Finding a Gem in Toronto’s Real Estate Market: Why the Best Homes Aren’t Always the Shiny Ones

In today’s Toronto real estate market, buyers are hunting for value and who can blame them? Prices are high, competition is tight, and when you’re scrolling through listings, those glossy white kitchens, recessed pot lights, and quartz countertops seem to scream “move-in ready.”

But here’s the truth:
Some of the very best opportunities are hiding in plain site behind old wallpaper and green shag carpeting.   

Don’t Judge a Home by Its Décor: Look for the Fundamentals

At first glance, a house with dated finishes might make you think it needs to be gutted. Yet inside homes like 354 Betty Ann Drive in Toronto’s Willowdale community, you often find that while the obvious features have not been renovated, the fundamentals have been looked after and the home is actually in better condition that it appears.

Things to look for when shopping for your next home:

✔ Some Newer windows

Windows have become fairly inexpensive to replace and home owners should check for any subsidies or government grants when making home improvements that can effect the home's efficiency.  But finding a home with some windows already replaced is a bonus!

✔ Green shag carpeting… sitting on solid oak hardwood

The carpet can go. The solid oak stays forever. Refinishing solid hardwood floors is far less expensive than replacing them altogether. Either way, floors are one of the quickest and least expensive ways to make a home feel renovated.

✔ Beautiful original plaster ceilings and moldings

Look for good walls and moldings. This sort of thing can tell you alot about a home. This home was freshly painted and the home owner had the exterior walls professionally insulated in 2021. A feature rarely found in some of the 'prettier' homes in the city.

✔ Kitchens Can Be Renovated — Bones Cannot

Whether a kitchen is a little dated or very dated, it typically all gets ripped out when renovating. Cosmetic kitchens don’t last very long and  with some sellers doing cheap updates prior to selling, you might find yourself paying a premium for a kitchen you''ll want to just rip out anyway.

At 354 Betty Ann, you’ll see:

• A family-sized kitchen

• A walkout to the yard

• Kitchen can be opened into living areas

These are the hard-to-find features and can make a renovation so worthwhile.

✔ Bedrooms, Bathrooms and “No Moving Parts”

In many homes from this era, the best news is this: most rooms have no moving parts.

Bedrooms, hallways and living spaces are fairly easy to update.  Replace a window, do the floors and paint. (354 betty Ann Dr has just been freshly painted and the ceilings are in great shape!)

Finding a primary suite in an older home is a bonus - having to update should not stop you in your tracks if they are hard to find.

At 354 Betty Ann Dr, the roof is under 10 years old. The attic is clean and dry.

Look for dry attics and solid roofs.  Some of the pretty staged homes might have other issues.  Your roof and attic should matter more to you than a trendy backsplash or extra pot lights ever will.

Finding Hidden Gems: Your Advantage in This Market

Whether or not this particular home is the right fit for you, the lesson applies everywhere: Look past the shiny objects.

Look for structure, space, layout, condition and of course, location!

At the Mulholland Ross Group, we help buyers identify the homes that truly offer long-term value. Homes with great bones, good lots, solid systems, and incredible potential are on the top of our list! We also appreciate a quality renovation and can help buyers identify the difference!

If you’re searching across Toronto and want help spotting the real opportunities, give us a call.

The Mulholland Ross Group 416-230-8500

Let's face it. Simply saying the word 'Downsizing' can evoke a range of emotions and can almost feel like a negative step. After all, most of us have spent our lives and careers growing and expanding - the idea that bigger represents success. So suddenly focusing on smaller and simpler can be a bid of a mind bend.

However, this transition doesn’t have to be seen as a failure or be depressing. Let’s explore this topic in a more positive light.

The perception of downsizing ac often bring a feeling of loss. Many of us have spent decades advancing our careers and improving our lives, with better living often equating to larger spaces. As a result, downsizing can feel like a step back, but it’s really about making a change. It’s important to consider alternative terms like “Smart Sizing” or “Simplifying,” which can offer a fresh perspective. Ultimately, moving is not a failure; it’s about change. Choosing to do nothing is also a valid option.

As we meet more retirees, we see a trend: many initially plan to “age in place,” but as families grow and cities become busier, they reconsider. Popular choices include condos for those wanting to simplify while staying in the city, or relocating to quieter, more affordable areas closer to family.

When contemplating a move, several key factors should be taken into account. First, consider your support system—where are your family and friends located? Proximity to healthcare is crucial as well, so think about the availability of doctors and treatment centers. Community amenities, like the YMCA or other facilities, can enhance your quality of life. Additionally, reflect on your shopping preferences; do you want big box stores nearby?

