West End Toronto Real Estate Market Update - 2019 The Year in Review

December is traditionally a slow month in real estate, and this December was no exception, so instead of providing you with the December numbers, we wanted to give you a snapshot of how the west end Toronto market fared in 2019.

Each neighbourhood is its own micro-market so we have broken down all the west end Toronto MLS districts to provide you with a summary of EXACTLY how your neighbourhood did in 2019.

For the entire Toronto Real Estate Board December sales were up by 17.4% year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6% compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade. “We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said TREB president Michael Collins.

While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4% year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period. “Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.

Are you looking to dip your toe into the real estate market in 2020 but don’t know what your current house is worth? Or are you a buyer looking to taking the plunge? We would be happy to meet with you to provide a detailed market evaluation or to review the extensive buying services that we provide. Feel free to get in touch, we are always available for your questions!

Christmas Countdown | Days 11 - 15

We are half-way through our countdown this week and things are feeling very festive. This week we are going to finish up our holiday shopping and enjoy some downtime with people we love. Here is what we have planned for days 11 - 15 of our Christmas Countdown.

Day 11 | Day 12 | Day 13 | Day 14 | Day 15

Check back in with us on the 16th for more fun!

Wabi-Sabi: Embracing Imperfection

As a follow up to our post about Hygge, the Danish concept of creating joy and coziness in life's everyday moments, we wanted to talk about the Japanese philosophy of Wabi-Sabi and how it relates to interior design and everyday life.

At its core, Wabi-Sabi is the concept of accepting imperfection. Roughly translated, Wabi means rustic simplicity or understated elegance and Sabi means taking pleasure in the imperfect. It believes that beauty is imperfect, impermanent and incomplete. Its roots come from the Japanese Tea Ceremony, which is a ritual of purity and simplicity, in which the handmade bowls and utensils that are used are often irregularly shaped and worn due to use. These items are celebrated for their beauty, which comes from their deliberate imperfections and their emotional significance.

As recovering perfectionists (okay, we may be 'in recovery'), Kirsten and I are constantly reminding each other 'not to let the perfect be the enemy of the good'. This phrase has actually helped us immensely by giving us permission to put things out that may not be 'perfect' in our minds (whatever that might be!), but it moves the process along while allowing us to make improvements and tweaks over time, or sometimes just accepting it as it is.

This aesthetic is also making its way into home design, by embracing the lived-in and weathered. It is a move away from the impractical sleek images that we are bombarded with on social media, to an aesthetic that is more functional and livable.

It’s a long awaited invitation to stray from convention and expectation and instead celebrate individuality and comfort.

Dayna Isom Johnson, Canadian Living

It is also a celebration of sentimentality, embracing items whose beauty comes from their meaning rather than their austere beauty. This could mean a weathered armchair that was a family heirloom or a piece of ceramic whose beauty comes from its uniqueness and the story that it tells. It also encourages us to choose materials that weather beautifully over time such as wood, stone and metal and to choose colours that are a reflection of those seen in nature. In this way it very much aligns with the concepts behind Hygge, in the way that it promotes natural elements, colours and simplicity, and in its belief that every object in your home should be beautiful, useful or both.

medium.com

Wabi-Sabi is the antithesis to big box stores, fast fashion and mass consumption. At West Side Storeys we like to call ourselves the Mom & Pop shop in the big box world of real estate, and Wabi-Sabi embraces a lot of what we believe in and strive for - quality over quantity, true connection with our clients, relationship building, the importance of community, shopping local, waste reduction and an appreciation for the uniqueness and history of the older homes that we buy and sell.

In the end, there really is no such thing as perfection, whether it be in design, houses, or let's face it, life. So isn't the pursuit of perfection inevitably a path to unhappiness and dissatisfaction? Wabi-sabi shifts this focus to one of gratitude and appreciation for what we already have, rather than the pursuit of the next shiny new thing. This powerful shift in perspective can help us to feel more peaceful and content in the current moment and improve our quality of life.

Why not try to embrace imperfection and maybe even take it a step further and seek it out? A good exercise is to purposely choose items with obvious flaws and love and cherish them for those flaws, not despite of them. By embracing an attitude of Wabi-Sabi, you allow your home to become a true reflection of who you are and perhaps this shift in attitude will lead to an acceptance and celebration of the imperfection in all aspects of our lives....wrinkles and all ;)