A number of themes became clear in August, themes that will drive and impact the Toronto and area residential resale market for the remainder of this year and no doubt into 2022.


The first and most important is supply. In August only 10,609 new properties came to market. This contrasts sharply with the 18,599 that came to market in 2020. What is even more shocking is that at the end of August there were only 8,201 properties available to buyers, a 51 percent decline from the same period last year when buyers could choose from 16,662 properties. Available properties were reduced to their lowest level in over a decade. A chronic problem has now become critical.


The critical nature of the supply problem is glaringly evident in certain sub-sectors of the marketplace. At the end of August there were only 337 semi-detached properties available for sale in the entire greater Toronto area. This number is shocking but becomes eye-popping when it is remembered that in August 750 semi-detached properties were reported sold. That means that we enter September with 55 percent fewer semi-detached properties available for sale than the total number reported sold in August. Only the City ofToronto’s central districts have more semi-detached properties available at the beginning of September than sold in the month of August, and only marginally at that.


These numbers make it clear that during the current election campaign, the only housing item on all parties platforms should be supply! Platforms that speak to making purchasing properties easier – ie. longer amortization periods, government assisted loans, reducing mortgage insurance premiums, tax free home buying savings accounts – are misleading at best and reckless at worst. They are blatant, unhelpful, self- serving promises that hope to pave the way to being elected. Supply and ways to achieve it should be the only words uttered by politicians at this time.


The second theme that emerges is the disparity between the 905 region marketplace and the City of Toronto (416). The pandemic and its impact on the house buying consumer has been dramatic. Before the pandemic house prices (on average) were lower in the 905 than in the City of Toronto, nor did house prices rise as quickly in the 905 region. That has all changed.


In August the average sale price for the 905 region was more than $1,050,000. In the City of Toronto it was $1,000,000. Prior to the pandemic these differences were reversed. Also, the increase in average sales prices was more startling in the 905 region than in the City of Toronto. In the 905 region detached properties increased in value by 26 percent, semi-detached by 21 percent, townhomes by 20 percent and even condominium apartments increased by almost 15 percent. By contrast in the City of Toronto detached properties only increased by 11 percent, semi-detached by 4 percent, townhouses by 8 percent, and condominium apartments sales prices by 7 percent.


The explanation is three fold. Firstly there is less supply in the City of Toronto, except for condominium apartments, house prices are still pricier in the City of Toronto, and the pandemic, which has intensified the need for space and safety, coupled with the ability to work remotely, has driven buyers to the suburbs and secondary markets.


The third theme that has emerged is the plateauing of average sale prices. Yes, August’s average sale price of $1,070,911 for all properties sold was 12.6 percent higher than the average sale price achieved in August 2020 ($951,219), but it has steady declined since May’s stratospheric record breaking average sale price of $1,108,362 and has stabilized at approximately $1,073,000.



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Without a mortgage interest rate decline, which is unlikely, or massive increase in household incomes, also unlikely, consumers have reach their maximum housing purchasing power, outliers excluded.


The last theme that is emerging is the resurgence in condominium apartment sales. During the early months of the pandemic condominium apartment sales and prices collapsed. The density of condominium living and fear of the Covid-19 virus drove consumers to ground level properties, especially in the suburbs and secondary markets. Not only were properties less expensive in the 905, and in secondary markets, those prices got consumers more space and the psychological benefit of safety.


August’s results have made it clear that the condominium apartment market is back. In the City of Toronto condominium apartment sales increased by more than 13 percent. Almost 1,740 apartments traded hands, representing almost 58 percent of all properties reported sold in the City of Toronto in August. All condominium apartment sales took pave in only 21 days at 102 percent of their asking price. In Toronto’s central districts, where most sales take place, the average sale price came at $783,712, a number beginning to exceed pre-pandemic levels. Not only are condominium apartment sales robust, but on the supply side they are practically the only game in town. At the end of August, there were 3,577 condominium apartments available to buyers. This, shockingly, represents 44 percent of the total available supply of 8,201 properties of all types.


These themes – supply, disparity between the 905 and City of Toronto marketplaces, the stabilization of average sales prices, particularly in the City of Toronto, and the resurgence of the condominium apartment market – will play out in September, similarly to how they did in August. The result will be sales results and average sale prices similar to what were achieved in August.


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In some ways the July resale market’s performance was anticlimactic. We could see it unfolding in June, and as a result, there were few surprises. Sales continued their decline – in June 11,106 properties were reported sold, dropping to 9,390 in July, but still a strong month by historical standards. The record for reported sales was established last July at 11,081. At the end of the day there are only so many buyers in our given geographical area, and since the beginning of 2021, almost 80,000 properties have changed hands, a pace that will see at least 120,000 sales take place by the end of the year, shattering the previous record of 113,400 sales achieved in 2016.


All market indicators continue to point to a very robust market. The market’s slow down is due to absorption, seasonal change, and with higher vaccination rates and declining social restrictions consumers are focusing on activities other than buying and selling real estate. In addition, even if there was no change in buyers’ attitudes, there simply isn’t enough inventory in the marketplace. In July only 12,551 properties came to market, 31 percent fewer than the number that came to in market last July. As we enter August there are only 9,732 properties available for sale in the entire greater Toronto area, more than 35 percent less than were available last year (15,018).


The sales that took place were at lightning speed. In July all 9,390 reported sales took place (on average) in only 15 days. Last July, which was a record-breaking month, they took place in 17 days. These sales also came in at record-breaking average sale prices. In July the average sale price for all properties sold was $1,062,256,

12.6 percent higher than last July’s average sale price ($943,594).


A closer examination of July’s average sale price indicates the growth in sale prices is taking place in Toronto’s 905 region, and very moderate price growth in the City of Toronto, as the chart below clearly indicates.



The reason for this dramatic differentiation is twofold. Firstly, prices for homes in the 905 region are substantially lower than in the City of Toronto. Affordability is very much at play in the decision-making of buyers. Secondly, the need and desire for more space and perceived more safety, continues to drive buyers away from dense areas in Toronto to the less crowded suburbs. Of the 9,390 reported sales in July, 6,121 traded in the 905 region, or more than 65 percent. This trend is not likely to end soon.


