Housing in Leaside continues to thrive in the summer months and will, in my opinion, continue to do so throughout the fall season even though we have seen increasing interest rates from the Bank of Canada. The consensus is that households have adjusted to higher borrowing costs. The issue, as we all know, is lack of supply. But there’s still lots of demand. Yes, good homes priced right are still flying off the shelves so it’s a great time to sell! July sales, listings and home prices were up over July 2022, but were down compared to June 2023. Don’t read too much into this, as last year prices/sales started dropping in late spring because of rate increases and summer was quiet as people started to travel post-pandemic. This year we have seen a return to a more seasonal market. A busier spring, a somewhat slower summer and I suspect a busier fall.
More real estate-related topics of interest
Tax exemption for seniors and persons with a disability
Did you know that if you own a property that was altered to accommodate someone 65+ or a person with a disability, you may be eligible for a tax exemption for that portion of your property?
For more info: https://www.mpac.ca/en/MakingChangesUpdates/xemptionSeniorsandPersonsDisability.
My two cents on the impact of new condo developments in Leaside
I admit it, I hate change! I see these eight new development projects in Leaside (anywhere from 25 to 45 storeys high, approved or proposed) and I think of the increase in vehicular traffic, school district capacity and infrastructure issues and I shake my head. But the need for maximizing density isn’t going away and at least properties are being developed on the busier intersections. Will these developers and the taxes paid by these new Leaside residents go towards growing our local schools? Will they be used to increase much needed services like more local daycare? Will there be some larger units built targeting local residents who want to sell their homes and stay in our neighbourhood? Will some of these projects be mixed use condo and rental units? For now, we must live with the inconvenience of construction so I’m trying to be positive. Let me know what you think next time you see me around the neighbourhood and let’s chat regarding the effects, positive or negative, on your home’s value.
Energy-efficient incentives/upgrades for home owners
We all love the character and heritage of our Leaside homes but some homes are not quite as energy efficient as they could be. Did you know there are grants available to possibly make your home more energy efficient? Visit https://www.toronto.ca for more info.
What’s the difference? Garden suite or laneway house?
The City of Toronto allows the construction of garden suites in the rear yards of residential properties that are not next to a public laneway. A single garden suite, containing a single unit, is permitted on a property provided it meets all the applicable rules and regulations. The term “garden suite” is defined as a self-contained living accommodation for a person or persons living together as a separate single housekeeping unit, in which both food preparation and sanitary facilities are provided for the exclusive use of the occupants of the suite, and is in an ancillary building not abutting a lane.
A laneway suite is a self-contained residential unit located on the same lot as a detached house, semi-detached house, townhouse, or other low-rise house. A laneway suite is typically located in the backyard next to a public laneway and is generally smaller in size, and completely detached from the main house on the lot.
Garden and laneway suites are regulated by two separate portions of the zoning bylaw. Either option is intended to function as rental housing and can also be a good solution to reach out to a family member or maybe an on-site caregiver who can live close while remaining independent. If you want to know more about either of these options, contact me and we can discuss which option applies to you and how it can add value to your home.
Patrick Rocca is a broker with Bosley Real Estate and a Leaside resident, offering his unique take on housing in the community. Visit him at www.patrickrocca.com.