
Presented by Chestnut Park Real Estate, Limited.
Toronto and area’s residential resale market, which I have been describing as beautifully boring over the last few months, got a lot less boring in September. Compared to last September, reported sales were up by 22 percent, but more concerning is the fact that average sale prices jumped by almost 6 percent. With salaries and wages increasing by only 3.5 to 3.8 percent affordability and substantially concerns once again get pushed to the forefront.

In September the average sale price climbed to $843,115 for all properties sold in the greater Toronto area. In the City of Toronto, the average sale price made its way to $913,096. These are the highest average sale prices recorded since the housing measures implemented by the provincial government in April 2017, and more concerning, they are beginning to approach the record high average prices reached in early 2017 that drove government intervention in the first place.
In the City of Toronto, it is now almost impossible to buy a detached or semi-detached property for under $1 Million. In September the average sale price for detached properties came in at $1,306,000 and semi-detached increased to $1,069,000. What is alarming is the rise in condominium apartment sale prices, the region’s most affordable housing type. For the City of Toronto, the average sale price came in at $636,817, however the bulk of condominium sales take place in Toronto’s central core, and there the average sale price popped to $719, 341, a record number. The sale of an average priced condominium apartment represents only 700 square feet of living space.
The 905 regions have also been showing signs of life, however they lag the prices that are approaching record highs in the City of Toronto. The average price for detached properties remains under $1 Million ($946,256), while semi-detached prices dramatically lag their Toronto counter parts, coming in at only $689,950. In the 905 regions condominium apartments, which are becoming more plentiful, are only $497,000.
No doubt the rise in average sale prices is being driven by a lack of inventory. This is particularly true in the City of Toronto. Throughout the greater Toronto area listed properties are down by over 14 percent compared to last year ——- 17,254 available properties for the entire greater Toronto area is simply insufficient supply. in the City of Toronto, the situation is becoming critical. At month end only 5,499 properties were available for sale. This translates into only 1.9 months of inventory. It is not surprising that all properties sold in the City of Toronto sold in only 19 days (including all condominium apartment sales) and astonishingly for 101 percent of their asking prices.
Given these market conditions it is imperative that the political parties engaged in Canada’s federal election not make promises that will stimulate the housing market. In particular the Conservative Party’s promise to lower the mortgage stress testing levels and increase amortization times will have a disastrous impact on the prevailing market and its longer term sustainability.
Prepared by:
Chris Kapches, LLB, President and CEO, Broker
Share This Article:
Follow Us on Instagram
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
•
•
•
#bathroomdesign #bathroomdecor #bathroomremodel #bathroominspiration #bathroomrenovation #bathroomsofinstagram #freestandingbath #freestandingtub #kitchenerwaterloo #stratfordontario
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
#greenkitchen #greeninterior #traditionalkitchen #tranditionalinteriors #transitionaldesign #skylights #customkitchen #kitchenremodel #kitchenerwaterloo
The kitchen is the heart of the home 🤍
•
via @banda.property
•
•
•
#kitchendesign #kitchendecor #kitchenremodel #kitchenremodel #marblekitchen #kitchenerwaterloo #stratfordon #transitionaldesign
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
#lakesimcoe #lakesimcoerealestate #georginaontario #georginarealestate #keswick #customhome #millwork #cofferedceiling
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
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
•
•
•
•
#kitchenerwaterloo #kitchener #kitchenerrealestate #waterloorealestate #patiodesign #balconydecor #outdoorfurnituredesign #backyardgoals
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
•
•
•
#kitchenerwaterloo #kitchenerrealestate #kitchenerbusiness #waterloorealestate #kitchenerwaterloocambridge #stucco #stuccohouse #landscapedesign #landscapehunter
Tags: Market, real estate, Stats, toronto