How’s the Market?

Welcome to summer 2017. The market is typically quiet during the summer and this year is no different.

I remember summers when I was a kid. The whole family would head up to my grandparents’ place in the Laurentians as soon as school ended and we’d stay up there until Labour Day afternoon. Paper thin walls, only two and half bedrooms for seven people, one bathroom with no shower, no phone, no tv – it was the best.

One of my favourite activities was going fishing with my dad. We had a small fishing boat with a motor that was broken more often than not so we’d take turns rowing the boat to our favourite fishing spots. Some days the fish were biting and some days they were just nibbling. I remember catching some big fish (3 pound bass), some little fish (sunfish and perch) and I remember coming home empty handed, too.

Come to think of it, fishing back then was a lot like the real estate market is now. With a really juicy worm, we might catch a really hungry big fish, just like a nice house with good resale value might be snapped up for a high price by a highly motivated buyer who, for one reason or another, has to buy. Then there were the fish that would nose around and take a nibble or two here or there and eventually take the bait when they got hungry enough or when it was an especially nice worm. These are the buyers who look around and buy a home when the right home comes along at the right price. Finally, there were also fish that would look at the bait or take a little nibble, but never got hungry enough to take a bite. In this market, these fish would be the buyers who aren’t ready to buy yet.

Some homes are selling quickly for good prices, some are taking time to sell and some aren’t selling (yet). If life is like a box of chocolates, the real estate market this summer is like going fishing.

If you’d like to check out the numbers, take a look at the charts below.

Central Toronto – Market Overview

  Average Price % of List # of Sales Total Listings # of New Listings Average Days on Market
Jul ’16 $744,796 102% 1,755 2,904 2,489 21
Aug ’16 $737,422 101% 1,743 2,431 2,243 23
Sep ’16 $868,380 103% 1,747 2,584 2,795 21
Oct ’16 $857,596 103% 1,853 2,385 2,551 19
Nov ’16 $901,035 102% 1,740 1,874 1,986 19
Dec ’16 $790,734 101% 1,082 1,085 846 22
Jan ’17 $811,972 103% 963 1,235 1,533 21
Feb ’17 $986,604 107% 1,489 1,260 1,851 15
Mar ’17 $1,003,774 110% 2,166 1,507 2,951 11
Apr ’17 $1,080,388 110% 2,099 2,201 3,506 10
May ’17 $1,022,740 105% 1,958 2,889 4,037 12
Jun ’17 $926,177 100% 1,562 2,878 2,932 15
Jul ’17 $820,906 98% 1,144 2,718 2,153 20

 

Prices – John Wanless and Bedford Park Public School Neighbourhoods

There are five typical home styles in the neighbourhood north of Lawrence, east of Avenue Road, west of Mount Pleasant Road and south of Old Orchard Grove and Snowdon Avenue. Each typical home style is shown on the chart below. Please remember that factors such as house size, lot size and dimensions, condition and location, amongst others, affect selling prices.

Type of Home  No. of Sales Price Range  Ave. Price Date
  • 2 Bedroom
  • Bungalow
  • Mutual driveway
1 $1,318,000 $1,318,000 Apr ’17 – Jul ’17
  • 3 Bedroom
  • Semi-detached
  • No family room
10 $975,000 – $1,506,000 $1,272,000 Apr ’17 – Jul ’17
  • 3 Bedroom
  • 2 Storey Detached
  • No family room
7 $1,210,000 – $1,710,000 $1,519,250 Apr ’17 – Jul ’17
  • 3 Bedroom
  • 2 Storey Detached
  • Family Room
4 $1,653,000 – $1,917,000 $1,762,500 Apr ’17 – Jul ’17
  • Newer Construction
14 $1,900,000 – $3,030,000 $2,548,000 Apr ’17 – Jul ’17

 

Prices – John Ross Robertson, Lytton Park, Lawrence Park and Cricket Club Areas

JOHN ROSS ROBERTSON – Chudleigh Ave., Cheritan Ave., Chatsworth Dr., Glenview Ave., Glengrove Ave. W., Glencairn Ave.

LYTTON PARK – east and west of Avenue Road: Alexandra Blvd., Lytton Blvd., Strathallan Blvd., Cortleigh Blvd., Hillhurst Blvd. (almost all of these homes are on 50 foot wide lots)

LAWRENCE PARK – between Yonge St., Bayview Ave., Lawrence Ave. E., and Blythwood Rd. (almost all of these homes are on 50 foot wide lots)

CRICKET CLUB – between Avenue Rd., Yonge St., Wilson Ave., and Brooke Ave.

House Type John Ross Robertson  Lytton Park  Lawrence Park  Cricket Club 
  • 30 foot lot
  • 2 storey
  • 3 bedrooms
  • Private Drive
$2,000,000 – $2,500,000 Not found in this area  Not found in this area  $1,800,000 – $2,200,000
  • 30 or 40 foot lots
  • 4 bedrooms
  • Private Drive
 $2,200,000 – $3,200,000  Not found in this area  Not found in this area  $2,000,000 – $2,600,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Solid Condition
  • Not Renovated
  • No family room
 $3,000,000 – $3,500,000   $2,600,000 – $3,000,000  $2,800,000 – $3,500,000 $2,400,000 – $2,800,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Renovated
  • Family Room
 $3,500,000+   $3,000,000+   $3,500,000+  $3,000,000+
  • 50 foot lot
  • Land Value
 $3,000,000 – $3,500,000   $2,600,000 – $3,000,000 $2,800,000 – $3,500,000    $2,400,000 – $2,800,000

 

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