Overall, the high end of the market continues to perform very strongly. In July 521 properties having a sale price of $2 Million or more were reported sold. Last year only 452 properties were sold in this category of homes. It is amazing to look back to 2019. In that year only 185 properties were bought and sold having a sale price of $2 Million or more. In just two years the number of high-end properties sold has increased by an eye-popping 182 percent.


Condominium apartment sales have continued to strengthen over the last few months, particularly in the City of Toronto, where the availability of most condominium apartments is located. In fact, in July condominium apartments were the only housing type that saw year-over-year growth, with detached, semi-detached, and townhouse sales all producing negative variances compared to July of last year. Condominium apartment sales were up by 4.2 percent.


July saw the first overall negative variance in sales in 12 months. Again, it must be remembered that reported sales in July 2020 were record-breaking. Last July 11,033 properties were sold, this year 9,390. July was the fourth straight month of declining sales, which as discussed in our June market report, was anticipated, for reasons already stated – absorption, affordability, lack of supply, and historic seasonal adjustment. Early indications are that this trajectory will continue into August, and for the same reasons. Last August 10,738 residential resale properties were reported sold. This August we will see close to 8,500 properties trading hands. This does not mean that the market is softening. In 2019, which was a solid resale year, 7,682 properties were reported sold. What we are witnessing is the resale market slowly morphing back to pre-pandemic patterns.



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There were 11,106 resale properties reported sold in June in the greater Toronto area. In the City of Toronto 3,850 properties changed hands. In both areas, these numbers were substantially lower than the astronomical peak achieved in March. Having said that, sales activity in June was only outpaced by June sales achieved in June 2016.

                          

The Toronto and area market remains very strong, even though it may feel like it has softened. Peak momentum is clearly now behind us, although some components of the marketplace – ie. condominium apartments and various sought-after neighbourhoods – may resist both the softening of sales and average prices.

In June the average sale price for all properties sold came in at $1,089,536, 17 percent higher than the price for properties sold last year ($931,131). Because the City of Toronto’s numbers are heavily weighted by condominium apartment sales, the average sale price for the City was a little lower at $1,079,749.


Detached and semi-detached property prices in the City remained very robust at $1,700,000 and $1,267,000 respectively. Detached properties increased by 11.5 percent compared to last year, while semi-detached sale prices actually declined by almost 2 percent. This decline was due more to lack of supply than demand.


The high end of the market continued to perform robustly in June. This year 699 properties having a sale price of $2 Million or more were reported sold. Last year only 365 properties were reported sold in this price category, in percentage terms, an increase of almost 92 percent. With an increase in the average sale price of 17 percent, and 2,461 more properties reported sold this June, it is not surprising to see more property sales in the $2 Million plus range. Most of the greater Toronto area property sales are now in the $1 Million to $1.5 Million range.


Price increases were eye-popping in the 905 region. Detached property sale prices increased by almost 30 percent to $1,329,873, while semi-detached property prices increased by 21.5 percent to $915,000. These increases reflect the fact that buyers are continuing to flock to less expensive, ground-level homes, in less dense neighbourhoods. This phenomenon was dramatically accelerated by the concern for space and security (and price) generated by the pandemic.

 

Condominium apartment sales momentum continued in June, a pattern that first became noticeable at the beginning of this year. During the initial months of the pandemic and for most of 2020, condominium apartment sales fell off a cliff, victim to buyers’ quest for ground-level properties offering more space and security. In June 2,800 condominium apartments were reported sold in the greater Toronto area, a 57 percent increase compared to June last year. Most of those sales were in the City of Toronto (1,901).


With the increase in sales, prices have also been increasing. In June average sale prices for condominium apartments reached pre-pandemic levels. The average sale price for sales in the City of Toronto reached $717,466. In Toronto’s central districts where most condominium apartment sales take place (1,247) the average sale price rose to $770,000. Not only did the average price reach these lofty levels, but all central Toronto sales took place (on average) in only 15 days and at 102 percent of the list price. Buyers are fearlessly returning to high rise living.


Throughout the heady pandemic market supply has been a problem. There was no relief in June. Only 16,189 properties came to market, almost the exact number that came to market last year. Unfortunately, due to the extraordinary absorption in sales that have taken place in 2021, we enter July with only 11,297 properties available to buyers, almost 20 percent fewer than were available last year at this time.


Early July market data indicates that the pace of sales and the average sale price for properties sold will continue declining. July’s market will be primarily impacted by seasonal influences and consumers’ return to more “normal summer” activities. The province has been in lockdown for many months. The lifting of restrictions is beginning to moderate the consumer’s fixation for engaging in real estate buying and selling.

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The Toronto and area residential resale marketplace continued its slide towards a more normal but still very strong market. In May 11,951 properties were reported sold, a decline of more than 12 percent compared to the 13,650 properties reported sold in April, and a decline of more than 23 percent compared to the record breaking, stratospheric 15,646 properties sold in March. March’s numbers were, I believe, the zenith of the pandemic market, just before Ontario’s vaccination program was rolled-out.


I reiterate, that notwithstanding these declines, the market remains very strong by historic standards and May’s average sale price of $1,108,453, which includes more than 2,700 condominium apartment sales throughout the region, is an all-time record. May’s average sale price was almost 30 percent higher than last May’s average sale price of $863,583. In absolute dollars, a stunning increase of $245,000 in just 12 months. This record-breaking average sale price is clearly stretching the affordability limits of Toronto and area buyers.


Although the number of sales declined over the past two months, the pace of sales did not. In May it took only 11 days for all properties that came to market to be reported sold. At the end of May there were only 1.2 months of inventory for the entire greater Toronto region. The number was a little higher in the City of Toronto (1.6 months) due to the preponderance of condominium apartments in the City.


Condominium apartment sales have surged during 2021, and although comparison to 2020, at least until the month of June are not meaningful, in May the 1,881 condominium apartment sales recorded in the City of Toronto were almost 160 percent higher than last May’s results. With this surge in sales, sale prices for condominium apartments have also increased. The average sale price for condos in the City of Toronto came in at $716,976, a 6.3 percent increase compared to last year. In the City’s central core, where most of the region’s condominium apartments are located, the average sale price came in at $766,462, making Toronto’s least expensive housing form fairly pricey.


