Presented by Chestnut Park Real Estate, Limited.
By any standards, the residential resale market’s recovery in June was nothing but phenomenal. The lockdown and emergency measures implemented by the Province in mid-March literally brought the market to a standstill. It stayed that way throughout April, but by early May, we could sense recovery. By May the industry, agents, buyers and sellers had adjusted to the rigid in-person showing protocols – masks, gloves, sanitizers, social distancing, and no-touch viewings. Also, by May, the pent up demand, already present before the pandemic, began to push against the restrictions imposed by Covid-19 and sales began to take place.
In June sales flourished. There were 8,701 reported sales in the greater Toronto area, only 1.4 percent fewer than the 8,826 sales reported last year. That is a 19 percent increase compared to the 2,961 sales achieved in April, and an 89 percent increase compared to the 4,601 reported sales in May. These numbers represent an unprecedented recovery. Most economists had predicted a much more protracted recovery, a recovery resembling the economic recovery following the collapse of the equities market in 2008.
Unlike sales, which declined in March and then recovered in June, average sales prices did not noticeably decline during this period. In fact, they continued to strengthen, approaching record levels. In June the average sale price for all properties sold in the greater Toronto area come in at an eye-popping $930,869, 12 percent higher than last year’s average sale price of $831,882. In the City of Toronto, the average sale price came in at $1,022,138. Not quite a record but approaching one, and well above Canada Mortgage and Housing Corporation’s $1 Million threshold for high ratio loans. Housing in the City of Toronto experienced increases in all housing types – detached (14.3 percent), semi-detached (an amazing 22 percent), and condominium apartments (5.6 percent) compared to the same month last year.
These increases were stimulated by the resurgence of the high-end market, which was slower in its recovery than lower price-point properties. In June 365 properties with a sale price of $2 Million or more were reported sold. This represents a 42 percent increase compared to the 257 reported sold in this price category last year. It is worth noting that at the market’s lowest point in April, only 67 properties were reported sold in this category. No doubt with the recovery of equity markets over this period, confidence at the higher price points has returned.
Semi-detached properties throughout the City of Toronto were the most sought-after housing type. They were literally flying off the shelf. The average sale price for semi-detached properties came in at a record $1,287,832. Not only was the average sale price a record, but all semi-detached properties sold, in another record, in only 9 days. Not only did they sell in 9 days, but they sold for 106 percent of the asking price. In Toronto’s eastern districts, all semi-detached properties sold, in a record 6 days, for 110 percent of their asking price. In the trading areas closest to Toronto’s central core (Riverdale, Leslieville, the Beaches) in 5 days and for more than 110 percent of asking price. These are extraordinary numbers and an unprecedented market performance.
The one area of continuing concern is supply, although there was some marginal improvement in June. In June 16,153 new properties came to market. A slight increase compared to the 15,824 that came to market last year. Unfortunately, at month-end, there were only 14,001 properties available for buyers throughout the greater Toronto area, almost 30 percent fewer than the 19,655 that were available last year.
Early indications point to an equally strong July. The factors that drove the market in June are still present and will not be going away – historically low-interest rates, pent up demand, and lack of supply which is creating a “don’t want to miss out” mentality amongst buyers.
Luxury Market Report
Presented by The Institute for Luxury Home Marketing
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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
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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
#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
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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: Luxury Market, Market Report, Stats, toronto, Toronto Real Estate Board