The residential resale market recovered dramatically from the lows experienced in April. In April only 2,975 properties were reported sold for the entire greater Toronto area. A typical April market would produce 9,000 plus sales. April’s decline compared to April 2019 was a shocking 67 percent.
In May the resale market demonstrated its resiliency, both as to average sale price, and recorded sales. In May 4,606 residential properties were reported sold. This represents a 55 percent improvement compared to April’s results. Although the improvement was dramatic, May’s results were 50 percent less than a typical May. Last year Toronto and area realtors reported 9,950 residential resales.
During the month of May the residential resale community adapted to the new in-person showing protocols – wearing masks, gloves, using hand sanitizers, and restricting the number of people during showings. In addition, realtors are now using various virtual viewing platforms that allow buyers to familiarize themselves with properties without viewing them in-person. Public and agent open houses were banned shortly after the implementation of the provincial emergency measures.
Notwithstanding the decline in sales, the Toronto and area average sale price has remained strong. Last May the average sale price was $838,248. This May it came in at $863,599, an increase of 3 percent. In the City of Toronto (area code 416) the average sale price was $955,273, 2 percent higher than the average sale price of $937,000 achieved in May of 2019. In the City of Toronto detached properties averaged $1,422,000, semi-detached came in at $1,143,000 (9 percent higher than last year’s prices) and condominium apartments came in at $674,000, 5 percent higher than last year. In Toronto’s central core, the average sale price for condominium apartments was $740,000.
What was a problem even prior to the implementation of the emergency measures in March, has been accentuated in April and May: namely, a lack of supply. Last year there were 20,017 properties available for buyers to inspect and purchase. This May the available supply has dwindled to only 11,448 properties, a 42 percent decline. In April there were only a little more than 10,000 available Toronto and area properties for buyers. In a healthy, balanced market there should be no fewer than 25,000 properties in inventory. The lack of supply is, of course, responsible for the strong resale prices. New listings coming to market were down by over 53 percent in May.
Not all sectors of the market place were performing equally in May. In particular the higher end of the market was sluggish. Higher end property sales are not driven by necessity to the degree that lower priced properties are, and given the collapse of the equity markets (now recovering), only a handful of the reported sales were in this category. Last May 292 properties having a sale price of $2 Million or more were reported sold. This year only 132 properties in this price point were sold, a decline of 55 percent. In April only 67 properties sold in this category.
It is interesting to examine very early numbers for June, particularly in the City of Toronto. In May, on average, 50 properties were reported sold on a daily basis. In the first 4 days of June, the number of properties reported sold on daily basis has increased to 93. If this pace continues we could see close to 3,000 reported sales in June for the City of Toronto, not dissimilar to the historic averages for June.
June’s early numbers clearly indicate that the resale market has been incrementally improving, almost on a daily basis since early April. As the emergency measures are relaxed, and more businesses are allowed to open up, resulting in people returning to work, these incremental measures in the number of sales and average sale prices are likely to increase, particularly if more inventory makes its way to the market.
Luxury Market Report
Presented by The Institute for Luxury Home Marketing
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)