Live in the centre of the city at 210 Victoria Street! This two-bedroom, two-bathroom suite measures nearly 920 sq.ft. and features sweeping views of the city from the east to the south. The floor-to-ceiling windows from this corner unit offers tons of natural light and unobstructed views. You’re literally front row to Massey Hall, steps to the Eaton Centre and neighbours with the Ed Mirvish Theatre and St. Mikes hospital.
You’ll love the recently upgraded hardwood floors, modern guest bathroom, open concept living room, and two spacious bedrooms. The galley-style kitchen offers ample prep room, stainless steel appliances and loads of storage.
Guests are greeted by front desk security/concierge and have access to a wide range of amenities in the building. The purchase price includes one parking spot and one locker!
Located in phase 1 of the Treviso community is where you’ll find this spacious one bedroom and den condo – for lease! Measuring in at nearly 700 sqft. the condo features an upgraded kitchen island (and backsplash), with an open concept living and dining room. The large den is perfect for those looking to Work From Home, as it can comfortably fit a home office. The main bedroom has a double door closest and can easily fit a queen-sized bed.
After a long day, unwind on the oversized terrace which overlooks the community pool. The covered terrace offers ample space for entertaining with friends or getting in a quick outdoor workout from the comfort of your home.
The building features two gyms, a sauna, library, outdoor pool and bbq area along with 24-hour security and a public park to the rear of the building!
Live in the centre of it all, at King Charlotte! Completed in 2016, this bright and spacious layout features full-length windows and loads of natural light. You’ll love the industrial look and feel of the exposed concrete walls and ceilings. The kitchen features a gas cook-top and well-appointed appliances. There’s even a full four-piece bathroom complete with tub/shower. The large bedroom can comfortably fit a sized queen bed, and also includes a custom organizer in the closet!
The building comes well equipped with a rooftop pool on the 33rd floor, gym, and ground floor concierge. One locker is also included in the purchase price.
Many in the Dufferin and Lawrence neighbourhood were shocked to see the sudden closing of the Dean Myers Car dealership at Dufferin and Lawrence. CTV News reported that the company had been placed in receivership after failing to repay over $9 million in loans to RBC.
It now appears that land the dealership operated on (at 3180 Dufferin Street) has sold! According to Dean Macaskill for TRNTO, the Dufferin and Lawrence site (which measured in a just over 4 aces) has sold for $54,650,000 to RioCan REIT and Woodburn Investments.
No plans for the site have been announced yet, but it’s something we’ll be watching closely as more projects get proposed in the Dufferin and Lawrence neighbourhood!
Located at the iconic Imperial Plaza, this two-level loft is perfect for the buyer looking to find that work-life balance!
For the entertainer, you’ll love the custom-designed kitchen – complete with quartz countertops, marble backsplash and upgraded (German) appliances. Share a glass of wine or a gourmet dinner on the expansive centre island. There’s tons of built-in storage, to help maintain a clutter-free kitchen. Unwind after a long day, with a front-row view of the skyline to the south. The unobstructed views offer the perfect backdrop to entertaining with friends. A two-piece bathroom rounds off the main level, along with ensuite laundry.
If working from home is your new reality, the separate den on the 2nd level provides a distraction-free space. It’s flexible enough to double as a guest bedroom or home gym and can adapt to your needs. The split layout offers separation from the main bedroom and is a huge asset in today’s times.
A second bathroom is located on the upper level. It features a bathtub and separate shower stall with an upgraded Grohe shower system and a LED mirror.
The spacious bedroom can comfortably fit a queen-size bed, with nightstands on both sides! Double mirrored closets offer ample storage and add to the airy feel of the room. Customized Hunter Douglas motorized can be easily controlled from one of two remotes.
The loft measures in a nearly 850 sq.ft. and features expansive 16 ft ceilings. One locker is also included in the purchase price. Owners have access to an assortment of amenities which include: indoor pool, steam room, games room, well-equipped gym, party room, movie screening room, basketball and squash courts, golf simulator, music studios, concierge and more. You’ll also find an LCBO and Longos at the base of the building!
At the beginning of 2020, all predictions pointed towards a record-setting year. Then COVID happened, and opinions reversed. The lockdowns in April severely skewed the numbers and it wasn’t until the middle of May that we started to see a return to (a new) normal.
June took that momentum and shattered several records for the month! We recorded a historic high for average prices in the city at $930,000 – beating the 2017 record of $920,000. We also saw sales double in June (compared to the month prior) and on average saw properties sell 18% quicker than last month.
The highs continued for the Detached, Semi-Detached and Townhome markets, all recording record-breaking prices for the month. Semi’s and Townhomes hit all-time highs of $1,287,832 and $855,399 respectively. In the detached market, we hit a new year high, and return to 2017 prices with an average price of $1,523,770.
