How’s the Market?

The summer market has come and gone. Thank goodness. I usually find it to be a frustrating market. If you’re buying, there aren’t a lot of homes from which to choose. And if you’re selling, you’re often competing with other sellers who are extremely motivated to sell and willing to take low prices. On the plus side, if you’re buying and can overcome the lack of selection, there’s a pretty good chance you’ll be able to pick something up for a good price.

Now that the fall market has arrived, here are a few things you can expect to see:

  • More listings. Supply will be tight as it usually is in central Toronto, but there should be more listings than there were in the summer.
  • Higher prices. Not a huge increase, but sellers aren’t usually as desperate in the fall as they are in the summer.
  • More buyers. Some buyers put their plans on hold for the summer and start to look again in the fall.
  • More multiple offers than there were in the summer. This is what happens when demand outpaces supply, which has been the case in central Toronto for the past 20 years.

All in all, I expect it to be a somewhat thin market without enough homes for the buyers who want to buy. This will put upward pressure on prices and cause demand to keep building for 2019. The spring market should be even stronger.

Central Toronto – Market Overview

  Average Price % of List # of Sales Total Listings # of New Listings Average Days on Market
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
Apr ’18 $949,084 101% 1,479 2,387 2,611 15
May ’18 $960,558 101% 1,555 2,965 3,189 16
Jun ’18 $966,088 100% 1,498 2,913 2,552 16
Jul ’18 $931,472 99% 1,240 2,778 2,215 20
Aug ’18 $888,683 98% 1,156 2,428 1,843 25

 

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
2 $1,438,000 – $1,530,000 $1,484,000 Jan ’18 – Aug ’18
  • 3 Bedroom
  • Semi-detached
  • No family room
21 $925,000 – $1,530,000 $1,231,000 Jan ’18 – Aug ’18
  • 3 Bedroom
  • 2 Storey Detached
  • No family room
12 $1,300,000 – $1,706,000 $1,545,000 Jan ’18 – Aug ’18
  • 3 Bedroom
  • 2 Storey Detached
  • Family Room
8 $1,605,000 – $1,750,000 $1,671,750 Jan ’18 – Aug ’18
  • Newer Construction
10 $2,310,000 – $2,750,000 $2,539,500 Jan ’18 – Aug ’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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