The price of detached and semi-detached property sales in the City of Toronto reached eye-popping levels in May. The average price for detached properties came in at $1,716,272, and $1,326,153 for semi-detached properties, increases of 20 and 16 percent respectively compared to last year. Average sale prices in the 905 region were not as high - $1,331,176 for detached properties, and $915,479 for semi-detached homes – however, from a percentage standpoint they exceeded the increases in the City of Toronto. In the 905 region detached property sale prices increased by 41 percent while semi-detached increased by 28 percent over the same period last year, a reflection of buyers fleeing to the suburbs, seeking more space and a sense of safety, at prices for less than can be found in the City of Toronto.


Affordability and supply will continue to moderate the Toronto and area marketplace as we move towards the second half of 2021. The region’s average sale price of $1,108,453 is making Toronto and area very pricey, and except for condominium apartments, beyond the reach of most buyers. To some extent that has been one of the reasons for the pull back in the market since March. Affordability will become even more relevant as the higher mortgage stress tests are applied beginning in June.


In May 18,586 new listings came to market. Sellers were clearly taking advantage of the record-breaking selling prices. The growth of the Toronto and area inventory levels will have a moderate impact on average sale prices, as stretched buyers discover that they have more choice than during the early months of 2021. The combined impact of tighter affordability and more inventory should see the marketplace continue to level off, consistent was “normal” pre-pandemic markets.


Prepared by Chris Kapches, LLB, President and CEO, Broker

Chestnut Park Real Estate Limited, Brokerage


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Market reports rely heavily on comparisons to the same month the year before. Comparing April 2021 to April 2020 would be pointless. Last April we were in the darkest period of the Pandemic. Buyers, sellers, and their realtors were developing and adapting to new, restrictive, and demanding industry protocols. As a result, there were fewer properties available for sale and even fewer sales. As a result it is much more fruitful to look at what unfolded just this past March and compare it to April’s market performance.


March 2021 was an all-time record breaking month both for the number of properties reported sold and the average sale price. April 2021 could not keep pace with the torrid March market. Having said that, April was itself record breaking, setting a new record for reported sales for any previous April. There were 13,663 homes reported sold, 12 percent fewer than the blistering 15,652 that were sold in March. There was also a marginal decline in the average sale price. March’s average sale price came in at $1,097,565. Although still eye-popping, April’s average sale price dipped to $1,090,992.


The decline in price was across the board for all housing types, except condominium apartments. Detached, semi- detached, and townhouse property prices all declined, albeit marginally. In April the average price for detached properties came in at $1,699,756 (a 3 percent decline from March), semi-detached at $1,288,005 (a 1.5 percent decline), and townhouses at $942,371 (a 2 percent decline).


The outlier was condominium apartment sale prices. In April 3,290 condominium apartment sales were recorded, a considerable decline from the 3,821 reported sold in March, a decline of almost 14 percent, contributing substantially to the overall decline in market sales as compared to March. However, while sales declined, prices increased, both in the City of Toronto and the 905 region. The average sale price for City of Toronto condominium apartments came in at $727,137, up from the $707,835 achieved in March. In Toronto’s central districts, where most of the greater Toronto’scondominium apartments are located, the average sale price came in at $781,471, a number not far off average salesprices for condominium apartments pre the Pandemic.


So, what does all this data tell us about the Toronto and area marketplace? Firstly, it was impossible that March’s pace could be exceeded or even equaled for a second month in a row. Since the beginning of 2021, 47,157 properties in the greater Toronto area have changed hands. Historically this is an unprecedent pace. What April’s data tells us is therehas been tremendous buyer absorption during the last few months of 2020 and now into the first four months of 2021.Bluntly, the market is running out of buyers. With no immigration since last March, and with many city dwellers moving to secondary markets during the Pandemic, the number of potential buyers is declining.


As to the average sale price, it appears that it too may have reached a pinnacle in March. Between 2019 and March 2021, average sale prices have increased by more than 20 percent. Household incomes have not. A recent study indicated that the decline in mortgage interest rates over the same period has boosted the price that buyers could pay for properties by 22 percent. It is not co-incidental therefore that average sale prices have increased by more than 20 percent over the same period.


Subject to an increase in migration to the Toronto area from other parts of the country and a return to pre-Pandemic immigration levels, the market has probably plateaued and in fact we may see a slight decline in sales as we make our way to the latter half of 2021. Similarly, unless there are declines in mortgage interest rates, the average sale price has plateaued at approximately $1,100,000. Looming on the horizon is the more restrictive mortgage stress testingeffective June 1, 2021, which will place further restrictions on buyers’ borrowing power.

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Just when you think the Toronto residential resale market can’t reach new heights, it surprises us again. March was not only strong but it shattered records, something that is becoming a common occurrence.


In March 15,652 homes were reported sold, an all-time monthly record and 97 percent more than the 7,945 properties sold last March. Even considering that the second half of March 2020 was impacted by the implementation of Covid restrictions, March’s results are nothing but extraordinary.

Not only was sales volume record-shattering, but so was the average price. The average price for Toronto and area came in at an eye-popping $1,097,585, the highest average sale price ever recorded. This number is even more impressive when it’s remembered that it included the sale of almost 4,000 condominium apartment units, the least expensive homes on the market, averaging less than $700,000.


The average sale price was unequivocally driven by the unbelievable number of high-end properties that were reported sold. In March 982 properties having a sale price of $2 Million or more changed hands – also a record! By comparison, only 245 sold in this category last year, obviously a number dampened by the effects of the pandemic’s restrictions during the last half of the month.


The speed at which properties sold was also record-breaking. All 15,652 properties reported sold in March came to market and were sold in only 13 days. There are no market descriptors that can define this phenomenon. At one time it was the eastern trading districts in Toronto, in particular Riverdale, Leslieville, and the Beaches, that had speed of light sales. Now sales are taking place even in the 905 region at an incredible pace.


