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Is it a good time to buy west Toronto real estate?

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In a city like Toronto, where real estate is a city-wide obsession and avid spectator sport, the question on everyone’s mind (and the one we get asked at least once a day!) is ‘what is going on in the Toronto real estate market?’

Given all the speculation, we thought we would take a moment to address what is going on, specifically in the west Toronto real estate market, and based on our 20+ years of experience, where we think it is going.

First things first, we’re not saying don’t listen to the media, but the media LOVES to talk about real estate, and generally, they are in one of two camps - the market is crazy and the bubble is about to burst OR the bubble has burst and the sky is falling. Neither of which has proven to be true in the last couple of decades. However, there is no denying that the market was crazy and (in our opinion) unsustainable at the beginning of this year, and that a perfect storm of influences (supply chain issues, the pandemic, the war in Ukraine, inflation, and the resulting interest rate hikes) has created a ‘pause’ in the market that we haven’t seen since the Great Recession in 2009. But even in 2009, the pause in the Toronto real estate market only lasted about 8 months and we think that this market will probably follow suit.

We don’t have a crystal ball, but these are the reasons that we think the market will start to rebound in the next 4-6 months:

  1. sellers can only hold off for so long

    there is a multitude of reasons why people need to sell their homes including death, divorce, job loss, job transfer, expanding family, etc., and while some of these reasons can be put off for the short term, at some point despite market conditions, the house will have to go on the market. At the moment, everyone who can hold off selling their homes in order to see where the market is going is doing so, but that can’t last forever.

  2. the city is continuing to grow

    we live in a large growing city with a finite number of properties. Aside from vertical growth, there is nowhere else to build in this city (hello, laneway housing!), so with the population continuing to expand, there is increasing demand for existing properties. Toronto’s population is expected to grow by $1 million people in the next 25 years and with limited inventory, the demand and price of homes will continue to rise

  3. in some cases the reduction in price will compensate for the increase in interest rates

    this is not the case in all situations, but for the savvy buyer (with an equally savvy realtor) who can spot a good opportunity, the reduction in price since the peak in February of this year could compensate for the increase in interest rates.

  4. buyers with pre-approvals will need to buy in the next few months to take advantage of their locked-in rate

    most of the buyers at the moment are investors with lots of cash on hand, first-time buyers who don’t have anything to sell, and upgraders who will save more money on the property they buy than they will lose on the property they sell. Many of these first-time buyers will have an existing 90-120 day pre-approval (and rate guarantee) and will want to buy before rates go up again and their approval expires. The more buyers that enter the market, the more demand and the higher the prices, which will ultimately motivate sellers to sell.

Toronto real estate

What does this all mean?

The average price in October was almost $1.1M, which has remained stable over the last few months, while the number of sales compared to October 2021, was down almost 50%. The average price was down 18% compared to the peak in February so we have definitely shifted from a seller’s market (buyers > sellers) to a balanced market (buyers=sellers), meaning homes are not selling as fast and we are seeing lower prices and less competition.

So is it a good time to buy west Toronto real estate?

If you have a pre-approval (which we highly recommend) AND you can find something that fits your parameters, then it is definitely a good time to buy. Also, if you are upgrading from a condo to a semi or detached home, you will likely benefit as well because you will save more money on your purchase than you will lose on your sale. Due to a lack of inventory, the challenge is finding a property that fits your criteria, but if you can open your mind to properties that have been sitting around a while and may have gone overlooked or are in locations that you may not have considered previously, then we suggest striking while the iron is hot, because interest rates are predicted to stay at this level for at least the next year and the market will likely bounce back before then.

What does this mean for sellers?

Sellers shouldn’t be afraid to sell in this market, homes that are well located, show well and are priced properly are selling (sometimes even in competition). In this market, pricing is crucial and since every neighbourhood is its own micro-market, make sure you have an agent who is experienced in and knowledgeable about your particular neighbourhood so they can properly advise you on where to price your home for maximum return. Also, if you are purchasing a new property that is dependent on the price you get for your current home, for the first time in a long time we highly recommend selling before you buy.

If you would like more insight into this market, or if you would like to have a conversation about how we approach real estate differently; developing a customized plan to find you your perfect home or sell your existing home in a shifting market; please don’t hesitate to reach out. We are always available for your questions!

West End Toronto Real Estate Market Update - March 2021

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For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.

GTA REALTORS® reported 15,652 sales in March 2021 – close to double that of March 2020. While sales were strong, it is important to remember that for the second half of March we are comparing against the initial impact of COVID-19 in the second half of March 2020 when sales activity dropped off dramatically. With this in mind, it is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and COVID period (March 15 to 31, 2020):

- There were 6,504 sales reported during the first 14 days of March 2021 - up 41 per cent compared to the pre- COVID period in March 2020.

- There were 9,148 sales reported between March 15th and March 31st 2021, an increase of 174 per cent compared to the COVID period of March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago.

For March 2021 as a whole, new listings were up 57 per cent year-over-year to 22,709. While representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.

