West End Toronto Real Estate Market Update - January 2020

There were 4,581 home sales in Toronto in January 2020 – up by 15.4% compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8% compared to December 2019.

“We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said TREB’s President, Michael Collins.

The average selling price in January was up by 12.3%, driven by the detached and condominium apartment segments in the City of Toronto. “A key difference in the price growth story in January 2020 compared to January 2019 was in the low-rise market segments, particularly with regard to detached houses. A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment. Strong sales up against a constrained supply continues to result in an accelerating rate of price growth,” said Jason Mercer, TREB’s Director of Market Analysis and Service Channels.

Here is a breakdown of how the west end Toronto real estate market did in the month of January.

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How to organize your home in 10 easy steps!

Whether you are an empty nester looking to downsize into a smaller home or condo, a divorcee looking for an emotional (and physical) fresh start or just any one of us who are looking to embrace the life-changing magic of tidying up, here are some tips on how to de-clutter your space (and your mind!) and get yourself organized with a view to downsizing into a new space or just creating more calm within the space that you are in.First things first:

1.  You need a plan

Before getting started, it is paramount that you have a plan in place, complete with timelines and deadlines.  Just like goal-setting, you will need to write it down, keep it someplace where you can see it, and keep checking those tasks off your list (it will give you a feeling of accomplishment, I promise).

2. Be prepared

Make a list of everything you are going to need to accomplish this momentous task and go out and get them.  The easiest way to get sent off course is to get into a rhythm and then find that you don't have the tools available to complete the task at hand.  Go get garbage bags, boxes, packing tape, sharpies, a label maker and storage containers of various shapes and sizes.  Then crank some music or put on your favourite podcast and get to work!

3.  Enlist help

We know that the thought of downsizing and de-cluttering can be completely overwhelming, but there are people out there who can help.  As realtors, we have a system to help downsizers tackle the clutter and get their house ready for sale, so if you are looking to sell, make sure you engage a realtor who is experienced with the process of downsizing.  There are also professional organizers who, for a fee, can walk you through this transition and, depending on the level of engagement, can even do it all for you.  Additionally, enlist your children and family members to help out, and in some (most) cases, come pick up their stuff!

4.  Eat the frog

You know that task that you absolutely positively DO NOT want to do?  Yeah, do that one first.  I know it sucks and I know you really really really don't want to clean out that storage closet under the stairs, the one that has been collecting all the discarded Christmas gifts and kids art projects for lord knows how many years, but just think how amazing and empowered you will feel when you do finally eat that frog!

5.  Go room by room

Don't multi-task, this process needs to be methodical, so attack each room individually; then close the door and move on.  Go through and pull every item out of every drawer and closet, clean off every surface and then move on to #6.

6.  Separate & Discard

Keep it, give it away or throw it out.  Separate everything into three piles, but be very discriminate, this is not a time for sentimentality.  If you haven't looked at it or used it for years, then it needs to be given away or thrown out.  We know it is difficult to part with items related to your children or family members who have passed away, but try to whittle it down to a much more manageable size.  Maybe take photos of your children's art projects, put them in an album and then keep only your favourite three pieces?  Try shifting your mindset by giving away clothes that belonged to a loved one to charity, they are not only freeing up space in your life but also getting a new one.  Have a yard sale and make a little bit of money while you're at it.  If there are items that you don't use, but are having trouble parting with because they are valuable, have them appraised and see if you can sell them. There are lots of goods options available nowadays and there is someone out there willing to buy everything!

7.  Organize

Do not put anything back that does not have a purpose or a place!  This is key.  Before you put anything back in a drawer or cupboard ask yourself whether it has a purpose and if so, make sure to make a place for it.  This is when storage containers come in very handy and there is so much variety nowadays, there are lots of options that are both practical and decorative.  Have some fun with it and be creative.

8.  Make a list of updates & repairs that need doing

As you are going through this process, make sure to make a list of any repairs or updates that are required, and if you are selling, make a plan to complete them prior to putting the house on the market.  Once the de-cluttering is done, it will then be easy to make the necessary repairs or hire contractors to do them.

9.  Don't forget the outdoor spaces!

Yup, you have to tackle the garage and garden shed as well.  Go through the same process with the outdoor spaces, getting rid of everything that no longer serves your purpose.  Just think, if your plan is to move into a condo, you can say good-bye to that lawnmower forever!

10.  Celebrate!

We know this process can be totally daunting, but we promise it is worth it.   At the end of it, you will feel lighter and more empowered, so once it is done, pour yourself a glass of wine and give yourself a big high-five!  We think you deserve a gift as well ;). If you are looking to downsize and would like us to come by and walk you through our step-by-step guide to downsizing, please feel free to get in touch, we are always available for your questions!

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 ;)