What was originally a tight, two-bedroom layout, has been transformed into a sprawling space with stunning views. The recently renovated suite features a long list of improvements which include a combination of luxury vinyl and porcelain flooring throughout, refinished kitchen cabinetry, quartz countertops, a custom banquet with added storage, shelving and a tiled feature wall.
The den area doubles as the perfect “work from home” office space and can also be adapted as a nursery or guest room depending on one’s need. A custom cut, “live edge” desk has been installed in the space and blends perfectly with the accented wallpaper.
The main bedroom is large enough to comfortably fit a queen-sized bed, with plenty of space for side tables. The closets are well equipped with built-in organizers and offer ample storage. A four-piece ensuite bathroom completes the space and was recently upgraded to feature a glass enclosure for the shower, tiling throughout and a newly installed vanity.
For the entertainers out there – you’ve got to check out the incredible, open concept living and dining room. There’s over 360 sq.ft of space in between the rooms, connected by floor-to-ceiling windows that flood the unit with natural light. Views of the sun setting over the Don Valley and Brickworks make for the perfect backdrop after a long day… or step out onto your private 100+ sq.ft. balcony and take in the panoramic views!
The condo measures in at over 1000 sq.ft (1029 to be exact), and also includes one locker and one parking spot. Residents have access to a gym, party room and bbq area. There is a front desk concierge for accepting deliveries and greeting guests. Explore the various nature paths nearby, or venture down to the Danforth for a variety of dining options!
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!
According to the calendar… this year is almost over. According to November’s market numbers, the craziness continues!
The Toronto Real Estate Market saw a drop in new listings, active listings and overall sales. It also took about 4 days longer (28 versus 24 days) for homes to sell in the city. But between a mid-month lockdown and the seasonality of the year – this didn’t really come as a big surprise.
Average Price
The average price of a home in the city increased by 13% when compared to the same time last year, bringing us to an average price of $955,615. And for those keeping score… that’s a $116,000 increase since January of this year (not bad during a pandemic).
Every segment of the market saw a drop in sales for November. The detached market had the biggest decline with a 24% drop month over month. However on an annual basis, both detached and semi-detached saw great gains with an 18% and 36% increase for each. Price increases were also the strongest for these two segments up over 8.5% for each.
Condo Activity
2020 was definitely NOT the year of the condo! In November, sales were down by more than 4% month over month – and nearly unchanged year over year. Prices followed the same trend – down by 4% month over month and nearly 3% year over year (nearly $20,000 less than the same time last year).
… but it is in the condo market that we see the biggest opportunity. With prices down and supply up, buyers, especially in the downtown core, these next few months offer one of the greatest times to get into the market. A quick MLS search for 1 bedroom condos south of Bloor brought up nearly 150 listings – this time last year, that was practically unheard of!
Three Trends To Watch
We’re optimistically hoping that vaccines and the current lockdown help bring down COVID-19 case numbers in the months ahead and a return to a new normal.
New by-laws for AirBnB operators will be enforced in early 2021 – will this impact supplies in the condo market further
Will those that left the city due to COVID-19 make it through a northern winter? And will that impact demand in 2021?
DETACHED HOUSES
993 sales took place 295 fewer homes than the previous month (24% decrease in sales) 145 more homes than the previous year (18% increase in sales) The average price of a detached home was $1,477,226 An increase of $6,369 compared to the previous month (0.4% increase in price) An increase of $116,980 compared to last year (8.6% increase in price)
SEMI-DETACHED HOUSES
336 sales took place
80 fewer homes than the previous month (19% decrease in sales)
89 more than the last year (36% increase in sales)
The average price was $1,160,911
An increase of $6,824 compared to the previous month (.59% increase in price)
An increase of $93,884 compared to last year (8.8% increase in price)
TOWNHOUSES
362 sales took place
47 fewer homes than the previous month (11.5% decrease in sales)
68 more homes than the previous year (23.13% increase in sales)
The average price was $819,752
A decrease of $8,338 compared to the previous month (1% decrease in price)
An increase of $56,454 compared to the previous year (7.4% increase in price)
CONDOS
1,375 sales took place
63 fewer condos than the previous month 4.4% decrease in sales)
7 more condos than the previous year (.5% increase in sales)
The average price was $640,208
A decrease of $27,953 compared to the previous month (4.2% decrease in price)
A decrease of $19,647 compared to the previous year (3% decrease in price)
As we enter the third quarter of pandemic activity in the city, one thing is becoming abundantly clear – houses are in high demand… and condos, not so much!
The average price in the city hit a new all-time high of $968,318 – largely thanks to the surge of prices in both the detached and semi-detached house markets. Condos continued to trend down in price with an average price of $668,161 nearly unchanged from last year’s monthly average.
As rent prices continue to decline for condos (down 15 – 20%), and supply continues to increase, buyers have ample options to choose from. With the holidays around the corner, we’ve advised many clients to hold off on plans to sell (if possible), and revisit listing in the second quarter of 2021.
Three Trends to Watch
a second lockdown may be looming in the city, and with it could come a further hit to consumer confidence. Could this impact all housing styles?
with rent continuing to decline, will condo prices continue to soften?
What impact, if any, will this have on the pre-construction market?
DETACHED HOUSES
1,228 sales took place 67 more homes than the previous month (5.77% increase in sales) 194 more homes than the last year (18.76% increase in sales) The average price of a detached home was $1,470,857 A decrease of $16,265 compared to the previous month (1.09% decrease in price) An increase of $147,842 compared to last year (11.17% increase in price)
SEMI-DETACHED HOUSES
416 sales took place 5 fewer homes than the previous month (1.19% decrease in sales) 94 more than the last year (29.19% increase in sales) The average price was $1,154,087 An increase of $8,528 compared to the previous month (.74% increase in price) An increase of $54,285 compared to last year (4.94% increase in price)
TOWNHOUSES
409 sales took place 7 more homes than the previous month (1.74% increase in sales) 69 more homes than the previous year (20.29% increase in sales) The average price was $828,090 A decrease of $39,915 compared to the previous month (4.60% decrease in price) An increase of $32,975 compared to the previous year (4.15% increase in price)
CONDOS
1,438 sales took place 111 fewer condos than the previous month (7.17% decrease in sales) 137 fewer condos than the previous year (8.7% decrease in sales) The average price was $668,161 A decrease of $18,030 compared to the previous month (2.63% decrease in price) A decrease of $5,530 compared to the previous year (.83% decrease in price)
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!
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.
Be the first to live in the newly completed, East United Condos by the SigNature Communities!
This spacious 1 bedroom plus den unit features 9-foot ceilings, an open concept living and dining room (perfect for entertaining), and a private balcony with stunning city views to the North.
The real value is in the separate den – you won’t find any “nooks in the wall” here. The separate room can be used as a nursery, guest bedroom or work from home office!
The bedroom can comfortably fit a queen-size bed, and comes with ample closet space. The landlord is in the process of having window coverings installed throughout.
The building amenities include a Fitness Centre, Rooftop Terrace, Yoga Studio, Party Room and front desk concierge.
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.
DETACHED HOUSES
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)
SEMI-DETACHED HOUSES
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)
TOWNHOUSES
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)
CONDOS
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
Detached Houses
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
Semi-Detached Houses
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
Townhouses
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
Condos
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!
