Presented by Chestnut Park Real Estate, Limited.
December’s Toronto and area residential marketplace exhausted all the superlatives that we would normally apply to a robust resale market. Not only was December’s housing market strong by historical standards, but it dramatically exceeded historic norms, performing more like a spring market than what we have come to expect of property sales during the holiday season. It’s almost as if the holiday season didn’t exist, and unfortunately, because of the restrictions imposed by the effects of Covid-19, normal retail shopping was non-existent. Deprived of retail shopping, it appears that buyers focused their attention on housing instead.
December saw 7,180 residential properties reported sold. That is an eye-popping 65 percent increase compared to the 4,364 properties reported sold last December. December 2019 was a very strong month. For example, only 3,746 properties were reported sold during December 2018. It’s not surprising that with this surge of sales, we also witnessed a surge in the average sale price. On a year-over-year basis, the average sale price for all properties sold in the greater Toronto area increased by more than 11 percent, from $838,662 last year to $932,222 this December.
No doubt this huge jump in average sale price was driven by the number of higher-priced properties that changed hands in December, normally a quiet month for luxury property transactions. In December, 287 properties having a sale price of $2 million or more were reported sold. That compares with only 125 last year, an increase of 130 percent. Not surprisingly more than 90 percent of those properties were detached single-family homes in the 416 and 905 regions.
December’s condominium apartment sales require extra attention. Both during the third and forth quarters of 2020 condominium apartment sales and prices declined, in some cases substantially, namely in Toronto’s central core, while inventory levels increased dramatically. In December, we saw a stunning resurgence of condominium apartment sales. In Toronto’s 416 region, sales increased by 80 percent compared to December 2019. In the 905 region condominium apartment sales were equally as strong, increasing by 75 percent. In the 416 region, there was no corresponding increase in average sale prices. In fact, quite the opposite: average sale prices declined by 5 percent. In Toronto’s central core, where most of the City’s apartment projects are located the decline was even steeper. Prices fell by almost 10 percent, from $733,000 in December 2019 to $669,000 this year. Central core condominium apartment sales accounted for almost 67 percent of the city of Toronto’s total condominium apartment sales. It should be noted that condominium apartment sales in the city’s eastern districts not only doubled, but average sale prices actually increased from $476,000 last year to $512,000, bucking the trend in the central core.
The increase in condominium apartment sales at lower average sale prices shifted the variance between average sale prices overall between the 416 and 905 regions. Before December the average sale price in the 905 was always less than the 416. Not this year. The average sale price for the greater Toronto area came in at $932,000. It was 4 percent less in the city of Toronto ($894,000), all as a result of the massive increase of condominium apartment sales at sharply falling prices.
It will be interesting to see if December’s condominium apartment sales were a market anomaly. It may be that the more affordable prices have overcome buyer’s need for space and safety. This phenomenon might also be driven by the fact that prices in the 905 region have risen to prohibitive levels.
Having said that sales of ground level properties, detached, semi-detached and townhouses were robust both in the 416 and 905 regions. Price increases in the 905 eclipsed price increases achieved in the 416 region. Interestingly even condominium apartment average sale prices increased by over 6 percent in the 905 region, a stark contrast to what we witnessed in Toronto’s central core.
Overall, more than 95,000 properties were reported sold in 2020, a 9 percent increase compared to the 87,751 properties reported sold last year. Notwithstanding the unprecedented socio-economic upheaval experienced universally in 2020 as a result of the pandemic, the Toronto and area resale market results were the third best on record. An extraordinary accomplishment!
Looking at 2021 the economic factors that drove the 2020 housing market remain in place. The key factors are exceptionally low mortgage interest rates, government stimulus, and a roaring stock market. With interest rates as low as they are, asset acquisitions will continue to drive the housing market. It is impossible to see a change in this scenario until borrowing money becomes substantially more expensive than what it is at the beginning of 2021.
Luxury Market Report
This month’s report will examine:
- Number of Sales
- Total Inventory
- 12-Month Trends
- Average, Median, & Luxury Benchmark Prices
- Price per Square Foot
- List Price to Sale Price Ratio
- Days on Market
Presented by The Institute for Luxury Home Marketing (Cover page indicates January as publishing date – data is for December)
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A warm interior on chilly Ontario morning
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Just Listed on Lake Simcoe: 968 Degrassi Cove Pl W, Innisfil
This custom home direct waterfront home was built in 2000 by the current owner and has served as a sanctuary for family and friends. Over their 22 years of ownership, they have enjoyed the property during every season.
