#Brexit and Real Estate: What’s Going To Happen Now?

This morning, we all woke up to a shocking result in Great Britain: the #Brexit Leave campaign has won, which means that Britain has voted to leave the European Union. Meanwhile, Scotland seems to be gearing up for another independence referendum, as the Scottish voted overwhelmingly to stay in the EU, which means that the political entity known as Great Britain may fracture further.

All of this turmoil has economic implications. Already, at 11 AM as we write this, the value of the British pound has plunged by 12% to its lowest value in over 30 years… and the value of US Treasury Bonds has soared. As the spectre of Britain’s Article 50 exit from the EU looms, our thoughts turn to real estate. The London real estate market has for years been a favourite of international luxury buyers: a British exit from the EU will mean this market will become much less attractive as an investment. Brexit will bring a more complicated purchase process for EU buyers, fewer new homes being built, and a significant cooling effect on the market itself as international buyers are likely to choose more stable markets for investment.

So, what effect will Brexit have on Canadian real estate prices? Our prediction is that as the post-referendum process plays out, if it looks like Britain is serious about an exit – and especially it seems that Scotland and Northern Ireland want to stay in the EU (and therefore would break from Great Britain) – international buyers are likely to choose Canadian markets, particularly Toronto and Vancouver, as more attractive investment property destinations. Therefore, we believe there will be a significant downturn in London’s real estate market, and that the Toronto real estate market and the Vancouver real estate market are likely to see an increase in sales and in prices as a result of the Brexit vote.

We’ll keep you updated as things progress.

800 Spadina Rd Suite 302 and Why It’s So Hard To Find Condos in Forest Hill

We’re delighted to report that we’ve sold 800 Spadina Road, Suite 302. In the Forest Hill St. Regis condominium residence by Shane Baghai, this condo has it all: spacious rooms in a corner suite, upgrades galore, lovely amenities and a shared rooftop garden with a city view to die for. It’s perfectly situated in Forest Hill, one of the city’s most exclusive addresses, and is really a find. It sold much more quickly than the average Toronto condo.

While we were in the midst of all the activities that happen around the happy sale of a home – listing, measuring, showing, reviewing offers – we started to wonder: why is it sometimes so difficult to find a condominium in Forest Hill? This one sold quickly in part because it was such a good unit (and, of course, we like to think we had something to do with it, too!) but that’s not the whole story. It’s just difficult, in this neighbourhood, to find a condo to purchase if that’s what you’re looking for, particularly in the under-$1 million price point.

Not all price points have this issue, of course. There’s a wide variety of beautiful townhomes and very high-end condos around Spadina and St. Clair; many are new, and all are premium-priced (partly because they are in a premium location). The fact is that Forest Hill itself is entirely a premium location, and most of the housing stock in the neighbourhood consists of large executive homes on very large lots. On the main thoroughfares you’ll find a few apartment buildings and small triplexes and quadriplexes, particularly along Bathurst Street near St. Clair and along the main intersection in the Lower Village. There are also apartments at the north end of the Lower Village, along Eglinton.

But condominium residences in Forest Hill at price points under a million dollars are few and far between, especially for larger spaces. 800 Spadina Road, at the north end of the Lower Village at Spadina and Eglinton, is a rarity: Suite 302 was a 2-bed, 2-bath corner suite listed at under half a million dollars, which is even more of a rarity. Simply put: condos outside of the uber-luxury market in Forest Hill are rare gems, and our buyer was lucky to snap this one up. And if you’re looking in the area, we hope you get lucky, too!

Toronto Geography: All About Bedford Park

We recently had the privilege of selling 370 Brookdale Avenue, a gorgeous 4+1 bedroom, 3 bathroom home that combines the charm of original stained glass with a sleek, modern design. Beautiful art, tons of light and truly stunning updates made this home really shine – along, of course, with its proximity to some of the best shopping, schools and parks in the north of the city.

