At the end of the long Canada Day weekend, traffic clogged major highways as city dwellers returned to their homes after spending quality time in the wilderness of Ontario’s cottage country.

But there were many who did not travel during the weekend and stayed right where they were – in the heart cottage country. Most of them were baby boomers, buying cottages to live in permanently. Thank boomers for making this summer scorching hot in Ontario’s resort areas as the buying goes unabated, never grinding to a halt.

Bonnie & John Fincham

John Fincham, a broker at Parry Sound-Muskoka Realty Ltd., specializes in selling cottages in areas like Muskoka, Parry Sound and Georgian Bay.

For him, this year has been exceptionally busy:

We were able to sell 50 percent more compared to the sales last year and this is just the beginning of the summer. We are experiencing a huge demand from baby boomers looking for properties closer to the lake with unobstructed views of the sunrise and sunset.

What are boomers looking for?

Fincham says a combination of multiple factors is responsible for the surge of boomers to cottage country:

Boomers are opting for an exclusive lifestyle surrounded by scenic views of a lake or ravine over the busy, congested city routine. Here they can indulge in an array of activities at their own pace. In addition, health services in cottage areas are considered reliable and with the number of people moving in, it is bound to grow and improve further.

The cost of the cottages on the lake varies from $100,000 to $ 800,000. At the same time, the luxury cottages range between 1 million to 10 million.

Fincham says even though there might be fewer buyers looking for the cottages in winters compared to summers, cottage country is equipped with a surplus of activities for all four seasons. Access to better roads during winter time has opened doors for people to experience cottage country year round.

Muskoka Cottage Country Winter

He is optimistic that this trend of baby boomers buying cottages will remain and even soar high in coming days.

With city life becoming more expensive, fast and hectic, the flow of boomers towards cottage country is becoming more alluring.

Torontonians are changing their lifestyles

His thoughts were shared by Richard Silver, salesperson and vice president of Sotheby’s International Realty Canada:

Most of the boomers who have bought cottages are living in them. Simultaneously, there are many more that have made up their mind to sell their property in the city and move to the cottages permanently. As Toronto life becomes more hectic and busy, people have started looking for tranquility in the countryside, far from the ever-increasing crowd.

With cost of living in the city constantly heading north, we will see people renting out their houses inside the city and buying dwellings in the countryside. This is an inevitable and logical fallout of economics identical to the pattern we see in big cities like New York.

Photo by Tony Webster

Silver feels the reason baby boomers are now living permanently in the cottages is purely a matter of lifestyle.

If you crave for a certain routine in your life, then why drive every weekend for it; why not experience and enjoy that very lifestyle all year round.

In 2016, The Canadian Imperial Bank of Commerce (CIBC) estimated that the baby boomer generation would inherit $750 billion over the next decade. One would think that the latest phenomenon of boomers buying cottages is the trickling effect of that CIBC report. But the same year, a study from Royal LePage had also said that members of so-called Generation X were buying twice as many cottages as baby boomers.

But in just one year, the cash-strapped boomers were able to surpass Generation X in purchasing the real estate in cottage country.

Boomers have a lot more money than their predecessors and also more than the Gen Xer’s. Besides, boomers do not have children draining the bank of “mom and dad” anymore. Their kids are out on their own.

The market frenzy is shifting towards cottage country

A new study from the Frasier Institute reveals that the Ontario economy is highly dependent on the housing market. As per the former chief economic analyst for Statistics Canada, the study revealed that during 2016, the home-building costs and record high housing prices, accounted for 29 percent of Ontario’s economic growth.

In such a scenario, equity-rich baby boomers are making hay with their mission to combine and enjoy both exclusivity and nature’s bliss. Market indications predict that the cottage real estate sector in foreseeable days is destined to witness bidding wars and relentless competition.

PS00KI

Toronto seems to be not only the centre of Canada these days but also the centre of global diversity and attention ever since people like Drake and teams like The Jays have prominently put it on the map. So inevitably, millennials are flocking to the city that promises big opportunities and growth.

