As we sweat through one of the hottest summers in recent memory, most of us are more concerned with trying to stay cool rather than buying real estate. According to veteran Toronto agent Kara Reed of Chestnut Park Real Estate, "August is typically our slowest month and couldn’t be more so this year with the warm summer weather."
After a insanely busy spring market that saw prices in cities like Toronto and Vancouver hit record highs, this summer has been slower than expected and the real estate market has become more balanced. For urban family buyers, now might be a good time to find that all-important "forever house" before the fall market kicks into gear. Although the inventory of homes for sale is typically lower in August than even December, another slow month in the real estate calendar, buyers can often snag a better price now than during the prime-time shopping season of spring and fall.
With starter homes hitting $500,000 in key urban markets, Reed mentions $750,000 as a good average budget for a move-up buyer. Let’s take a look at what this can buy in the best family nabes in Toronto, Vancouver and Ottawa:
23 Duart Park Avenue
List price: $749,000
THE CASA: Overlooking the Glen Stewart ravine, this classic Beach century home has 3 bedrooms and 2 bathrooms.
THE NABE: There’s a reason why kids and Golden Retrievers line the streets of Toronto’s Beach neighbourhood – with its beautiful lakefront, parks and ravine, it’s heaven for dogs and tots alike.
AGENT INFO: Mark Richards, Re/Max
List price: $749,900
THE CASA: Contemporary home in Upper Lonsdale with 3 bedrooms and 2 bathrooms and a stunning view of downtown Vancouver and the Georgia Strait.
THE NABE: Our budget doesn’t go very far in the city of Vancouver, but does stretch to a family home on a beautiful piece of land in North Vancouver, near the breathtaking Lynn Valley Ravine and just a bridge-drive or quick passenger ferry from downtown.
10 Renfrew Avenue
List price: $749,000
THE CASA: Charming arts and crafts style bungalow overlooking Central Park, built in the late ’20’s with 3 bedrooms and 3 bathrooms.
THE NABE: The Glebe is one of Ottawa’s oldest neighbourhoods and the close proximity to the downtown core, great schools and the Canal makes this area a favourite for families.
AGENT INFO: Mary & Dave Lindsay, Royal LePage