Condos didn’t fare as well as the other housing segments. We did see a 77% increase in sales for condos in June, but the average price was nearly identical to May with an average price of $672,000 – which takes us back to the numbers we were seeing at the start of the year.
It’s important to remember, we’re still very much in the midst of a global pandemic. One promising month in June does mean the worse is behind us. I think a lot of the growth we saw last month can be attributed to the lack of activity we saw in months prior. I’m most curious to see what the employment landscape looks like in the Fall, and how business can adapt in months ahead.
894 sales took place
462 more homes than the previous month (107% increase in sales)
101 fewer homes than the previous year (10% decline in sales)
The average price of a detached home was $1,523,770
An increase of $101,497 compared to the previous month (7% increase in price)
An increase of $191,131 compared to the previous year (14% increase in price)
263 sales took place
99 more homes than the previous month (60% increase in sales)
70 fewer homes than the previous year (21% decline in sales)
The average price was $1,287,832
An increase of $144,510 compared to the previous month (12% increase in price)
An increase of $232,409 compared to the previous year (22% increase in price)
364 sales took place
200 more homes than the previous month (121% increase in sales)
8 more homes than the previous year (2% increase in sales)
The average price was $855,339
An increase of $60,713 compared to the previous month (7% increase in price)
An increase of $45,300 compared to the previous year (5% increase in price)
1,287 sales took place
560 more condos than the previous month (77% increase in sales)
210 fewer condos than the previous year (14% decline in sales)
The average price was $672,465
A decrease of $1,563 compared to the previous month (.23% decrease in price)
An increase of $35,859 compared to the previous year (5% increase in price)
TRENDS TO WATCH
Condo prices are starting to level off. I’ve been seeing less bidding wars for them and more supply in the market. We’ll be watching to see what happens to values in July and if they continue to remain the same.
Rents continue to plummet, especially in the condo market. Long gone are the days of multiple offers for rentals. As many AirBnB owners shift to the longer-term market, supply has dramatically increased pushing prices down.
Were the record-setting prices a result of pent-up of demand? Will prices cool off in the traditionally slow summer months? With fewer people travelling, it’ll be interesting to see the impact this has on the Real Estate Market in Toronto.
How Did the Toronto Real Estate Market Perform in 2018?
2018 wasn’t much of a record-shattering year, and I don’t think anyone should be very surprised by the outcome! As we forecasted at the start of it, 2017 hit new heights in the city – and keeping on pace in 2018 would be nearly impossible. But that doesn’t make 2018 a disaster either. In fact, 2018 was a more balanced and easier to navigate market than in years past… so with that being said, let’s take a closer look at what happened!
Average Prices in Toronto for 2018
The average price of real estate in Toronto for 2018 was $783,082! There was a two-way tie for the highest average price with June and October both clearing $807,000. $736,783 marked the lowest average price and was set in January. Compared to 2017, the overall average price in Toronto declined by 2.85% or $23,000.
Total Number of Listings In Toronto for 2018
The busiest month of 2018 was May with more than 19,000 properties coming to market. As impressive as the number sounds, we were still 6,000 properties short of the 25,000 listings reached in May 2017. The slowest month for new listings was December with only 4,300 coming to market and was expected with the seasonal slowdown during the holidays.
Total Number of Sales
In total, we had 77,909 sales in 2018. That represented a sharp drop of 15,249 fewer sales (16%) compared to the 93,158 sales in 2017.
Days On Market In Toronto for 2018
It took 25 days (on average) for properties to sell in Toronto. From March to June that number went down to just 20 days, and in January and December, it went up to 30 days.
A Summary of 2018
To better understand 2018, we have to start back in 2017!
2017 was a pivotal year in the city, reaching historical highs for both prices and the number of properties sold. The driving source of the price appreciation in the market was the soaring prices for detached homes throughout the first part of the year. At its height, detached homes were selling for more than $1,500,000. Affordability coupled with buyer fatigue, government intervention and changes to mortgage lending resulted in a swift cool down from May to August. We saw prices start to pick back up from September to year end, but never quite reaching the highs we saw earlier in the year.
At the beginning of 2018, we cautioned that the media would focus solely on “Year over Year” comparisons. We also forecasted that the numbers wouldn’t be as strong as in 2017, and to expect sharp contrasts between the two years. It’s hard to get a real sense of where the market is at if you’re only comparing against a record-breaking year (and the same is true if we were to compare it with a less than stellar year). For this reason, we also added analysis of the three-month trend for each segment and gained a more accurate look at the direction of the market!
Prices of detached homes proved to be a double-edged sword. As they cut through the headlines of 2017 and boosted the monthly averages – they did the opposite in 2018, performing like more of an anchor bringing prices and overall averages down.
Detached homes experienced the biggest price decline in 2018. Prices were down by $76,000 on average (a 5.5% decrease year over year) to just $1,307,604.