The home, which sold quickly, is in Bedford Park, one of our very favourite areas of midtown Toronto, right on the border with North York.

Bedford Park is part of what’s often called “Avenue and Lawrence” or “Yonge and Lawrence; in fact, it stretches north about halfway from Lawrence to Wilson, and west-east from Avenue Road across Yonge to Mt. Pleasant’s northern boundary. It’s also bordered by Teddington Park to the northeast, Ledbury Park on the other side of Avenue Road, and Lytton Park to the south.

There’s a reason why all of these neighbourhoods have “park” in the name. They’re made up of classic tree-lined streets full of vibrant, gorgeous green space. Lots tend to be large with substantial backyards and plenty of room for children to play. Parkettes abound, as to kids on bikes and playgrounds with new, modern equipment. This is an affluent neighbourhood, and it’s safe: the shopping in the area is upscale. It’s a destination for upwardly mobile couples, young families and parents of teens alike – and you’ll even find some empty-nesters moving from large homes on the Bridle Path or in Hoggs Hollow to the tight-knit, family-oriented community of Bedford Park.

Here are some of our favourite things about the neighbourhood:

The Bistro on Avenue

Okay, so it’s on the other side of the street, so it’s technically in Ledbury Park. But the Bistro on Avenue – otherwise known as the original progenitor of the St. Louis Bar and Grill, and still better than any of them – is the quintessential neighbourhood hangout. Many locals know the nightly specials by heart, and the heated patio is a favourite for winter hockey watching and wing eating on a boys’ night out. It’s kid-friendly, too, though too small for strollers!

Royal Lighting

If you’re into home decor in Toronto, you’ll know Royal Lighting as one of the best spots to go. It’s one of our mainstays when we’re looking for a new light fixture, either for our own homes or for a client. On a typical day you’ll find home stagers and interior designers galore, deep in conversation with the staff, who really know their stuff. (Bonus: if you’ve ever wanted to see what a $50,000 chandelier looks like, they’ve often got one – and sometimes more! – in the showroom.)

Pusateri’s

Oh, Pusateri’s, how we love you. We love your parking lot full of luxury cars, we love your impeccably good produce and your meat and fish that somehow manages to be perfect every single time, and we love your in-house sushi bar and perpetual olive-oil tasting. We love, though we wish we didn’t love, your elaborate cakes and beautiful baked goods. We love that you play opera to your shoppers. We even secretly love how you’re so busy on Fridays that you have an off-duty police officer directing traffic. Folks in the neighbourhood don’t ask if you’re going grocery shopping, they ask if you’re going to Pusateri’s.

If you don’t know about Pusateri’s, you’re missing out. It is, hands down, the best high-end specialty grocer in the city, and it’s a perfect fit for Bedford Park.

4 Reasons Why You Need A Good Realtor In 2015

60 Hillhurst Blvd. Recently sold by Sherkin-Langer and Castle.

I wish I was clairvoyant. I really do. I wish that I could look back at the numbers from last year, and changes year-over-year, and firmly state “this year is going to different from the last one”.

I can’t honestly say that. I don’t know for sure. No one does.

But let’s be honest. I’ve been in this business for a very long time, through economic ups and downs. These are the things I can say with pretty strong conviction:

• Toronto is a great city and stands as the largest and most multicultural one in Canada. A multitude of languages, traditions and cultures are celebrated here.
  Immigration to our city is enormous. We are a go-to city for the whole world. People want to be here, whether they’re seeking a better life for their families or an investment opportunity. Toronto is the place to be.
  If people want to live here, they need shelter. The purpose of a real estate agent is to provide options for shelter.
  Every time the banks even whisper about a rate increase, the market responds with a rise in sales. People want to get in before the rates increase – and if the rates drop, people want to buy a home so that they can take advantage of the lower rates. In each case, the market stays strong.

So what’s the upshot?

To reside in this fair city you need to have a place to live. And you need to have a guide to help you figure out the best place for you to do that.

