Real Estate

This Etobicoke home more than tripled its price after a full-on reno

House of the Week: This Etobicoke home more than tripled its price after a full-on reno

The 5,000-square-foot property comes with enormous bay windows, a high-tech walk-in closet and a zen garden in the backyard

Neighbourhood: Princess-Rosethorn
Price: $5,088,000
Last sold for: $1,480,000 in 2020
Size: 5,000 square feet
Bedrooms: 5
Bathrooms: 5
Realtor: Frank Le

The place

A five-bedroom, five-bathroom home in Princess-Rosethorn with tons of natural light and a pool out back. It’s within walking distance of half a dozen parks, top public schools, several bus routes and the coming Eglinton Crosstown. It’s also a short drive from the 401, the 427 and Pearson Airport. 

The history 

The current owners purchased this property in 2020, when it was a three-bedroom side-split. They then completely rebuilt the home, transforming it into a sleek, modernist suburban standout. The pandemic caused their project budget to balloon, so they’re putting the house

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Real Estate

Canada real estate: Home price benchmark up in July

Home prices posted the second-highest increase ever recorded in a single month after the one observed in July 2006, according to the latest Teranet-National Bank composite index.

The index for July was up 2.4 per cent from June, after seasonal adjustments, and marked the fourth consecutive monthly rise.

After declining from a peak in April 2022 as the higher rate environment sidelined some buyers, recent rises in the home price composite index have erased some of this correction, the report said.

“The deep declines that we saw through 2022 are largely being unwound,” said Douglas Porter, the Bank of Montreal’s chief economist.

The Teranet-National Bank index tends to lag other housing market measures in part because it’s more detailed, he noted.

Other measures are starting to show some softening in the market over the summer, and Porter thinks that softening will begin to show

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Condo near Cobourg Beach sells after price drop

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Coldwell Banker R.M.R. Real Estate

125 Third St., No. 409, Cobourg, Ont.

Asking price: $689,800 (March, 2023)

Previous asking price: $698,000 (February, 2023)

Selling price: $670,000 (April, 2023)

Previous selling prices: $349,000 (June, 2016); $320,000 (August, 2009); $215,352 (December, 2005)

Taxes: $3,830 (2023)

Property days on market: 47

Listing agent: Sharyn Hessin, Coldwell Banker R.M.R. Real Estate

The action

Agent Sharyn Hessin has sold units of varying sizes and prices in this boutique building one block away from the beach in Cobourg, 120 kilometres east of Toronto. But it’s always a challenge, she says, to find the right buyer for a particular unit because each unit has its own peculiarities. This two-bedroom unit had 14 visitors over several weeks, but no offers, so the asking price was reduced by $8,200.

“These condos are very attractive and sought-after because of their location right at the marina

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Real Estate

Edmonton real estate to see slower price growth than other cities

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The aggregate price of Edmonton homes is expected to increase at the lowest rate of nine other markets over the final three months of the year, according to a new market survey forecast from Royal LePage.

It estimates the aggregate home price in the Alberta capital will grow to just over $444,000 in the upcoming fourth quarter of 2023, an increase of four per cent compared to the same quarter last year.

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That measures against projected aggregate price increases of 11 per cent in the Toronto area, eight per cent in greater Montreal, and seven per cent in both Ottawa and the greater Vancouver area.

Edmonton’s mark compared to eight per cent in Calgary and Winnipeg, seven per cent in Halifax, and just over five per cent in Regina.

“Edmonton’s inventory remains low, and most new listings are only staying online for a short period of

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Real Estate

Morgan Stanley commercial real estate report predicts steep price drop

In February, a PIMCO-owned office landlord defaulted on an adjustable rate mortgage on seven office buildings in California, New York and New Jersey when monthly payments rose due to high interest rates.

Brookfield, the largest office owner in downtown Los Angeles, that month chose to default on loans on two buildings rather than refinance the debt due to weak demand for office space.

They are a bellwether for what is likely to come, as more than half of the $2.9 trillion in commercial mortgages will be up for refinancing in the next couple of years, according to Morgan Stanley.

“Even if current rates stay where they are, new lending rates are likely to be 3.5 to 4.5 percentage points higher than they are for many of CRE’s existing mortgages,” wrote Morgan Stanley Chief Investment Officer Lisa Shalett, in a recent report.

Banking turmoil:Close to 190 banks could face

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