Not only are properties selling quickly in the 905 region, but they also account for the bulk of all reported sales. Of the 15,652 sales in March, 10,522 of them took place in the 905 region, representing 67 percent of all reported sales.



March had a bright spot for stretched and frustrated buyers. In March 22,709 properties came to market, a much-needed increase in inventory, and 57 percent more than March of last year. It would appear that sellers are becoming eager to capitalize on the incredible prices that were achieved this month.


This runaway market gives rise to a variety of issues. There is the issue of sustainability. The average sale price reached a lofty $1,097,565 in March, almost $200,000 higher than it was a year ago. Average household income has not increased proportionately. Far from it. Even more worrisome, at the date of preparation of this Report, (April 8th), the average sale price in the City of Toronto was even higher at $1,106,000, including condominium apartment sales.


When the sustainability of the housing market becomes an issue, it generates government scrutiny. Government intervention inevitably leads to unwanted consequences, as past government intervention has clearly demonstrated. So there is talk of a capital gains tax on principal residences and even a speculation tax. The best solution is an organic one – namely the market moderates itself because households become incapable of paying higher prices, and more inventory comes to market. We are beginning to see signs of both of these developments.

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Is it really February? The Toronto and area residential resale market certainly did not behave as if it was. Actually, it was more reminiscent of a crazy spring market, and even then, it outdistanced most spring markets that we have recently experienced. In February 2021, 10,970 properties were reported sold in the greater Toronto area. To put that number into perspective, no month in 2019 came close to 10,970 sales. The strongest month for sales in 2019 was May at only 9,951 reported sales, and that was an excellent month! By comparison to February 2020, also a strong month at 7,193 sales, February 2020’s performance was 52.5 percent stronger.


It will surprise no one with such robust sales activity that prices were also sharply on the rise in February. In fact, the average sale price for the greater Toronto area shattered the $1 Million threshold for the first time, finishing the month at $1,045,488, almost 15 percent higher than the average sale price of $910,142 achieved last year. It is interesting to note that the average sale price for the City of Toronto came in lower at $995,201. That was due to the 2,167 condominium apartment sales that were recorded. These lower price point properties acted as a drag on the City of Toronto average sale prices.


Detached and semi-detached property sales in the City of Toronto were extremely active and at a strong prices. Expect to pay almost $1.7 Million for a detached property and $1.325 Million for a semi-detached home – if you can find one. The supply of detached and semi-detached properties in Toronto is at an all-time low. In February, 915 detached properties were reported sold. By March, the inventory of detached properties was down to 938 homes or only 1 month of supply. The supply of semi-detached properties has reached a critical state. In February, 295 properties sold in this category. By the beginning of March, only 181 semi-detached properties were on the market, only .6 months of supply – an unprecedented number.


Sales of every housing type, including condominiums, were strong. This was particularly true for higher-priced properties. In February, 597 properties having a sale price of $2 Million or more were reported sold. Comparisons to previous years are staggering. In 2020 only 266 properties in this price category were sold, and in 2019 a mere 193. Sales in February 2021 were a shocking 125 percent higher than sales at this price point in 2020.


Condominium apartment sales were also very strong in February, posting results 63.2 percent higher than last year. While sales increased, the average sale price continued to decline by 6.4 percent in Toronto but rising by 5.4 percent in the 905 region. It is the decline that is relevant in that 70 percent of all condominium apartment sales are in the City of Toronto. The decline in average sale price in the City’s core, where most sales are recorded, was even lower, down by 10 percent compared to last year.


February’s resale market was like no other we have experienced. Going forward we can anticipate more of this, at least until March and into April, however sustaining 15 percent price increases (higher in some districts) will be difficult. Even with historically low mortgage interest rates, affordability will become (is?) a concern. On the positive side, February saw new inventory increase by over 40 percent compared to last year. If the pace of new listings coming to market continues, more consumer choice should see prices begin to moderate. But currently, with only 1.5 months of inventory, price moderation is still some months away.


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Once again, the Toronto and area resale market delivered eye-popping results. As compared to last January sales were up by over 52 percent and the average sale price increased by almost 16 percent. In absolute numbers January produced an unprecedented 6,928 sales – there were only 4,546 last year – and the average sale price came in at $967,885 for all properties sold throughout the greater Toronto area. It was only $838,000 last year.


But the market was not homogenous. Within the City of Toronto, sales were dominated by condominium apartments. Over 55 percent (1,703 apartments) of all reported sales were condominiums. That was a shocking 85 percent increase compared to the number of condominium apartments sold last year. In the last two months, condominium apartment sales in the City of Toronto have come roaring back erasing the mid-pandemic declines they had experienced.


That was only part of the story. While sales were soaring, average sale prices continued to decline. By month-end, condominium apartment prices in Toronto’s 416 region had declined by 8 percent. The situation was more extreme in Toronto’s central core. Almost 70 percent of all Toronto condominium apartment sales are located in Toronto’s central districts, primarily downtown. Last year the average sale price for condominiums in Toronto’s central districts was $758,000. In January, the identical apartments were selling for $661,000, 13 percent less. With such steep price reductions, it is not surprising that buyers are flocking to the condominium apartment market.


The other market story is Toronto’s suburbs, the 905 region. Not only are more sales taking place in the region, but at rapidly rising prices. In January the average sale price in the 905 region was more than 10 percent higher than the average sale price in the City of Toronto ($866,331). Halton (Burlington, Halton Hills, Milton, and Oakville) and York Region (Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan, and Whitchurch-Stouffville) both produced average sale prices for all properties reported sold of more than $1,160,000.


Higher priced properties throughout the greater Toronto area sold at a pace not seen before for January. In January 331 properties were reported sold having a sale price of $2 million or more. That amounts to a shocking 155 percent increase compared to the 130 properties that sold in this category in 2020, and only 76 in 2019. This is an amazing accomplishment, and it demonstrates that robust sales of properties in the greater Toronto area are taking place in all price categories.


