Did you know that just 3% of Toronto realtors currently trading property experienced the 1989 housing crash? Even realtors celebrating 25 years in the industry have never navigated the conditions that are just beginning to unfurl, triggered when the Bank of Canada began a series of aggressive rate hikes in 2002 and 2023 as a response to soaring inflation.
Although the Bank of Canada has begun lowering rates, the byproduct of the interest rate shock is that it castrated Toronto’s scorching hot real estate market. The temperature today, at best, is tepid. Demand for New Homes has all but evaporated, prices have been declining, and the condominium market is a teetering house of cards. As a realtor who started his career the day the bubble burst in 1989 and watched it slowly unravel, our current real estate conditions today seem very deja vu. If it is history repeating itself, our housing market is in for a bumpy ride followed by a period of stagnation. Which begs the question? In your situation is this an opportunity or constraint?
My name is Steven Fudge, and I’ve been a Top Producing Realtor in Toronto, Ontario, Canada, for 35 years. Since 1989, I’ve steered my career through a real estate market crash and burn; survived a slow, painful cross-country recession; completed an M.E.S. graduate degree from York University called ‘Planning Housing Environments’; executed the concept, sales & marketing of multiple new condo and vintage loft conversions; and guided hundreds of clients through the purchase and sale of freehold and condominium dwellings across the original City of Toronto. Much like the trajectory of Toronto’s real estate market since 1989, I witnessed our gritty industrial port city decline, stagnate, and reignite to become a glittering post-industrial global centre. More recently, whether the cracks in our housing market are the byproducts of overt financialization, rampant speculation, or our collective overreach investing in an asset-based economy, the promise of certain riches is beginning to dim. In these changing times, if you’re planning to sell a property I encourage you to seek the counsel of a realtor with knowledge, experience, and wisdom to guide you through our shifting market.
I’d like to show you how I recently sold an open-concept soft loft penthouse in the Chocolate Company Lofts at 955 Queen Street West.
Prioritize The Surprise
At the beginning of January, my team and I listed an 815 square-foot Soft Loft Penthouse with terrace + deeded parking & locker in the Chocolate Company Lofts on bustling Queen Street West. Eight days later, it sold for Full Price.
Before we came to market, we walked through the property with our client and assessed their 23-year-old vacant soft loft, purchased from the developer pre-construction and customized into a semi-open space plan. Designed initially as a 2-bed 2-bath unit, the developer redesigned the space plan to suit our client, which included removing most of the demising walls, installing one washroom and leaving the other ‘roughed-in’ for completion at a future date, and changing the location of several electrical and cable outlets.
Two decades later, our client shared that they had never discussed with the condominium’s property management that the original purchase included installing a washroom at a future date, nor did they know exactly where those rough-ins were located. If you are familiar with condominiums, you know this circumstance is highly unusual and not something one would typically experience, particularly in a condo corporation twenty years old.
It’s not unreasonable to assume that this surprise had the potential to overwhelm a less experienced realtor. However, with 10 of my 35 years spent in real estate development, and given my familiarity with construction and Developer’s Standard Agreements of Purchase & Sale, it was a fairly straightforward process for me to identify the location of the roughed-in washroom. That said, the extent to which the washroom had been ‘roughed in’ was impossible to confirm because the demising walls and floor were fully finished; there were no signs of capped water lines, plumbing drainage pipes, or a flange in the floor for a toilet.