On the other side of the scale, condo prices helped the market maintain its pace and took the top awards in several categories.
Condos represented the best-performing segment of the year – up 9.4% (from January-December 2018), they had the highest year over year appreciation – up 9% (or $49,900) and also recorded the highest number of sales at 16,348!
Townhouses started off strong, nearly tieing the 2017 record-setting price of $793,129 by recording a high of $792,180 in April of 2018. But from there on out, prices started shifting down with prices ending the year at $714,456.
In 2018, the Semi-Detached market caught our attention the most… and we think they’re going to continue to be the segment to watch in 2019! From January to November, prices have gone up by over 13% (even higher than condos). There are two main reasons for the sharp appreciation: Price Point and Housing style.
1. Price Point – semis have been hovering around the million dollar mark throughout the year. In many parts of the city, you can still buy a semi for less than a million dollars. This gives buyers the flexibility to purchase with less than 20% down (something that can’t be done with houses priced over a million). Even at the million dollar mark, semi’s represent a housing style (with land and a backyard) for much less than the detached average of $1.3 million!
2. Housing Style – Most people start the property ladder single, and in a condo. As they partner up and move up the ladder, a house is typically the next step. We think that as more condo owners trade up, demand for houses will increase (as we partially saw in 2017). The semi represents a more affordable option and smaller price gap when compared to a detached home. Most semi’s also come with 3 or more bedrooms. Bungalows (at times can be priced in the same range as semis) often times only offer 2 bedrooms. For those who want the space and style of a house but without the higher price found in the detached market – the semi is our pick best-appreciating segment in 2019!
Individual Market Performance by Segment
Average Price: $1,307,604 Yearly Percent Change: -5.51% Yearly Dollar Amount Change: -76,207.58
Yearly High: May $1,426,094 Yearly Low: December $1,145,892
Average Price: $991,105 Yearly Percent Change: +1.75% Yearly Dollar Amount Change: +$17,081.50
Yearly High: May $1,067,128 Yearly Low: August $891,208
Average Price: $738,458 Yearly Percent Change: +3.56% Yearly Dollar Amount Change: +$25,407.17
Yearly High: April $792,180 Yearly Low: January $712,186
Average Price: $590,832 Yearly Percent Change: +9.03% Yearly Dollar Amount Change: +$48,936.67
Yearly High: September $615,582 Yearly Low: January $543,279
On November 15th, 2018 Doug Ford and the Conservative Government announced plans to scale back rent control in Ontario. The plan will reverse the April 2017 “Rental Fairness Act” originally put in place by Ontario’s then-Liberal government which expanded rent control to all private rental units in Ontario.
Who Will Be Impacted By The Changes to Rent Control?
The new policy will not impact all units in Ontario but rather all newly built units occupied AFTER November 15th, 2018. That means that if you’re planning on renting a unit that was built and occupied PRIOR to November 15th, 2018 – these changes will not impact you at all, and rent control will continue to be in place. Units that are subject to rent control can only increase the monthly rental rate by a predetermined amount set by the government each year. For units without rent control – there is no cap for how much you can increase per year!
How Will The Loosening of Rent Control Impact The Market?
Our first reaction to the change was that this would be HUGE news for the pre-construction market. On the surface, a condo with no rent control seems very appealing to condo investors. But digging (in the video below) a bit deeper, reveals that possibility of the opposite being true…
With these new changes, Tenants will have a choice between living in a rent-controlled unit with relatively minor yearly increases, versus non-controlled rents that can spike to any amount each year. Our assumption is that a tenant will be willing to pay more at the start of the lease in exchange for the stability and peace of mind that a rent-controlled unit will offer them.
In 2017, Toronto saw a big jump in rental prices once the “Rental Fairness Act” came into effect. Since landlords knew they would be limited in how much they could increase the yearly rent, many came to market on the higher end in an effort to hedge against lost rental rates for units with long term tenants. We anticipate a similar impact as there will be an even higher demand for units with rent control.
How Will Changes Impact Landlords and Condo Investors
If you are a landlord of a unit that is built and occupied AFTER November 15th, 2018, you have the option of increasing your rent by any amount, once, per 12 month period.
For landlords of units built and occupied BEFORE November 15th, 2018 the amount you’re allowed to increase per year shall continue to be capped by the yearly amount decided by the government.
When trying to decide if your unit is subject to rent control, it’s important to remember that the date your unit was built and occupied determine if it’s impacted by the changes, and that it has nothing to do with when a lease was signed.
Lastly, remember that governments change… and just as the last one introduced rent control to all units, the same can happen in the next election. Whether you invest in a rent-controlled condo or one with no control, make sure you examine the pros and cons of each carefully!
Mark was very confident when he spoke about any properties we saw. He came prepared and prepared me as a first-time buyer! It felt like I was getting advice from a family member! He is wonderful and hopefully, I get to work with him again!”