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Monthly Market Updates

Toronto Real Estate Market Report – May 2020

May traditionally marks the busiest month for real estate in Toronto… this year – not so much. Self-isolation,  social distancing, and the overall uncertainty of the future reduced much of the activity we typically see in May. However, activity did start to pick up towards the end of the month!

April marked the first month of full lockdown, and really set the benchmark for comparison purposes. It’s important to distinguish market activity with pre and post COVID-19 numbers to get an accurate pulse of where the market is heading.

In May – sales, listings, active listings and prices posted much higher numbers than in April. Sales and new listings doubled (over 50%), month over month, and the average price increased to $863,000 (an increase of more than 5%). Speaking from my own experience, I also witnessed a huge uptick in emails, calls and showings on my listings. 

Because context is important, now more than ever, it has to be said that May typically records the highest numbers of the year… but not so in 2020. 

On a year-over-year (YOY) basis: sales were down by over 75% and new listings by 54%. We also saw a 68% increase in days properties sat on the market – a clear indication of a much cooler May. Prices did see a small gain of nearly 3% compared to May 2019, but still much less than the double-digit appreciation we saw in Q1 (January, February and March) of this year!

Detatched Houses

  • 432 sales took place during the month of May
  • 119 more homes than the previous month (38% increase in sales)
  • 748 fewer homes than the previous year (63% decline in sales)

  • The average price of a detached home was $1,422,273
  • Up $172,543 compared to the previous month (13% increase in price)
  • Up $37,280 compared to the previous year (2.7% increase in price)

Semi Detached Houses

  • 164 sales took place during the month of May
  • 38 more homes than the previous month (30% increase in sales)
  • 244 fewer homes than the previous year (59% decline in sales)

  • The average price of a Semi-Detached home was $1,143,322
  • Up $46,000 compared to the previous month (4% increase in price)
  • Up $92,790 compared to the previous year (8% increase)

Town Houses

  • 164 sales took place during the month of May
  • 56 more homes than the previous month (51% increase in sales)
  • 202 fewer homes than the previous year (55% decline in sales)

  • The average price of a Town House was $794,626
  • Up $9,727 compared to the previous month (1% increase in price)
  • Down $1,463 compared to the previous year (0.18% decrease in price)

Condos

  • 727 sales took place during the month of May
  • 245 more sales than the previous month (50% increase in sales)
  • 1,102 fewer condos than the previous year (58% decline in sales)

  • The average price of a Condo was $674,028
  • Up $61,728 compared to the previous month (10% increase in price)
  • Up $31,137 compared to the previous year (4% increase in price)

TRENDS TO WATCH

  1. In April, the Government put a ban on short-term rental services (think AirBnB). As a result, we saw a lot more rental units come to market in the condo sector.  With an oversupply of available units, we saw rent prices come down significantly. The government has lifted its short-term restriction, so we’ll see the impact this may have on the supply of condo rentals.
  2. Canada Mortgage and Housing Corporation (CMHC) is in the process of announcing stricter lending criteria for anyone purchasing with less than 20% down. This could create a mini push for buyers into the market before the new rules take effect.
  3. Bidding wars are back. I’ve seen several houses sell way over asking (and market value) in the last few weeks. Much of this can probably be attributed to the pent up demand from months prior – curious to see if this continues into the traditionally quieter summer months!
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Sold Properties

Sold: 121 Prescott Ave #13

SOLD

121 prescott ave. #13

the stockyard lofts

Price: $499,900

Bedrooms: 1

bathrooms: 1

Parking: Yes

one of only 27 units available

Here’s your chance to live in one of the cities’ most intimate buildings – The Stockyard Lofts! This authentic Brick and Beam building was originally built as a tannery in the early 1900’s. In the late ’90s, the building went through a complete overhaul and was converted for residential use. The loft has only 27 units, each with its own unique layout and style.

Located on the second floor, and measuring it at over 533 sq.ft., the loft features an open concept layout, a large spacious bedroom and ample storage throughout. In true hard loft fashion, 11 ft ceilings span the space, with the stark red bricks contrasting the original factories floor. The large window in the bedroom shines tons of natural light throughout the loft. With its generous sized layout, one can easily fit a king-sized bed, add a built-in closet and still have space for a work desk!        

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Testimonials

Testimonial for Purchase – Treviso Phase 2 – First Time Home Buyer

From the start, Mark Savel was very professional and understood completely my needs and wants as a first-time home buyer. He made me feel comfortable and explained every part of the process thoroughly. Right from the start, I trusted his judgment, opinion, and knowledge in this area. He was honest and genuine, and I quickly realized he’d be perfect for guiding me along this home-buying journey. 

As a first-time home buyer, I was very nervous and hesitant with the whole process. Mark was confident and calm, and he explained everything thoroughly about the aspects of my purchase. He gave me excellent advice when it came time to put an offer, and advised me on what to do when another offer was previously submitted by someone else. His guidance and experience helped me have the better offer that was chosen by the seller. He was my saving grace during those stressful few days without a doubt! 

I would highly recommend Mark Savel to anyone purchasing a home or condo. He is professional, experienced, and knowledge, yet his personality lends himself to be easy-going, funny, patient and kind. I was looking for those personal qualities because I wanted someone to help me find my dream place that truly cared for my interests and was there to support me. Mark never rushed me or made me feel forced to purchase anything. In fact, his patience was truly appreciated as I can be quite undecided! I felt like I was working with a friend and that made all the difference for me. 

As previously mentioned, Mark Savel and SAGE Real Estate helped me with my first purchase and I would not have chosen anyone else. The experience was excellent and would highly recommend both Mark Savel and SAGE Real Estate. 

Diana I.

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Testimonials

Testimonial for Purchase – Treviso Phase 2 – 830 Lawrence Ave West

“Mark’s invaluable knowledge of the local property market was instrumental in helping us find a property that met many of our needs. He was patient, accessible and always ready to help navigate you through the often complex world of real estate transactions. Mark brought a wealth of experience to the table that I knew few others in the market would be able to provide. I would highly recommend Mark to any potential clients in the future.”

Aki T.