Degrassi Cove is a small and exclusive waterfront community and share the private road. The forested lands on the opposite side of the street provide great privacy. There is no vehicle traffic other than the neighbours, so it is very safe for kids.
Built as a 4-season home and located on the west-side of Lake Simcoe. You will enjoy north-west facing views of the lake and sunsets. There are no stairs to the water’s edge. The water table is level to the lot, which offers a beautiful beach area along the shoreline. There is great swimming and boating. The portable dock is 65 ft long with a 12’ x 12’ patio area. Boating enthusiasts can store their boat in the dry boathouse. Entertaining on the lake is so easy!
The home offers 2,700 sf on the main and upper level. The principal rooms offer generous space including a large private family room, formal dining room, large great room combined with the eat-in kitchen. In addition, there is 1,535 sf of finished space on the walk-out level. There are four generous size bedrooms. The primary bedroom is situated on the main level and overlooks the lake, and includes a five-piece ensuite, a walk-in closet and a garden door to the lakeside patio area. The three other bedrooms are located on the second floor.
The lower level includes a large recreation room with wood-burning fireplace and a walk-out to the lake. A large office with a built-in desk and bookcases can serve as a large 5th bedroom. The 3-piece bathroom is also equipped with a partially finished cedar-lined sauna. There is plenty of storage space on this level too.
$2,500,000
Photography by @ishutterphoto
Staging by @chateau_designandstaging
#lakesimcoe #waterfronthome #cottage #cottagedecor #cottagedesign #lakehouse #innisfil #dock #docklife
Just Listed: 30 George Street, Bayfield.
This professionally designed custom-built home embodies a comfortable, vintage cottage feel built with energy efficient maintenance-free materials. This home offers a private park-like setting, with in- town conveniences. It’s a nature lover’s lot…a sanctuary for birds and wildlife. This one in in a million home was showcased in a 16-page spread in Cottages & Bungalows Magazine.
Shiplap walls and wood slat ceilings throughout impart a cabin-like coziness. The primary bedroom is secluded on the main floor overlooking a wooded area that surrounds the property. The front office duals as an additional main floor bedroom adjacent to a 3-piece bathroom. The upper level includes two additional bedrooms that provide enhanced privacy for guests. One of the bedrooms functions as a seating area with a Murphy bed and small kitchenette. It has been designed as a secure space for future rental opportunity.
Located in the charming lakeside village of Bayfield, this property is a stone-throw away from Lake Huron, a short walk to town, the fishing pier and marina, Pioneer Park and the Community playground. This spectacular property backs on to a designated environmental area and surrounded by trees makes it an ideal retreat for entertaining family and friends.
$1,495,000
#bayfieldontario #huroncounty #lakehuron #interiordesign #kitchendesign #farmhousestyle #whitefarmhouse #cottagedesign
There are rooms with a view, and then there are bathrooms with a view. What better way to end your day than in this freestanding tub.
Design @candaceplotzdesign
Photo @patrickbiller
Builder @jeffery_homes
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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.
via @pcdsackitchens
#greenkitchen #greeninterior #traditionalkitchen #tranditionalinteriors #transitionaldesign #skylights #customkitchen #kitchenremodel #kitchenerwaterloo
The kitchen is the heart of the home 🤍
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For Sale: 334 Metro Road N, Georgina
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.
$964,000
Message us today for more information or to book private showing.
staging by @chateau_designandstaging
photography by @ishutterphoto
#lakesimcoe #lakesimcoerealestate #georginaontario #keswick #lakehouse #lakehousedecor #cottageinterior #cottagestyle
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)
Listing Price: $1,935,000
DM us to book a private viewing.
Photography @ishutterphoto
Staging @chateau_designandstaging
#lakesimcoe #lakesimcoerealestate #georginaontario #georginarealestate #keswick #customhome #millwork #cofferedceiling
Just Listed: 20 Quiet Heights Lane, Georgina.
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)
Photography @ishutterphoto
#lakesimcoe #lakesimcoerealestate #georgina #georginarealestate #keswick #lakeviews #custombuild
Tags: Luxury Market, Market Report, Stats, toronto, Toronto Real Estate Board