedrooms, 2 Bathrooms, 1 garage
When: October, 2020
When Katheryn and Adam came to me in June I was determined to find them something they could live in once they returned from HK after working abroad. Just as luck would have it… I took a chance on a property that was sitting on the market and offered the sellers substantially less than they wanted ( we were already at the top of our budget). To my surprise they didn’t even counter offer – just accepted the low-ball offer as is. This large, renovated, bright townhome might have construction going on around it but in a couple of years will be steps away from the highly anticipated Galleria Development by Freed Developments and will rise in value exponentially. This is a perfect example of taking risks with the foresight that your day in the sun will come soon enough – just have faith and patience. Adam and Katheryn are going to love living in this spacious place and I’m so happy I can be the reason it’s possible.
26 Eaton Ave
Listed for: $929,000
Purchased for: $1,121,000
What: 2+2 Bedrooms, 2 Bathrooms
When: February, 2020
OMG, Jen. Jen, Jen, Jen is a powerhouse businesswoman I met when on a junior board for the Furniture Bank Charity. Jen and her fiance Chris wanted a home in the East end and were in bidding wars galore for a month. We finally found this duplex in Playter Estates and they jumped at the chance to live so close to the Danforth and subway stop. THEN…COVID came crashing down 1 month later (the house would have sold for 100k less at this time) + their home completely flooded from careless maintenance from the city. Jen and Chris were devastated that they had lost their life savings. Devastated myself, I got my contractor and superhero friend Sherman to renovate, repair, and calm them the F down so we could turn this “ok” home into Jen and Chris’s dream and an income property below. Fast forward 2 months and all of a sudden the housing market starts to BOOM again…ha! Now Jen’s price tag is less than it would have been if she had waited a couple of months. It was a HARD period for them, it was unnerving, BUT look at us now! With a couple (large Hiccups), but faith that everything would work out, they now have a home they love, have made some money, and are now highly knowledgable about housing construction fundamentals, plumbing, and costs. GO JEN and CHRIS!
1053 Bruce Lake
Listed for: $515,000
Purchased for: $515,000
What: 4 Bedrooms, 1 Bathroom
When: May, 2020
Honestly this isn’t even my success story, it’s Alexis’s. Part of being a great agent is knowing what you do best and when to hand over the work to someone who can do what you need done BETTER than you can do it. James and Alex are my long time clients who bought and sold with me a few years back and were now ready for their first vacation property (woo)! The best part of this story is that Alexis was able to find them the cutest place in Muskoka RIGHT BEFORE the summer cottage country sales boom started! They jumped at an opportunity, renovated for a couple of months, and now their place is worth over 300k more than they paid for it in the same year! This delightful couple can now refinance, take some money out, and buy another investment property to keep their portfolio growing. Making my clients money by giving them good advice, connections, and whatever they damn well need is why I continue to work as hard as I do. Congrats to James and Alex (and Alexis) on taking chances and putting in hard work – enjoy the fruits of your labor!
Well there you have it folks. In a crazy year full of ups and downs in the real estate market, I am proud to say that our team has been able to help several clients and will continue to do so. If you need any advice, please feel free to reach out!