<p>Now that days on market (DOM) are averaging 39 for condos and 24.2 for freehold homes across the GTA  &mdash; up from 16.6 and 8.6 days a year ago &mdash; a patient and informed strategy can be the difference between a champagne toast and getting burned.</p><h2>When Buyers Smell Blood</h2><p>It&rsquo;s no secret that the likelihood of a price reduction on a listing increases with DOM. When a listing is starting to become stale, and every interested buyer in the market sees it sitting there, unsold, day after day, a haircut is the logical next step. In my experience, interested buyers typically start to expect a trim when listings hit about two to three weeks on market.</p><p>As an aside, location and property type can determine when a listing becomes stale. In the downtown core, for instance, a condo starts getting stale at around 12 to 14 DOM. A $2.5 million house in the suburbs, on the other hand, would start getting stale at about 30 to 45 DOM, as the buyer pool is much smaller. That&rsquo;s why enlisting an agent who knows and understands specific neighbourhoods, properties and market trends is so important for both buyers and sellers.</p><p><picture><source type="image/jpeg" srcSet="https://cdn.strata.ca/IMG-C9358158_11.jpg?class?class=medium" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://cdn.strata.ca/IMG-C9358158_11.jpg?class"/><img src="https://cdn.strata.ca/IMG-C9358158_11.jpg?class" alt="null"/></picture></p><h2>Patience Pays When DOM Drags On</h2><p>As each day passes, the odds of a seller getting their list price declines. There are no guarantees that a price drop will be forthcoming, but if and when it does, patient buyers can get deals in a market where bargains have been few and far between.</p><p>This is happening NOW: After a brief stint of above-asking prices during the busy spring market, condo buyers have been paying about 1% below asking on average since June 1st. Average freehold prices, meanwhile, recently dipped below asking mere months after a strong sellers&rsquo; market saw buyers pay an average of 4.12% above asking. (For some perspective, the hottest sellers&rsquo; market I&rsquo;ve ever seen was in the first quarter of 2022, with buyers paying on average 13.5% above asking.)</p><p>All this suggests the emergence of a soft buyers&rsquo; market. Indeed, many house-hunters are telling me they are ready to get off the sidelines and mobilize. After all, as bestselling investment author Robert G. Allen famously put it: &ldquo;Don&rsquo;t wait to buy real estate. Buy real estate and wait.&rdquo;</p><p>At the same time, demand catching up with the GTA&rsquo;s historically high housing supply bodes well for sellers given that:</p><p>The Bank of Canada has made three consecutive cuts to its benchmark interest rate, with a fourth-straight cut widely expected in October.</p><p>Rapid population growth is being fuelled by <a href="https://www.ontario.ca/document/ontarios-long-term-report-economy-2024/chapter-1-demographic-trends-and-projections-2024" target="_blank" rel="nofollow">record-setting immigration</a>.</p><p>Very encouraging 2% inflation numbers were announced on Sept. 17.</p><p>There is growing concern that new federal housing policies could cause the GTA market to heat up. As of December, the new policies mean that potential buyers will no longer need a 20% downpayment to buy homes with a purchase price of between $1 million and $1.5 million. Previous rules required homebuyers with a downpayment of less than 20% to acquire mortgage insurance, which was only available for homes priced at $1 million or less.</p><p><picture><source type="image/jpeg" srcSet="https://images.pexels.com/photos/2039394/pexels-photo-2039394-600.jpeg?auto" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://images.pexels.com/photos/2039394/pexels-photo-2039394.jpeg?auto"/><img src="https://images.pexels.com/photos/2039394/pexels-photo-2039394.jpeg?auto" alt="null"/></picture></p><h2>Terminated Listings Are Bucking The Trend</h2><p>As DOM climbs across any market, <a href="https://strata.ca/blog/terminated-cancelled-listings-across-the-gta-spike-by-643">terminated listings</a> also tend to proliferate. Although terminations happen when a homeowner decides they no longer want to sell, or when contracts between sellers and listing agents expire before an offer is accepted, pulling a listing from the market is sometimes done to reset an extended DOM to zero. There are no rules against this sneaky strategy, but by keeping track of listings even after they&rsquo;re terminated, or by working with savvier agents whose job it is to do exactly that, buyers can factor a listing&rsquo;s true DOM into their offer price. (It&rsquo;s worth noting that on Strata.ca you can see the listing history.)</p><p>So it may seem odd that in the GTA market, where DOM is climbing quite rapidly, monthly terminated listings have been steadily <i>declining</i> from July highs of 3,538 for condos and 4,731 for freehold homes.</p><p>This is another sign that a buyers&rsquo; market has taken shape, as sellers are getting the memo that they're not in the driver's seat anymore. With their expectations better managed, sellers are less apt to set offer dates, which often lead to terminated listings when bids fail to match unrealistic targets.</p><p>It&rsquo;s worth noting, however, that as we enter the fall market, the market could quickly shift in sellers favour. Historically, the transition from the slow summer market to the fall has always been a net benefit for sellers.</p><p><picture><source type="image/jpeg" srcSet="https://images.pexels.com/photos/4204113/pexels-photo-4204113-600.jpeg?auto" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://images.pexels.com/photos/4204113/pexels-photo-4204113.jpeg?auto"/><img src="https://images.pexels.com/photos/4204113/pexels-photo-4204113.jpeg?auto" alt="null"/></picture></p><h2>Playing To The Power Of DOM</h2><p>Because DOM can have such a profound effect on bidding, Strata agents use detailed market data to determine how to position a listing to net the best possible price. Listing on a Wednesday or Thursday, for instance, provides enough time for word to get out about a new listing before the weekend. Doing this also ensures the DOM is still low enough on the weekend &mdash; when statistically a seller has the highest probability of receiving an offer &mdash; to give the seller more leverage should they receive an offer.</p><p>This is also why we do our best to avoid listing on the weekend or on a Monday. The weekend is when house-hunters attend are out viewing properties. And Monday is when everyone gets back to work, thus putting their search on hold for a day or two.</p><p>That&rsquo;s right: Even in real estate, Mondays are the worst.</p>

