There has been a lot of conversation recently about the health of the Toronto real estate market. Unfortunately, it is nearly impossible to give a a quick overall synopsis. The market is so eclectic and has so many variables that almost every micro-market in the city has been operating in its own way. (more…)

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The spring weather seems to be here to stay, which means the spring real estate market is already in full force. Several significant factors have impacted the market this past month, including the return of people to downtown offices, lack of new listings, and the first of many anticipated interest rate increases.

Over the past few weeks, anyone in the Financial District can comment on how the PATH has come alive again. This resurgence has led to many buyers exploring the options of moving back downtown and many corporate relocations finally taking place that were on hold during the pandemic. (more…)

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Condo Market Report

March seems to have come faster than we could have imagined, but I guess that comes as no surprise considering how busy life has been getting back to some resemblance of normality. The luxury real estate market was no exception. Although February is usually a relatively slower time of year due to the weather, lack of listings and less desire to be out house hunting, this February was one of the most active months in luxury real estate ever.  (more…)

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There have been many questions lately about how the real estate market has been doing and what is to come this year. Unfortunately I don’t have a crystal ball, but now that January has come and gone I think we have a pretty good idea of some of the trends we will see this year.

The luxury condo market started the year off exceptionally strong, with more sales of condos over $2,000,000 than any past January. Despite the lockdowns and restrictions across Ontario, Toronto real estate continues to push forward with no slow down in sight. (more…)

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Luxury Condo Sales - December 2021

 

While December is usually one of the quietest months for luxury condo sales, this past month saw some exceptional transactions to cap off what was a record year for the whole of the Toronto Real Estate market.

December 2021 saw a total of 9 sales over $2,000,000 throughout the downtown core (c01/02/08/09), which is roughly the same number sold in December 2020 and 2019. (more…)

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Luxury Condo Sales

November 2021 was not only a strong month for luxury real estate compared to last year but one of the best months for condo sales above $2,000,000 ever. There was a total of 28 sales throughout the city’s downtown neighbourhoods (more…)

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Toronto Market Update - April 2020

The Toronto and area resale market performed as expected in April. As reported in our March report, the implementation of the emergency lockdown measures had a crushing impact on the resale housing market. With most businesses closed and more than three million Canadians unemployed there was no reason to believe that the resale market would miraculously revive in April.

(more…)

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224 King St - Theatre Park

Condo of the Week: $3.32 mil for a flashy downtown suite with a wraparound terrace

 

Soaring 42 storeys high above the Entertainment District is suite 4202 at Theatre Park (224 King Street West).This condo takes up over half of the floor with nearly 2,500 square feet of living space. This sky-high unit allows for a ton of natural light to illuminate the space, along with luxe and contemporary details to admire throughout. This $3.325 million condo comes with three bedrooms, three bathrooms and a den.

(more…)

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Toronto Penthouse at 245 Perth Avenue

Condo of the Week: $2.8 million for a Junction Triangle penthouse with a rooftop putting green.

 

 

By: Jonathan Forani – Toronto Life
January 15th, 2020

Address:245 Perth Avenue, penthouse
Neighbourhood: Junction Triangle
Agent: Dylan Donovan, Chestnut Park Real Estate Limited
Price: $2,795,000

The Place

A modern 2,000-square-foot penthouse near Dundas West station. The three-bed, three-bath unit has a Scandinavian-style interior, with a light colour palette and sculptural furniture. It also has a 1,600-square-foot wrap-around rooftop terrace.

The History

The building is part of the Arch Lofts, a restoration of the century-old Perth Avenue Methodist Church. In 2018, the seller purchased the unfinished penthouse unit and carried out a six-month renovation. They preserved the original layout and added custom finishes.

The Tour

There’s direct elevator access to the penthouse, which is one of 13 units in the building:

The front hallway has cement tile flooring. Those stairs go down to a wine cellar:

The wine cellar is 77 square feet and holds more than 60 bottles:

This room, located next to the front hallway, could be used as a bedroom:

It also has access to the wrap-around terrace:

The living room has 10-foot ceilings and a white oak wall:

Most of the flooring in the unit is made from white oak:

A brass chandelier hangs in the dining area:

In the kitchen, there are spherical light fixtures and granite countertops:

The powder room hasribbed stone tile walls and a pendant light fixture:

In the master, there’s a built-in king-size bed with a white oak frame:

Including the bathroom, which features a glass enclosure and grey granite tiles, the master suite is nearly 275 square feet:

Both of the main bedrooms have access to the terrace:

The second bedroom has a king-size bed, a glass shower and a built-in vanity:

There are green-blue cement tiles in this bathroom:

The penthouse terrace has two gas lines, which makes it a good spot to BBQ:

This Muskoka-inspired patio set can be purchased with the unit:

… along with this little putting green:

Big Selling Point

The wrap-around rooftop terrace. At nearly 1,600 square feet, the outdoor deck is only slightly smaller than the interior of the apartment. That means buyers will have plenty of space to soak up sun (or work on their short game) in the summer months.

