Home Trends from Ed Wang & Christopher Wannamaker

Connect Realty, Brokerage

February 2023

Edward Wang

Christopher Wannamaker

Direct: 416.807.1977 edward@wgrouprealestate.ca

Direct: 647.285.6964 christopher@wgrouprealestate.ca

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

We have some exciting news to share to help you battle the cold winter weather and gloomy February days. Chris and some of his family members were on Family Feud! We won’t give away too many details, so tune into the episode on February 16th at 7:30pm ET on CBC. Did we get to the final round and win the jackpot? Watch and see! Regarding the Toronto real estate market, on January 25th the Bank of Canada announced another 25-basis point rate increase, with a further planned announcement coming on March 8th. Despite all the rate increases over the past year meant to help cool inflation, so far in 2023 we have seen quite a bit of activity. With low inventory and few listings to choose from, and with many buyers out in full force, we have seen the return of bidding wars for many listings. Moreover, some properties that have been on the market for several months are now finally selling. It remains to be seen if this increased activity will continue into the traditionally busier spring market or if things will once again cool if more inventory hits the market or if buyers take another pause, and we will be watching closely. As always, please feel free to reach out to us any time to talk about the market or your situation. Stay cozy and warm! Your Friends, Ed + Chris

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

SECONDARY DWELLINGS FUNCTION AS REVENUE GENERATORS

Having a second, small, home on a property is becoming an increasingly common sight in Canada. These structures can be referred to as a carriage house, a coach house, a laneway house or merely a tiny house. They typically serve as a means of adding more living space to a property, and increasingly as a revenue generator or mortgage helper for the homeowner. Functioning much like an in-law suite, the secondary property movement was initially encouraged in Canada’s larger cities to provide more living space in communities where rental accommodation was in short supply. Today tiny houses can be found everywhere, from rural settings to major urban cores. There are any number of reasons for constructing a property of this type, from providing a sense of independence and privacy for elderly parents or growing teenagers, to running a business. Mainly however these structures serve as a means of generating rental income.

A fully self-contained structure, these small secondary homes will have their own plumbing, heating, telephone, internet, cable, etc. – just like in a traditional house. While it is possible to purchase and transport homes of this type that are ready-made or otherwise prefabricated, many opt to have their unit constructed. A custom-built home will be able to match the design wishes of its owner, especially for size, exterior finish and other factors. Many builders have moved into this expanding marketplace, in many cases as a means of keeping their crews working during lulls in regular home construction. Always check with your local governing body for zoning regulations before you reach out to builders or acquire a ready-made structure.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

WHAT ARE THE PRIMARY BENEFITS OF OWNING A CONDO?

Maintenance: Some people love to do it themselves; others do not. If wanting a lifestyle that does not require a great deal of hands-on work and the freedom to not worry about maintenance, then owning a condominium might be the perfect thing for you. When you are part of a condo community routine chores like mowing the lawn, looking after the landscaping, shovelling snow off the walkways, painting the exterior and other tasks are handled by the development’s owners. Social Benefits: The key word in the phrase ‘condominium community’ is community. The opportunity to socialize with that community is a big part of the condominium lifestyle. Depending on the complex some condo projects have swimming pools, weight rooms, a clubhouse, saunas and other features. Many also have active resident’s committees who organize seasonal events, barbecues and other activities. If a social lifestyle appeals, then having access to a built-in social network in your own development is yet another reason for purchasing a condominium.

