How’s the Market?

March 2019

I wore long johns today, both uppers and lowers. When I gaze out my window I see piles of snow taller than my head. It doesn’t seem right to say we’re on the cusp of the spring market right now, but we are. Winter will be over shortly.

We all know this has been a brutal winter. With all the snow we’ve had, driving and parking have often been a chore. Not the kind of weather that’s conducive to buyers driving around to look at homes. And for those buyers who braved the weather? There wasn’t much to look at. Listings have been scarce.

The spring market traditionally starts in April (although on occasion it might start earlier if the weather is nice enough) and runs through to June. What makes the spring market special? A few things:

  • Many sellers wait until the spring to list their homes so there are more homes for buyers to see.
  • Many buyers start looking for new homes in the spring with a view to moving in the summer so there are more buyers out there.
  • The recent trend over the past 20 years or so has been for the increased number of buyers to outpace the increased number of listings which is why we’ve had a sellers’ market over that period.
  • The highest average selling price usually happens during one of the spring market months (although last year it happened in October).
  • Basically, if you’re a seller you’re most likely to get the highest price for your property in the spring market and if you’re a buyer you’re most likely to have the most homes from which to choose in the spring market.

Given how few new listings there have been in the first part of this year and how many buyers there are, I expect this to be a fairly busy spring market. It usually gets started after Easter which is the weekend of April 20 this year, a little later than most years. If you’re buying, be prepared to move quickly because there will probably be other buyers looking for the same kind of home as you. Don’t count on getting a steal despite what you may have heard in the media. And if you’re selling, make sure your home looks its best and is properly priced. This won’t likely be the kind of market where every home sells right away with multiple offers. It’ll be a little more balanced than that. Don’t count on selling your home for way more than list price despite what your friends tell you.

Bottom line: Be prepared. Be realistic. And make sure you have the right Realtor to guide you through these tricky times.

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
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
Sep ’18 $963,448 100% 1,185 2,928 2,652 22
Oct ’18 $980,698 99% 1,432 2,843 2,576 19
Nov ’18 $959,243 99% 1,237 2,476 1,962 22
Dec ’18 $874,462 98% 640 1,636 653 26
Jan ’19 $881,076 98% 656 1,903 1,677 28
Feb ’19 $947,319 99% 913 2,033 1,638 23

 

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
3 $1,250,000 – $1,370,000 $1,315,000 Sep ’18 – Feb ’19
  • 3 Bedroom
  • Semi-detached
  • No family room
12 $980,500 – $1,462,000 $1,246,000 Sep ’18 – Feb ’19
  • 3 Bedroom
  • 2 Storey Detached
  • No family room
5 $1,380,000 – $1,700,000 $1,540,800 Sep ’18 – Feb ’19
  • 3 Bedroom
  • 2 Storey Detached
  • Family Room
3 $1,488,000 – $1,675,000 $1,587,750 Sep ’18 – Feb ’19
  • Newer Construction
5 $2,320,000 – $2,815,000 $2,631,500 Sep ’18 – Feb ’19

 

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
 $2,000,000 – $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 $2,500,000 – $2,800,000
  • 50 foot lot
  • 4+ bedrooms
  • Private Drive
  • Renovated
  • Family Room
 $3,000,000+   $2,800,000+   $3,000,000+  $2,800,000+
  • 50 foot lot
  • Land Value
 $2,800,000 – $3,500,000   $2,600,000 – $3,000,000 $2,800,000 – $3,200,000    $2,500,000 – $2,800,000

 

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