Why Patience Is A Virtue With GTA Homes Taking Nearly 3X Longer To Sell

<p>Selling your home can be a whirlwind of emotions and tasks. But one thing that can make the process a lot smoother (and quicker!) is staging. Think of it as setting the backdrop for a performance where your home is the star.</p><p>But if you&rsquo;re not sure where to start, don&rsquo;t fret. We&rsquo;ve gathered some expert tips from professional home stagers, Bessy and Marina at <a href="https://www.instagram.com/definingspaces.ca" target="_blank">Defining Spaces</a> to help you stage your home like a pro.</p><h2>Home Staging 101: What&rsquo;s the Big Deal?</h2><p>Home staging is all about making your home look its absolute best for potential buyers. It&rsquo;s more than just tidying up or decorating &mdash; it's creating a space where buyers can see themselves living.</p><p>&ldquo;Most people can&rsquo;t envision how to place their furniture in a home. So you want to create an inviting space that will allow all potential buyers to envision themselves here,&rdquo; explain Bessy and Marina.</p><p>&ldquo;When a home is well-staged it makes a strong first impression, which can make the home stand out and ultimately lead to a quicker sale, and potentially at a higher price.&rdquo;</p><p>And who doesn&rsquo;t want that!?</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/223/Staging-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/223/Staging.png"/><img src="https://media.strata.ca/article-images/223/Staging.png" alt="null"/></picture></p><h2>Less is More</h2><p>The first step in staging is decluttering. This means going through your home and removing any excess items that can make your space look crowded or untidy.</p><p>As Bessy and Marina say: &ldquo;Less is more. We always tell our clients &lsquo;you&rsquo;re not selling furniture, art etc., you're selling space!&rsquo;&rdquo;</p><p>In other words, you want to create a blank canvas that buyers can project their own lives onto. So, pack away those personal photos, knick-knacks, and anything that might distract buyers from seeing the potential of your home.</p><p>&ldquo;Decluttering and de-personalizing will make any space feel larger and help potential buyers focus on the home's features and not personal belongings,&rdquo; add the ladies from Defining Spaces.</p><p>Bessy and Marina also note that proper furniture placement is also critical when highlighting the home&rsquo;s best features.</p><p>&ldquo;This helps showcase proper flow and functionality of a room,&rdquo; they told Strata.</p><h2>Room-by-Room Staging Tips</h2><p>&ldquo;For all rooms, we would suggest a thorough professional clean,&rdquo; said Bessy and Marina.</p><p>They also suggest a fresh coat of white paint, as it brightens up a space and makes it look larger.</p><p>&ldquo;Updating the lighting will also brighten things up, and help give an updated modern look,&rdquo; they added.</p><p>But if you want more specifics, here are some tips for each room in your house.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/223/staging bathroom-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/223/staging bathroom.png"/><img src="https://media.strata.ca/article-images/223/staging bathroom.png" alt="null"/></picture></p><p><b>Living Room:</b> Keep it cozy and inviting with a neutral colour palette and minimal furniture. Bessy and Marina also suggest adding an area rug to help define the space and add warmth.</p><p><b>Kitchen:</b> Clear the countertops of all but the essentials, and a little tip from Defining Spaces: change out the hardware on your cabinets to update your kitchen and give it a fresh new look.</p><p><b>Bedrooms:</b> &ldquo;We love white bedding with neutral accent pillows and full coverlets to add a layered hotel inspired look,&rdquo; said Bessy and Marina.</p><p><b>Bathrooms:</b> Sparkling clean is the name of the game here. You can also add fluffy towels, a new shower curtain, and a fancy soap dispenser to give it a spa-like feel.</p><h2>Boosting Curb Appeal</h2><p>First impressions matter, so don&rsquo;t neglect your home&rsquo;s exterior.</p><p>&ldquo;You want to entice and draw them in even before they walk through the door,&rdquo; said Bessy and Marina.</p><p>Simple touches like mowing the lawn, trimming bushes, and adding a few potted plants can make a big difference. A fresh coat of paint on the front door and a clean welcome mat can also set the stage for what&rsquo;s inside.</p><p>Bessy and Marina also suggest new outdoor lighting, updated house numbers and mailbox as well as a good power wash of the whole exterior.</p><h2>Balancing Trends and Neutrality</h2><p>While it&rsquo;s tempting to go all out with the latest design trends, it&rsquo;s best to keep things neutral. A neutral palette appeals to a wider range of buyers and makes it easier for them to imagine their own furniture and d&eacute;cor in the space.</p><p>&ldquo;Too much colour is distracting and overwhelming when selling a home. It goes back to de-personalizing a space. Colour is too personal,&rdquo; said Bessy and Marina.</p><p>So think soft greys, whites, and beiges for walls and larger pieces, and add pops of colour with accessories like throw pillows or artwork.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/223/Staging1-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/223/Staging1.png"/><img src="https://media.strata.ca/article-images/223/Staging1.png" alt="null"/></picture></p><h2>Highlighting the Home&rsquo;s Best Features</h2><p>Staging is all about showcasing your home&rsquo;s best features. Have a beautiful fireplace? Arrange furniture around it to make it a focal point. Gorgeous view? Make sure the windows are sparkling clean and the curtains are pulled back. The goal is to draw attention to what makes your home special.</p><p>But it&rsquo;s also about hiding the not-so-great features.</p><p>&ldquo;When it comes to less desirable aspects, we neutralize a space by using neutral decor, accent pillows and artwork,&rdquo; said Bessy and Marina.</p><p>&ldquo;Proper use of staging pieces such as area rugs and decor can also redirect attention from less desirable features of a home such as old or stained carpeting, holes or imperfection in a wall and dated furniture.&rdquo;</p><h2>Staging on a Budget</h2><p>Staging costs can be all over the map and depend on a bunch of factors. Is the house empty or lived-in? How much of the homeowner's stuff (like furniture, rugs, and art) will be used?</p><p>&ldquo;On average you can expect to spend between $3,000-$4,500. For larger homes, the price can go over $5,000, but again it all comes down to what is required,&rdquo; said Bessy and Marina.</p><p>If you&rsquo;re on a tight budget, some cost-effective strategies the Defining Spaces experts suggest are decluttering, deep cleaning the home, and simply repairing anything that is broken inside and out.</p><p>Bessy and Marina also added: &ldquo;Open all blinds and curtains to let in natural light. Use mirrors and try to re-arrange furniture to create maximum flow space. Focus on the most key rooms of a home &mdash; kitchen, living room and the prime bedroom.&rdquo;</p><p>And remember, a fresh coat of paint and elbow grease can go a long way!</p>

