Presented by Chestnut Park Real Estate, Limited.
A new decade, but little change in Toronto’s residential resale market. As anticipated in my December Market Report, January came in strong with 4,581 sales in the greater Toronto area. This was a stunning 15.4 percent increase compared to the 3,968 sales reported for January last year. Enthusiasm should be slightly muted, given the fact that last year’s results were low by historical standards. For example, in 2016 more than 4,600 properties were reported sold, a number that jumped to 5,188 in 2017.
Not surprisingly average sale prices also advanced in January, but as in the case of sales, far from record levels. In January the average sale price came in at $839,363, more than 12 percent higher compared to last year’s average sale price of $747,175. The average sale price for all property sales in the City of Toronto (416 region) came in higher at $884,385. The highest monthly average sale price recorded for the Toronto and area market place was $920,000 in April of 2017.
January’s rising numbers become a little unnerving when considered against the back drop of available inventory. Only 7,836 new listings came to market in January, a decline of more than 17 percent compared to the 9,458 that came to market in 2019. Due to the large number of sales and the paucity of new listings, buyers enter February with only 11,962 available properties, more than 35 percent fewer properties than were available last year at this time. This will no doubt put upward pressure on prices, but with wages increasing by only 3.5 percent and mortgage stress testing in effect, there are limits as to how far buyers can stretch, particularly if interest rates stay stable or rise.
2020 maybe the year during which higher priced residential properties see an increase in sales. Higher priced properties have statistically lagged behind the resurgence of the overall market. For example, in January 2018 only 76 properties having a sale price of $2 Million or more were reported sold. Last year that number increased to 90. This year 130 properties were reported sold in this price category, an increase of 44 percent compared to January 2019. It is interesting to note that the number of condominium apartments in this price point is also increasing. In January, 13 (or 10 percent) of the 130 properties that sold having a sale price of $2 Million or more were condominium apartments. Last year there were only 6.
In the broader condominium apartment market supply is becoming a serious concern, as is the rise in average sale prices, particularly in the City of Toronto. At the end of January there were only 1,779 condominium apartments for sale throughout the greater Toronto area. In the City of Toronto there were only 1,246. These numbers represent a 33 percent decline compared to the number of condominium apartments available for sale last year at this time. Based on the number of sales registered in January, these numbers translate into 1.3 and 1.35 months of inventory, historic lows.
It is not surprising that condominium apartment sale prices have soared. In January, the average sale price for condominium apartments in the greater Toronto area came in at $630,000. In the City of Toronto the number was 8 percent higher at $679,000. In Toronto’s central districts, were almost 65 percent of all condominium apartment sales are recorded, the average sale price came in at $758,000, 12 percent higher than the Toronto market as a whole. It is also not surprising that all condominium apartment sales, both in the greater Toronto and City of Toronto market places, took place at 101 percent of their asking price.
The rise in condominium apartment sale prices has had a spillover effect on semi-detached property sales. Over the last year the spread between the average sale price of a condominium apartment and a semi-detached property, particularly in Toronto’s central districts has been dramatically narrowed. In January the average sale price for semi-detached properties was $1,000,000, only 24 percent higher than the average sale price of condominium apartments in the City of Toronto’s central districts. As a result of this declining spread, buyers who might have chosen to buy a condominium apartment have instead looked to purchase a semi-detached property in some of Toronto’s more desirable eastern and western trading areas. This has, in turn, resulted in an unprecedented shortage of available semi-detached properties. In January, there were, shockingly, only 92 semi-detached properties in the entire City of Toronto available for sale. In January there were 91 sales. Effectively every semi-detached property that becomes available for sale will be sold before the end of the month. And again, not surprisingly, for 107 percent of the asking price in Toronto’s eastern trading areas, and 104 percent in the western trading areas.
January’s residential resale date makes it abundantly clear that the Toronto and area market pace is strong and robust. What is also clear is that demand far exceeds supply. Unless sellers decide to take advantage of rising resale prices, 2020 will be remembered as the year of buyer frustration. There is no doubt that unless supply can be increased, like other international “supercities”, buyers will begin to look to second-tier cities around Toronto to satisfy their housing needs.
Prepared by Chris Kapches, President and CEO
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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.
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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
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We just published our May 2022 Condo Market Report, presented by @kw.condos
Find it on our Blog. Link in Bio.
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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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