While the owner of a house might think installing a washroom is pretty straightforward, it is much more difficult in a condominium. This is because the hot and cold water lines, plumbing drains, and sewage are considered the common elements of a condominium up to the point that they intersect with a deeded unit. At that point, everything within the unit boundary becomes the unit owner’s responsibility. So what does this mean for a condominium corporation when a unit owner discloses that, 20 years later, they had secured the right to install a washroom that was ‘roughed in’ by the original developer? Until one reviews the original construction drawings – and opens up some walls – how best to install a full washroom and connect it to the common elements is undeterminable. Further, the planning, approval and execution of such an undertaking by a unit owner could be very time-consuming and tricky, especially if the condo corporation is obliged to make additions or modifications to its common elements in favour of one unit owner
Although this issue was unexpected and complex – but important to share with potential Buyers – bringing the unit to market required full disclosure. It wasn’t just the Buyer who had to be informed. Our duty and fiduciary responsibility to our client necessitated forwarding the original Agreement of Purchase & Sale (between our client and the developer) to the condominium’s property management, along with a summary of the situation. It was paramount that they be fully informed and could respond to the circumstance before we listed it for sale. I spoke directly with the property manager and asked if they had any concerns and, of high importance, to ensure that the construction drawings showed the as-built changes so the Seller could warrant he had not made the changes himself. Once that was sorted we listed the property on MLS with its own Schedule of Disclosure and supporting documentation. The Schedule, integral to the Agreement of Purchase & Sake made it clear that the Seller was not providing any warranty that the developer had roughed in a washroom, but rather that, to the best of the Seller’s knowledge and belief, installing a second washroom might be possible with the condominium corporation’s approval and consent.
Presenting This Property To Its Target Markets
Every property has its unique target market. And appealing to each of them requires different approaches. If the dwelling is owner-occupied, we discuss what to pare down and pre-pack before listing. If the property is older, we may suggest completing deficiencies, undertaking cosmetic improvements, or executing more comprehensive upgrades to facilitate the sale. Exactly what gets done depends on our client’s circumstances, their timing, and whether they’re looking to put additional profits in their pockets. Whatever their situation, we prioritize what deficiencies can be done efficiently and economically without impeding bringing their property to market.
In this instance, the unit was vacant and looked rather sad and forlorn after two decades of wear and tear. With chipping laminate floors and bruised and bumped walls, it presented more fixer-upper than a blank canvas. Leaving it as-is wouldn’t tip a sale in our client’s favour, whereas a modest investment remedying these deficiencies would. Herein lies an important distinction unique to a handful of Buyer Profiles, including those seeking Lofts. This Buyer profile finds big box ‘faux-spirational’ staging repugnant. To walk into a loft and see it stage set like an HGTV Reveal is a turn-off and potentially even a deal-breaker. This target market rejects smoke and mirrors; they’d much rather a property be empty and devoid of visual clutter so that they can walk the space freely and feel how they might live in it – and how it might guide, support, and enrich their daily life.
For these reasons, we helped the owner execute and then positioned and presented the property as follows:
1) Refresh the loft’s walls and 10‘ ceilings with quality white paint and install effortless luxury vinyl plank flooring. In the marketing material, we emphasized how “you [the Buyer] can move into this crisp, empty canvas and breathe deep. And when you’re ready to flex yourself and make it your own, feel free to knock all the walls down or add more!”
2) With the crisp, clean-lined interior empty, beyond an impressive wall of floor-to-ceiling glazing, we focused attention on the 38-foot terrace overlooking the historic storefronts of Queen West and the unobstructed 180-degree Park City sky vista. To accomplish this, we situated a collection of spotlights on the Seller’s existing plantings, furnished the terrace with outdoor carpets and seating, and installed an undulating curve of bamboo fencing to mask an unappealing concrete pediment. These sweeteners were all included in the sale.
3) Delineate the interior. The inherent risk when selling a vacant property is that Buyers can struggle to visualize furniture in a space. This is one reason why staging a property is so popular. It can also be more difficult to spatially understand a soft or hard loft because the scale, proportion, and volume of lofts are usually larger than conventional housing. In this case, the developer’s original 2-bed floor plan had been customized into an open-plan layout, which, when empty, appeared smaller than it was. This presented a conundrum, given that loft Buyers prefer walking into a blank canvas. How did we resolve this? To delineate the space into ‘rooms’ we installed 16 panels of 10-foot tall linen-like draperies onto two black curving ceiling tracks to illustrate the spatial flexibility of its 815 square feet.
Our tagline?
Space. Park. City. Sky.
Crossing the threshold of this soft loft penthouse is like stepping into an easy, breezy, beautiful volume of air, space, and light, thanks in part to the impressive 10′ ceilings, the open-concept floor plan with unexpected peak-a-views afforded by 2 sets of curving diaphanous draperies, and the prize of a jaw-dropping wall of floor-to-ceiling glazing with its unobstructed panoramic park-city-sky vista. Yup, you had me at Hello!
