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…)
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…)
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…)
April saw some thirty condos sold in Toronto over $2,000,000 which is one of the highest numbers we have seen in a while. IT is proof the confidence in the luxury condo market has come back in force and pricing for these luxury properties continue to be on the rise. Of those thirty condos sold the average price came in at just under $3,000,000 and sold in just 36 days.
Below is the top five luxury condos sales from April 2021.
December’s Toronto and area residential marketplace exhausted all the superlatives that we would normally apply to a robust resale market. Not only was December’s housing market strong by historical standards, but it dramatically exceeded historic norms, performing more like a spring market than what we have come to expect of property sales during the holiday season. It’s almost as if the holiday season didn’t exist, and unfortunately, because of the restrictions imposed by the effects of Covid-19, normal retail shopping was non-existent. Deprived of retail shopping, it appears that buyers focused their attention on housing instead.
The Toronto and area residential resale market continued its torrid pace in November, defying all expectations and forecasts. It wasn’t, however, homogenous in its performance, with different housing types and areas performing at dramatically different levels.
Overall, reported sales for the greater Toronto area were up a scorching 24.3 percent compared to November 2019. Last year, 7,054 residential properties were reported sold. This year that number jumped to 8,761. That number was driven primarily by the sale of ground-level properties, detached, semi-detached, and townhouse homes. Sales of these types of homes increased in both the City of Toronto and the 905 region, and correspondingly, so did average sale prices.
It was no surprise that October’s resale market results continued the record pace that began in June. Reported sales hit a new high in October, with 10,563 residential properties trading hands during the month, a 25 percent increase compared to last year. Not only were sales volume at record levels, but average sale prices also continued their steady upward march. Last October, which was a strong month, 8,445 properties were reported.
We have run out of superlatives to describe the greater Toronto residential resale marketplace. Records have been broken consistently for the last few months, and September was no exception. Two records were shattered in September: most sales ever recorded for the month, and the highest average sale price for all properties reported sold.
July’s residential resale market performance was record breaking. Almost 11,100 properties were reported sold, a 28 percent increase compared to the 8,679 properties sold a month earlier. Compared to July 2019, sales improved by almost 30 percent. There were 8,555 residential properties reported sold last year. July’s numbers are the clearest indication as to the robustness and resilience of the Toronto marketplace, especially when fueled by record-low mortgage interest rates.
By any standards, the residential resale market’s recovery in June was nothing but phenomenal. The lockdown and emergency measures implemented by the Province in mid-March literally brought the market to a standstill. It stayed that way throughout April, but by early May, we could sense recovery. By May the industry, agents, buyers and sellers had adjusted to the rigid in-person showing protocols – masks, gloves, sanitizers, social distancing, and no-touch viewings. Also, by May, the pent up demand, already present before the pandemic, began to push against the restrictions imposed by Covid-19 and sales began to take place.