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…)
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…)
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.
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.
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
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 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.
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.
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.
Chris Kapches, LLP, President and CEO, Broker
Condo of the Week: a $3.49 mil penthouse with a wraparound terrace in the Junction Triangle
by Chelsea Dolan | Posted: August 29th, 2019
Modern luxury is given new meaning with this west-end penthouse in the Junction. Taking up the entire fourth floor at 245 Perth Ave., this $3.495 million property boasts three bedrooms and three bathrooms. Plus, it combines indoor-outdoor living with its 360-degree wraparound terrace.
The exposed ten-foot ceilings, floor-to-ceiling walk-outs and open concept layout allow for a super airy main living area.
The industrial ceiling contrasts with the warm wood and gold tones of the accompanying decor. The end result is a sleek and sophisticated space.
The kitchen cabinets and appliances blend seamlessly with a white oak finish.
The master bedroom has yet another walk-out to the terrace. It also comes with a walk-in closet and floor-to-ceiling windows.
Just one glass wall separates the less-than-private bathroom, complete with soaker bathtub and double sinks.
Here is the view from the master bedroom:
There’s a lot to like about the private wraparound terrace. It’s accessible from nearly every room and offers panoramic views of the city.
It spans nearly 1,600 square feet and includes an outdoor kitchen. There’s even a custom putting green.
The wine room on the lower level features a standout wine wall.
The condo is currently listed with Dylan Donovan and Kristen Duern of Chestnut Park Real Estate Limited, Brokerage.
July marks the 5th consecutive month of recovery in the Toronto and area residential resale market place. It started in March with 7,138 reported sales. Since March there have been substantive positive monthly variances compared to 2018, culminating in July’s performance.
In July there were 8,595 reported sales, a dramatic 24.3 percent increase compared to the 6,916 sales that were reported in July of last year. Reduced mortgage stress testing thresholds, marginal declines in mortgage interest rates, a strong economy and growing consumer confidence are some of the factors responsible for this string of positive monthly results.
Another market positive is that we are seeing increases in the average sale price for homes in the greater Toronto area, but modest increases consistent with the rise in wages and the consumer price index. In July the average sale price came in at $806,755, only 3.2 percent higher than the average sale price of $781,918 achieved last July. This is the forth connective month where increases on a year-over-year basis have averaged about 3 percent. These increases are very encouraging because they ensure market stability and sustainability.
Market disparity between the Toronto market (416 region) and the greater Toronto area (905 region) continues, although it is not as extreme as it was in 2018 and early 2019. For example: the average sale price in the City of Toronto was $840,000, but only $807,000 in the greater Toronto area. The months of inventory in the City of Toronto is only 1.8 months, and 2.4 months in the 905 regions. All properties sold in the City of Toronto, including all condominium apartments, sold for 100 percent of their asking price (on average) and for only 99 percent in the 905 regions. Lastly in the City of Toronto all new listed properties spent only 20 days on market before being reported sold, while in the 905 regions they spent 23 days on the market. To repeat, although the disparity persists it is declining and not as marked as it once was.
The most sought-after housing type in the greater Toronto area are semi-detached properties. There was a startling increase of 42.3 percent in reported sales of semi-detached properties in the City of Toronto compared to similar sales in July 2018, although price growth was restrained at 5 percent. At months end there were only 257 semi-detached properties available for sale in Toronto. This is very problematic, since 276 semi-detached properties were reported sold in July, more than the total inventory of available properties in August. Unless a plethora of properties come to market in August and the fall, semi-detached properties will be like unicorns in Toronto’s resale marketplace.
The lack if inventory continues to be a concern for the greater Toronto market place. In July 14,393 new listings came to market, almost 4 percent more than the 13,873 that came to market in 2018. Unfortunately, due to the string of absorption numbers over the last four months – over 36,000 properties have been reported sold since March – we enter August with only 17,938 active listings, almost 10 percent less than the 19,725 listings that were available to buyers last year.
Although strong sales numbers were reported for detached properties in July – detached property sales were up by almost 30 percent compared to last year – average sale prices declined by almost 10 percent. Detached property prices are experiencing the whiplash effect. Leading up to April 2017 detached property values increased substantially higher than other property types. During 2019 there has been a downward pull on detached property values, bringing them in line with other housing types, correcting the pre-April 2017 run up.
As has been forecast in these reports for the past few months, the future of the Toronto and area residential resale market is clear – anticipate monthly increases in sales volumes of at least 10 percent and increases in the average sale price of about 3 percent compared to the same month last year. I do not believe that the fall election will have any significant impact on Toronto’s housing market and any stimulation that might be experienced by further declines in mortgage interest rates will be tempered by the mortgage stress tests that remain in place.