Presented by Chestnut Park Real Estate, Limited.
It is not surprising that February was one of the strongest and most robust resale months since April 2017. What is surprising is that the market unfolded in a landscape of low resale housing supply and record-breaking average sales prices.
February saw 7,256 properties reported sold, almost 2,000 of which were condominium apartments. This is a stunning improvement compared to the same month last year, when only 4,982 properties were reported sold, an increase of more than 45 percent. February’s sales numbers exceeded those of March (normally a strong seasonal month) of last year when 7,132 properties were reported sold in the greater Toronto area.
Given the resale results, it is also not surprising that the average sale price spiked dramatically. Last February the monthly average sale price came in at $779,791. This year it jumped by an eye-popping increase of over 16 percent to $910,290. This number is very close to the all-time monthly high average sale price of $920,000 achieved in April 2017. In the City of Toronto (416 districts) the numbers were even more startling with detached properties coming in at $1,485,304, semi-detached at $1,208,073, and condominium apartments at $722,675. For the very first time, the average sale price for condominium apartments in Toronto’s central districts broke $800,000 coming in at $805,982, a 16 percent increase compared to last February’s average sale price of $694,000.
The higher-end of the market has also been improving, now catching up to the overall market. In February 266 properties having a sale price of $2 million or more were reported sold. This compares very favourably with the 193 properties sold in this category last year, an increase of over 16 percent.
Supply and affordability are becoming the resale market red flags. In February 10,613 new properties came to market in the greater Toronto area. These properties were a welcome improvement compared to the 9,834 that came to market in February of last year. Unfortunately, the slight increase (8 percent) did nothing to improve the supply of active listings at month-end. Some of the new listings were relistings of properties that had previously not sold, and the 7,256 reported sales absorbed the bulk of the real new listings that came to market. As a result, at month-end there were only 8,816 properties available to buyers, 34 percent less than the 13,284 available last year.
The supply problem for some housing types has now become disastrous. For example, in the City of Toronto, 189 semi-detached properties were reported sold in February. At month-end, there were only 137 semi-detached active listings, less than one month’s supply. In Toronto’s eastern districts 64 semi-detached properties were reported sold, yet at month-end, there were only 37 available for sale. It is not surprising, yet still startling, that all semi-detached properties in Toronto’s eastern districts sold for 118 percent of their asking price, and in only 7 days! These are incredible, yet real numbers.
At month-end there were only 885 condominium apartments for sale in Toronto’s central districts. Those represent almost 70 percent of all condominium apartments for sale in the City of Toronto. This amounts to only one month of supply. All condominium apartments sold in just 18 days and for sale prices of 102 percent of their asking price. It’s ironic that only a few years ago economists were writing that Toronto’s condominium market was overbuilt.
Looking forward we can expect similar resale market results in March, although the lack of supply may result in constrained sale numbers. The City of Toronto finds itself with only 1.6 months of supply, a historically low number. The recent Bank of Canada’s interest rate reduction will act as a further stimulus to the already supercharged Toronto and area resale market place. We will be running out of superlatives to describe the phenomenon that has become the Toronto resale market place. Don’t be surprised if March produces a record-high monthly average sale price for properties reported sold in the Toronto and area market place.
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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
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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
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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
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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
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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: Residential Real Estate, toronto