Toronto Real Estate Cooled - Real Fact or Fake News?

Judging from the last two transactions, it would appear the scorching hot real estate in Toronto has finally cooled down.

Meaning the Liberal Government’s chances to be re-elected is extremely bright, because they have succeeded in taming the housing monster … So said the political pundits.

Let’s take a quick look.

First, a semi-detached located in one of not so desirable part of the city …

SOLD

(Below Asking Price)

12 Billings Avenue – LESLIEVILLE

3 bedroom, 2 bathroom Semi with 2 parking spots on a 16.42 x 106 foot lot

It was a good semi that ‘checked all of the boxes’ as the listing said.

The asking price for this house is $859,000.

I thought it would probably selling closer to $960,000 but considering everything has been selling over my guesses, it would probably sell for $1,050,000.

It sold for … $985,000.

Now, let turn our attention to another semi-detached in a posh area  …

SOLD

(Below Asking Price)

55A Rowanwood Avenue – ROSEDALE

3 bedroom, 4 bathroom Semi on a 33 x 101.25 foot lot 

The asking price in February 2015 was $3,150,000.

Which was kind of high considering it sold for about $1.6 million pre-flip. A month later, it was down to $2,850,000. It finally sold for $2,400,000.

In March of this year, it was back on the market with the same listing photos. The new asking price was $3,095,000.

Two weeks ago, it had a price drop to $2,950,000.

Turns out it sold 4 days later for … $2,850,000.

The situation seems to confirm the followings are not “fake news” (Donald Trump told us not to take what you read in the mainstream media at face value): –

May 15, 2017

Home sales cool in April, GTA leads decline

Home sales cooled in April after setting a record the previous month as the pace of transactions in the Greater Toronto Area slowed … CTV News 
The last one must be a “fake news” …

Here is a litmus test to confim if the market has indeed cooled, or the Fire Dragon shall return in no time …

LISTED

337 Cleveland Street – DAVISVILLE VILLAGE

Asking Price $1,880,000

Forget about going above the asking price, chances are too slim under the prevailing circumstances. If it does sell for close to the asking price, it simply means the Fire Dragon is just taking a very short nap.

Ladies and gentlemen, presenting the Picasso Cubism Modern Designer Home (yeah, right) – 3 bedroom, 4 bathroom house on a 20 x 150 foot lot at 337 Cleveland Street in Davisville Village (sough after area – midtown near Eglinton Station, Toronto).

This is what it looked like in October 2012 …

Before it was torn down and rebuilt, it looked like this in 2009…

It was listed at $599,000, no idea how much it sold for.

After it was rebuilt, the asking price was $1,625,000.

It is a very small house. Once you get a couch in there, a few chairs, a coffee table, a dining table … Even at $1,325,000, it is overpriced. So thought the smart Alec.

By March 2013, it had a price drop and the asking price was down to $1,565,000. By July of the next year, it was down to $1,399,000.

It finally sold in September 2014 for $1,375,000.

It is now back on the market asking for $1,880,000.

Let’s see what will it sell for … And we will report to Donald Trump if our mainstream media reports true facts or fake news.

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