Possible Deal Breaker

You could rent a small studio apartment with the monthly maintenance fees.

By the Numbers
  • $2,795,000
  • 1,845 square feet
  • $1,404 in monthly maintenance fees
  • $8,128 in taxes
  • 3 bedrooms
  • 3 bathrooms
  • 1 parking space
  • 1 storage locker

For more information and full listing detail visit: https://dylandonovan.ca/245-perth-ave-penthouse/

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Toronto Market Update - August 2019

Happily, the Toronto and area residential resale market place delivered August results as anticipated and in a way that ensures that the resale market will remain stable, sustainable and accessible. The only concern is inventory, particularly in the City of Toronto.

Sales volumes were up by over 13 percent compared to August 2018, while the average sale price increased by 3.6 percent, right in line with the increase in wages. In August wages for permanent employees in Canada increased by 3.8 percent year-over-year. Considering that sales volumes are still playing “catch-up” from 2016 and 2017 numbers, a 13 percent increase compared to last year is modest.

In actual numbers 7,711 properties were reported sold in the greater Toronto area. Last year 6,797 were reported sold. The average sale price came in at $792,611 compared to $765,252 for the same period last year. It should be noted that the increase in sales volumes was concentrated in Toronto’s 905 region. Of the 7,711 reported sales 5,158 were primarily located in Halton, Peel, York, and Durham regions. Only 2,553 were City of Toronto properties. This number is almost identical to the 2,550 sales that took place in the City of Toronto last year. As these numbers indicate the City of Toronto made no contribution to the 13 percent increase in sale volumes across the entire marketplace.

The reason for this disparity is two fold. Firstly, the City of Toronto’s average sale price came in at $818,715, at least 5 percent higher than the average sale price achieved in the 905 region. More impactfully is the lack of inventory available to buyers in the City of Toronto.

Condominium apartment sales were practically flat in August (2.2 percent higher than last year). Condominium apartments have not only become pricey —— in the Central core of Toronto where most condominium apartments are located and sell, the average price is approximately $700,000. With mortgage stress testing a buyer of a condominium apartment would need household income substantially higher than $100,000 annually, and if their mortgage financing is high ratio at 10 percent equity, at least a $70,000 deposit. It is these factors that ultimately will keep average sale prices from increasing substantially more than 3 percent year-over-year for sometime to come, even if the Bank of Canada reduces its overnight lending rate, which its wisely refrained from doing at its meeting in early September.

Although condominium apartments are still selling briskly ——- all condominium apartment sales took place in 22 days (the rate in the overall market place was 25 days) and at 100 percent of their asking prices ——- inventory levels are down. Last year there were 2,307 active listing at the end of August. This year only 2,117. The same is true for the overall market. Last year there were 17,864 active listings available to buyers in the greater Toronto area, this year that number has dropped to 15,870, an 11.2 percent decline. This not good news for buyers, even those who have the financial means to comfortably afford Toronto real estate prices, a serious concern going forward.

The high end of the residential resale market also continued its slow recovery. In August 159 properties having a sale price of $2 Million or more were reported sold. Last year 144 were reported sold, an increase of 10 percent, a number that lags the over market place increase of 13.4 percent. As discussed in previous reports the average sale price of luxury properties out-distanced the overall market place in 2016 and early 2017. That sector of the marketplace is still correcting, however that process is now almost complete. In August the sale of detached properties (average sale of $1,246,392) increased by 0.3 percent compared to last year, one of the few year-over-year increases in the City of Toronto over the last few months.

Given some recent economic numbers there is nothing that would indicate that the prevailing resale market place will change throughout the remainder of 2019 and into 2020. As indicated above, wages rose by 3.8 percent in August; 81,100 new jobs were added to the Canadian economy, 23,900 of those being full-time jobs; and the Bank of Canada did not lower interest rates. If the Canadian economy continues to create jobs throughout the balance of 2019, we should make it to year-end with out the Bank of Canada reducing rates. All of this economic activity ensures a stable real estate market going forward, with modest increases in sale volumes and 3 to 3.5 percent increases in average sale prices.

 

Prepared by: 
Chris Kapches, LLP, President and CEO, Broker

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