Presented by Chestnut Park Real Estate, Limited.
Until the Ontario Provincial Government declared a state of emergency, the Toronto and area residential resale market was on course to produce one of the strongest, most robust markets on record, including the establishment of a record-breaking monthly average sale price. All that changed around the middle of the month as people began following provincial health authorities directives: stay home, maintain social distancing, no large gatherings, and of course, wash your hands frequently. When many of Ontario’s businesses were ordered closed, the real estate market didn’t stop but stalled dramatically.
Even with the collapse of the resale market in the second half of the month, March’s results were still substantially stronger than March 2019. This March, 8,012 residential properties were reported sold by Toronto and area realtors, a 12.3 percent increase compared to the 7,132 sales reported last year. Similarly, the average sale price for March came in at $902,680, almost matching April 2017’s record of $920,000. By comparison last March the average sale price came in at $788,133, 14.5 percent less than March 2020. What makes these numbers even more remarkable, is that all the properties that were reported sold took only 13 days (on average) to go from listing to sale.
What is so disappointing, particularly for buyers, is that March appeared to be the first month in sometime when more much-needed listings would come to market. Even with the abrupt halt in the market after March 15th, 14,424 properties came to market, a 3 percent increase compared to the 14,004 that came to market last year. In the second half of the month, listings were being cancelled, suspended or moved from the multiple listing service to exclusive listings. By the end of the month, buyers were reluctant to visit properties as open houses became outlawed and real estate brokerages established rigid showing protocols. In order to protect the health and safety of its clients, agents, staff and the greater community, Chestnut Park put into place rigid showing restrictions, only allowing the showing of properties in emergency or exceptional circumstances.
But at the end of the day, March can be differentiated as the pre-COVID-19 and the post-COVID-19 markets. Effectively the date that demarcates these two markets is March 15. Here is what happened in those two markets.
- During the first 15 days of March 4,643 properties were reported sold. This represented an eye-popping 58 percent increase compared to the number of sales recorded for the same period last March.
- In the last half of the month 3,369 property sales were reported. This is a decrease of 15.9 percent compared to the same period last year. No doubt this is the most dramatic market change in the history of the Toronto and area resale market.
- The average sale price for the entire month of March came in at $902,680. During the second half of the month the average sale price for all properties reported sold was only $862,563. During the first half of the month the average sale price was well over $1,000,000.
- Even with the almost instantaneous change in market conditions after March 15, the average sale price for the city of Toronto still came in at $987,787, and that number included the reported sale of 1,402 condominium apartments which represented more than 50 percent of all reported sales in Toronto.
- The average sale price for condominium apartments came in at $712,746 (city of Toronto) and average sale prices for condominium apartments in Toronto’s central core came in at $789,250. There is little doubt that without the abrupt change in Toronto’s condominium apartment market place, we would have witnessed a $800,000 plus average sale price for condominium apartments in Toronto’s central core.
So what does all this data tell us? Firstly, March’s numbers clearly indicate how strong the Toronto and area residential resale market is today. Even with everything that transpired, sales and average sale prices were still substantially stronger than March of 2019. The data also indicates that when we have dealt with COVID-19 the market should rebound exponentially. We can only hope that we have enough available properties to meet the pent up demand.
Secondly, the numbers for the second half of March point to a dismal April market. The slide that began after March 15 can not only be expected for April, but will likely be even more pronounced, given that we will only be hitting the virus’ peak late in the month.
Please, everyone, stay safe and follow the directions of the Province’s health authorities.
Luxury Market Report
Presented by The Institute for Luxury Home Marketing
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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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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.
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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
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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.
#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: Luxury Market, Market Report, Stats, toronto, Toronto Real Estate Board