Aside from the issue of sustainability, the perennial concern, as we move into February, inventory levels remain a problem. At the end of January, there were only 7,396 properties available to buyers, almost 5 percent fewer than last year. The bulk of those listings (44 percent) are condominium apartments. There simply aren’t enough ground level, freehold properties to meet demand. It is the rarest of occurrences when new listing offerings aren’t greeted by multiple offers – many multiple offers.


Looking forward, February will be an even stronger month than January. Early February data indicates that the resale market will exceed last February’s results by at least 50 percent and that the average sale price, both in the City of Toronto and the surrounding 905 region, is on an upward trajectory. Cheap money – five year mortgage interest rates at less than 2 percent – government stimulus, and the consumers’ frantic psychological need to acquire real estate, preferable low rise, with outdoor space, will continue to drive this frenzied market for the foreseeable future.

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December’s Toronto and area residential marketplace exhausted all the superlatives that we would normally apply to a robust resale market. Not only was December’s housing market strong by historical standards, but it dramatically exceeded historic norms, performing more like a spring market than what we have come to expect of property sales during the holiday season. It’s almost as if the holiday season didn’t exist, and unfortunately, because of the restrictions imposed bythe effects of Covid-19, normal retail shopping was non-existent. Deprived of retail shopping, it appears that buyers focusedtheir attention on housing instead.


December saw 7,180 residential properties reported sold. That is an eye-popping 65 percent increase compared to the 4,364 properties reported sold last December. December 2019 was a very strong month. For example, only 3,746 properties were reported sold during December 2018. It’s not surprising that with this surge of sales, we also witnessed a surge in the average sale price. On a year-over-year basis, the average sale price for all properties sold in the greater Toronto area increased by more than 11 percent, from $838,662 last year to $932,222 this December.


No doubt this huge jump in average sale price was driven by the number of higher-priced properties that changed hands in December, normally a quiet month for luxury property transactions. In December, 287 properties having a sale price of $2 million or more were reported sold. That compares with only 125 last year, an increase of 130 percent. Not surprisingly more than 90 percent of those properties were detached single-family homes in the 416 and 905 regions.


December’s condominium apartment sales require extra attention. Both during the third and forth quarters of 2020condominium apartment sales and prices declined, in some cases substantially, namely in Toronto’s central core, while inventory levels increased dramatically. In December, we saw a stunning resurgence of condominium apartment sales. InToronto’s 416 region, sales increased by 80 percent compared to December 2019. In the 905 region condominium apartment sales were equally as strong, increasing by 75 percent. In the 416 region, there was no corresponding increase in average sale prices. In fact, quite the opposite: average sale prices declined by 5 percent. In Toronto’s central core, where most of the City’s apartment projects are located the decline was even steeper. Prices fell by almost 10 percent, from $733,000 in December 2019 to $669,000 this year. Central core condominium apartment sales accounted for almost 67 percent of thecity of Toronto’s total condominium apartment sales. It should be noted that condominium apartment sales in the city’seastern districts not only doubled, but average sale prices actually increased from $476,000 last year to $512,000, buckingthe trend in the central core.

The increase in condominium apartment sales at lower average sale prices shifted the variance between average sale pricesoverall between the 416 and 905 regions. Before December the average sale price in the 905 was always less than the 416. Not this year. The average sale price for the greater Toronto area came in at $932,000. It was 4 percent less in the city of


Toronto ($894,000), all as a result of the massive increase of condominium apartment sales at sharply falling prices.


It will be interesting to see if December’s condominium apartment sales were a market anomaly. It may be that the moreaffordable prices have overcome buyer’s need for space and safety. This phenomenon might also be driven by the fact that prices in the 905 region have risen to prohibitive levels.


Having said that sales of ground level properties, detached, semi-detached and townhouses were robust both in the 416 and 905 regions. Price increases in the 905 eclipsed price increases achieved in the 416 region. Interestingly even condominium apartment average sale prices increased by over 6 percent in the 905 region, a stark contrast to what we witnessed inToronto’s central core.


Overall, more than 95,000 properties were reported sold in 2020, a 9 percent increase compared to the 87,751 properties reported sold last year. Notwithstanding the unprecedented socio-economic upheaval experienced universally in 2020 asa result of the pandemic, the Toronto and area resale market results were the third best on record. An extraordinary accomplishment!


Looking at 2021 the economic factors that drove the 2020 housing market remain in place. The key factors are exceptionallylow mortgage interest rates, government stimulus, and a roaring stock market. With interest rates as low as they are, asset acquisitions will continue to drive the housing market. It is impossible to see a change in this scenario until borrowing moneybecomes substantially more expensive than what it is at the beginning of 2021.

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The Toronto and area residential resale market continued its torrid pace in November, defying all expectations and forecasts.It wasn’t, however, homogenous in its performance, with different housing types and areas performing at dramatically different levels.


Overall, reported sales for the greater Toronto area were up a scorching 24.3 percent compared to November 2019. Last year, 7,054 residential properties were reported sold. This year that number jumped to 8,761. That number was driven primarily by the sale of ground-level properties, detached, semi-detached, and townhouse homes. Sales of these types of homes increased in both the City of Toronto and the 905 region, and correspondingly, so did average sale prices.


In November, the average sale price for all properties sold across the greater Toronto area came in at $955,615. This number was more than 13 percent higher than the $843,307 achieved in November of 2019. In the City of Toronto, the average sale price was even higher, coming in at $979,224. These numbers would have been even higher if not for the lagging performance of condominium apartment sales in the City of Toronto.


Once again, as in previous months, resale data indicates that market activity has shifted from the City of Toronto to the905 region. The 905 region includes Halton, Peel, York, Durham, Dufferin, and Simcoe Counties. Of the 8,761 reportedsales for the greater Toronto region, 5,729, or 65 percent, were in the 905 region. What we also witnessed in November was the average sales price gap between the City of Toronto and the 905 region is narrowing. For the third straight month, average sale price gains in the 905 region far outdistanced gains in the City of Toronto. The average price increase for all property types in the City of Toronto was 5.5 percent. In the 905 region the average sale price jumped by 14 percent. Even if condominium apartment sales were extracted from these numbers, gains in the 905 were at least double the average sale price gains in the City of Toronto.


