The Toronto and area resale market performed as expected in April. As reported in our March report, the implementation of the emergency lockdown measures had a crushing impact on the resale housing market. With most businesses closed and more than three million Canadians unemployed there was no reason to believe that the resale market would miraculously revive in April.
Sales dropped precipitously, declining by an unprecedented 67 percent compared to April 2019, to only 2,975 this year. Although, the decline is shocking, viewed from a different perspective it is amazing that the decline wasn’t worse. With businesses, restaurants and bars closed, with people being ordered to stay home by governments and health authorities, and with industry-wide restrictions on accessing properties, 2,975 reported sales are a testament to the strength and resilience of the Toronto resale market.
Two other aspects of the Toronto and area resale market also demonstrate its strength and resilience. Notwithstanding the sharp decline in sales, sale prices held firm in April. The average sale price came in at $821,392, slightly higher than the average sale price of $820,373 recorded last year. In the City of Toronto (416 trading districts) the average sale price came in at $881,424. The pre-March 15th average sale price for properties sold in the greater Toronto area was around $900,000, and somewhat higher for properties sold in the City of Toronto.
In addition to average sale prices holding firm, all properties sold in April spent only 19 days on the market, the exact number of days that properties spent on the market last April. Depending on housing type and location, the market was even faster. For example, semi-detached properties sold, on average, in only 13 days throughout the greater Toronto area, in 12 days in the City of Toronto, and in only 10 days in Toronto’s eastern districts. Most of these semi-detached properties sold for more than their asking price.
Condominium apartments also sold very quickly, averaging only 18 days on market, including condominium apartment sales in Toronto’s central districts where almost 50 percent of all condominium apartment sales take place. Sale prices of condominium apartments in the City of Toronto were off by 4 percent compared to last April, no doubt a reflection of job losses affecting first-time buyers.
The more expensive end of the resale market was dramatically impacted by the emergency lockdown measures. Last year, 250 properties having a sale price of $2 Million or more were reported sold in April. This year that number fell to only 67, a decline of more than 73 percent. No doubt the dramatic decline of equity markets influenced buyers and sellers in this price category. By month-end, there was greater activity in property sales of $2 Million or more which can be expected to continue into May.
The emergency lockdown measures had an immediate, and not surprising impact on supply. In April, only 6,174 new properties came to market, a 64 percent decline compared to the 17,213 that came to the market last year. At month end there were only 10,561 properties available for sale. Even prior to the impact of Covid-19 the Toronto and area resale market suffered from a chronic shortage of inventory. That situation has now been further exacerbated. Since many potential buyers are no longer in the market, the decline in inventory will not be immediately felt, but as businesses begin to open, and people get back to work and back into the market place, the already strained Toronto market place will become nightmarish for buyers.
Looking towards May we can anticipate a resale market not that dissimilar to April’s, but with modest improvement. Some of the provincial lockdown measures will be relaxed in May, with some businesses re-opening and many people returning to work. These changes are not likely to immediately impact the residential resale market. During the initial changes, people will proceed cautiously in the new normal, with a stronger resale market not expected until June.
Until then, stay safe!
Luxury Market Report
Presented by The Institute for Luxury Home Marketing
It’s no secret that green has been trending in a major way lately. Not only does the leafy shade conjure the sensation of being outdoors after two years cooped up at home, it also is a versatile (and welcome) alternative to traditional colors like white and gray.
Sweet 3 bedroom home that has a light and airy feel to the interior. Vaulted ceiling with open concept design creates a welcoming feel with plenty of natural sunlight all afternoon. Hardwood floors in bedrooms. Updated interior ready to be moved in to. It is a special place to call home or cottage.
Large wrap-around deck features West-facing views of 2-acre park of which you would be a 1/10th owner. Private dock for all park owners. Deeded Lake Simcoe access is rare to find. Very private setting with mature trees.
Message us today for more information or to book private showing.
staging by @chateau_designandstaging
photography by @ishutterphoto
20 Quiet Heights Lane, Georgina provides views of the lake from all spaces on the west side of them home, including the great room, kitchen, dining area, and primary bedroom.
You will enjoy the morning sunrise from the front covered porch and of course, sunset views from the lakeside. The natural sunlight fills the home with warmth and light all day long. It’s tranquil, serene, and welcoming.
In the design stages, the current owner had some important “must-have’s” including a Muskoka like feel, spaciousness, sun-filled rooms, and an “understated elegance“ carried throughout the home.
Some of the interior features include:
– 3 bedrooms on main level and 2 additional bedrooms on the lower level
– 3 full bathrooms plus powder room
– 10.9 ft ceiling height on the main level and 9 ft ceiling height on the lower level
– Great room includes custom millwork and 13 ft vaulted coffered ceiling
– Gourmet kitchen with upgraded appliances
– Spectacular light fixtures including ceiling fans in each bedroom
– Custom drapery and blinds
– Radiant heated floors in kitchen, primary ensuite and the entire lower level
– Surround sound system both indoors and outdoors
A full list of room features, additional images, virtual tour, and more can be found on our website (link in bio).
This listing is also available on realtor.ca (MLS# N5657656)
When you combine the attention to detail of a quality builder with the owner’s vision to create a sanctuary home, the result is spectacular.
This home offers a “Zen” feel immediately upon your arrival.
The landscaping is wonderfully appointed with a collection of perennial gardens, shrubs, mature trees and privacy hedges on both sides, which is home to many birds. There are several seating areas promote great conversation with family and friends or a place to enjoy some quiet time when you want to be alone and enjoy nature all around you.
This is a wonderful home to entertain in both indoors and outdoors. The raised balcony includes a covered area where you can enjoy a summer rain shower. The open area provides lots of space for your chaise loungers to get some sun and watch an array of boats on the lake.
The lower deck is covered and a perfect location for the 7-seater plus lounger hot tub along with another separate seating area to enjoy the lake views.
Listing Price: $1,935,000
DM us to book a private viewing.
The full listing can be found on our site & on realtor.ca (MLS# N5657656)
This charming 3+1 bedroom century home is located in an established area of Sarnia offering lovely streetscape, large mature trees, wide streets and boulevards.
The family have maintained the home and updated the interior features over their many years living here since 1975. The shingles were replaced in 2022. There were two additions including a a two-storey addition with a large family room, sun room and additional bedroom on the 2nd floor.
There is lots of space to entertain family and friends. The living room includes a gas fireplace and overlooks the formal dining room. The sun room includes a gas fireplace, large windows and double patio doors.
The oversized fully finished & insulated 3-car garage includes an upper level coach house which is completely finished. This is a great space for extended family and serves as an in-law suite or potential income if approved by the City as an auxiliary dwelling.
The mature front yard boasts beautiful mature trees, gardens and a seating area. The backyard has a large paved courtyard and provides parking for 3 vehicles.
PM is to book a showing today.
Staged by @chateau_designandstaging
Photos by @ishutterphoto