A condominium is one of the best ways to enter the real estate marketplace. Condominiums represent a large component of the real estate inventory in virtually every province offering many appealing choices for prospective buyers. Here are few of the reasons condominiums are so popular among Canadian buyers. Price: Condos tend to be more economical to purchase than houses. Of course, there are exceptions, as luxury condominiums in urban centers or other specific locations can fetch record high prices. But overall, this form of residential property is an excellent way for anyone, especially first-time buyers to begin their home ownership journey. The lower cost means a lower down payment is needed, and the property taxes on a condo will also be lower than for a detached property – another economic advantage. Security: Having peace of mind is another of the advantages of owning a condo. Many projects have secure entrances, locked and secure parking facilities and ample outdoor lighting. Having a secure home makes leaving for vacation or business trips worry-free as well, as you know your property will be monitored and safe in your absence.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

EARLY PREPARATION CAN ENSURE A HEALTHY SPRING GARDEN

Now is also a great time to purchase a soil testing kit, available at your local garden center, so you can test your soil as soon as the ground thaws. You’ll not only learn how acidic or alkaline your soil is, but you’ll also have a good idea what remedial steps will be needed to get the material to the level required for your projected crop. Soil testing kits will let you know if additives such as nitrogen, potassium or phosphorus are required to enhance your soil prior to planting. With your planning complete, and perhaps seedlings sprouted, the next step is to wait for the weather to cooperate and the last frost to be a distant memory so you can put your plans into action.

This is a month when avid gardeners often start to think about their favourite hobby/obsession. It is a time to plan, envision and bring together the necessary essentials for the gardening effort to come. A key to a successful spring garden involves prep work, and by handling simple tasks now gardeners will have more leisure time later to enjoy the benefits of their labour. To get prepared, create a checklist of the things you want to do. This includes determining what crops, flowers or shrubs you’ll be wanting to plant this year – and of course where they will go. If you are lucky enough to have a greenhouse this is a great time to get your seedlings and starter plants organized under the warmth of the glass or plastic. Starter kits can be set up in the greenhouse to get your early spring plants underway, before transferring them into the garden later in the season.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

SIMPLE THINGS CAN ENHANCE A HOME’S SELLING PRICE

Some real estate sales professionals suggest a fresh coat of exterior paint could see the sale price of a property climb by five percent or even more. A costlier upgrade, but one that could ultimately pay off in the end, would be to continue the painting effort inside the home. Replacing the property’s appliances with modern, energy-efficient models is a popular option. Contemporary home buyers are aware that energy consumption is a huge part of the cost of operating a household and will understand the value modern appliances add to a home. Those green kitchen appliances from the 1980s may still work, but nothing will dazzle a prospective buyer more than their glistening, new energy-efficient replacements. It all comes down to selling your home, in the shortest time and for the largest amount possible. The time and money invested in enhancing a property today will prove a worthwhile investment later when the sale completes to your benefit.

You’ve made the decision to sell your home. Finding a way to sell your home as quickly as possible and ideally for the most money is what all home sellers aim to do. Here are a few steps you, as a homeowner, can take to help satisfy both of those requirements. When it comes to first impressions, appearances really do matter. Spruce up the exterior of your home to create the best curb appeal. Small steps, such as clearing any debris, tools or toys from the yard and maintaining a shovelled sidewalk or driveway can go a long way to making that first impression great. Other simple fixes that can enhance the selling price of a home include updating older style lighting fixtures, replacing the front door, upgrading hardware on fences and gates and repairing downspouts and gutters that may be worse for the wear.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

Toronto January Market Report

AVG. SALE PRICE Single Family Dwelling $1,486,124

AVG. SALE PRICE Condo/Apartment $711,171

ACTIVE LISTINGS 3,880

DAYS ON MARKET 31

GTA REALTORS® RELEASE, February 2023 - As we moved from 2022 into 2023, The Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year. “Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. “Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium termmortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer. “All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focused on increasing housing supply in the ownership and rental markets. Most recently, we were encouraged to see Toronto City Council support the Mayor’s 2023 Housing Action Plan as part of the City’s overall $2 billion commitment to housing initiatives,” said TRREB CEO John DiMichele. Source: Toronto Regional Real Estate Board | Market values stated are of the average of Toronto and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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Office: 416.588.8248 | www.wgrouprealestate.ca