Those who love this city and want to live here will need a dedicated, knowledgeable guide who cares deeply about finding them the right place to live.

Let us be your guide to finding your way home, and let us help you find the most delightful shelter you can buy in one of the most wonderful places on this planet. Get in touch with us at any time.

It would be our pleasure. 

– Ferne

What is the value of a good real estate agent?

Recently, we had the pleasure of hosting an agents’ open house at our listing at 60 Hillhurst Boulevard. We were encouraged and excited that so many of our colleagues attended and were able to see this beautiful home; an Allenby home like this comes up so rarely.

It was in the warmth of the lovely cooks’ kitchen that we had a great discussion with some fellow top realtors about how the business is changing – and how it isn’t changing. I still believe the great karma in the home was what sparked this productive sharing.

What is the value of a good realtor these days, with the amount of information that you can find online?

Realtors are a savvy bunch. We work with people every day in a highly competitive, commission-only marketplace. For some people buying or selling a home is a long process, and for others it is a shorter one. But for us, a happy client is more important than the amount of time it takes to buy or sell.

As realtors, we are helping people find a home, a personal place to be sheltered from the storms that life brings, a place to experience life’s ups and downs and most importantly a place to create memories and experiences. The realtors around the beautiful granite countertop at 60 HillHurst Boulevard shared with each other just how dedicated they are to the folks that they work with, and how much care it requires to get it “just right”. How they try to protect their clients from ‘falling in love’ with the wrong place by gently pointing out its flaws. How they come to include their clients and communities they work in as cherished friends.

But, like all jobs, this one comes with a price tag and the talk included the hard conversations about commissions.

“If the people who ask me to work with them don’t value my expertise and years of experience, then I would rather not work for them,” said one top realtor.

Negotiation is part of the real estate process and if I am a poor negotiator with them, how can I possibly stand my ground when it comes to negotiating on their behalf during the sale process?”

Food for thought.

What do YOU think makes a good realtor?

As always, you know we love to talk real estate, so let’s talk.

What We’re Thankful For

This is the time of year where the autumn leaves are showstoppers, the kids are starting to finally figure out how to get up on time for school, and the parents have started to finally “get” the routines again.

In the midst of all of this activity, we are given the holiday of Thanksgiving, which we just celebrated with our families this past weekend.

Thanksgiving is one of the the few across-the-board secular holidays that seems to speak to everyone, no matter who they are. It’s a universal human need to take a moment out of our busy schedules and be thankful.

Its not hard to figure out who or what we are thankful for. Here at Sherkin-Langer and Castle, we want you to know that we are truly thankful for our incredible clients and the positive influence they have on our lives.

We hope that all of you out there had a Happy Thanksgiving filled with family, great food and friends. Enjoy this season in your home together.

Getting the Most out of the Toronto Fall Real Estate Market

It’s expected, at this point… even comfortable. Every day, it seems, there are more articles telling us the sky is falling, the bubble is bursting and it’s only a matter of time before the Toronto real estate market will crash.

Real estate professionals and seasoned buyers alike know that, rather than “truth”, this sensationalism is what sells papers, magazines and brings the spotlight to a simple transaction that is nevertheless the focus of everything from TV shows to dinner conversations.

Buying or selling your home is always an emotionally charged situation, but now it can seem like it’s everyone else’s business as well. You almost feel as though, if you get through this transaction without creating big drama, you have not been “important” enough to warrant it. Silly? Maybe. But we’ve seen it plenty of times. We’ve been primed by the Property Brothers and Love it or List It to see issues or opportunities for hand-wringing even when it would be best to be calm!

So here are a few facts and tips from us to guide you through the process.

1) If you need or want to move, you have to meet with a mortgage broker or banker to determine if you can enter the market and how much you can afford.

You don’t go shopping in a store without knowing how much you can spend on a large purchase, do you? Real estate is no different. If you work with us, we will be happy to direct you to some great people who can help guide you well.

