This fully renovated semi-detached homes measures in at over 1800 sq.ft and features a host of unique features. Separated into two unique spaces – the main and upper level features 3 spacious bedrooms, 2 bathrooms, heated floors, wide plank hardwood, a fireplace and a chef’s dream kitchen. Highlights of the kitchen include a gas stove, large quartz island and ample storage. There’s also a walk-out to the private and fully fenced backyard. A large two-car garage rounds out the home and is accessible through the laneway.
Below the main living area is a separate, self-contained, one-bedroom apartment. The unit has a four-piece bathroom, a full kitchen with stainless steel appliances, quartz countertops and its own laundry.
The home is available as a whole for $5,500 a month, or for $4,000 for the main and upper levels and $1700 for the basement. Hydro, Cable and Internet extra.
Rarely available, home for lease in the Casa Loma community! This freshly painted, four bedroom house measures in at over 2000 sq.ft. on the main floor and an additional 700 + sq.ft. below.
The well equipped kitchen includes and gas stove top, ample counter space, and stainless steel appliances. Create memories of your own in the separate family room or relax in the professionally landscaped backyard and enjoy the privacy of a fenced in yard.
Also included in the monthly rent: Stainless Steel Fridge, Gas Range and Hood, Oven, Dishwasher, Clothes Washer and Dryer, Gas Fireplace. All utilities to be metered separatly and the responsiblity of the tenant to pay.
Envision the home of your dreams at 80 Virginia – complete with front pad parking and a fully fenced in backyard!
The detached two storey home is ripe for redevelopment amongst its custom-built houses along the street. It currently features two large bedrooms, three bathrooms and two kitchens and sits on a 22 x 105 ft lot. As it nears the end of its useable life, 80 Virginia makes for the perfect opportunity to build a home that suits your needs. Schools, Parks,
Shopping, restaurants, transit and even Michael Garrison Hospital, are all just a short commute away!
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.
UPDATE: On June 5th, 2020, the government has lifted its ban on short-term rentals. Read the latest here!
On April 4th, 2020, the Province of Ontario passed the Emergency Management and Civil Protection Act. In an effort to prevent non-essential travel during Covid 19 – the Act calls for a temporary halt on short-term rentals, like Airbnb, from operating in the City of Toronto and the Province of Ontario.
(1) Every person who provides short term rentals in rental accommodations shall ensure that any rentals booked after April 4, 2020 are only provided to individuals who are in need of housing during the emergency period. (2) Subsection (1) does not apply in respect of hotels, motels and student residences.
Fines for operating an AirBnB during Covid-19
The government stated that short-term rentals can be offered to individuals who are in need of housing during the emergency period – however, it should also be noted that those caught operating in violation of the Act could face fines of up to $100,000 for individuals and $10,000,000 for corporations.
What should airbnb hosts do with their rental during Covid-19?
As we continue to practice social distancing and limit non-essential travel, we see the demand for short-term rentals declining in the months and possibly years ahead. It may be an opportune time to consider offering your rental as a longer-term option (ie. a year or longer) or by selling.
AirBnB hosts are also being encouraged to offer their listings to healthcare staff and first responders so they can be close to their patients—and safely distanced from their own families. You can enroll your listing directly through AirBnB to help those on the frontline directly!
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
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!”
In recent years, Toronto has seen a boom in modern home design. These modular structures stand out from many in the city with their unique appearance that usually features flat roofs, dark brick facades and expansive windows… but there is one modern home that truly stands out from all others, and that is Gordon Ridgelys final modern masterpiece – 7 Leander Court.
Gordon was born in Oshawa, Ontario on July 1938, and studied architecture at the University of Toronto. He graduated in 1965 with a passion for contemporary and modernist design. But at that time, there wasn’t much demand for such style and design – so he shifted his talents to creating Georgian styled homes. Over the years, that helped amass an impressive clientele list with the likes of Galen Weston and even Conrad Black… but his passion remained with modern design.
7 Leander Court was one of the final projects Mr. Ridgely worked on before his passing in 2013. The home marked a return to his passion for modern design and features much of exacting detail Gordon was known for… and now, for the first time ever, the home is being made available for purchase!
The home, located in the O’Conner and Woodbine part of town, measures in at over 3,600 sq.ft. (interior). It was designed to respects the principles of feng shui and is situated along the Taylor Creek Ravine on a private cul-de-sac. It features 4 bedrooms, including an incredible 3rd-floor retreat for the master. Expansive windows line that rear of the house and open up to the backyard where you’ll find a mini oasis in the city!
My colleague Rebecca Keyzer, who is representing the sellers for the sale of the home, shared some of the highlights from within:
This home was intentionally built to be low-tech due to the health concerns associated with technology. The house wiring was designed by an anti-electromagnetic consultant. Everywhere where your head will rest, the wires are coated in a stainless steel, industrial grade sheath to protect your body from any negative effects of electromagnetic radiation and bypass all sleeping areas.
“Mark is the consummate professional. His knowledge of the market and neighbourhood is exceptional. What he provides is more than a new home, he provides peace of mind and ease of transaction. This is the third time I have worked with Mark and each time has been seamless. I will continue to use and recommend his services. Thank you, Mark, for making the process less daunting and stressful!”
This is the second home I have purchased with Marks support. He does not disappoint. He really listens and understands your needs and guides you in the right direction. He does not simply tell you what you want to hear, he provides honest feedback to support your decision making. He is readily available and makes his clients a priority.
I will continue to use and recommend Mark to friends and family. He is great to work with.