Stage Like A Superstar: Secrets To Selling Your Home Faster

<p>This summer, Toronto's real estate market saw a shift that no one could ignore. Sales figures declined, buyers offered below asking, and the once-frantic bidding wars became a distant memory.</p><p>In a season marked by cautious offers and longer listings, the luxury market still managed to produce a few standout sales.</p><p>So as we head into fall, let&rsquo;s take a look back at the eight most expensive homes that changed hands this summer.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/6 High Point Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/6 High Point Rd.png"/><img src="https://media.strata.ca/article-images/222/6 High Point Rd.png" alt="null"/></picture></p><h2>6 High Point Rd. &ndash; Sold for $17,000,000</h2><p>Hidden behind private gates, this masterpiece of an estate offered every imaginable amenity &mdash; from a grand Scarlett O'Hara staircase to a gourmet kitchen, media room, library, tennis court, indoor pool and more. When you think of a luxury mansion, this is what you&rsquo;re picturing. This breathtaking Bridle Path estate, situated on 2 acres of stunning land, was the most expensive house that sold this summer. After 86 days on the market it <a href="https://strata.ca/mls/c8385954" target="_blank">sold for $17,000,000</a>, which was almost $3 million less than the list price. But luxury mansions don&rsquo;t normally go for asking, no matter how hot the market is.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/28 Post Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/28 Post Rd.png"/><img src="https://media.strata.ca/article-images/222/28 Post Rd.png" alt="null"/></picture></p><h2>28 Post Rd &ndash; Sold for $15,500,000</h2><p>No surprise, another <a href="https://strata.ca/toronto/north-york/bridle-path-sunnybrook-park?center" target="_blank">Bridle Path</a> mansion made it on this list. Perched on a prime two-acre lot, 28 Post Road is the epitome of elegance and luxury. With five-bedrooms and 10 baths, this home offers lots of natural light, spacious principal rooms and a sweeping double staircase that feels straight out of a movie. <a href="https://strata.ca/mls/c8383888" target="_blank">This home sold for $15,500,000</a>, for $1 million under asking, after only 34 days on the market.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/19 Riverview Dr-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/19 Riverview Dr.png"/><img src="https://media.strata.ca/article-images/222/19 Riverview Dr.png" alt="null"/></picture></p><h2>19 Riverview Dr &ndash; Sold for $13,200,000</h2><p>After being on and off the market all year, this <a href="https://strata.ca/mls/c8328550" target="_blank">Edwardian estate finally sold for $13,200,000</a>. The home boasts over 10,000 square feet of luxurious living space, grand principal rooms, a custom designer kitchen, a two-story family room, soaring ceilings, and a walnut-panelled library. Also, the backyard looks over a ravine and has a covered stone patio, an inground pool, a hot tub, a pavilion, a wisteria-covered arbour, and expansive green space.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/1540 Watersedge Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/1540 Watersedge Rd.png"/><img src="https://media.strata.ca/article-images/222/1540 Watersedge Rd.png" alt="null"/></picture></p><h2>1540 Watersedge Rd &ndash; Sold for $12,000,777</h2><p>This four-bedroom, seven-bathroom, 7,600-square-foot mansion in Mississauga with resort-like vibes <a href="https://strata.ca/mls/w8384444" target="_blank">sold in just a little over 30 days for $12,000,777</a>. That was almost 20 per cent below the list price. Not only does the house look like an all-inclusive resort but it could very well be one &mdash; with the lazy river pool, putting green, personal gym, dazzling wet bar, cutting-edge golf simulation room, and four-person sauna. Not to mention the house backs onto Lake Ontario and features stunning views of the CN Tower.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/171 Dunvegan Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/171 Dunvegan Rd.png"/><img src="https://media.strata.ca/article-images/222/171 Dunvegan Rd.png" alt="null"/></picture></p><h2>171 Dunvegan Rd. &ndash; Sold for $11,500,000</h2><p>In August, <a href="https://strata.ca/mls/c8452808" target="_blank">171 Dunvegan Rd. sold for $11,500,000</a>, 11.4% below the list price. But that&rsquo;s not what&rsquo;s interesting about this sale. What <i>is</i> interesting is that this house doesn&rsquo;t even exist yet. 171 Dunvegan was sold for its potential to become a dreamy 8,166.84 square-foot mansion with wide-plank hardwood flooring, a custom kitchen, a temperature-controlled wine cellar and all those other bells and whistles that come with luxury mansions.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/23 Misty Cres-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/23 Misty Cres.png"/><img src="https://media.strata.ca/article-images/222/23 Misty Cres.png" alt="null"/></picture></p><h2>23 Misty Cres &ndash; Sold for $10,750,000</h2><p>Despite how stunning 23 Misty Crescent is, this ultra-modern luxury home took a while to sell. It was first listed in 2023 for $13,800,000, and then was re-listed another five times before <a href="https://strata.ca/mls/c8189368" target="_blank">finally selling in June for $10,750,000</a>. The five-bedroom, eight-bathroom home situated at Bayview and York Mills offered almost 12,000 square feet of opulent living space and an interior that is a fabulous departure from the typical McMansions.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/35 Wilket Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/35 Wilket Rd.png"/><img src="https://media.strata.ca/article-images/222/35 Wilket Rd.png" alt="null"/></picture></p><h2>35 Wilket Rd &ndash; Sold for $10,400,000</h2><p>Designed and built by Nazem + Rose Design and Castle Rock Homes, 35 Wilket Road is a Bridle Path new-build mansion. Situated on a grand pie-shaped lot, the home features a limestone exterior, a heated driveway, and a five-car garage with a car elevator. Inside, luxury abounds with a chef&rsquo;s kitchen, a 22-foot ceiling in the family room, and heated floors throughout. The lower level adds 4,000 square feet of space, including a home theatre, wine cellar, and sauna, making this property the ultimate in sophisticated living. And yet, it took a while to sell. It was listed three times before it <a href="https://strata.ca/mls/c9050706" target="_blank"> ultimately sold for $2.4 million, less than its original asking price</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/199 Chartwell Rd-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/222/199 Chartwell Rd.png"/><img src="https://media.strata.ca/article-images/222/199 Chartwell Rd.png" alt="null"/></picture></p><h2>199 Chartwell Rd &ndash; Sold for $10,300,000</h2><p>After 10 years on and off the market 199 Chartwell Rd. finally <a href="https://strata.ca/mls/w8217968" target="_blank">sold this year at a more than $3 million-loss</a>. The gated estate on Oakville&rsquo;s prestigious &lsquo;Street of Dreams&rsquo; offers 11,000 square feet of living space, solid limestone construction, exotic wood finishes, and imported marble throughout. Highlights include a two-story great room with a 24-foot limestone fireplace, a chef&rsquo;s dream kitchen, a grand primary suite with a lavish ensuite, and a lower level with a home theatre, gym, and wine room. But that&rsquo;s not all: The resort-style backyard offers an inground saltwater pool, spa, fire bowls, and a stunning cabana, all just steps from the lake and town.</p>

