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I recently took my 10-year-old niece Rachel, to see the Mirvish production of The Wizard of Oz. It was fantastic and I encourage you to go see it. As I get older I cherish the simple yet valuable life lessons presented in Dorthy’s adventure, especially the very poignant sentiment that "home is where the heart is".

In the world of residential real estate, the media is reporting that sales volume is down and prices are up. What exactly is going on? The 416 area of the GTA reported a total of 2,855 sales in March 2013, compared to 3,585 in March 2012. The average price of $567,965 for all sales in March was up 4.8% even though there were 18.4% fewer sales.

More specifically the 416-area looked like this in March:

975 detached homes sold with an average price of $846,828, prices up by 2.8%, total sales yr/yr down - 21.6%.

314 semi’s sold with an average price of $607,334, prices up 6.9%, total sales yr/yr down - 15.1%.

300 Townhomes sold with an average price of $450,104, prices up 7.5%, total sales yr/yr down - 18.5%.

1,266 Condo’s sold with an average price of $367,595, prices up 2.0%, total sales yr/yr down - 18.7%.

With sales volume declining why has there been no impact on prices you may ask. Several factors are at play. In the re-sale home market it is primarily the result of limited supply and increasing demand, which in turn creates a shortage. Some neighbourhoods continue to see bidding wars and that too pushes prices up. Mortgage rates are at an all time low giving greater incentive to buy with lower borrowing costs enabling purchasers to pay higher asking prices.

Despite an abundant supply, the condo market is holding value due to a very strong rental market. Low vacancy rates and high rental prices are off setting the carrying costs of condos. Did you know that the GTA is now the 4th largest city in North America? Our population is poised to hit 6.9 million by 2020. The only way to really grow is up! This is certainly seen in the condo boom happening all across the city.

So now what?

Perhaps it’s time to remember Dorthy and her quest to find home in the Wizard of Oz. Maybe we need to concentrate on buying a home or condo because we truly love it and can imagine ourselves living there. Maybe we all need to turn the volume down on the media hype. At Model Suites Realty we do not have a crystal ball or magical powers like Galinda the good witch! What we can share with you is our interpretation of value along with trends in the market place and opportunities available. Our lifestyle approach to real estate truly resonates with the feeling of “home is where in the heart is”. Let us help you find your home.

Heather Rovet,
Director of Sales

C 416.970.0982
T 416.204.7400
F 416.603.8422
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heather@modelsuites.com

THE CORKTOWN LOFTS,
21 RIVER ST. , SUITE 3
$769,000 - view listing

This unique walk-up loft is reminiscent of a New York City Brownstone, a rare gem in one of the city’s most up and coming neighbourhoods, Corktown. With only 8 units in the building, this intimate and spacious 2 level, 2-bedroom loft is over 1600 square feet with 12-foot ceilings. The original posts and beams and exposed brick add character, detail and warmth. Solid oak floors throughout, real plaster crown moudling and 10” wood baseboards are but a few the details in this one-of-a-kind space. This loft is fully equipped with the Control 4 Home System making it a very smart home. Featured as one of Toronto Life's Condo's of the week.

Watch the lifestyle video HERE:

LONDON ON THE ESPLANADE
1 SCOTT STREET, SUITE 403
$1,975,000 - view listing

As soon as you walk through the front door you forget you are in a condo, this space shows and feels like a home. Spanning 2 levels and over 3300-square, this 3+1 bedroom combines detail, design and luxury. Located right downtown in ‘Old Toronto’, you are minutes to the financial district, ACC, St. Lawrence market, and more. The ensuite elevator takes you to you master retreat on the 2nd floor complete with a steam shower, soaker tub and 2 walk-in closet.

Watch the lifestyle video HERE

THE KING EDWARD RESIDENCES,
37 KING STREET EAST
SUITE 426: $428,000
SUITE 505: $528,000

Live in luxury in the same building where Elizabeth Taylor and Richard Burton made headlines in 1964 for staying in a suite together unmarried. Can you imagine - how scandalous! Housed in history this iconic building is a true Toronto landmark and in 2003 for it’s 100th anniversary received an Ontario Heritage commemorative plaque. The new residences make for the perfect city pied-a-terre. Finished with exquisite detail and craftsmanship. Own a piece of history.

THE PANTAGES,
200 VICTORIA STREET, SUITE 1410
$331,700 - view listing

Steps to the Eaton Centre, Ryerson University, St. Michael's Hospital and more, this 1 bedroom condo might just be in the most central part of downtown. Experience hotel living in this spacious and well laid out condo in the prestigious Pantages. Room service, house keeping, spa, gym, business centre, martini bar and more! Perfect for a starter condo or a great investment opportunity. The suite comes fully furnished. All you have to do is get your room key and move in.