Except for condominium apartment sales in the City of Toronto the entire resale marketplace continued to move at a torrid pace. In November, all sales across the greater Toronto area sold (on average) in only 19 days, 26 percent faster than the 24 days it took last year. The pace for semi-detached properties in the City of Toronto was even more hectic. All semi-detached properties sold in only 14 days. Toronto’s eastern districts, which include the popular Riverdale, Leslieville, and Beaches trading areas, saw semi-detached properties sold in only 11 days, and (on average) for 109 percent of their asking price. The average sale price for the combined eastern districts for semi-detached properties exceeded $1 million, with substantially higher average sale prices in the most popular neighbourhoods. Similar results were achieved in Toronto’s western districts. Because of higher price points, Toronto’s central district sales were a little slower (20 days) but still managed to achieve sales prices that were 102 percent of the asking price.


It should be noted that the high end of the market also put on a strong performance. Throughout the greater Toronto area, 356 properties with an average sale price of $2 million or more were reported sold in November. This compares with only 199 sold in the same category last year. On a year-to-date basis, 3,363 $2 million plus properties have been reported sold. Last year, at the end of November, 2,171 properties at this price point were reported sold. This year’s sales represent a 55 percent increase in high-end property sales compared to 2019.


If there is a dark spot in the greater Toronto resale marketplace it’s condominium apartment sales in the City of Toronto. InNovember, sales were flat, and average sale prices fell off by 3 percent. Unfortunately, that’s not the whole story. Inventorylevels are increasing dramatically. In November, 2,943 new condominium apartments came to market (some of these were no doubt new listings of units that hadn’t sold and were being re-introduced to the market, often at lower asking prices). Last year, only 1,629 new listings came to market. November’s new listings increased the total number of active listings to 5,018, 194 percent higher than the 1,707 condominium apartments available to buyers at the same time last year.


On a more positive note, by the end of November, year-to-date, 88,026 properties (all types) were reported sold for the greater Toronto area. Total sales for 2019 were only 87,753. Notwithstanding the pandemic, and its negative impact on our society, our businesses, and our health and safety, with December still to be counted, 2020 will be the Toronto and area’s best year for resale house sales since 2016. Astonishing.

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It was no surprise that October’s resale market results continued the record pace that began in June. Reported sales hit a new high in October, with 10,563 residential properties trading hands during the month, a 25 percent increase compared to last year. Not only were sales volume at record levels, but average sale prices also continued their steady upward march. Last October, which was a strong month, 8,445 properties were reported.


This October there was also a sharp rise in the average sale price. Last October the average price for all properties sold was $851,877. This year the average sale price increased by almost 14 percent to $968,318. Depending on the location the average sale price was even higher. In the City of Toronto, the average sale price came in at $1,025,925. This number is startling when it is remembered that it includes 1,438 condominium apartment sales or 40 percent of the 3,514 properties that sold in the City.


The Toronto and area residential market is now all about fragmentation, a phenomenon driven by the pandemic and the psychological and physical impact that it has had on the residential market, both locally and throughout North America. People’s desire for more space, coupled with technological advances that allow people to work remotely, have untethered buyers from dense, crowded urban regions, allowing them to move to new marketplaces. That movement is clearly reflected in the October data.


There were 3,514 properties reported sold in the City of Toronto, (including condominium apartments). That represented a 6.6 percent increase compared to the 3,295 that sold last year. In the 905 region of greater Toronto, 7,049 were sold in October. Last year only 5,196 properties were reported sold in the same month. The year-over-year increase in the number of sales in the 905, namely 36 percent, dwarfs the increase in sales in the City of Toronto. Clearly, buyers were active in Toronto’s 905 region. No doubt a large part of those buyers were former City of Toronto condominium apartment dwellers looking for ground-level properties.


The exodus to the suburbs and the 905 region is no more evident than the impact it has had on both the condominium apartment and rental markets. In October, 1,438 condominium apartments were reported sold in the City of Toronto. Last year 1,575 were sold. This decline of 8.5 percent is one of the first declines we have witnessed in more than 10 years. Condominium apartments have been Toronto’s only affordable alternative. Detached and semi-detached properties, given their stratospheric increases in average sale prices, have been beyond the financial reach of most buyers, especially first-time buyers.


Declining sales usually mean declining average sale prices, unless the decline in sales is due to a decline in inventory. Unfortunately, condominium apartment supply has skyrocketed. In October, 4,494 new listings came to market, bringing the total available inventory at month end to 5,719 condominium apartments. By comparison last October only 2,213 new listings came to market, 50 percent fewer than this year. At the end of October last year there were only 2,098 condominium apartments available for sale, 63 percent fewer than this year. It is not surprising therefore that the average sale price for condominium apartments, namely $668,161, was almost 1 percent less than a year ago. Rentals of condominium apartments are suffering the same fate, with rising inventories and declining monthly rental rates.


Detached and semi-detached property sales were robust in October, increasing by 20 and 30 percent respectively as compared to last year. The average sale price for detached properties increased by more than 11 percent and semi-detached by only 5 percent, to $1,470,857, and $1,154,087 respectively in the City of Toronto.


It should be noted that the high-end of the market has been performing exceptionally well. Across the greater Toronto area, 488 properties having a sale price of $2 Million or more were reported sold in October. In 2019, only 254 were reported sold in this category, a year-over-year increase of 92 percent. The majority of these sales were ground level properties, with only 20 condominium apartments falling into this category.


As we move towards the end of 2020, without any anticipated change to the economic and psychological conditions that have given rise to the exceptional, though fragmented market that we have experienced for the last five months, all expectations are that it will continue, particularly if interest rates stay at their historically low rates, and if governments keep the pandemic damaged economy liquid. The fragmentation will continue to see strong demand in the 905 region and in the secondary markets surrounding the greater Toronto area. We can expect condominium apartment sales and price pattern so clear in October to continue: both sales and average sale prices will continue to decline while inventory levels will approach historic highs.

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We have run out of superlatives to describe the greater Toronto residential resale marketplace. Records have been broken consistently for the last few months, and September was no exception. Two records were shattered in September: most sales ever recorded for the month, and the highest average sale price for all properties reported sold.


