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Real Estate News

Top Real Estate News of the Week: January 30 to February 5

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Another week in Toronto has come to a close and, from January 30 to February 5, real estate news continued to take our desktops by storm. In fact, you may have struggled to keep up with it all!

And, let’s be real: everything — *gestures vaguely* — is a lot right now, so there’s a fair chance you don’t want to spend your weekend doom-scrolling, trying to catch up on all the latest stories about what’s up, what’s down, and what’s not budging. In fact, we wouldn’t recommend it.

To make your day a little easier, we’ve gathered up this week’s top articles and assembled them below. Consider this place your Toronto real estate news digest, where you can get the picture before you go outside to get some (socially distanced) fresh air.

With that, we’ll get right to it. Here are your top “storeys” for the week:

1. Trend of Trading City Living for Suburban Space Unlikely to Last: CIBC

Of all the intriguing factors surrounding this past year’s real estate fluctuations, the desire many have shown to get out of typically-coveted urban centres and into quieter, more suburban regions is easily one of the most captivating. And according to a new economics report from CIBC, the trend is one that — albeit sounding like it makes sense — is unlikely to stick.

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2. Listed Luxe: Toronto Mansion Featured in Schitt’s Creek Asking $14.9M

Really, who would want to leave Toronto anyway, when what was the home of the iconic Rose family — before they moved to Schitt’s Creek — is for sale in the city? Imagine, getting to wander the halls the recent Golden Globe-nominated family called home? Well, if you’ve got a cool $14.9 million chilling in the bank, then the home at 30 Fifeshire Road could be yours.

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3. Toronto Residents Must Continue Wearing Face Masks Until June

Meanwhile, it doesn’t really matter where you are across Ontario right now, be that the city or in the suburbs. Either way, you’re going to be feeling the impacts of COVID-19 in some way or another. Here in Toronto, residents will be required to wear face masks and coverings for another four months, after City Council voted in favour to extend the bylaws on Wednesday.

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4. Three of the Most Affordable Cities in Ontario to Buy a Home Right Now

If 2020 taught us anything, it’s that having adequate space and access to the outdoors — especially if you’re working from home — is more important than ever. So, if you truly are feeling ready to trade in your city digs for a property with, perhaps, a backyard… one of these three cities is where you’re bound to get the most bang for your buck.

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5. What a $1 Million Home Looks Like in Every Provincial Capital

Or maybe, for you, money’s no object… and you’ve fully committed to the idea of skipping town (or province) to explore a new environment. If that’s the case, it’s high time to learn more about what a $1M budget can get you in all of Canada’s provincial capitals. Edmonton? Looking cute. St. John’s? We see you! Iqaluit? What we’d do for that sunrise…

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6. Couple Collaborates on Unbelievable “Mini Modern House” (PHOTOS)

If a move across the country isn’t up your alley, why not get cozy on your couch and enjoy the creative endeavours of one cooped-up couple who’ve given “downsizing” a new meaning? This “mini modern house” has gone (the good kind of) viral on Twitter, and for good reason: The fully-built structure, designed from scratch, features functioning electricity, a working garage door, teak wood decks, and a Monopoly game complete with miniature game pieces… and those are only a few of the creation’s minor details.

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7. Listed: This North York Property Asking $1.4M Isn’t What it Seems

In other news surrounding aesthetically interesting abodes, we present you 413 Drewry Avenue. Fitted with a $1,399,990 price tag, the four-bedroom listing’s first image shows a modern, sophisticated two-storey, fronted by a double-garage, featuring a perfectly-trimmed front lawn. Oh, and a sports car in the driveway for good measure. But the image doesn’t actually capture the place that’s for sale — instead, it presents a vision of what could replace the home that currently stands at the address.

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8. New Condo Sales in ‘905’ Outpaced Those in ‘416’ For First Time Ever in 2020

Meanwhile, in the condo market… In light of the province-wide lockdowns that forced real estate agents to pivot to a virtual sales model, the nearly 9,000 new condo sales in 2020 that the City of Toronto recorded wound up representing a more than 15-year low. Urbanation released its year-end 2020 Condominium Market Survey results on Monday, which revealed new condominium apartment sales in the GTA declined 28% last year to 18,247 units, the lowest annual total since 2013 and 15% below the 10-year average (21,421).

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