How’s the Toronto Real Estate Market? Keep reading….
There’s just too much going on in the Greater Toronto Area for me to focus on anything but Toronto’s Urban Markets.
That said, I was just in the Niagara Falls area and my friends over there at Revel Real Estate introduced me to a new pre-construction condo project they’ve got launching and it opened my eyes to a whole new market that nobody is talking about! Stay tuned for some awesome and unexpected info about that project in a couple days.
Let’s dig into some numbers
Overall sales volume remained fairly flat in our West End communities but saw serious gains in the Core (8.13%) and East End (18%) communities. Overall sales volume has been steadily increasing but that’s expected as prices increase.
What I’d prefer to look at is the number of new properties being listed vs the number of actual sales in the specific communities I’m embedded in.
For example: Toronto’s East End Communities realized the greatest price gains in all home types with multiple offers on most of those sales. Year over year there were 6.3% more new listings but the number of sales also increased almost 6% so there would be no change in actual supply.
There is so much demand in East Toronto right now (think Leslieville, Riverside, Riverdale, Corktown) that even if new listings jumped 20% we’d still have enough buyers to absorb that supply.
Needless to say, Toronto’s urban communities have been in a perpetual Seller’s market since 2008 with some minor hiccups along the way but nothing major.
Detached Homes in Toronto
Detached homes in Toronto are now out of reach for most people but those lucky enough to have budgets well beyond a million are still finding some gems out there.
$2M seems to be the new $1M as many newly built and renovated detached homes east of the DVP are commanding that big price tag…and they’re getting it.
2019 saw 13 sales at over $2M (well over in some cases) while 2018 had 11.
The real story here is that in 2017 there was only ONE home sold for north of $2M east of the DVP and ZERO in the years before that. The demand for East End luxury is through the roof.
Detached everywhere else is doing just fine as well (if you’re a seller anyway) but the East is showing the most impressive gains right now. You can check out the stats for all other areas in the graphic below or download it here if you haven’t already.
Toronto’s Semi Detached homes are now also unaffordable for most. We’re still seeing some gems in the high $800’s to under a million. If you have a budget under $900K it’s going to be VERY difficult for you in Toronto’s urban communities. No impossible, but difficult.
The average newly renovated, move-in ready Semi is going to cost you $1.2 or more with $1.3 being the common landing price for most of the preferred ones.
Like I said, under a million is totally possible but you’re going to have to make some serious compromises. You may have to deal with street parking vs. dedicated parking or you may have to deal with some repairs or updating. Under $900K you’re most definitely not getting an updated home so be prepared for some serious work on those ones.
Townhouses (condo towns)
Once the semi alternative, condo towns are now approaching a million on average unless we’re talking stacked towns like at Rivertowne at Dundas and Broadview.
You can still find some great townhouse spaces (some even freehold) in our urban communities but they’re few and far between. Right now the best value is at 275 Broadview Ave. Not much to look at from the street but inside they’re big, have garages and are located near the most hip east end spots. You can bet that these units will POP in value soon as folks start to realize.
Aside from that we’ve seen savage gains here (once again) at over 50% yr/yr in the core over 30% in the East and relatively flat in the West.
Condos Condos Condos!
Most condos especially in the lower price points continue to perform very well. Very few options remain in the $500’s in resale and with pre-construction.
Take a look at the graphic below to get an idea of how condos are preforming in your favourite areas but you should expect to pay roughly $600K for an entry level one bed, $800+ for an entry level 2 bed and well over $900K for an entry level 3 bed.
Pre construction prices are exceeding $1100/PSF on average with most entry level pre-con opportunities in the mid to high $500’s. To put that into context we’re talking $520K for 400sqft spaces.
Brad Lamb’s launching his Bread Company Condos project tomorrow with a building average of nearly $1,300/PSF. That’s a big number but The Saint, 123 Portland by Minto managed to rock sales at similar prices.
Right now I love Galleria 02’s pricing all at under $1200/PSF with some in the high $900’s.
I’m currently compiling my top 5 pre-con projects that are beyond the launch date but have some incredible inventory at the best possible prices so email me here if you’d like to be the first to get that list.
That’s all for today, folks. There’s a lot to unpack here so please make sure you reach out if any questions. My team and I are always ready discuss buying and selling with you. 416-434-1511 or firstname.lastname@example.org
One last thing: don’t forget to join my digital family here. Don’t worry, I don’t blast my tribe with hard sells.