Richard Silver’s Downtown Toronto Blog

Today’s Toronto Star has a very deceptive sub-headline in the middle of the front section. It reads “The average Toronto-area house is worth $41,672 less than it was a year ago. Sales are down 35 per cent and it’s going to get worse.”

At a glance this makes a great headline but here is the reality….$41,672 is a reduction of just over 10% in the average price since last October. Yes, no doubt the market has softened. The number of sales are down… but down from a record year. Remember, at this point one year ago, Buyers were rushing to avoid the new City of Toronto Land Transfer Tax that was coming into effect on January 30th, 2008. (Read on …)

It was almost a year ago today that we were preparing to head off on our “Trip of a Lifetime” to India. It was everything we hoped for and more. It is with horror that we heard of the attacks in Mumbai this past week.

India is a country of contrast; rich and poor, young and old, history and modernism, beauty and ugliness…The Indian people are lovely, welcoming, peaceful people, with a history of art, music and dance.

Rather than saying any more, follow this link to the photos we took of the Indian people, artifacts, hotels. If you have never been there, please make plans to go as a means of showing your support. If you already have plans to go to India and you are thinking of cancelling them, please do not….that way the Terrorists have won.

Recently, I was at the National Association Of  REALTORS Conference and was Interviewed by Michael Krisa, A.K.A. “That Interview Guy“. He asked me about my thoughts on Virtual Tours, Photos, and Video. You can see the Video interview by clicking here.

If you have ever wondered about Twitter and it’s use and viability, check out the Tweets that are coming from Mumbai at the moment in real time at http://tinyurl.com/5pgz4n. It is fascinating to have commentary from people on the street in Mumbai.

At breakfast this morning with my Saturday Breakfast friends, all of them very house proud and into renovating, we discussed with a neophyte what some good hints might be when hiring a Contractor.

A lot of people get caught up in getting the best price from a Contractor and forget some of the basics. What did their last three clients think of the work that was done? Ask them for the phone numbers and addresses of their last few jobs…..as well as jobs done ten years ago…. (Read on …)

That is the question that I get asked every hour of every day….So How do I answer that one? The Stock Market has definitely had a great effect on market confidence and there is no getting around that. Every media outlet is predicting doom and gloom in all sectors and there is no getting around that either…

However, would you be surprised to know that even with it all, over 5000 properties sold in Toronto last month? Now, of course, that was less than in 2007 but last year at this time we were having a great market with people jumping the cue to miss out on the Miller’s Land Transfer Tax. 

So, yes, there is no doubt that the market is slower but (Read on …)

My most favourite houses are the ones you do not expect. The ones that clients walk into, look around and say “WOW-this is a surprise!”.

321 Wellesley St. E. is one such house. When you look from the outside you see a small looking 100 year old Victorian Storey-and-a-half Cottage….but inside you have a 10 year 2355 Square Foot Skylit 2 Storey home which is structurally detached from the properties it abutts. If you are interested in seeing more, check out the Virtual Tour or call me at BOSLEY REAL ESTATE LTD. 416-322-8000.

TORONTO, November 19, 2008 

Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.

The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.

In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. (Read on …)

I’m just back from my yearly pilgrimage to NAR (National Association of REALTORS) Conference, this year held in Orlando, Florida. There is usually no need to work out every morning as the venue is so massive and courses are so far between, that the need for daily exercise is totally negated. Two days of 10-12 hour sleeps are definitely what the doctor ordered on return and I am not a party-person (my latest night never passed 11 PM).

It takes a while for all the stimuli to gel into some comprehensive vision so bear with me. It is always interesting to get 20,000 plus A-type personalities in one place listening to a number of Triple-A type personalities discuss the Real Estate Market, Motivation, Technology, MLS Issues, Politics and my favourite, Restaurants and FOOD!! (Read on …)

Here is a quick little synopsis of the last 30 years in Downtown Toronto. The biggest change, apart from prices which have increased almost seven fold, is the number of Condominiums in our marketplace. Since the late 1970’s and early 80’s, Condominiums which were only 2-5% of real estate sales have increased to just under 50% of the sales activity in 2007.

What is really great however, is that over the past ten and certainly five years, the number of renters converting to home ownership has significantly increased as can be seen in this graph by CMHC. Not only has this drastically changed the Toronto Skyline, but it has increased the tax base and made us more of a “Home-proud” City!

Become a Homeowner today. Whether you are a first-time buyer or investor, let me help you. Call me at 416-322-8000 or email at mail@richardsilver.com. Just have a comment? Leave one below. Glad to read your thoughts on any subject…