How’s the market? Urban Toronto Edition: July 2019
Here’s how Toronto’s urban markets performed last month
A little late this month with the July figures but hey, some clients were keeping me very busy. If you’re not up for a read you can just view the infographic at the bottom of this page or access the PDF version here.
Let’s go – July is historically a quieter month (not as quiet as August) but we had some blockbuster sales (a detached at Leslie and Gerrard fetched $1.9M) and many local condos shattered price per square foot records.
There was some calming in the rental market in Toronto’s East End communities as three new builds came on line (Streetcar’s Riverside Square, The Logan and 875 Queen) offering dozens upon dozens of rentals to help fulfil the unreal demand for East End homes. So if you’re a renter in the East End, you have many options.
Massive sales volume in the West and East this month when compared to last year. Many more new listings but again, way too much demand to skew the market in the Buyer’s favour. Still very much a Seller’s market in most urban communities (actually all of them). Feels like many are fleeing the core for the urban communities like Riverside, Roncesvalles and Leslieville.
(West to the left Central in the middle and East to the right)
Detached home are in so much demand right now all over the place. The market is very active for fully finished product up to $2.5 million. In fact, Gerrard and Leslie just realized the most expensive sale ever at $1.9M further proving that Gerrard has arrived and here to stay.
If you’re in the market for a detached home, you’re likely going to be in competition on offer night (but smart agents don’t advise waiting until offer night. A pre-emptive offer whenever you can is always your best option).
Semi Detached Homes
Semi’s are up across the board mainly because they’re the most affordable freehold option out there. I’ve managed to successfully place a bunch of buyers into great semi’s well under a Million over the past couple months. Surprising to me to even find such a product in this market.
A lot of those small semi and row homes that were originally designed for the workers of the local factories and industrial complexes are being renovated and sold. Most of them are two bedrooms but the basement allows for a third bed option when needed. Many of these homes are trading in the $850-999K range which is great to see.
There seems to be a consistent supply of homes in this price range now so good news for you Buyers. Keep in mind that these properties trading for $850-$999K are being listing at $799K to $829K so that’s the range you should be looking at. Or just call me and I’ll send them your way as I hear of them. Usually before they hit MLS.
Towns have been going nuts in most urban communities so it’s normal to see some pull back. That said, the drops in average price are due to a lot of smaller TH’s (think stacked town like Clonmore Towns). Most Towns are an amazing alternative to semi’s or row houses as they’re generally cheaper. However, there’s a big difference in price between Common Element Towns and Condo Towns.
A common element town is one that simply shares one common element like a driveway or lawn area. You own the rest of the townhouse like a freehold product but only contribute a small monthly amount for maintaining that small common ara.
A condo town is just like a regular condo where you’re paying a much higher condo fee but have none of the worry of maintenance or repairs. So an in increase in Condo Towns at lower prides have affected the overall average this month. Let’s see what happens next month but perhaps I’ll start to separate this stat as this product type becomes more abundant.
Up up and away. There’s no slowdown in the condo market in my expert opinion anytime soon.
Condos are the preferred property type for many and it shows. Any well taken care of condo in a desirable building is selling fast and selling big. Supply is severely limited in the luxury market so we’ve resorted to contacting homeowners and and asking if they’d consider selling.
One of our buyers is looking for a specific loft style unit up to $1.7M so we’ve managed to get him a place off market by calling owners directly. You see, if you’re going to be successful in this market, you can’t sit around waiting for MLS listings to come up. The proactive agent and the uber prepared Buyer are the only ones that will be successful in this market.
You with me?
That’s all I’ve got for you today! I’m showing some unreal lofts today so make sure you’re following my instagram stories (@aramammo) or click here. My Insta Stories are where I break the newest, hottest real estate info so it’s the best place to follow along. But of course you should be signed up to my blog…you can do that here.