Before making any decisions, it’s essential to clarify your goals. Are you looking for less space or a different layout? Financially, do you need to downsize to ensure leftover funds after the sale? How much money do you hope to clear once the move is complete? Are you prepared to pay more for your next home? There is so much to consider before jumping in!

When we meet with homeowners considering a move, we take time to discuss all these factors and more. Our goal is to help you navigate this transition smoothly, ensuring you’re prepared and informed every step of the way.

Remember that change can be both a little scary and exciting. Embrace the journey of simplifying your life, and let’s redefine what it means to downsize together!

We are easy to reach!

416-230-8500

ora@mulhollandross.com

The Mulholland Ross Group

It’s Spring in Toronto - Let’s talk about Multiple Offers! 

Essentially, multiple offers occur when two or more people submit offers on the same home at the same time. This can happen organically and without a planned ‘offer date’. The Spring season however has a tradition of seeing sellers purposely price their homes at a much lower price than expected and setting a date to review all offers. The lower price is a strategy to attract as many people to come view the home and (hopefully) make an offer.

Multiple offers spark competition and although homebuyers are made aware of the number of offers that are competing, the details of the competing offers are not shared. This blind bidding process often drives the price up.

Once all the offers have been received, we review all the details of all the offers with our sellers so that they can compare the entire offer. It’s important for buyers to know that a seller may choose an offer after that first submission. They have the right to just choose one and not give any of the others the opportunity to change, which is why we often tell buyers this isn’t the time to lowball an offer. You have one chance to make a great first impression and you are in competition. Most of the time, sellers will review all of the offers and as their Realtors, we reach out to all of the Agents who submitted offers and ensure we are looking at everyone’s best offers. If not, we ask the agents to resubmit their very best offer. This can go on for some time, yet it is a delicate dance and it’s important to know when to hold.

"A Multiple offer situation is not the time for buyers to try a lowball offer."

When all is said and done, Sellers are looking for the best offer, and that can mean more than just the best price.

• Do they want a specific closing date?
• How large is their deposit?
• What conditions are in the offer?
• Do the buyers need to sell their own home?

The ‘cleaner ’ offers without conditions, are a favourite for sellers with multiple offers.

Sellers please note; simply setting an offer date doesn’t promise a multiple offer situation. And even if it does, you may not see the price you had hoped for. We advise going in with eyes wide open with realistic expectations.

There is so much more information - this is just skimming the surface. There is truly so much more that we can share. We have dealt with countless multiple-offer situations as we head into our (correction!) 39th spring season. Allow us to listen to your plans and provide you with some ideas.

If you’re trying to buy a home in today’s market, allow us to show you some ways to help you ‘win’ an offer. Even if you’re not sure where to start, know that you can start here by visiting our website. Even better, you can call or email us anytime. We look forward to helping!

The Toronto housing market is alive and well. 

The headlines love a sad story. Which is why we keep hearing how horrible theToronto Regional Real Estate Market is and about the significant drop in the average sales price from the same period last year. And while that part may be true, what no one wants to talk about is the steady increase in month over month prices happening right now. The Toronto housing market is alive and well.

At 4,100, February home sales saw a slight lift over previous months, and the average selling price rose over 6% from January to February this year. Statistics right across the board show a drop compared to this time last year, yet let’s remember that last Spring saw prices rise way too much and way too quickly. Today’s market indicates that the high borrowing costs have affected affordability for buyers. The cost to borrow $500,000 has risen approximately $700.00 per month. We believe that home prices may not necessarily be as strong as they are today, if there were more homes on the market.

The recent Bank of Canada decision to hold interest rate hikes was like a breath of fresh air to the market and more buyers were encouraged to move off the sidelines and enter the market. A few of our recent listings saw over 60 buyers visits and one home saw 19 offers! The buyers are out here but there really isn’t much out there for them to buy.

If you’re a Buyer, it’s getting tougher out there to find a place and quite often you may find yourself in a multiple offer situation. Yes, the bidding wars are back. And while that sold price isn’t as high as it was, it’s not far off. Some areas and home types are even seeing higher prices today than they have ever seen. If you're a Seller, read the previous paragraph again. You can take advantage of the lack of inventory and our professional services to showcase your home for its highest price. If you choose to list your home now, you may have less competition and be pleasantly surprised with the results.

To see what your home is worth, check out this free home valuation tool.

Whether or Buying or Selling or both, it’s a fascinating market out there and my best advice is to hire someone (or better yet, a Team) to be there for you.

If you have more questions about our real estate market or need help with your buying or selling goals, call or email us. We are to share our insider knowledge with you so that you can make the best decisions for your family.