However, whether you’re living in Toronto or planning on moving there soon, you’ve probably heard the same incredulous remark: “Isn’t it really expensive to live there?”.

And the answer is: yes. There’s no hiding the fact that Toronto has one of the highest costs of living of any city in Canada. In fact, it’s the second most expensive city in the country next to Vancouver, B.C.

So you might be wondering how so many millennials have managed to inhabit downtown Toronto on a presumably humble budget?

Whether a millennial is a “starving student”, unemployed, or a professional who is doing pretty alright, they’ve likely not been in the workforce long enough to accumulate any substantial wealth. The good news is that Toronto offers a wide range of housing options for millennials in various neighbourhoods each with its own unique charm and affordability.

If you know where to look for apartments or homes, Toronto can provide an ideal atmosphere for any millennial-seeking big city amenities with authentic character.

While some Toronto-based millennials opt to rent or buy housing in white-picket-fence suburbia (or “the GTA” as the locals call it), this article showcases three hip and practical downtown neighbourhoods that warrant a premium price tag for you if you’re looking to stay, live and work in the city.

Church Wellesley Village

Church Wellesley Village (commonly referred to as “The Village”) is an animated neighbourhood home to a large portion of Toronto’s LGBTQ community. Located just steps away from Toronto’s flagship Yonge Street, the Village is ideally situated if you work in the downtown core.

This neighbourhood was considered a seedy part of town during the 1920’s. The Great Depression reduced it to a low-end strip of rooming houses. In 1950, gentrification began in the community and the neighbourhood’s appeal has been growing ever since.

Today, the Village is an undeniably hip neighbourhood of Toronto. The streets are flooded with young and diverse individuals leading vibrant lifestyles. There are countless boutique restaurants, cafés, bars, and shops lining the streets. Church Wellesley Village is a safe space where you can be whoever you want to be.

The price

Naturally, this exquisite part of town comes with a price tag. According to recent results on the Realtor.ca rent-scanning app, an average rent for a 1 bedroom, 1 bathroom unit in this neighbourhood is in the arena of $2,000/month. While this rent is on the steep side for a lot of millennials, it’s worth noting this neighbourhood’s proximity to entertainment and transit before jumping to a conclusion.

Getting around

If you like to bike, Church Wellesley Village is about a 5-8 minute bike ride from Toronto’s infamous Dundas Square. If you work in the Bay Street area, you’re looking at about a 15-minute walk to work.

Or perhaps you want to live in the hustle and bustle of the Village but need to work further away from the downtown core?

No problem – this neighbourhood boasts its very own Wellesley subway station on the Yonge-University-Spadina line which offers complete access to Toronto’s impressive TTC transit system. You can get just about anywhere in the GTA with a few steps to the station and the drop of a token.

Food & Entertainment

You’ll be pleased to know that there’s a convenient Loblaws grocery store located right at the corner of Church and Carlton. This modern grocery store makes shopping a breeze as you can pick up items on your way home from work.

If you want to enjoy the exciting nightlife that the Village has to offer, Crews & Tangos is a must-see club known for its charismatic drag performances. This establishment is a landmark in Toronto and guaranteed to set the stage for a fun night out.

Overall, Church Wellesley Village offers a comfortable and welcoming environment for any millennial looking to appreciate Toronto’s downtown amenities and its remarkable diversity.

The Annex

Veering about 3 km north-west of Church Wellesley Village, you will find Toronto’s equally popular and hip neighbourhood, The Annex.

The Price

Millennials appreciate The Annex for its relatively affordable rent prices and reasonable proximity to downtown. Located close to the University of Toronto, The Annex features a wide range of older but architecturally exquisite apartment buildings suitable for students and young professionals alike. According to recent listings on Realtor.ca and Kijiji, rent for a one-bedroom apartment in The Annex ranges from approximately $1,600 – $2,800 per month.

