The December market for residential resale properties came in exactly as anticipated, with substantially higher sales and average sale prices compared to last December, and not surprisingly, the month and year ended with a critical shortage in available resale inventory.
In December 4,399 properties were reported sold. This is not a record high for the month, but these sales represented more than a 17 percent increase compared to the 3,746 properties reported sold last December. Past Decembers have seen more properties sold during the month, but the 4,399 properties that were sold was a very healthy recovery from last year’s dismal results.
The average sale price for all properties sold in the Greater Toronto Area came in at $837,788, almost 12 percent higher than the average sale price of $749,014 achieved last year. Homeowners will no doubt be happy with this increase, but the rapidly rising prices, once again approaching record levels, put a strain on affordability and their longer-term sustainability, especially with salaries and wages increasing by about 3 percent annually.
The average sale price in the City of Toronto was even higher coming in at $885,132, an exceptionally high number for the month of December when sales of higher-priced properties decline. This increase was driven by the sale of 465 detached properties sales having an average sale price of $1,363,477, a 19.5 percent increase compared to the number of detached properties that were reported sold in December of 2018.
On a yearly basis, 87,825 residential resale properties were reported sold. This represents a strong 12 percent recovery compared to the 78,015 properties reported sold for 2018. Compared to recent resale history, 2019’s results are still weak. In 2014, 92,782 properties were reported sold. That number jumped to 101,213 in 2015 and then to 113,040 in 2016, before dropping to 92,335 in 2017. The 113,040 properties sold in 2016 remains the record high for Toronto and area sales.
Notwithstanding rising resale prices, 2019 sales results might have been higher had there been more inventory for consumers to buy. Housing data related to inventory at the end of December is seriously concerning.
In December 3,531 new properties came to market. That compares poorly with the 4,309 that came to the market last December. Unfortunately, we witnessed inventory declines throughout 2019. As a result, at the end of the year, there were only 7,406 properties available to potential buyers, a stunning 35 percent decline compared to the 11,431 properties available at the end of 2018. In some trading areas the situation has gone beyond critical. For example: in all of Toronto’s eastern trading areas 49 semi-detached properties were reported sold. At the end of December and heading into 2020 here were only 7 detached properties available to potential buyers. These are unprecedented low numbers. At the end of the year, there were no semi-detached properties available in Toronto’s popular eastern trading areas: Riverdale, Leslieville, and the Beaches.
The inventory shortage has also spread to Toronto’s condominium apartment sector. In December 844 condominium apartments were sold in the City of Toronto. During the same period, only 779 new condominium apartment listings came to market, clearly far less than the overwhelming demand. As for the end of December, there were only 1,148 condominium apartments for sale in the City of Toronto – based on December’s sales that is just 1.2 months of inventory.
Year-end numbers indicate that inventory will play a crucial role in the success of the Toronto area residential resale market in 2020. If sellers decide to take advantage of the near-record sale prices and bring their properties to market, Toronto’s residential resale market will be strong and produce year-end sales that exceed the 87,825 properties that were reported sold this year. Price appreciation should be muted by the fact the average prices are at record highs and restrained from further growth by affordability.
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