The 8 Most Expensive Properties Sold This Summer

<p>When it comes to luxury real estate, Toronto has plenty of homes that qualify.</p><p>The city that never settles is quickly becoming a playground for the elite, where homes are more than just places to live &mdash; they&rsquo;re status symbols, private retreats, and sometimes, architectural masterpieces that make you do a double-take.</p><p>And while many of us may never be able to afford such luxury, we can covet the trendy things we see in them. So what are the 1% doing in their homes?</p><h2>The Condo Craze Continues</h2><p>First off, let&rsquo;s talk condos. You might think that a luxury home needs to come with a sprawling lawn and a backyard pool. But in Toronto, sky-high living is equally luxurious.</p><p>Just check out <a href="https://strata.ca/toronto/155-cumberland-st-155-cumberland/unit-1700" target="_blank">Suite 1700 at 155 Cumberland St.</a> It is the epitome of fancy city living, with a whopping 6,644 sqft of indoor luxury, plus 1,000 sqft of stunning outdoor terraces.</p><p>There&rsquo;s also <a href="https://strata.ca/toronto/183-wellington-st-w-residences-of-the-ritz-carlton/unit-460203" target="_blank">4602 &amp; 03 - 183 Wellington St W</a> which has stunning 180-degree panoramic views of Toronto, and all the amenities that the Ritz-Carlton has to offer.</p><p>But from stunning views of the cityscape, concierge services that rival the best hotels, and amenities like rooftop pools, private gyms, and even wine cellars &mdash; <a href="https://strata.ca/blog/luxury-condos-in-toronto-our-top-picks!" target="_blank">luxury condos</a> can compete with the most lavish of mansions.</p><p>So it&rsquo;s no surprise,<a href="https://www.gta-homes.com/luxury-condos/" target="_blank"> luxury condos are popping up</a> faster than you can say &quot;penthouse suite&quot;. Some are even so coveted that they&rsquo;re selling before the building is even finished, <a href="https://strata.ca/mls/c6035655" target="_blank">like with One Bloor St. W</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/The Smart Home Boom-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/The Smart Home Boom.png"/><img src="https://media.strata.ca/article-images/221/The Smart Home Boom.png" alt="null"/></picture></p><h2>The Smart Home Boom</h2><p>Now, a lot of homes can look fancy. But what turns a fancy house into a dream home? Tech. That&rsquo;s right, move over traditional mansions &mdash; smart homes are the new must-have in Toronto&rsquo;s luxury market.</p><p>Today&rsquo;s affluent buyers want homes that can do it all. From lighting that adjusts to your mood to automated security to blinds that close themselves, smart homes are turning fantasies into reality.</p><p>And you&rsquo;ll notice that almost all the luxury mansions have smart home technology integrated, because who doesn&rsquo;t want to control everything from your smartphone, whether you&rsquo;re on the couch or sipping cocktails in the Caribbean?</p><p>Just take a peek at how cool <a href="https://strata.ca/toronto/17-ardwold-gate-m5r2w1" target="_blank"> 17 Ardwold Gate</a> is! This luxurious home is crafted with state-of-the-art innovation and technology including an automated wine cellar and an 11-car garage that rotates.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/Outdoor Spaces Get the Royal Treatment-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/Outdoor Spaces Get the Royal Treatment.png"/><img src="https://media.strata.ca/article-images/221/Outdoor Spaces Get the Royal Treatment.png" alt="null"/></picture></p><h2>Outdoor Spaces Get the Royal Treatment</h2><p>In the GTA where space is at a premium, outdoor living areas have become the ultimate luxury.</p><p>Forget about basic patios; we&rsquo;re talking outdoor kitchens with pizza ovens, heated infinity pools, and fire pits that make you want to roast marshmallows all year round.</p><p>These outdoor spaces aren&rsquo;t just an afterthought. They&rsquo;re designed with the same attention to detail as the interiors, offering a seamless blend of comfort and nature. One home that does this really well is <a href="https://strata.ca/toronto/11-thornwood-road-m4w2r8" target="_blank">11 Thornwood Rd</a> in <a href="https://strata.ca/toronto/midtown?center" target="_blank">Midtown</a>, which truly celebrates the surrounding landscape.</p><p>But just outside of the city, we can&rsquo;t help but drool over the backyard of <a href="https://strata.ca/caledon/15466-the-gore-road-l7c3e5" target="_blank">15466 The Gore Road</a> in <a href="https://strata.ca/caledon/rural-caledon-east?center" target="_blank">Rural East Caledon</a>. Although, not sure you can call it a &ldquo;backyard&rdquo; when it has 52.5 acres of private forest, three ponds, and a cascading stream. But even with all that space, it&rsquo;s still a vibe.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/Sustainability -600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/Sustainability .png"/><img src="https://media.strata.ca/article-images/221/Sustainability .png" alt="null"/></picture></p><h2>Sustainability Meets Sophistication</h2><p>Luxury doesn&rsquo;t have to come at the expense of the environment. Toronto&rsquo;s high-end market is seeing a rise in eco-friendly features that don&rsquo;t skimp on style.</p><p>Take <a href="https://strata.ca/toronto/95-riverview-drive-m4n3c6" target="_blank">95 Riverview Dr</a>. This stunning four-bedroom home was thoughtfully designed with sustainability at its core. It has eco-friendly features like green roofs, rainwater harvesting, skylights that open for natural ventilation, energy-saving LEDs, a permeable driveway, high-efficiency split-zone mechanical systems, and much more.</p><p>Sustainable luxury is here, and it&rsquo;s making a big statement.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/Heritage Homes-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/Heritage Homes.png"/><img src="https://media.strata.ca/article-images/221/Heritage Homes.png" alt="null"/></picture></p><h2>Heritage Homes with a Modern Twist</h2><p>Toronto&rsquo;s love affair with history is no stranger to Toronto&rsquo;s elite. In fact, many of the stunning homes we see on the market today were equally stunning back in the 1800&rsquo;s and early 1900&rsquo;s. Heritage homes are being snapped up by buyers who appreciate the charm of the past, but still want all the modern comforts.</p><p>These homes are being meticulously restored to maintain their original character while incorporating the latest technology and design trends. The result? A great blend of old-world elegance and contemporary flair that&rsquo;s hard to resist.</p><p>Right now, we&rsquo;re lusting over <a href="https://strata.ca/toronto/27-south-drive-m4w1r2" target="_blank">27 South Dr.</a>, an Edwardian home that was masterfully renovated by Architect Ray Murakami, Designer Ann Johnston, and Landscape Architect Mark Hartley.</p><p>We&rsquo;re also loving <a href="https://strata.ca/toronto/82-chestnut-park-road-m4w2r3" target="_blank">82 Chestnut Park Rd.</a>, which was originally built in 1904 by famed architects Henry Langley and Charles Langley (who also built some of the most iconic homes around Toronto), but has been completely renovated into a modern day beauty.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/The Rise of Customization-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/221/The Rise of Customization.png"/><img src="https://media.strata.ca/article-images/221/The Rise of Customization.png" alt="null"/></picture></p><h2>The Rise of Customization</h2><p>Last but certainly not least, customization is king. The ultra-wealthy don&rsquo;t just want a beautiful home &mdash; they want a home that&rsquo;s uniquely theirs. Custom-built estates are becoming more popular, with buyers working closely with architects and designers to create spaces that reflect their personal style.</p><p>Whether it&rsquo;s a home theatre that rivals the best cinemas, a wine cellar that could host a sommelier&rsquo;s dream tasting, or a garage that doubles as a showroom for a luxury car collection, the possibilities are endless when you have the budget.</p><p>Like in <a href="https://strata.ca/oakville/393-maple-grove-drive-l6j4v8" target="_blank">393 Maple Grove Dr.</a> in <a href="https://strata.ca/oakville?center" target="_blank">Oakville</a> there&rsquo;s an entire bowling alley. And in <a href="https://strata.ca/toronto/108-sandringham-drive-m3h1c9" target="_blank">108 Sandringham Dr.</a> in <a href="https://strata.ca/toronto/north-york?center" target="_blank">North York</a>, there&rsquo;s even an old-school arcade.</p><p>In Toronto, luxury real estate isn&rsquo;t just about where you live &mdash; it&rsquo;s about how you live. And with these trends, it&rsquo;s clear that the city&rsquo;s affluent are living large, with no signs of slowing down. After all, why just live when you can live luxuriously?</p>