Getting around

The Annex features the ultra-convenient St. George TTC station, located on a node of the green and yellow subway lines, making your commute an effortless task. Depending on where you live, you can also hop on at the Spadina or Bathurst stations.

The neighbourhood is about a 45-minute walk to the Toronto Eaton Centre. This commute reduces to about 15 minutes if you opt to bike or take public transit. If you’re a student at the University of Toronto, your walk to school takes anywhere from 10-20 minutes.

Food & Entertainment

If you enjoy shopping, Bloor Street offers a vast array of chic bookstores, independent clothing shops, restaurants, patios and much more. You will have no trouble spending money in this neighbourhood!

Board games fans need to check out Toronto’s famous Snakes and Lattes board game café located in The Annex at 600 Bloor Street West.

Another popular destination in this neighbourhood is the Madison Avenue Pub (also known as “The Maddie”) on 14 Madison Avenue. This student-favourite drinking establishment consists of several patios, TVs, pool tables, and occasional live bands.

Whether you’re in your 20’s or your 30’s, The Annex is a great place to live in Toronto. Offering all of the necessary amenities with a slightly quieter atmosphere than the Village, The Annex lets you work or study comfortably in the heart of Toronto while being only steps away from the artistic and colourful Kensington Market.

Photo by Chris Lee

Leslieville

Last but not least, Toronto touts its own version of Brooklyn in its trendy neighbourhood, Leslieville. This community is located east of Toronto’s downtown core, relatively close to the Beaches. Identified by many locals as an ideal destination for young families and couples in their early 30’s, this east-side neighbourhood offers the potential to have a backyard near downtown.

The catch? It may not be within everyone’s price range.

The price

Leslieville has been gentrifying for many years and is now an expensive part of town to call your home. Most of the active listings on Realtor.ca show monthly rents in excess of $2,000 per month for a 1-bedroom apartment.

Ideal for career-oriented young professionals with an appreciation for culture, Leslieville offers a fashionable assortment of retro furniture shops, design studios, indie cafés and craft beer micro-breweries.

Modern condo buildings and luxury loft apartments have sprouted up on many of Leslieville’s thoroughfares, including Gerrard Street.

Getting Around

The great thing about Leslieville is that it is located right in the middle between Toronto’s Downtown and the Beaches. It takes around 30 minutes of relaxed Sunday walk to get to the sandy Woodbine Beach, the largest of the four Toronto beaches.

If you like biking, the ride to Toronto Downtown will take you about 20 minutes,

depending on where exactly you are heading. Getting to the University of Toronto by bike will only take around 17-20 minutes. If you prefer public transport, Leslieville is best accessible by streetcar. If you hop on the bus 501 at Queen Street East you will be in the Downtown in about 20-30 minutes.

It might not be the most famous nightlife spot, but Queen Street East boasts a great bar scene. Still prefer going out in Toronto’s Downtown or the West-end? No problem! The night bus 301 will get you back home safe at any time.

Food & Entertainment

If your income allows you to hang your hat in Leslieville, rest assured you will have no trouble finding delicious food in the area. Considered one of Toronto’s finest brunch neighbourhoods, Leslieville consists of many gourmet and unique restaurants that serve a variety of delectable foods.

Be sure to check out the neighbourhood’s Pied A Terre market if you enjoy handmade arts and crafts.

From career opportunities to culture to nightlife to cuisine, Toronto is a world-class city. If you choose to live downtown versus the suburbs, you get the benefit of avoiding the city’s traffic. Commuting from the suburbs to downtown can easily become a 1-4 hour commitment per day, depending on where you live. So if you value your time and would prefer not to pay for a car, perhaps living closer to downtown is a good option for you.

There is no doubt that Toronto isn’t the cheapest city to live in. However, with its wealth of exciting new ventures, an energetic nightlife and plethora of arts and culture, the premium may very well be worth it.

DB00KI

Richard was featured in Jere Metcalf’s “Top real estate agents tell how they do it” podcast talking about real estate business and we have noted some of the great thoughts Richard shared. So, what helps Richard stay on top after 37 years in the business?