In September 11,083 residential resale properties were reported sold. This is more properties reported sold than in any previous September. By comparison, last September 7,791 properties were reported sold. This year’s sales were 42.3 percent higher than reported sales in 2019. September’s sales brought the year-to-date total to 68,793, 1 percent higher than the number of reported sales at the same period last year. This means that in the last four months the market has made up for the momentum lost during the implementation of the lockdowns and the provincial emergency measures designed to contain the spread of the Coronavirus in March.


The second record was the average sale price for all properties sold.  In September it came in at $960,772. The previous record was set in August at $951,536, and the record before that was set in July at $943,609. September marks the fourth consecutive month in which a new average sale price record has been set. It is almost unfathomable that in April the average sale price was only $820,222. Since April it has increased by 17 percent.


It should be noted that in the city of Toronto the average sale price came in at $1,022,051. This is an astounding number when it is remembered that of the 3,551 recorded sales in the city of Toronto, 1,549, or 44 percent, were condominium apartments. During the pandemic condominium apartments have been out of favour. Buyers have sought out ground level properties that offer outdoor space. In September the average sale price for all condominium apartments sold only rose by 7 percent compared to the same month last year. Detached home prices increased by 28 percent and semi-detached home prices by almost 50 percent (in the city of Toronto).


For the third consecutive month more listings came to market compared to the same month last year. In September 20,420 new properties came to market, a 31 percent increase compared to the 15,616 that came to market last September. Due to the incredible absorption rate in September (11,083 sales), at month end there were 18,167 properties available to buyers, a mere 5 percent increase compared to the 17,254 available last year. In order to experience a balanced market, the marketplace would require an available inventory of at least 25,000 active listings. It is not surprising, given the absorption rate, that throughout the greater Toronto area all properties (on average) sold in just 16 days.  


During the pandemic there has been an explosion of higher priced property sales. In September 461 properties having a sale price of $2 million or more were reported sold. This represents an 86 percent increase compared to the 248 properties reported sold in 2019. No doubt the need for space, coupled with historically low interest rates (5 year mortgage rates at less than 2 percent) have driven those that can afford it to larger more expensive properties.


September’s market data provides some empirical proof that buyers are looking for space and ground level properties far from the core of the city of Toronto. Although sales were strong in the city of Toronto – 3,555 sales which amounted to a 20 percent increase compared to the 2,987 properties reported sold in 2019 – that paled compared to what happened in Toronto’s 905 region.


Of the 11,083 reported sales in September, 7,528 of them were in the 905 region. Last September only 4,804 properties were reported sold in the region. Year-over-year this represents a 57 percent increase in the number of sales, substantially and dramatically higher than the city of Toronto. Also, in September, the average price rose by approximately 12 percent in the city of Toronto but by almost 17 percent in the 905 region with South Simcoe County, the region furthest north from Toronto, registering an average sale price increase of 20 percent compared to last year. At this rate average prices in the 905 region will not remain lower than prices in the city of Toronto for much longer. The average priced property in the 905 region, however, does buy more land, and more space compared to similarly priced properties in Toronto. It should be noted that some districts in the 905 region have also become pricey. In September the average price in Halton region was $1,087,859 and $1,066,380 in Peel, both higher than the average price for all properties sold in Toronto ($1,022,051).


Early data for October indicates that it will be as robust as September. Those buyers that have had not been directly and economically affected by the pandemic continue their quest to purchase properties that not only meet their needs but that can act as a sanctuary in these uncertain times. They do so while having access to mortgage financing at less than the rate of inflation.

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Toronto and area realtors reported 10,775 sales in August. These sales represent a shocking 40.3 percent increase compared to the 7,682 sales reported last year, which was a very respectable August for reported sales. This dramatic increase was predominately driven by an increase in sales of detached and semi-detached properties.


In the City of Toronto detached property sales increased by 65.3 percent and semi-detached properties by an eye-popping 81.2 percent compared to last August. Condominium apartments, for reasons discussed in my July report, did not fare nearly as well, rising by only 9.2 percent.


The Toronto and area average sale price record has now been exceeded for three consecutive months. June’s average sale price of $931,302 exceeded the previous record of $920,000 achieved in April of 2017, the month during which the then provincial government legislated the foreign buyers tax. In July, the average sale price jumped to $943,666, another record. This August it moved closer to the magical $1 Million mark coming in at $951,4014, the new record for Toronto and area resales.


The $1 Million mark has been exceeded for some time in the City of Toronto. Notwithstanding the mix of less expensive condominium apartments, the average sale price for all property sales in Toronto came in at $1,012,506, an amazing 24 percent increase compared to only a year ago. No doubt this increase was driven by the 413 reported sales during the month having a sale price of $2 Million or more, most of which were located in the City of Toronto. The average sale price in the 905 region, by comparison, was only $906,440 for all property types sold in August.


It is not surprising that sales took place at the real estate equivalent of the speed of light. All 10,775 sales for the month took place in only 17 days (on average) after hitting the market. By comparison last year it took 25 days on the market for properties to sell, an improvement of 32 percent. For some property types and depending on location sales took place even faster.


For example detached properties in the City of Toronto sold in only 16 days and for 101 percent of their asking price. Semi-detached properties sold even faster, in only 10 days and for an incredible 108 percent of their asking prices.


In Toronto’s eastern districts the pace of sales was record-breaking. All semi-detached properties sold in only 8 days and for an amazing 112 percent of their asking prices. There was a glimmer of hope for frustrated buyers in August. For the first time since the pandemic, August saw a dramatically high number of new listings coming to market. Almost 18,500 new properties came available to buyers, 56.8 percent more than became available in August 2019. Last year only 11,789 properties came to market.


Due to the high absorption level in August (10,775 sales) at month end there were still only 16,662 properties on the market throughout the greater Toronto area, only 5 percent more than the 15,870 available last year. If new listings continue at August’s pace into September, they will have a profound impact, helping the market to move away from the extreme seller’s market we have been experiencing and ultimately having a moderating affect on average sale prices.


Early September data indicates that September 2020 may be another record-breaking month both as to the average sale price and the number of reported sales. Stay tuned!