Luxury Real Estate Trends In Toronto: How The Lavish Live Large

<p>Toronto is a city full of vibrant neighbourhoods, each with its own unique charm and character. While places like the Distillery District, Liberty Village, and Queen West often steal the spotlight &mdash; there are plenty of lesser-known areas that deserve a little love.</p><p>These hidden gems offer a blend of culture, history, and community spirit that make them worth a visit and maybe even worth moving to.</p><p>So, if you're looking to venture off the beaten path, here are some underrated GTA neighbourhoods that are definitely worth exploring and adding to your home search.</p><h2> Junction Triangle: Where the Past Meets the Present</h2><p>Nestled in the heart of the West End, <a href="https://strata.ca/toronto/west-end/the-junction-west-end?center" target="_blank">Junction Triangle</a> is a neighbourhood with a rich industrial history that&rsquo;s quickly becoming one of Toronto's coolest spots. This area is packed with old factories and churches that have been transformed into trendy lofts (like <a href="https://strata.ca/toronto/8-bartlett-ave-the-bartlett-lofts" target="_balnk">The Bartlette Lofts</a> and <a href="https://strata.ca/toronto/40-westmoreland-ave-west-40" target="_blank">West 40</a>) or art spaces, and microbreweries.</p><p>You can also take a stroll down the Railpath, a scenic trail that runs alongside the railway tracks, and discover hidden murals, quirky cafes, and the always-happening <a href="https://shophendersonbrewing.com/" target="_blank">Henderson Brewing Co</a>. It&rsquo;s the perfect place to see how Toronto&rsquo;s past is being reinvented for the future.</p><p>And if you want to get in on the ground floor of a unique condo space, we&rsquo;d encourage you to check out <a href="https://grainlofts.com/" target="_blank">Grain Lofts</a>, which is a new sustainable condo development using mass timber construction.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Cabbagetown-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Cabbagetown.png"/><img src="https://media.strata.ca/article-images/220/Cabbagetown.png" alt="null"/></picture></p><h2> Cabbagetown: A Slice of Victorian Charm</h2><p>If you&rsquo;re a fan of historic architecture, <a href="https://strata.ca/toronto/downtown/cabbagetown?center" target="_blank">Cabbagetown</a> is a must-visit and a must-consider if you want a century-old home with character.</p><p>This charming neighbourhood boasts the largest continuous area of preserved Victorian homes in North America. There&rsquo;s even some for sale right now, which could be your dream home. Like <a href="https://strata.ca/toronto/31-rose-avenue-m4x1n7" target="_blank">31 Rose Ave</a>. which is a three-storey legal triplex in a charming Victorian home or this four-bedroom townhouse at <a href="https://strata.ca/toronto/344-wellesley-street-east-m4x1h3" target="_blank">344 Wellesley St E</a>. is also stunning.</p><p>Walking through its leafy streets feels like stepping back in time. But it&rsquo;s not all about the old days. Cabbagetown also has a thriving contemporary scene. Check out the weekly farmers' market at Riverdale Park, or pop into Jet Fuel Coffee for a caffeine fix. And don&rsquo;t miss the annual <a href="https://www.cabbagetownto.com/festival-information" target="_blank">Cabbagetown Festival</a>, where the streets come alive with music, food, and local artisans.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Danforth-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Danforth.png"/><img src="https://media.strata.ca/article-images/220/Danforth.png" alt="null"/></picture></p><h2>Danforth East: More Than Just Greek Town</h2><p>While the Danforth is famous for its Greek cuisine, venture a little further east, and you&rsquo;ll find a neighbourhood that&rsquo;s bursting with multicultural flavours and community spirit.</p><p><a href="https://strata.ca/toronto/east-york/danforth-village?center" target="_blank">Danforth East</a> is home to a diverse array of eateries, from Ethiopian and Japanese to classic Italian. The area also has a growing arts scene, with galleries and creative workshops popping up all over. Stop by the <a href="https://www.eastlynnparkfarmersmarket.ca/" target="_blank">East Lynn Farmers' Market</a> for local produce and handmade goods, or join a yoga class at one of the many studios. It&rsquo;s a foodie and culture lover&rsquo;s paradise.</p><p>It also has some pretty great homes and condos to check out, like <a href="https://strata.ca/toronto/2055-danforth-avenue-carmelina-condos" target="_blank">Camerlina Condos</a> or this cute, fully renovated semi-detached house with exposed brick walls <a href="https://strata.ca/toronto/1060-woodbine-avenue-m4c4c5" target="_blank">listed for just under $1M</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Bloordale-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Bloordale.png"/><img src="https://media.strata.ca/article-images/220/Bloordale.png" alt="null"/></picture></p><h2>Bloordale Village: The Cool Kid on the Block</h2><p>Bloordale Village is the epitome of a neighbourhood on the rise. What was once a sleepy strip between Dufferin St. and Lansdowne Ave. is now buzzing with new life, thanks to an influx of hip bars, vintage shops, and indie galleries. This is the place to go if you&rsquo;re looking for something a bit offbeat. Grab a pint at <a href="https://burdockbrewery.com/" target="_blank">Burdock Brewery</a>, catch a live show at the cozy <a href="https://torontolife.com/culture/the-story-behind-owls-club-a-veterans-hall-with-legendary-karaoke-saturdays/" target="_blank">Owl&rsquo;s Club</a>, or hunt for retro treasures at Value Village. You can also partake in some excellent people watching at <a href="https://www.instagram.com/thedirtyduff/?hl" target="_blank">The Dirty Duff</a> aka Dufferin Mall. Bloordale&rsquo;s gritty charm and creative vibe make it a fantastic spot for a casual day out.</p><p>And if Bloordale Village turns out to be the dream neighbourhood for you, you&rsquo;ll want to keep an eye out for homes or condos in <a href="https://strata.ca/toronto/west-end/dovercourt-wallace-emerson-junction?center" target="_blank">Brockton Village, Dufferin Grove or Dovercourt</a>. There&rsquo;s tons of options out there.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Weston-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Weston.png"/><img src="https://media.strata.ca/article-images/220/Weston.png" alt="null"/></picture></p><h2>Weston: A Riverside Retreat</h2><p>Often overlooked, <a href="https://strata.ca/toronto/york-crosstown/weston?center" target="_blank">Weston</a> is a hidden gem that offers a peaceful escape from the hustle and bustle of city life. Situated along the Humber River, this neighbourhood has beautiful parks, historic sites, and a strong sense of community. Take a walk through Weston Lions Park, where you can enjoy stunning river views and maybe even spot some local wildlife. For a bit of history, visit the 19th-century St. John's Anglican Church, or explore the quaint shops and cafes that line Weston Road. It&rsquo;s a tranquil retreat that feels miles away from downtown Toronto.</p><p>Weston is also a pretty affordable neighbourhood to live in with detached home prices ranging from $650,000 to $1,450,000, with the average sale price being just over $1 million.</p><p>But there&rsquo;s plenty of options for houses and townhouses for under $1 million making this a great neighbourhood for first time home buyers.</p><p>This newly renovated <a href="https://strata.ca/toronto/50-william-street-m9n2g7" target="_blank">detached bungalow for $939,000</a> or this <a href="https://strata.ca/toronto/1947-1949-lawrence-ave-w-lexington-on-the-green-condos/1-unit-219" target="_blank">beautiful townhouse for $648,000</a> would both be great options if you happen to be in the market.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Port Credit-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Port Credit.png"/><img src="https://media.strata.ca/article-images/220/Port Credit.png" alt="null"/></picture></p><h2>Port Credit: The GTA's Waterfront Gem</h2><p>Head west to Mississauga, and you'll find <a href="https://strata.ca/mississauga/port-credit?center" target="_blank">Port Credit</a>, a charming lakeside neighbourhood that&rsquo;s often overshadowed by its big city neighbour. This waterfront gem boasts a picturesque marina, beautiful parks, and a vibrant main street filled with shops and restaurants. Take a leisurely stroll along the Waterfront Trail, enjoy fresh seafood at Snug Harbour, or catch some live music at one of the local bars. Port Credit&rsquo;s laid-back vibe and stunning views make it a perfect day trip destination or place to call home.</p><p>Here are some of our favourite homes from Port Credit that are on the market right now.</p><p><a href="https://strata.ca/mississauga/94-cumberland-drive-l5g3m8/mls/w8328218" target="_blank">This contemporary newer build</a> home located on Lake Ontario is beyond dreamy. It has direct lake access and comes with a water lot, which means you have an extra 300-feet of property in the lake! It is, however, $7,580,000 or $22,000 a month to live here.</p><p>If you&rsquo;re not rolling in dough, there&rsquo;s tons of other cute options too at a more reasonable price. For example, there&rsquo;s this modern corner penthouse suite in a low rise boutique condo just steps from the lake. It&rsquo;s <a href="https://strata.ca/mississauga/70-port-st-e-the-regatta-iii-condos/unit-605" target="_blank">listed for $749,000</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Unionville-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Unionville.png"/><img src="https://media.strata.ca/article-images/220/Unionville.png" alt="null"/></picture></p><h2>Unionville: A Step Back in Time</h2><p>Just a short drive north of Markham, is <a href="https://strata.ca/markham/unionville?center" target="_blank">Unionville</a>. It offers a quaint, historic experience that's hard to find in the modern cityscape. With its preserved 19th-century buildings, charming boutiques, and cozy cafes, Unionville feels like a village frozen in time. Take a walk down Main Street, visit the Varley Art Gallery, or enjoy a performance at the Flato Markham Theatre. The neighbourhood also hosts several festivals throughout the year, making it a lively spot to visit no matter the season.</p><p>And if you&rsquo;re looking for a place to live, the great thing about being outside of the city is you have way more space and prices aren&rsquo;t as outrageous. Like take this impressive 9,741 square-foot corner lot in the heart of Historic Unionville. The historic home boasts four bedrooms, four bathrooms, and a detached double garage. In Rosedale this house would probably be more than $9 million, but in Unionville it is <a href="https://strata.ca/mls/n8203120" target="_blank">listed for $1,888,000</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Streetsville-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/220/Streetsville.png"/><img src="https://media.strata.ca/article-images/220/Streetsville.png" alt="null"/></picture></p><h2>Streetsville: Mississauga's Village in the City</h2><p>Known as &ldquo;The Village in the City,&rdquo; <a href="https://strata.ca/mississauga/streetsville?center" target="_blank">Streetsville</a> in Mississauga combines small-town charm with modern amenities. This neighbourhood is home to a number of historic buildings, unique shops, and delightful restaurants.</p><p>It also has modern houses, townhouses and condos, if you&rsquo;re in the market for that. Our top pick would be this three-bedroom &ldquo;detached condo&rdquo; part of <a href="https://strata.ca/mississauga/1760-1875-hyde-mill-cres-hyde-mill-crescent-townhomes" target="_blank">Hyde Mill Crescent Townhomes</a> that&rsquo;s <a href="https://strata.ca/mississauga/1760-1875-hyde-mill-cres-hyde-mill-crescent-townhomes/95-unit-139" target="_blank">listed for a reasonable $795,000</a>. It&rsquo;s like the best of both worlds all wrapped into one cute package.</p><p>But if you&rsquo;re just there for a day trip, definitely check out the Streetsville Bread and Honey Festival, explore the beautiful Streetsville Memorial Park, or enjoy a meal at one of the many local eateries. It&rsquo;s a welcoming community that offers a refreshing break from the hustle and bustle of city life.</p><h2>Final Thoughts</h2><p>Toronto and its surrounding areas are brimming with hidden treasures just waiting to be discovered. These underrated neighbourhoods offer a mix of history, culture, and local flavour that make them, at the very least, worth exploring. So next time you&rsquo;re looking for a new adventure, skip the usual spots and head to one of these hidden gems. You might just find your new favourite place or maybe even your dream home.</p>