2) Once you have that affordability figured out – and we have factored in Land Transfer Tax – sit down with your realtor with a map of Toronto.

Where do you want to live, and what are you able to give up or gain by choosing certain neighbourhoods? This is very important, and it will save you time and grief. You may feel as if you’ve chosen your dream neighbourhood already, but prepare to switch those views a few times. And if affordability is an issue, then we can help guide you towards a neighbourhood that hits all your must-haves without the cost.

3) Don’t be an “arm-chair looker.” Get out and really look. and find the realtor who looks with you.

MLS.ca is only the beginning.There are big limitations to seeing things only online.
If your realtor only sends you daily emails and doesn’t get out with you to see and feel and experience what you do, then they really aren’t helping you well.

4) Once you have “dated”, then get “married”.

Its a good decision to interview people for any job, and even test drive their skills, but for the largest financial transaction you will likely make in your life, it is important to find the best fit and seal the relationship with a Buyer Representation Agreement
Hire the best person for the job and enjoy the benefit of their expertise and negotiation skills in securing you the home of your dreams.

Follow us – we love to talk real estate.

Blogging our Listings: 52 Strathearn Road, Cedarvale

52 Strathearn Rd. Currently listed by Sherkin-Langer and Castle.

It’s September, which means it’s back-to-school time! The local public school is a cornerstone for the community and is a major driver of a home’s value: our clients usually rate excellent public schools as one of the top few considerations when choosing a neighbourhood to live in.

The midtown Toronto neighbourhood of Cedarvale scores top marks in both the school and community departments.

Cedarvale is a destination neighbourhood where the green space of Cedarvale Park, the access to excellent public transit including the future Eglinton Crosstown LRT line, and the short easy walk to local shopping and restaurants come together to create a perfect balance between the serene neighbourhood feel and a pulse of urban heart.

One of the jewels of the neighbourhood is Cedarvale Park, one of the best green spaces in Toronto. In addition to the traditional recreational amenities found in many Toronto parks such as a baseball diamond, tennis courts, soccer pitches, a skating rink and a brand-new splash pad, this progressive City of Toronto park has recently added an enclosed off leash area for dogs and an innovative environmental education program called Families In Nature. There are family learning programs at the Cedarvale Children’s Garden all summer. Take a walk down the path through Cedarvale Ravine to St. Clair West subway station and you’ll barely remember you’re in a city.

Residents are said to vow that once they find their home here, leaving is unthinkable. Families move from one street to another but almost never move away. There is always critically low inventory because of this, and larger move-up homes are rarely available, so a home like the one at 52 Strathearn Road, which we have listed, is a real rarity. (Find lots more photos and information in our virtual tour!)

Pretty as a picture, this 4 bedroom family home is set on a premium 82.5 foot wide lot on the very best part of Strathearn Road, perfectly situated across from picturesque Cedarvale Park and ravine in close proximity to excellent public and private schools.

As you cross the threshold, a tasteful blend of traditional warmth and contemporary flair combine in the gorgeous hardwood floors and leaded glass windows that characterize this wonderful centre hall home.

The gracious living room features charming leaded bay windows, fireplace with marble surround and custom built-ins. The dining room is a perfect setting for family gatherings flowing nicely through to both the kitchen and centre hall.

The large, thoughtfully laid out kitchen is well equipped with top rated appliances and cupboards galore. Perfectly set up for the family chef there is plenty of room for chatting, cooking and gathering. An adjoining breakfast room and great sized family room with floor to ceiling built-ins surrounding the wood burning fireplace both open through gracious French doors onto a beautifully landscaped wonderfully large backyard. A powder room and mudroom area with a walk in from the 2 car garage complete this level.

Happy Almost Autumn from Sherkin-Langer and Castle!

Happy Almost Autumn!

Most things in life are unpredictable, and the excitement that comes with the unexpected twists and turns keep things interesting. But routine and predictability is the stuff that most of us choose. It gives us comfort and keeps us balanced.

