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!
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
From sprawling terraces, private wine cellars and even a penthouse with its own “backyard in the sky”… the luxury condo market in Toronto saw 28 suites sell for more than $3,500,000!
Leading this years list of most expensive condos in Toronto was an $8,000,000 penthouse that sold at the Shangri-La. In second place was $7,900,000 sale at The St. Regis Residences (formerly known as the Trump Hotel) followed by a $5,750,000 sale at the Residents of the Ritz Carlton.
The average price for a luxury condo in Toronto was just over $4,500,000.
How Much Was The Most Expensive Condo in Toronto for 2018
The most expensive condo sale in Toronto took place at the Shangri-La Residences in downtown Toronto. The three bedroom, two level penthouse featured 3415 sq.ft. of interior space and a private sky-high backyard measuring in at 1565 sq.ft. The penthouse was the last of four to sell at the Shangri-La and set the record for most expensive condo in Toronto at $8,000,000.
We toured the unit before it sold and absolutely loved the everything it offered – from its white oak chevron flooring to the gas fireplace wrapped in Calacatta marble… Check out more photos below!
Which Luxury Buildings in Toronto Had The Most Sales
In 2017, the bulk of sales occurred at The Four Seasons Residences, but in 2018 there was a five-way tie spread out over several buildings. 88 Davenport (The Florian), 183 Wellington (The Ritz Residence), 1 St. Thomas, 200 Russel Hill and back again for another year The Four Seasons Residences each recorded three sales over $3,500,000!
Which Luxury Buildings Had The Highest Maintenance Fees
A penthouse at the Hazelton Lanes Private Residences recorded the highest maintenance fees at a monthly rate of $6211.82/month. The same unit also made the list for the largest terrace, measuring in at 3507 sq.ft!
Which Million Dollar Condo Had The Most Amount Of Parking Spaces?
The penthouse at Theatre Park offered the most amount of parking spots with 4. The penthouse took up the entire 47th floor and featured a 360-degree 2,100 Sq.Ft. wrap-around terrace.
How Long Did it Take for Luxury Condos to Sell in Toronto?
On average it took about 40 days for these condos to sell. The longest took 185 days, and the shortest was sold in just one day!
Where Are The Majority of Luxury Condos Located in Toronto?
The majority of condos that sold for more than $3,500,000 were located in the downtown core and the majority of them in the Yorkville neighbourhood. The Residences of the Ritz Carlton and the St. Regis Hotel were two other two popular buildings located on both the east and west sides of the core!
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!”
“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.
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.
“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.”
More changes are coming to Marlee Ave! An application has been submitted by KFA Architects and Planners on behalf of 809726 Ontario Ltd to build a 9 storey, residential condo on the corner of Marlee and Glencairn.
Where Will the Condo be Built?
The lot is located on the North East corner of Marlee and Glencairn. The application was submitted to re-develop the addresses known as 529, 537, 539, 541 and 543 Marlee Avenue as well as 811 and 813 Glencairn Ave. For application purposes, the building is referred to 819 Glencarin Ave – but that name may change as the approval process progresses.
What is Currently on Site?
The lot is occupied by a three strorey mixed use building with commercial uses at grade and walk-up apartments above.
Sidenote: we know this corner very well, as we’ve had many dinners at Li Cheng’s!
How Many Units Will be Built?
The current application calls for 84 residential units with retail at grade. The retail space can be divided into a variety of options, from 1 large unit to 6 smaller ones.
What Type of Layouts Will 819 Glencarin Ave Have?
The current proposal is calling for:
28 one bedroom units
24 one bedroom and den units
28 two bedroom units
2 two bedroom and den units
2 three bedroom units
What Will The Project Look Like?
What Amenities Will the Building Have?
Plans are calling for a gym and party room along with a shared outdoor balcony.
Will the Condo have Parking?
Three levels of underground parking will be included in the design, along with 79 parking space with two spaces for commercial use and eight for visitors. They will also have bicycle parking off of the main level.
When Will 819 Glencairn Ave Be Built?
Plans were submitted to the city in September 2017 and the first community consultation meeting was in January 2018. There was a lot of community push back and a many changes suggested to the overall project. As more info is known, we’ll update the blog!
Our Thoughts on the Project
Marlee Ave is ripe for development – it has the vibe, feel and potential to become “The Ossington” of midtown! This application is the second of the year for the strip (first being a series of stacked townhomes at Wenderly Ave), and atleast to us, a welcomed addition to the area.
In January 2018, we attended the community consultation and unfortunately many in the room didn’t share the same enthusiasm for the project as we did! There was a small handful of the usuals who flat out wanted no changes whatsoever. BUT there was also a larger group that were open to redevelopment, so long the height was brought down.
Personally, we think 9 storeys is perfect for the area! A short walk south on Marlee is where you’ll find several condos, built in the 70’s, with heights of over 20 storeys tall. We also like the use of red brick for the exterior, helps set it apart from yet another boring glass building.
From the sounds of it, it looks like the architects will be going back to the drawing board to makes changes to the proposal. Be sure to check back as we’ll be providing updates as more is known!