Hidden Gems: Underrated Toronto Neighbourhoods Worth Exploring

<p>Looking for a fabulous place to call home in Toronto? While most places in the city are pretty standard, every now and again you find a truly remarkable gem of a rental. So we've rounded up six standout spots you can rent right now, if you have the money that is!</p><p>Whether you're after luxury, location, or a little bit of both &mdash; these picks are sure to impress. So grab your Drake playlist, and let's dive into the hottest rentals in the 6ix!</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/67 Lake Promenade-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/67 Lake Promenade.png"/><img src="https://media.strata.ca/article-images/219/67 Lake Promenade.png" alt="null"/></picture></p><p><b><a href="https://strata.ca/toronto/67-lake-prom-m8w1a2/mls/w8346936" target="_blank">67 Lake Promenade</a></b></p><p>If you&rsquo;re looking for something with a bit more nature, then 67 Lake Promenade might be your dream rental. This ultra-modern home in <a href="https://strata.ca/toronto/etobicoke" target="_blank">Etobicoke</a> is right on Lake Ontario, so you have jaw dropping views from sunrise to sunset. Not only is there a lake in your backyard but there&rsquo;s also an inground pool, and a hot tub.</p><p>67 Lake Promenade is a four-bedroom, nine-bathroom 7,000 square-foot custom estate with soaring ceilings and an abundance of natural light. The modern, custom design features high-end finishes throughout &mdash; including luxurious bathrooms, a steam room, gym, and a nanny suite.</p><p>It is currently available to rent for $28,000 a month. Or if you love it enough to commit long-term, it&rsquo;s also <a href="https://strata.ca/toronto/67-lake-prom-m8w1a2/mls/w8346934" target="_blank">for sale at $11,900,000</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/118 Yorkville-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/118 Yorkville.png"/><img src="https://media.strata.ca/article-images/219/118 Yorkville.png" alt="null"/></picture></p><p><b><a href="https://strata.ca/toronto/118-yorkville-ave-the-hazelton/mls/c8045094" target="_blank">118 Yorkville Ave, Unit 703</a></b></p><p>If you want to live like a King in Toronto, this is the place. Located in the chic neighbourhood of <a href="https://strata.ca/toronto/downtown/yorkville" target="_blank">Yorkville</a>, this 5-star residence in Hazelton Hotel offers world-class amenities including 24-hour room service, housekeeping, a private elevator, and full access to all hotel facilities &ndash; including the indoor pool, fitness centre, spa, and round-the-clock concierge service.</p><p>703 &ndash; 118 Yorkville Ave. is a stunning 6,300 square-foot. corner suite with regal classical Renaissance and modern design. This condo comes complete with direct elevator access, 5 fireplaces, 6 balconies, a wine cellar, and 3 parking spaces. It&rsquo;s luxury living at its finest. But also costs $65,000 a month to rent.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/44 Foxley-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/44 Foxley.png"/><img src="https://media.strata.ca/article-images/219/44 Foxley.png" alt="null"/></picture></p><p><b><a href="https://strata.ca/toronto/44-foxley-street-m6j1r1/mls/c8333820" target="_blank">44 Foxley Ave</a></b></p><p>If you&rsquo;re into architecture and want to live in something a little outside the box, 44 Foxley is the dream option.</p><p>Designed and built by the award-winning JA Architecture Studio and Houyan Homes, this stunning residence, which has been featured in Dwell Magazine, redefines contemporary elegance and functionality.</p><p>From the moment you enter, you'll be captivated by the flowing curves and arches that create a seamless sense of movement throughout the home. You&rsquo;ll also be impressed by the kitchen with top-of-the-line Gaggenau appliances and just generally the amount of space and luxury squeezed into this <a href="https://strata.ca/toronto/west-end/trinity-bellwoods" target="_blank">Trinity Bellwoods</a> home.</p><p>The home has five bedrooms and eight bathrooms, with the master suite taking up the entire third-floor. But the marvel doesn't stop there. The main house's distinctive curves and arches extend to one of the property's most unique features: a separate laneway house.</p><p>44 Foxley Avenue is available to rent for $15,000 a month. Or if it&rsquo;s worth it to you, it&rsquo;s up for <a href="https://strata.ca/toronto/44-foxley-street-m6j1r1/mls/c8239880" target="_blank">sale at $3,995,000</a>.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/24 Noble St-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/24 Noble St.png"/><img src="https://media.strata.ca/article-images/219/24 Noble St.png" alt="null"/></picture></p><p><b><a href="https://strata.ca/toronto/24-noble-st-noble-court-lofts/unit-501" target="_blank">24 Noble St, Unit 501</a></b></p><p>For those of you who are on a tighter budget but still want things to look cute, this hard loft in an old <a href="https://strata.ca/toronto/24-noble-st-noble-court-lofts" target="_blank">1910s warehouse</a> in <a href="https://strata.ca/toronto/west-end/south-parkdale" target="_blank">South Parkdale</a> is ideal. The rarely available penthouse unit features one bedroom plus den, one bathroom and comes with a parking spot. It&rsquo;s a bright corner unit with gorgeous 12-foot wood beam ceilings, and beautiful natural exposed brick. And better yet, it&rsquo;s a reasonable $2,900 a month.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/9 Peyton Lane-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/9 Peyton Lane.png"/><img src="https://media.strata.ca/article-images/219/9 Peyton Lane.png" alt="null"/></picture></p><p><b><a href="https://strata.ca/toronto/9-peyton-lane-m4m3r3" target="_blank">9 Peyton Lane</a></b></p><p>For those who prefer to live on the east side &mdash; get ready to fall in love with this one-of-a-kind, converted warehouse in <a href="https://strata.ca/toronto/east-end/leslieville-south-riverdale" target="_blank">Leslieville</a>!</p><p>This detached, 2,800 square-foot, open-concept loft offers a unique blend of industrial chic and cozy comfort. Tucked away on a rear lane, it provides complete privacy while boasting exposed brick and steel beams, soaring 30-foot ceilings in the dining room, and heated concrete floors.</p><p>The wall-to-wall oversized windows flood the space with natural light. And in the kitchen, 25 feet of glass walls add a sleek, modern touch. Some other things worth mentioning are the fully private yard, the 10-foot double shower, plus not one, but two wood-burning fireplaces. 9 Peyton Lane is available furnished for long or short-term stays, and is $8,995 a month.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/62 Hazelton Avenue-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/219/62 Hazelton Avenue.png"/><img src="https://media.strata.ca/article-images/219/62 Hazelton Avenue.png" alt="null"/></picture></p><p><b><a href="https://strata.ca/toronto/62-hazelton-avenue-m5r2e2" target="_blank">62 Hazelton Ave</a></b></p><p>While industrial vibes are cool, if your taste leans towards Europe, check out 62 Hazelton Avenue. This fully restored and renovated three-storey Victorian gem is a rare find.</p><p>With four bedrooms and five baths, this elegant home exudes the charm of grand European residences. From the mixture of period elements and exceptional craftsmanship to whimsical details and designer fixtures, every corner tells a story of stylish sophistication.</p><p>This home can be rented for $25,000 a month.</p>

6 Stunning Places To Rent In Toronto Right Now