1. Teamwork

“4-5 years ago I’ve decided to move towards a team, not a partnership, but a team. And I also took the bold step of not naming it after me, I wanted it to be known as “Torontoism”, because I wanted that when I decide to retire, it could continue on and exist without me or without me being involved day-to-day. I’ve structured the team so that I no longer list anything on my own, I list together with the team members, I never work with a buyer on my own, I always work as a team”

We focused on creating diversity within our team and making sure that we represented a lot of different cultures. The reality is we not only have the different cultures, we also have 10 languages within our team. We have somebody who speaks Mandarin, we have somebody who speaks Cantonese, we have Hindi, Punjabi, Urdu, English, French, Ukrainian, Portuguese.”

2. Systems, systems, systems…

Richard stresses the importance of systematic approach in any business and one of the systems he likes to use is a CRM system Realvolve. “It basically has workflows developed for every single part of the transaction and it notifies you as an agent as it gives you the list when you get up every morning and it says “ok, today you are going to do this, you are going to do that”. All of these things, and it basically automates and it puts systems into your day-to-day.”

In my history looking back on people who have come to the market and left the market, there were people who are absolutely wonderful but they had no systems, they had no sort of “ok, this is what you do today, this is what you are going to do tomorrow”, so they would have a couple of good sales and then they would disappear for three days, in the meantime everything was falling apart. So being consistent is really important.

3. Work hard and stay consistent

“It’s a matter of just being motivated and keeping that ball rolling, putting your head down…Especially for the new agents. Many people ask: “how do you achieve success?” For the first two years I just put my head down, I went and sought everything that I could: all of the open houses, I met as many people as I could, I set open houses every weekend and I worked myself crazy, just putting my head down and continuing to work.”

I didn’t go in and out, I tried not to be uneven in my workflow, I tried be very even and very dedicated.

4. Imagine you are the client

What would Richard do if he had to start all over again in a new market with only $500 in his pocket? Pretend he was a buyer!

The first thing I would do is to pretend that you are a buyer and pretend that you are a seller and go on the internet and see what is working and see what is not working, see who comes up, see what their deal is. Try and just pretend that you don’t know anyone, you just arrived here: what are you going to do? What are the steps you need to take?

5. Never stop learning

You have to change, our business is always changing, there is always going to be something new, there is always going to be a bright new shiny object, which is something I love about real estate. It’s a whole lifestyle, it’s not just the job.

6. Be the source of information

“Be the source of information, but leave your personal thoughts out of it, don’t get into it, only deal with what you do – you market properties, you’re not a surveyor you’re not a building inspector but you can provide them with the names of the best private bankers, the best immigration lawyers, etc.”

I’m trying to give as much information as possible, so that when the people are looking for information or looking for somebody to help them, they are going to come to you. Don’t be afraid of telling people how you do things, because there is a huge difference between telling people and doing it. I share everything!

You can find the video of the whole interview here.

KI00KI

As spring steadily catches up with Canadians, the “open house” signs are up, strategically placed all across neighbourhoods in cities of all sizes. These signs, however, cater to all types of houses – detached, semi and/or townhouses. For prospective condo buyers, visiting an open house is extremely rare because there are very few open houses targeting condominiums. The real challenge for realtors, therefore, lies in negotiating successfully with a pool of interested parties in one place. When it comes to houses, this has been done successfully for years.

Richard Silver, salesperson and vice president of Sotheby’s International Realty Canada, states that most condos do not allow public open houses. But if they do, they want an agent to be in the lobby as well as in the unit.

Unlike houses, condos are part of residential units. This raises vital issues involving security, residents’ privacy, and permission from condo boards, etc. There is no permission to use signage too. You could put signage on public properties but seldom when it comes to condos. It is just not an ideal situation.

This leads realtors to practice several alternate marketing strategies in order to generate interest and also to create a buzz in the market among prospective condo buyers.

