July marks the 5th consecutive month of recovery in the Toronto and area residential resale market place. It started in March with 7,138 reported sales. Since March there have been substantive positive monthly variances compared to 2018, culminating in July’s performance.
In July there were 8,595 reported sales, a dramatic 24.3 percent increase compared to the 6,916 sales that were reported in July of last year. Reduced mortgage stress testing thresholds, marginal declines in mortgage interest rates, a strong economy and growing consumer confidence are some of the factors responsible for this string of positive monthly results.
Another market positive is that we are seeing increases in the average sale price for homes in the greater Toronto area, but modest increases consistent with the rise in wages and the consumer price index. In July the average sale price came in at $806,755, only 3.2 percent higher than the average sale price of $781,918 achieved last July. This is the forth connective month where increases on a year-over-year basis have averaged about 3 percent. These increases are very encouraging because they ensure market stability and sustainability.
Market disparity between the Toronto market (416 region) and the greater Toronto area (905 region) continues, although it is not as extreme as it was in 2018 and early 2019. For example: the average sale price in the City of Toronto was $840,000, but only $807,000 in the greater Toronto area. The months of inventory in the City of Toronto is only 1.8 months, and 2.4 months in the 905 regions. All properties sold in the City of Toronto, including all condominium apartments, sold for 100 percent of their asking price (on average) and for only 99 percent in the 905 regions. Lastly in the City of Toronto all new listed properties spent only 20 days on market before being reported sold, while in the 905 regions they spent 23 days on the market. To repeat, although the disparity persists it is declining and not as marked as it once was.
The most sought-after housing type in the greater Toronto area are semi-detached properties. There was a startling increase of 42.3 percent in reported sales of semi-detached properties in the City of Toronto compared to similar sales in July 2018, although price growth was restrained at 5 percent. At months end there were only 257 semi-detached properties available for sale in Toronto. This is very problematic, since 276 semi-detached properties were reported sold in July, more than the total inventory of available properties in August. Unless a plethora of properties come to market in August and the fall, semi-detached properties will be like unicorns in Toronto’s resale marketplace.
The lack if inventory continues to be a concern for the greater Toronto market place. In July 14,393 new listings came to market, almost 4 percent more than the 13,873 that came to market in 2018. Unfortunately, due to the string of absorption numbers over the last four months – over 36,000 properties have been reported sold since March – we enter August with only 17,938 active listings, almost 10 percent less than the 19,725 listings that were available to buyers last year.
Although strong sales numbers were reported for detached properties in July – detached property sales were up by almost 30 percent compared to last year – average sale prices declined by almost 10 percent. Detached property prices are experiencing the whiplash effect. Leading up to April 2017 detached property values increased substantially higher than other property types. During 2019 there has been a downward pull on detached property values, bringing them in line with other housing types, correcting the pre-April 2017 run up.
As has been forecast in these reports for the past few months, the future of the Toronto and area residential resale market is clear – anticipate monthly increases in sales volumes of at least 10 percent and increases in the average sale price of about 3 percent compared to the same month last year. I do not believe that the fall election will have any significant impact on Toronto’s housing market and any stimulation that might be experienced by further declines in mortgage interest rates will be tempered by the mortgage stress tests that remain in place.
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.
Photography by @ishutterphoto
Staging by @chateau_designandstaging
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.
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)