Toronto Real Estate Market Watch 06/19
Spring market is in full force and thriving; Toronto region home prices rose a fifth consecutive month in May — up 3.1% on average year over year to $838,540 including all types of housing. The number of sales also grew substantially, showing a 19% year over year increase. Condos continue to have the largest year over year gains, up 5% to a regionwide – including both the 905 & 416 – average of $590,876. Detached home prices grew by 0.3% on average. Prices remained higher in the Toronto core (the 416) where the average condo sold for $642,891 and the average detached house was $1.39 million.
However, TREB warned that the 9,989 transactions last month is still below the decade-average, meaning inventory isn’t enough to fuel the demand of potential buyers. A lack of listings —only up 0.8% compared to last May — could tip the market in favour of sellers and could push prices higher, said the board.
Here in the Beaches & Leslieville, we are seeing a TON of action that is on par, or better, than May of last year. Things are selling faster and for more across the board. For example, homes in the range of 2.1mil-3mil take time to find the perfect buyer, but during this market we are seeing more movement than usual for these bigger properties, which we’ve come to expect during Toronto springtime! Most notably, Leslieville had huge gains in detached sales, with a substantial increase of 36% year over year, and condos in the Beaches are BOOMING with a 25% year over year increase in average sale price, as people are looking to still live within the area but downsize.
“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors. However, sales activity continues to be below the longerterm norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales,” said Mr. Bhaura.
What Our Agents Are Saying….
A Focus on the Triangle
The beach triangle has seen a lot of activity so far in 2019. In the past 45 days alone, 2 out of the top three highest sales have transacted in the neighbourhood. Long loved by those who live there, this pocket of roughly 350 homes has stepped out of the shadows, and is no longer a secret to home buyers looking in the Kingston, Woodbine, & Queen area. Known for its strong sense of community (Dixon is often home to impromptu road hockey games), access to the best of the beach amenities, and its ease of exit (no battling Queen or Kingston rush hour traffic) The Triangle checks a lot of the boxes on potential home buyers wish lists.
The Beach triangle has, in the past, been a notoriously difficult neighbourhood to price homes in. This can be attributed to a lack of available comparable properties, (for in the past twelve months there have only been 6 total detached home sales in the hood, and they have all come in the last two months) as well as a lack of high priced sales. There had only been one sale over $2,000,000 until May of this year, where both 80 Dixon and 28 Columbine sold over that mark.
We have actively been involved in this surge of activity in the neighbourhood, and have seen first hand the high level of demand that exists. Our sale at 28 Columbine in May saw over 25 agent showings booked, almost 50 people through the open house, and with a list price of $2,479,000, five offers resulting in a sale price of $2,657,000 (setting the new price record in the triangle by over half a million dollars). Similarly, our listing at 40 Lockwood that sold had over 30 agent showings, 40 open house visitors, and three offers resulting in a sale of $1,900,000 (over $3,000,000 more than the list price). Each listing was prepared by our design and client care team, and staged by our incredible staging manager, Bianca, using furniture from our own warehouse. If you live in the triangle are curious to start a conversation about how these sales have improved the value of your home, please email us at email@example.com or call 416-699-0303 to get the conversation started!