Social media and mail drops within the building, as well as other nearby residential areas are used constantly to reach out to interested parties. Besides, we are allowed to put signs with unit numbers that are not on the building’s property.

A new concept that is steadily gaining momentum, even though it is still only used by about one percent of realtors, is virtual reality. This feature of home buying will be widely popular in selling properties that are still being designed, planned or are under construction. But this method will be interesting to use in selling condos, especially in open houses since it is hard to get a large number of people together. You can either use headphones or sit in front of a monitor and experience how a room or a kitchen would look in reality while all the time being in the realtor’s office.

This would be a great solution if one has the equipment for the buyer to walk through. It may be the future but it is not at present a viable option as it is unavailable in sufficient quantity. At present great photos or Matterport tours are the best and closest options.

Rizwan Malik, sales representative at the Sotheby’s International Realty Canada, also feels that organizing open houses for condos is quite uncommon.

Freehold properties can see up to 90-95 percent open houses as compared to condos that have only 30-35 percent open houses. Last year in about 20 condos for sale in the market, only two had an open house.

Explaining reasons, Malik says that hurdles they face staging open houses in condos are due to many restrictions.

Permission is required from the condo board as well as other tenants who are concerned about people loitering around the alleyway and that becomes a security issue. There have been instances where sellers who had open houses, complained about their personal items being stolen. This automatically raises our responsibilities. Therefore if we have open houses for condos, multiple agents are present. Two are at the lobby and one of them escorts the prospective buyer to the condo. The other in the condo does the showing, and then the people are escorted back. The same drill continues for the other prospective buyers waiting in the lobby.

According to Malik, open houses do more good to real estate agents than the sellers. As people pour in, open houses provide the opportunity for a real estate agent to build future contacts. From a seller’s point of view, although the individual has the satisfaction that a considerable number of people showed up to view their house, it is ultimately ineffective, especially since many buyers are not serious.

Many homeowners whose properties are in the market for sale find that serious buyers are only those who research their property online and then call to take the time to view the dwellings.

In general, the concept of open houses is here to stay and will not be diminishing.

When all is said and done, it is a great marketing tool for real estate agents to promote their services and though not all the time, it does generate interest resulting in sales.

Condominiums, on the other hand, will see less open houses because of the way they are built where a large area is shared by scores of occupants. As the need for personal space, privacy and security increases with changing times, the condo’s rules will become more stringent to accommodate the concerns of condo owners.

PS00KI

Richard was interviewed by Jere Metcalf on achieving success in business, the lessons he learned about real estate and the art of selling to foreign buyers. 

Richard Silver has been licensed for 37 years and he has seen the industry change and learnt a lot about real estate. When asked about his brightest “aha” moment in real estate business, he shares a great insight:

Don’t go crazy with the highs and lows of business. Try to be as level as possible. It is a business with lots of highs and lows, if you with them, you are basically thinking short-term. My biggest question is: “where do I want to be 5 years from now?”, “what do I need to do to get there?”. 

“There are always going to be things that fall apart and there will be huge successes, and the key is not to get too engaged in each one of those”, Richard adds. He also stresses that thinking long-term is what makes a great real estate agent:

The realtors need to be less deal focused than they are experience focused. Not so much on just closing that deal but on having a business for the rest of your life.

Besides his career, Richard was also asked about doing business with foreign buyers, who represent about 30 per cent of his business. One of the things he has learnt from working with foreign buyers is that it is all about negotiation and often you would need to negotiate more than once:

You don’t take it personally. I would tell a client “There is an offer coming in on your property, it’s coming from a foreign buyer, they are going to come in with a very low offer, do not get upset, do not turn your back on it. We will negotiate it, it’s part of the process”. Not negotiating is not an option. 

You can find more advice on selling to foreign buyers here.

Negotiation is often part of the foreign buyer’s culture, Richard emphasized. Another cultural point to keep in mind is proper staging:

 We had a property that was very hard to sell and it had to do with the feng shui. So we had a feng shui master come in and he gave us some suggestions. And the next thing we know we sell it within about a week. 