<h2>1. Location, Location, Location!</h2><p>You&rsquo;ve heard this one a million times, but it&rsquo;s the golden rule of real estate for a reason. Whether you&rsquo;re eyeing a cozy triplex in Toronto&rsquo;s trendy Queen West or a sprawling apartment complex in the Oakville suburbs, the location can make or break your investment. Check out the neighbourhood vibe, accessibility, and amenities. Remember, your future tenants would love to be close to public transit, schools, and cute coffee shops.</p><p>One quadplex that definitely checks the location box is <a href="https://strata.ca/toronto/509-palmerston-boulevard-m6g2p2" target="_blank">509 Palmerston Blvd</a>. Listed for $3,299,000 this detached-house / multiplex boasts over 4,000 square feet of space, multiple patios, four parking spots and is close to literally everything.</p><h2>2. Know Your Numbers</h2><p>Think of buying a multiplex like hosting a big party &mdash; you need to know how many guests (aka tenants) it can handle, how much it&rsquo;ll cost, and what you&rsquo;ll get out of it. Crunch those numbers! Calculate the potential rental income, expenses (maintenance, taxes, insurance), and factor in a buffer for unexpected costs. It&rsquo;s all about balancing the books to make sure you&rsquo;re not just breaking even; but turning a profit.</p><p>One thing you can look at is the capitalization rate (cap rate). This handy metric helps you understand the potential return on your investment. It&rsquo;s calculated by dividing the net operating income (NOI) by the property&rsquo;s purchase price. For example, if your property generates $100,000 in annual income and costs $1,000,000 &mdash; your cap rate is 10%. A higher cap rate often indicates a higher return. But this can also mean more risk. Compare cap rates in the area to get a sense of whether you&rsquo;re getting a good deal. But generally, experts say that a good cap rate hovers around 4%.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/218/Condition-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/218/Condition.png"/><img src="https://media.strata.ca/article-images/218/Condition.png" alt="null"/></picture></p><h2>3. Check the Condition</h2><p>Before you sign on the dotted line, channel your inner Sherlock Holmes. Inspect every nook and cranny of the building. A fresh coat of paint can hide a multitude of sins. Look for signs of wear-and-tear, structural issues, and anything that screams <a href="https://strata.ca/blog/should-you-buy-a-fixer-upper-how-to-avoid-a-money-pit" target="_blank">&ldquo;money pit&rdquo;.</a> Don&rsquo;t be shy about bringing in a professional inspector. It&rsquo;s worth the peace of mind.</p><p>For example, <a href="https://strata.ca/toronto/3025-queen-street-east-m1n1a5" target="_blank">3025 Queen St E</a> looks stunning from the outside because it is. It&rsquo;s a historic Toronto landmark literally called Chateau de Quatre Vents (Castle of the Four Winds). But the interior condition is less than ideal. It&rsquo;s only halfway through a renovation, and is now being sold &ldquo;as is&rdquo;. Not to mention the place has been listed several times since 2021, and keeps dropping the asking price. In short, your spidey senses should be tingling.</p><p>On the other hand, this <a href="https://strata.ca/toronto/97-lee-avenue-m4e2p2" target="_blank">nine-unit multiplex in The Beaches</a> is basically turn-key after a two-year restoration project. It is, however, listed for over $8 million.</p><h2>4. Understand the Market</h2><p>Real estate isn&rsquo;t just about bricks and mortar; it&rsquo;s about trends and timing. Dive into the local market to understand rental demand and vacancy rates. Are people flocking to the area, or is it seeing an exodus? Keeping an ear to the ground can help you make informed decisions and avoid potential pitfalls.</p><h2>5. Legal Eagle Eyes</h2><p>Owning a multiplex means wearing multiple hats &mdash; with the main one being the landlord hat. Get familiar with <a href="https://www.ontario.ca/page/renting-ontario-your-rights" target="_blank">Toronto and Ontario&rsquo;s landlord-tenant laws</a>. Know your rights and responsibilities, making sure your lease agreements are airtight. It&rsquo;s like playing Monopoly, but with real consequences.</p><h2>6. Financing Fun</h2><p>Securing financing for a multiplex can be a bit different from getting a mortgage for a single-family home. Although, if the property has four-units or less, you can still qualify for a traditional home mortgage.</p><p>However, when purchasing a multiplex with five or more units, lenders classify this as a commercial property, requiring you to qualify for a commercial mortgage. This type of loan has additional criteria, such as evaluating the building's profit potential and assessing your experience as a landlord.</p><p>But you should still shop around for the best rates and terms, as well as consider working with a mortgage broker who specializes in multi-unit properties. They can help you navigate the process and find a deal that works for you.</p><h2>7. Property Management: DIY or Outsource?</h2><p>Decide early on whether you want to manage the property yourself or hire a dedicated property manager or firm. Self-managing can save you money, but it also means being on-call 24/7 for tenant issues. If the thought of late-night plumbing disasters makes you shudder, it might be worth outsourcing.</p><p>When hiring a property management company or property manager, prioritize experience, reputation, and services offered. Look for a company with a solid track record and good references. Ensure they offer comprehensive services like tenant screening, rent collection, and maintenance.</p><p><picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/218/Future-Proofing-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/218/Future-Proofing.png"/><img src="https://media.strata.ca/article-images/218/Future-Proofing.png" alt="null"/></picture></p><h2>8. Future-Proofing</h2><p>Think long-term. Will the area continue to grow and attract tenants? Are there plans for new developments or infrastructure projects that could boost property values? In short, future-proofing your investment can help ensure it remains profitable down the line. Look for signs of upcoming neighborhood revitalization projects, new public transit routes, or planned commercial developments. These can all indicate a positive future trajectory for your investment.</p><p>For example, in Toronto <a href="https://strata.ca/blog/riding-the-value-wave-how-transit-infrastructure-is-shaping-gta-real-estate" target="_blank">transit infrastructure</a> can have a big impact on property value. So you might want to look at a multiplex like <a href="https://strata.ca/toronto/117-chaplin-crescent-m5p1a6" target="_blank">117 Chaplin Cres</a>. Listed for $4,950,000, this newly renovated building offers four apartments, plenty of parking and will be <a href="https://www.metrolinx.com/en/projects-and-programs/eglinton-crosstown-lrt" target="_blank">steps away from the new LRT</a>.</p><p>Additionally, consider the property's potential for upgrades and improvements&mdash;modern amenities and energy-efficient features can make your building more attractive to future tenants and increase its value over time.</p><h2>9. Community Vibes</h2><p>Lastly, consider the community aspect. Multiplexes and apartment buildings often create mini-communities. How will you foster a positive environment? Happy tenants are more likely to stick around, reducing turnover and keeping your investment steady.</p><p>Buying a multiplex or apartment building can be a thrilling adventure. With a bit of homework, some number-crunching, and a dash of Sherlock Holmes&rsquo; detective skills, you&rsquo;ll be well on your way to becoming a real estate mogul. So, grab your floaties, and dive in &ndash; the water&rsquo;s fine!</p>

