Completed in 2019, the Briar Hill City Towns are a collection of townhomes that offer spacious layouts and plenty of space to grow.
Unit 304 measures in at over 1300 sf and includes one parking and locker. The heart of the home is on the main level and features an upgraded kitchen with stainless steel appliances, a spacious living room and a two-piece powder room.
The second floor has two spacious bedrooms and a four-piece bathroom complete with tub and shower. The main bedroom has been tastefully designed with modern wallpaper and a custom closet organizer. The second bedroom has ample space and a handy closet. The ensuite laundry and linen closet are also on this level.
On the third floor is where you’ll find the perfect space to work and relax. The den area allows for a work from home setup and leads to the walk-out terrace. Relax after a long day and watch the sun set with panoramic views to the west.
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