How’s the Market?

We’re on the cusp right now, about to transition from the winter market to the much anticipated spring market.

Last year was not a typical year for the residential real estate market in central Toronto. The winter market (January-March) was smoking hot and things slowed down in April. They remained slow for the rest of 2017 as buyers sat on the fence waiting to see if the market would crash and prices would plummet.

When they realized that wasn’t going to happen, buyers started drifting back into the market both in late fall and, more so, in the first few months of 2018. It now looks as though 2018 will be a more typical year for the market. Despite what you might be hearing from other sources, the residential market in central Toronto has been gaining momentum. We’ve been seeing more buyers, more offers and higher prices.

The spring market usually starts after Easter and runs until some time in June (a few years ago it even carried on into early July). Easter is behind us now. Many sellers wait until this time of year to list their homes so expect to see more new homes coming on the market in the next little while than you’ve been seeing recently. There’s usually a little flurry of new listings in the first couple weeks after Easter, but there will be more new homes coming on the market throughout the spring.

But don’t get me wrong – we’re not looking at a tidal wave of new listings. There will be more than there have been, but there will still be more buyers than sellers. Expect competition for some homes to be fierce. If you’re buying, be prepared to move quickly. If you’re selling, make sure you prepare your home properly and set the right list price. And whether you’re buying or selling, good luck!

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
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
Aug ’17 $798,797 99% 1,257 2,263 1,740 24
Sep ’17 $906,357 99% 1,250 2,711 2,625 22
Oct ’17 $901,180 99% 1,373 2,717 2,418 20
Nov ’17 $910,508 99% 1,446 2,599 2,332 20
Dec ’17 $827,033 98% 944 1,759 994 24
Jan ’18 $857,361 99% 746 1,719 1,419 26
Feb ’18 $892,378 100% 982 1,994 1,748 22
Mar ’18 $883,297 100% 1,386 2,125 2,217 17

 

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
0 Jan ’18 – Mar ’18
  • 3 Bedroom
  • Semi-detached
  • No family room
5 $995,000 – $1,355,000 $1,164,500 Jan ’18 – Mar ’18
  • 3 Bedroom
  • 2 Storey Detached
  • No family room
3 $1,600,000 – $1,700,000 $1,646,250 Jan ’18 – Mar ’18
  • 3 Bedroom
  • 2 Storey Detached
  • Family Room
2 $1,640,000 – $1,715,000 $1,677,500 Jan ’18 – Mar ’18
  • Newer Construction
2 $2,390,000 – $2,500,000 $2,445,000 Jan ’18 – Mar ’18

 

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 – $2,400,000
  • 30 or 40 foot lots
  • 4 bedrooms
  • Private Drive
 $2,000,000 – $2,800,000  Not found in this area  Not found in this area  $2,000,000 – $2,500,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Solid Condition
  • Not Renovated
  • No family room
 $2,800,000 – $3,500,000   $2,600,000 – $3,000,000  $2,800,000 – $3,200,000 $2,400,000 – $2,800,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Renovated
  • Family Room
 $3,000,000+   $2,800,000+   $3,000,000+  $2,600,000+
  • 50 foot lot
  • Land Value
 $2,800,000 – $3,500,000   $2,600,000 – $3,000,000 $2,800,000 – $3,200,000    $2,400,000 – $2,800,000

 

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