The MLS® Home Price Index Composite Benchmark for March 2021 was up by 16.5 per cent compared to March 2020. The average selling price, at $1,097,565 was up by 21.6 per cent over the same period. Following the recent trend, low-rise home sales in regions surrounding the City of Toronto drove price growth.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

Home design trends for 2021

grandmillenial style by hadley court

grandmillenial style by hadley court

Without a doubt, the pandemic has affected every aspect of our lives; from working from home, navigating online school, eating at home more due to restaurant closures and lockdowns restricting our movements; the pandemic has certainly changed how we live and interact within our homes. Combine that with the fact that we have been staring at the same four walls for over a year, and a lot of us are feeling the desire to either redecorate, reconfigure our current space or move to a different space altogether. If you are considering a renovation or a move, here are a few design trends that we are seeing, many as a result of living life during a pandemic.

the home office

Working from home full-time means it is no longer feasible to just set up your laptop at the kitchen island or dining room table. Online meetings require privacy, tech capabilities and a way to separate work from home. A comfortable desk chair, ample storage, a proper tech set-up, good lighting and a pleasing zoom background are all factors to consider when designing a dedicated home office. In smaller spaces such as condos, where square footage is a premium and a separate room is out of the question, designating and designing a space within a space strictly for work is equally as important.

A screen is a great way to create a decorative partition in a smaller space.  Designed by Charu Ghandi of Elicyon. Credit: Courtesy of Elicyon

A screen is a great way to create a decorative partition in a smaller space. Designed by Charu Ghandi of Elicyon. Credit: Courtesy of Elicyon

multi-functionality

Spending so much time at home has also made us realize that we need to maximize all the space in our house and some spaces, such as formal living and dining rooms, get very little use and are taking up prime real estate in our homes. As a result, we are seeing a trend towards multi-functional space and furniture, so that we can get the most out of the space that we have. It has also forced us to re-examine our need for walls and privacy as we trend away from the open concept floor plan that has been so popular, and towards separated multi-use space.

outdoor living

Since our movements have been so restricted, we are all craving the ability to get outdoors, so there is a big trend towards blending the outdoors with the indoors and creating luxurious spaces to enjoy all-season. Creating outdoor living & dining areas allows for pandemic socializing or even just a change of scenery. Fireplaces, outdoor kitchens, swimming pools and hot tubs are popular ways to add luxury to these outdoor spaces.

Credit: Neue Focus Photography

Credit: Neue Focus Photography

go natural

We all also want to be cozy and comfortable these days so there is a trend away from the sleek, sterile modern look towards a more warm and welcoming esthetic. This can be achieved through the use of natural fabrics, wood accents, earth tones & (real) greenery. Natural materials such as rattan and cane are also seeing a resurgence, and we are seeing a move away from the design equivalent of fast fashion, with homeowners choosing to invest in more sustainable furnishings.

colour

We are seeing a real trend towards pops of dark colour, whether it be in a statement couch, accent wall or kitchen cabinetry. Dark green is particularly in vogue at the moment.

italianbank.com

italianbank.com

grandmillenial style

Goodbye midcentury modern and hello grandmillenial grandeur! This style, also referred to as ‘granny chic’, incorporates pattern and texture in order to infuse individuality and personality into a space. It is old school design trends (think toile, chintz, floral wallpaper, heavy woods, vintage prints) with a modern twist.

kitchens

Kitchens are seeing a boost of colour these days with kitchen style trending towards darker and two-tone cabinetry, wood grain accents and statement range hoods.

elledecor.com

elledecor.com

mix it up

The old rules no longer apply, you now have permission to mix it up, whether it be metals, patterns, styles or vintages, anything goes. This does take some skill, but when done right, the effect can be stunning.

If you are considering a move or a renovation and don’t know where to begin, feel free to reach out to us, we are always available for your questions!

West End Toronto Real Estate Market Update - February 2021

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Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.

The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.

We have broken down the west end Toronto real estate numbers so that you can see exactly how your neighbourhood is doing!


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

West End Toronto Real Estate Market Update - January 2021

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January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.

New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.

The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.

Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.

Here is a breakdown on how the west end Toronto real estate market did in January.


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Click here if you would like to compare these numbers to last month’s or last year’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

West End Toronto Real Estate Market Update - December 2020

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Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.

“The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery,” said Lisa Patel, Toronto Regional Real Estate Board (TRREB) President.

Highlights from 2020 include:

  • 95,151 sales were reported through TRREB’s MLS® System – up by 8.4 per cent compared to 2019. This included a record result for the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.

  • Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.

  • The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $932,222 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.

  • After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.

    “While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far-outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year,” said Jason Mercer, TRREB Chief Market Analyst.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

West End Toronto Real Estate Market Update - November 2020

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The record pace of home sales in the fall continued with 8,766 sales reported in November by Greater Toronto Area REALTORS® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. This result was up by 24.3 per cent compared to November of last year.

Generally speaking, year-over-year growth in sales was stronger for single-family homes in the GTA regions surrounding the City of Toronto, but annual single-family growth rates remained robust in the ‘416’ area code as well. “Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home. Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth,” said Lisa Patel, TRREB President.

The MLS® HPI Composite Benchmark was up by 10.6 per cent in November 2020 compared to November 2019. The average selling price for all home types combined was up by 13.3 per cent to $955,615.

Market conditions tightened in many single-family market segments in November, resulting in double-digit year-over-year increases in average selling prices for detached houses, semi-detached houses and townhouses.

In contrast to the single-family market segments, buyers continued to benefit from much more choice in the condominium apartment market compared to last year, particularly in the City of Toronto. The number of new condominium apartment listings in November was almost double that reported in November of last year. More options in the condo apartment market translated into a small year-over-year decline in the average condominium apartment selling price in the ‘416’ area code.

“The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets,” said Jason Mercer, TRREB Chief Market Analyst.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

West End Toronto Real Estate Market Update - October 2020

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Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. There were 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.

Sales and new listings reached record levels for the month of October. However, year-over-year growth rates for sales and new listings diverged in some market segments. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.

“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors,” said Lisa Patel, TRREB’s President.

The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019.

“Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,” said Jason Mercer, TRREB’s Chief Market Analyst.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!