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July’s residential resale market performance was record breaking. Almost 11,100 properties were reported sold, a 28 percent increase compared to the 8,679 properties sold a month earlier. Compared to July 2019, sales improved by almost 30 percent. There were 8,555 residential properties reported sold last year. July’s numbers are the clearest indication as to the robustness and resilience of the Toronto marketplace, especially when fueled by record-low mortgage interest rates.


It is no surprise that average sale prices have also increased, also to record levels. In July the average sale price for all properties sold in the greater Toronto area came in at $943,710, surpassing June’s record-breaking average sale price of $931,221. By comparison, last July the average sale price was only $806,971. Notwithstanding the impact of the Covid-19 pandemic, today’s average sale price is 17 percent higher than only a year ago.


In the City of Toronto, the average sale price is even higher. It came in at $1,017,320. This number is particularly impressive when it is remembered that it includes 1,689 condominium apartment sales out of a total of 3,577 properties reported sold.


It is also worth noting that the higher-end of the marketplace exploded in July. In July 452 properties having a sale price of $2 million or more were sold. By comparison, only 185 properties in this category were reported sold last year, an eye-popping increase of 144 percent. No doubt the resurgence of the equity markets has bolstered the confidence of purchasers of higher-priced properties.


The entire residential market has not reacted to the pandemic and its impact on the local economy equally. Condominium apartment sales were negatively impacted during the second quarter of 2020. The quarter saw the tightest economic restrictions and the resulting economic fallout. During the second quarter (ending June 30th), condominium apartment sales were down by over 50 percent, and new listings over the same period were down by almost 22 percent. Notwithstanding these very negative numbers, the average sale price increased by 5.1 percent to $619,707.


In July there was evidence that the condominium apartment market was making a recovery from its poor second quarter performance. In July sales modestly rose by 4.7 percent compared to last year. Sale prices were more robust, rising by almost 9 percent to $682,999 in the greater Toronto area. In the City of Toronto’s central core, the average sale price was a stunning $746,204.


The rental market was also negatively impacted by the pandemic in the second quarter. A combination of restrictions on showing condominium apartment units for rent and job losses across a multitude of economic sectors dampened demand for rental accommodation. As a result, condominium apartment rentals in the second quarter were down by 25 percent compared to the second quarter of 2019, where the number of available condominium apartments increased by 42 percent to 21,703. Not surprisingly, average rents have declined across the board from bachelor to three-bedroom apartments. Except for bachelor apartments, rents declined, on average, by 5.5 percent from a year ago. Bachelor apartment rents, understandably, declined by almost 10 percent. Increased choice has allowed tenants to negotiate rents downwards, a reversal of years of constantly rising rent levels.


Early August results indicate that the resale market will produce strong numbers once again, although not quite as robust as July. On a year over year basis sales will be approximately 10 percent higher than August of last year. It cannot be over emphasized that mortgage interest rates of less than 2 percent will continue to drive the Toronto and area resale market, even in the face of the negative economic impact of the pandemic. Those rates are not expected to rise for some time, perhaps as late as the end of 2021.

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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.

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Welcome to Penthouse 09 at The Verve


Located on Homewood Avenue just west of Cabbagetown, this modern Tridel built condominium was established 2008 as a community.  A full service building with a lobby that is accessed by a discrete glass entrance set back from the street, the drama starts there with a curved staircase featuring a fabulous wood sculpted wall leading to the buildings amenities which include a media room, party room, billiard room, private fitness centre, sauna and set proudly on top of the podium level of the building, an outdoor pool area with a water wall and cabana’s like no other.


Forty floors up, life at the top starts at the entrance to Penthouse 09 with breath taking unobstructed views of the city – south to the downtown core and lake, and west over to Queens park and mid town. 


The suite offers almost 1690 sq. ft of renovated interior space including an open concept living and dining room with a new and beautifully appointed deluxe white kitchen complete with quartz countertops and stainless steel appliances, pendant lights over the island and lots of storage.  The flat ceilings have crown moldings and recessed lights and dimmer switches were installed everywhere.  Fully electronic blinds help to provide sunscreen and privacy.  9-foot high ceilings add to the sense of drama and enhance the million dollar views.


The combined living and dining rooms are perfect for entertaining. From the electric fireplace and the built in Sonos sound system, to the west facing terrace each area is open and enhances the sense of lofty spaciousness.  Set behind double glass doors is the Den – easily converted to an additional bedroom with a uniquely designed Murphy bed system.


The luxurious master bedroom boasts its own private west facing balcony, a large separate sitting room, remote black out blinds, walk in closet and a 5 piece ensuite equipped with Jacuzzi tub for two, stunning glass enclosed shower stall and double sinks set in a granite counter top. 


A second bedroom set off the main hall features a south view of the city, its own walk in closet and a 3 piece ensuite bath, and is down the hall from an enviable laundry room which is set off the entrance foyer.


With enough wall space to showcase a large art collection, if it is space and privacy that you seek, you have truly found it here.  A conveniently located locker and parking with bike racks complete this package.


Inclusions: Stainless Steel LG Refrigerator, Kitchen Aid Microwave, Kitchen Aid Induction oven, Kitchen Aid Dishwasher, LG front load Washer & Dryer, All Electric light fixtures, Ceiling fan, Built-in Resource Furniture rotating Murphy Bed, Sony 65” 4K OLED TV with wall mounting, All built-in California Closet, ceiling speakers, Lutron Electric Blinds. Bike Rack, Parking and Locker


Taxes: $5664.00 2019 

   

Maintenance Fee: $1048.00 Includes Water, Common Elements, Parking and Building Insurance


Offered for sale at:  $1,699,000


The Virtual Tour



The 3D Tour




The Floor Plan

The Photo Gallery

Click on the city view for the Photo Gallery


Verve Buildings & Amenities Video


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REAL ESTATE MARKET REPORT MARCH 2020: TORONTO REGION


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 hault 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. 

  1. 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. 
  2. 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. 
  3. 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. 
  4. 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.


PREPARED BY: 

CHESTNUT PARK REAL ESTATE LIMITED, BROKERAGE | CHESTNUTPARK.COM

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