24 Treford Place, Toronto
Asking price: $4,985,000 (August, 2021)
Selling price: $4,985,000 (August, 2021)
Taxes: $14,316 (2021)
Days on the market: 12
Listing agent: Paul Johnston, Right at Home Realty
This multi-use, laneway property on a 70-foot-by-103-foot lot appealed to creative professionals needing a work/live space. There were two offers and the sellers took the one that matched their $4.985-million asking price.
“There’s an enormous amount of demand for lane house properties, and for a property of this size and significance,” agent Paul Johnston said.
“A typical freehold home in that neighbourhood will range from roughly $1.2-million to about $2.6-million. This was the most expensive single-family freehold property to sell, so it’s a record breaker in the entire district.”
John Lusink, president and broker of record at Right at Home Realty, doesn’t expect mortgage rates to be higher until “mid-to-late 2022.” With so many Canadians squeezing into mortgages in the last 18 months, a rapid rate rise could be catastrophic for those with little room in their budgets for higher housing costs.
“Given the importance of the housing industry to the economy as a whole, I don’t foresee any dramatic changes in interest rate policy happening until the new year,” Lusink says.
“I would stress that low-interest rates are truly only available for those borrowers who have good down payments, secure, stable and preferably long-term employment, and an excellent overall credit score,” Lusink says. If that describes you, Lusink says not to give up on your home search.
Homeowners should beware of buyers soliciting them with cash offers, says John Lusink, President & Broker of Record at Right at Home Realty.
“Unfortunately, it’s one of those things where there’s nothing stopping an unlicensed individual from approaching anybody to buy their house, and unfortunately some of these things are quite predatory,” said John Lusink
“It’s problematic for all-too-trusting homeowners or people in bad situations who need to sell, because they can get taken advantage of. If a realtor does this, there’s a resource—you could go to the regulator and file a complaint.”
Completing the transaction without the guidance of a realtor could leave the homeowner vulnerable, says Lusink.
One thing seasoned pros and newbies in our industry have in common is that they are always on the lookout for fresh prospects. Having a lead generation plan is crucial to thrive in real estate. Patricia Clarke, a real estate broker at Right at Home Realty in Ottawa, finds leads by focusing on a niche.
“I don’t like to use lead generation systems as most of them are not qualified buyers or sellers. I also believe that the traditional cold calling and email marketing are not efficient or effective nowadays as people often perceive them as intrusive and ‘spammy’. What has worked for me is the use of ‘organic’ social media (not paid) and I focus my efforts on a niche. There are thousands of real estate agents in my market and that’s why it’s so important to have your own niche.”
With real estate markets across the country shattering records, it’s no surprise housing affordability quickly became a key issue in the federal election campaign, reigniting the fierce debate on blind bidding. In blind bidding, interested buyers are asked to submit a bid by a pre-determined date, with no information other than the number of competing bidders.
John Lusink, president of Right at Home Realty, says the problem isn’t with blind bidding itself but the fact that “very strict rules” about how to manage multiple offers are often ignored with no repercussions. “It’s no different than having rules in place for driving. You’re supposed to follow speed limits but that doesn’t mean everyone is doing it,” he says.
Unaffordable market is ultimately issue of supply and other causes many concur. Contrary to the popular belief, a ban wouldn’t necessarily equate to a cooler market, adds John Lusink, president of Right at Home Realty. As he says, blind binding doesn’t create or impact the housing demand that already exists.
Contrary to popular belief, a ban wouldn’t necessarily equate to a cooler market, adds John Lusink, president of Right at Home Realty. As he says, blind binding doesn’t create or impact the housing demand that already exists. In Canada, open auctions of properties are already available and real estate agents already have the means to conduct open bidding, says Lusink.
- In the News