Market Exposure & Information Packages
This was a hybrid adaptive reuse conversion, where the two original century-old buildings that once served Patterson’s Chocolate Company were transformed into hard lofts and bridged by a new six-storey soft loft addition. We believe if you’re selling a dwelling with architectural provenance or a connection to the city’s history, its ‘residual value’ should be promoted. In this case, we both wrote about the site’s history and incorporated Patterson’s Chocolate Company’s vintage copy and visuals into our Marketing Materials.
If you’d like to see what a Custom Listing Promotion on Urbaneer.com looks like, check out A Penthouse Confection Overlooking Trinity Bellwoods Park in The Chocolate Company Lofts. All of our promotions are populated by professional photography and custom floor plans. In this instance, we had the photographer take digital images on two occasions, including twilight photography, to show the heart-grabbing vista at dusk!
Above is our Direct Mail Promotion created in the style of the Patterson Chocolate Company ads from the 1920s, paying homage to the factory’s significant past.
Below is an Advertising Promotion that focuses on qualities appealing to the Loft Profile.
Anyone viewing the property could take home a copy of our 14-page custom-designed & written Feature Sheet. It outlined the amenities & convenience of the neighbourhood, the history & features of the condominium, and the opportunities & benefits of the Soft Loft itself. And, of course, the Condominium Corporation’s Status Certificate was available upon request. Together, these essential tools convert potential Buyers into active Bidders.
We Create Engaging Lifestyle Content, Feature Neighbourhood Amenities & Promote The Property To Its Target Markets
When we bring a property to market, we create and post unique content about it and its location to expand awareness. Each post promotes the property, including a call to action. We also promote the property and target its specific Buyer profiles on Social Media.
Here are a few of those posts:
• Terroni Is Tops On Queen Street West
• Toronto’s Terrific Trinity Bellwoods Park
• Best Brews At Bellwoods Brewery
• Sud Forno In West Queen West
• Dear Urbaneer: What Is The Difference Between A Hard Loft And A Soft Loft?
• High Ceilings & Flooded With Light: We Love A Soft Loft
The Result?
This exceptional property had 23 private viewings – some multiple times by interested parties – and sold for Full Price!
A Program Tailored To Attract Buyers – And Ensure Your Property Is Sold!
Although almost any realtor can sell a property in Toronto, finding the right Buyer – including those who live outside the city and may never cross the threshold of your dwelling – requires an informed experienced team that understands target marketing for specific Buyer profiles; who crafts compelling copy promoting your property & the assets of its location; who is available to show prospective purchases at a moment’s notices, and delivers a comprehensive due diligence package that convinces Buyers they have all the information they need to proceed with an Offer.
It’s also about meeting your wishes, wants, and needs as the Seller. Whether you’re looking to facilitate a quick sale, find a Buyer who will complement the fabric of the community, or you are seeking the highest price possible, The Urbaneer Team welcomes serving your objectives. And because every home – like its owners – is unique, be assured we’re committed to creating a custom marketing program tailored to attract attention. If you’re seeking a top-notch, ‘white glove’, professional, and caring team, give us a ring or email us.
It would be our pleasure to make an introduction.
Below, are the unique circumstances surrounding the sale of 4 other listings, and how we executed our custom marketing program to achieve a win for our Sellers.
How Urbaneer’s Custom Marketing Program Sold This Family-Friendly Home In Riverdale
How Urbaneer Sold An East York Bungalow ‘Estate Sale’ For Redevelopment
How Urbaneer’s Custom Marketing Program Sold This Handsome Edwardian Residence In East York
Are you planning to sell your property now or one day in the future? We have a sterling track record we are committed to excellence.
With three decades of experience navigating the ever-changing Toronto real estate market, a commitment to promote the sale of properties like yours with interesting and relevant information, and the ability to guide Buyers with credible insights and well-informed guidance, the Urbaneer Team helps without pressure or hassle.
Thanks for reading!
-The Urbaneer Team
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage – (416) 322-800
– we’re here to earn your trust, then your business –
Celebrating Thirty-Five Years As A Top-Producing Toronto Realtor
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*Love Canadian Housing? Check out Steve’s University Student Mentorship site called Canadian Real Estate, Housing & Home which focuses on architecture, landscape, design, products, and real estate in Canada!