Presented by Chestnut Park Real Estate, Limited.
October represents eight months of market recovery and stability in the Toronto and area residential resale marketplace. October roared in with 8,491 sales, 14 percent stronger than the 7,448 residential properties reported sold last year and almost 700 more properties than were reported in September. It is now obvious that buyers have adjusted to the mortgage stress test that was introduced in January of last year. At that time the residential resale market came to a standstill, with average sale prices struggling. The chart below indicates how dramatic the improvement in average sale prices between 2018 and 2019 to October has been.
Octobers results indicate that there has been a strengthening in all market regions. Until recently the 905 region was recovering at a much slower pace than the City of Toronto (416 region). That has all changed, with the 905 growing at a pace equal to the City of Toronto. It should be noted that there is continued disparity in average prices between the City of Toronto and the 905 regions. For example in October the average price for detached properties in the City of Toronto was $1,323,000 as compared to the 905 region where prices came in at only $952,000, a difference of more than 35 percent. The disparity is even more dramatic in the case of semi-detached properties. The average price for a semi-detached property was almost $1,100,000 in the City of Toronto. Shockingly the average price for semi-detached properties in the 905 region over the same market period was only $690,000, a difference of almost 60 percent.
In the City of Toronto semi-detached properties are actually becoming a rarity, with inventory levels having plunged to record lows. At the end of October there were only 296 semi-detached properties available to buyers in the entire City of Toronto. This number is even more startling when we consider that in October 322 semi-detached properties were reported sold. In other words in November there will be 26 fewer semi-detached properties available to buyers than the number that sold in October. It is not surprising therefore, that all semi-detached properties in the City of Toronto sold in a breathtaking 14 days and at an average sale price of 107 percent of asking price. In Toronto’s eastern neighborhoods the situation is critical, with semi-detached properties selling in less than 10 days and at sale prices exceeding asking prices by more than 110 percent.
Inventory levels worsened in October, with new listings declining by almost 10 percent compared to last year. As we enter November there are almost 20 percent fewer properties available to buyers throughout the greater Toronto area than there were last year at this time. Last year buyers had 18,926 properties to choose from. This year that number has declined to 15,375.
Another inventory concern is the availability of condominium apartments. For the last two and a half years, condominium apartments have been the engine that fueled Toronto’s residential resale market. It was all about affordability. Notwithstanding the new mortgage stress tests, condominium apartments remained accessible and affordable. Both accessibility and affordability are fading.
In October the average sale price for a condominium apartment in Toronto’s central and downtown core came in at $748,000. The bulk of all condominium apartment sales take place in Toronto’s central and downtown core. In October this trading area accounted for almost 65 percent of all Toronto condominium apartment sales. In October we also saw a dramatic decline in new listings. New listings declined by 10 percent year-over-year, resulting in only 2,098 condominium apartment listings available to buyers as we enter November, a decline of more than 15 percent. Fewer listings, higher prices, a daunting prospect for buyers.
The higher-end of the market appears to be shaking its lethargy. As the over-all market recovered in early 2019, the higher -end of the market did not respond similarly. Over the last few months positive change is occurring in this market sector. In October 254 properties having a sale price of $2 Million or more were reported sold. This compares favorably to the 234 high-end properties that sold last October. Although the 8.5 percent increase is not as high as the overall market increase of almost 15 percent, it is a vast improvement compared to previous months.
Looking forward to the end of 2019 and into 2020, there are no economic factors at play that are likely to dramatically change the momentum of the current market. Affordability will probably adjust itself, the problem will remain supply.
Prepared by:
Chris Kapches, LLB, President and CEO, Broker
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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
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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.
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
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