Every year, as our gorgeous summer speeds towards fall, we find ourselves comforted by the hint of changing leaves, the renegade tree that dares to change from green to orange before summer’s end.

And then there are the annual Labour Day Weekend fetes: the moments are infused with a certain amount of frantic intensity; it’s all about packing the last moments of summer into that final weekend.

But there is really something fun and wonderful that happens every fall. We remember that the last weekend of summer is followed by crisp new clothing and newly labeled lunch boxes and backpacks and school supplies. Even long after the years when you’re the one going back to school, the feelings are still very much alive. Summer’s end is just a moment of melancholy, and then poof! It’s fall!

And just like that, the September/autumn real estate flood gates burst right open.

Rather than the steady summer, with its traditional lack of homes on the market, the fall market typically begins with great opportunities and choices for buyers. That’s what we predict year after year, and it always happens.

Like the changing leaves, will the real estate market fall in line this fall of 2014?

It sure looks like it. Incredibly low interest rates and the seemingly unquenched desire of so many to own a piece of real estate in the GTA combine to create a very busy fall market.

With the number of buyers we’re working with who are looking for great homes, condos and other opportunities, we sure hope to experience a typically great, active and fun fall market this year.

Stay tuned to our blog. We love to talk real estate. 

If there’s a topic you’d like us to cover, send us a note and we’ll discuss it on the blog!

Have a safe and happy Labour Day Weekend.

– Ferne and Nina

5 Absolute Truths of Toronto Real Estate.

48 Roxborough Street West. Currently listed by Sherkin-Langer and Castle.

Last week, one of our buyers wanted to know why there was only one other offer on a house they wanted. Was there something wrong with it? they asked.

A few weeks back, when a 2.5 million dollar home was on the market for over 2 weeks the concern was, why, in this market, it wasn’t already sold.

Reading the market is what we do. The word market is the essential element here, though, and one that is often forgotten.

The market changes daily. Each area, type of home and price range affects its activity. There isn’t one single “market”; in fact, there are many “micromarkets” in Toronto real estate, and each and every one of these micromarkets is dynamic and ever-changing. Painting the real estate market with one big brush doesn’t work; in fact, it can be harmful. This is one of the reasons why you need a good real estate agent on your side.

All that said: there are a few truisms that you can always – or almost always – depend on in Toronto real estate. These will hold true no matter what micromarket you’re looking at, and no matter what the overall market is like.

1) A good house – or condo, or duplex, etc – in reasonable condition and located well, and priced properly, will likely sell quickly and for a solid price. Seasonal markets can help elevate the price sometimes, but they won’t change the absolute success of the sale.

2) Pay attention to, and beware of, offer dates. If the house you want comes up, put aside other tasks in your life and get out to see it. If a more zealous buyer is out there, they may ignore the rules and entice the seller to take their offer before you even have a chance to see the house. (This is called a “bully offer” and happens a lot – in fact, you might choose to make one of these yourself. Another reason why you need an excellent realtor looking out for you.)

3) Pay attention to, and beware of, bully offers. Just because an offer date is set doesn’t mean you actually have more time. The same frenzied craziness can ensue.

4) Pay attention to, and beware of, 24/48/72 etc hour irrevocables. They are often masked offer dates.

5) Have your ducks in a row! Financing, building inspector, liquid cash for a certified cheque. See enough homes to be able to recognize the one and be able to make the leap immediately. You don’t want to be waiting in a panic at 4:30 PM for your mortgage broker to call you back while another buyer waltzes in with a pre-approval and takes the home you want.

Use your realtor as your “spiritual guide”! Pick one you trust and let them help you make a solid decision. We’d be very pleased to have that honour, but whether it’s us or someone else, make sure you go with someone you trust to have your best interests in mind.

It’s a tough market. Find the right guide. Let them help you bring yourself home.