So You Want to Buy a Multiplex or Apartment Building? Here's What You Need to Know

<p>Picture this: You've just put down your deposit on a shiny new condo that's still under construction. You've been daydreaming as to how you'll decorate, which coffee shop will become your regular, and maybe even hosting some fabulous housewarming parties. But then, BAM! You get news that your building is going into receivership.</p><p>And this news has become more common as <a href="https://www.cbc.ca/news/canada/british-columbia/real-estate-receiverships-1.7102448" target="_blank">real estate receiverships are on the rise</a> in Canada.</p><p>But, before you panic and start thinking your dream home is just, well, a dream &mdash; let's break down what this really means.</p><h2>The Receivership Rollercoaster</h2><p>So, what exactly is receivership? Think of it as a financial lifebuoy thrown to a sinking ship. When a developer can't pay its debts, a court appoints a receiver to take over.</p><p>This person or company steps in to manage the building's finances, make necessary decisions, and hopefully, steer the project back on course.</p><p>Receivership is considered pretty extreme legal relief, and not every developer who applies gets it. But if it does get the green light, the receiver will crunch the numbers to see what it&rsquo;ll cost to finish the project. And how much they can make from selling the remaining units. If the costs are way higher than expected, they might have to take some pretty drastic steps.</p><h2>Your Future Home Sweet Home Is Still In The Works</h2><p>First things first: Your investment is still valid, and the goal of receivership is to complete construction.</p><p>Receivership isn't a giant eraser that wipes out your property. Instead, it's a process designed to protect the project's value, ensuring it doesn't fall apart. The receiver's job is to sort out the mess, yet keep things moving forward.</p><p>But sometimes when extreme actions need to be taken, the pre-sale condo purchase agreements may be terminated.</p><h2>Who Pays for What?</h2><p>Now, you may be wondering about money. Will you have to shell out extra cash? Will you get your deposit back? The short answer: It depends.</p><p>The receiver will need to figure out how much it will cost to finish building, and how much they can expect to make from selling the units. If there&rsquo;s a big gap because expenses are higher than expected, they may give current buyers the option to pay more for the units.</p><p>Another option is to try and sell the in-progress project or find new investors. But in today&rsquo;s market, that can be tricky.</p><p>If all that fails and the condo becomes insolvent, do you lose your deposit? No.</p><p>Buyers will get some solid protection under the Condominium Act, which requires that developers put your deposits into a trust.</p><p>So if your builder cancels the purchase agreement, they must return your deposit in full within 10 days. If they don't, <a href="https://www.tarion.com/" target="_blank">Tarion</a>, a non-profit created by the Ontario government to oversee the province&rsquo;s new home warranty program &mdash; has your back with deposit protection up to $20,000.</p><p>Additionally, you may get the right of first refusal to enter fresh purchase agreements through the receiver.</p><p>For example, take the case of <a href="https://haloresidencesvip.ca/" target="_blank">Halo Residences</a> which went into receivership in 2020. When the purchaser of the development relaunched, the pre-construction buyers had the opportunity to reinstate their purchase agreement for the same unit at a new price &mdash; less a discount of $150 per square foot. Those previous buyers who declined this option got, in addition to their refunded deposit, a payment of 2% on the value of that deposit.</p><h2>Keep Calm and Stay Informed</h2><p>The key to navigating receivership is staying informed. Attend meetings, read updates from the receiver, and don&rsquo;t be shy to ask questions. Knowledge is power, and understanding what's happening can ease the stress.</p><p>But remember, receivership is usually temporary. It's a process to help the project get back on its feet.</p><p>So, while receivership might sound like a plot twist in a bad movie, it's more like a minor detour on the journey to your dream home. With some patience and understanding, you'll come out the other side with your ideal condo.</p><p>That&rsquo;s when you can start planning that fabulous housewarming party, and picking which colour to paint the living room!</p>

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