Everything happening in Toronto real estate this week
Toronto Life - Curb Appeal
Everything happening in Toronto real estate this week
AUGUST 6, 2024
Dear reader,
The market forecast for 2025 is in, and it seems the circus is staying put. Next year, the average price for a home in Ontario—factoring in everything from cozy condos to jumbo detacheds—will hit $911,150, an almost 4 per cent jump from 2024. The ever-increasing cost of housing is enough to give buyers the bends. But it’s also a chance to get creative. One man in East York did just that.
In 2019, Dannick Ferrales and his young family were living in his parents’ basement in East York to save money for a house. That’s when Dannick got the idea to split the mortgage with his folks and build a laneway suite in their backyard. For $650,000, he got a 1,700-square-foot, four-bedroom home in his dream location—and still had enough money left over to buy a new car. “It feels like we found a loophole in the Toronto housing market,” says Dannick. Seems more like foresight to me.
Also in this week’s edition of Curb Appeal: how a $1.5-million reno gave a Bellwoods church a modern facelift. Plus, a semi south of St. Clair with a European kitchen. Visit torontolife.com or subscribe to our print edition for all of our real estate coverage and more.
Dannick Ferrales and his wife Christine—both nurses—dreamed of a house for their young family. But it didn’t take long for them to realize that a detached in Toronto was way beyond their means. At most, they were willing to spend $750,000, but even old bungalows were selling for over a million. Then, in 2021, Dannick learned about the city’s laneway suite program. Inspired, he got to work. Here’s what happened next.
This three-bedroom, four-bathroom townhouse near Yonge and St. Clair comes with a private garage, African hardwood, three balconies and a big backyard. And it’s currently going for $3.4 million.
In the latest issue: dispatches from the canine wars. Plus, inside the making of LSL, the $680-a-head uptown restaurant everyone’s talking about; a night owl’s guide to dining out after midnight; a Q&A with the city’s new WNBA boss; and more. Still not receiving Toronto Life at home? Subscribe today.