According to Richard, the number one reason for the foreign buyers seeking to move to Canada is education:

Educational opportunities are a must. And you must know where are the good schools, whether they are private or public…And that’s the first question they ask:”What are the schools?”.

Follow the link to see the video of the whole interview here. 

It was a sunny day of 1977. Jim Morris stood on the mammoth vacant green grass patch in Stratford, Ontario overlooking Lake Victoria. Spellbound, he wondered how to compliment and perpetuate the serenity and beauty surrounding him. This led the visionary in him to construct a 4,500 square feet restaurant at the place; not only a gastronomic delight to its patrons but also an epitome of modern Canadian architecture and design across the lake. Morris named it Rundles, an old English word for stream.

Adjoining the restaurant also proudly stands the unique Rundles Morris House, a magnificent three storey 1,800 square feet villa; truly a designer’s dream. Both establishments call 9 and 7 Cobourg Street in Stratford, Ontario their home and they’re just a step away from the city’s downtown, famous for its Stratford Festival attracting and entertaining scores of visitors from Canada as well as overseas.

Jim Morris felt the connection to the small town and decided to build something for himself there:

It was actually the sheer love for the festival that drew me to Stratford, while the tranquillity of this beautiful city confirmed my decision to stay. The restaurant came first and then the house that was built in 1988-99 and renovated twice since then. In all it took me about 25 years to finally achieve something that matched my taste and liking.

The Rundles Morris House | 7 Cobourg Street

See the full listing for more info here.

Morris was inspired by the works of the Japanese architect, Tadao Ando and he wanted to inculcate a similar design for the house. Toronto-based architects Brigitte Shim and Howard Sutcliffe worked hard to transform Morris’ dream to reality.

The two-bedroom suite has a panoramic view of the lake and the parkland. The living room boasts a charming wood burning fireplace. Every room has modern furniture and light fixtures carefully sourced from Europe and North America. Topping it all, both the bedrooms have bathroom ensuite.

Check the virtual tour of the house.

Morris credits intelligent designing that makes the house look much larger than it is in originality.

The master bedroom faces East while the living room is towards West. This makes you view and admire the sunrise lying comfortably in your bedroom and also enjoy an unobstructed view of the sunset from the living room. When sitting in the living room, it would feel that you are much closer to the lake than you actually are. That brings you a feeling of proximity to nature and surroundings. In addition, a suspended stair from the foyer to the dining room, and a hutch that doubles as the door to the utility room.

Rundles Restaurant | 9 Cobourg Street 

See the full listing for more info here.

The Rundles restaurant is a fully detached facility with indoor seating of 100 people. The patio can accommodate 20 people who while relishing the culinary extravaganza can enjoy and admire the lakeside view.

It has always been our aim to provide our patrons with unique culinary experience contributing to rank Stratford among the best food destinations in Canada.

For additional income, there is an upper level residential apartment with breathtaking views of Lake Victoria.

This year, both the Rundles Morris House that has too often served as the vacation home for visitors to the town during the festival and the restaurant will be celebrating their final season. Both the properties are looking for new owners who would keep the good times moving.

The Rundles House is being sold at $995,000 and the restaurant at $1,200,000.

About Stratford

If you are looking for a quiet getaway, Stratford is among the best small towns in Canada. It is apt for those seeking a retreat and is also a walkers’ paradise. Though a small country town, it has culinary and theatrical offerings one can expect to find only in far larger places.

For people new to the place, Stratford is a small town in Southern Ontario on the Avon River about two hours from Toronto. It is known for its Stratford Festival where modern and Shakespearean plays are staged in multiple theaters. During the festival visitors can also stay in theater-themed B&Bs.

The City is also known for its Victorian style buildings including Stratford City Hall and the Perth County Courthouse. There are many parks and gardens including Shakespearean Gardens. The plants in the garden are also mentioned in the playwrights’ works.