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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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
We just published our May 2022 Condo Market Report, presented by @kw.condos
Find it on our Blog. Link in Bio.
#kitchenerrealestate #waterloorealestate #cambridgerealestate #guelphrealestate #condomarket #kitchenerbusiness #guelphbusiness #kitchenerwaterloo
332 Blanche Street, Sarnia. #justlisted
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.
$645,000
PM is to book a showing today.
Staged by @chateau_designandstaging
Photos by @ishutterphoto
#sarnia #sarniarealestate #centuryhome #traditionalhome
Backyard views from 216 River Birch St, Kitchener.
Open House Sunday June 5 1-4PM
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216 River Birch Street is now live on MLS. Located in the hills of Hidden Valley, nestled amount some of the finest homes in Waterloo region.
Open House Sunday June 5, 1-4PM
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Tags: Residential Real Estate, toronto