Toronto Real Estate Report
By David Dunkelman
The following is a look at the sale of resale homes and condominiums across Toronto. (Stats are based on sales in September, October and November 2009.)
The midtown neighbourhoods along Bloor Street, including The Annex, Seaton Village, Christie Pits, Bickford Park, Dovercourt Park, Casa Loma, South Hill, Rathnelly, and Yorkville, had over 100 combined sales under $750,000. The majority of these sold for over the asking price. In these neighbourhoods, 41 houses sold for over $1 million, and five sold for more than $2 million.
In the central core neighbourhoods along St. Clair Avenue west of Yonge Street, including Hillcrest, Humewood, Cedarvale, Chaplin Estates, Deer Park, Regal Heights and Forest Hill, there were 70 sales under $750,000. Here, 29 houses sold for over $1 million, with nine of these breaking the $2 million mark and two houses topping $3 million.
The exclusive midtown neighbourhoods east of Yonge Street, including Summerhill, Rosedale, Moore Park and Governors Bridge, saw just seven sales under $1 million — a reflection of the higher cost of homes in these areas. There were 45 homes tipping the $1 million mark, with one sale over $4 million.
In the central neighbourhoods west of Yonge Street — Bedford Park, Allenby, Lytton Park, Lawrence Manor, Ledbury Park, Armour Heights, and Cricket Club — there were over 100 sales under $1 million. A remarkable 74 houses sold in excess of $1 million. Nine of these sold for over $2 million.
The central neighbourhoods east of Yonge Street — North Toronto, Teddington Park, Wanless Park and Davisville Village — were very active, with approximately 100 sales under $1 million, and a further 36 sales over $1 million.
In Leaside, where there is a broad range of house values, 35 houses sold for under $1 million, and another 21 sold for over $1 million. Further north in York Mills, Hoggs Hollow, Bridle Path, and Windfields approximately 30 houses sold under $1 million. But, the bulk of the activity in these affluent neighbourhoods was in the $1 million-plus price range, where 68 houses changed hands. An amazing 28 houses sold for over $2 million, with the highest sale price in excess of $6 million.
In the North York neighbourhoods west of Yonge Street, including Lansing, Dublin Heights and parts of Willowdale and Newtonbrook, there were over 100 sales under $1 million and 11 more sales over that threshold.
In North York east of Yonge Street in the Willowdale and Newtonbrook neighbourhoods approximately 100 houses found buyers in various price ranges under $1 million, while an additional 30 houses sold for over $1 million. In Don Mills 85 sales were recorded. All of these were below $1 million, proving there is excellent value in this neighbourhood that has premium lots and nice amenities.
In the east end the real estate market was equally impressive. In always-popular Riverdale, Riverside and Leslieville, first-time buyers continued competing for homes, resulting in hundreds of sales. Multiple offers were most prevalent in the $500,000-$600,000 range. Only four sales surpassed $1 million.
In The Beach, 175 houses sold for under $1 million. There was a fairly equal distribution of sales in all price ranges, with a large number of houses selling for more than the asking price. Sixteen sales were recorded over $1 million, with one of these topping $2 million.
In the East York neighbourhoods of Old East York, Parkview Hills, Woodbine Gardens, Todmorden Village and Topham Park there were over 100 sales under $500,000 as first-time buyers rushed to place bids on homes that are still affordable by Toronto standards. A further 64 houses sold for over $500,000, with one house in an exclusive enclave surpassing $1 million.
In the always-popular west end, finding affordable homes has become a challenge. In Brockton Village, Parkdale, Roncesvalles Village and Swansea, there were 47 sales under $500,000. Most of these houses sold below asking, a reversal from this past spring and summer. A further 83 houses sold for between $500,000 and $1 million. Again, houses getting bid up was not as common as earlier in the year. There were 12 sales for over $1 million within the exclusive pockets of these neighbourhoods.
In Bloor West Village, West Toronto Junction and Runnymede, activity was brisk as first-time buyers rushed to buy homes in these popular family neighbourhoods. Over 100 sales were recorded under $1 million, with an even distribution of sales in all price ranges. Six houses cracked the $1 million mark. Bidding wars have eased up somewhat in these neighbourhoods from earlier this year.
In the south Etobicoke neighbourhoods of The Queensway, Sunnylea and Humber Bay, a total of 43 houses were sold in the $350,000-$500,000 price range, another 65 houses sold between $500,000-$1 million, and seven houses sold for over $1 million. The north Etobicoke neighbourhoods of Kingsway Park, West Deane Park, Islington Village, Princess Anne Manor and Gardens and Humber Valley Village recorded an impressive 145 sales under $1 million and an even more impressive 36 sales over $1 million. Five of these were in excess of $2 million.
Now for a snapshot of the Toronto condo market. There were literally hundreds of sales in the entry-level market under $500,000 with a large number of these concentrated in the Downtown West and Downtown East neighbourhoods, as well as Harbourfront, Liberty Village, St. Lawrence Market and Fort York. Competition for these affordable units was fierce with the majority of condos listed under $400,000 selling for over asking. Agents were relaying horror stories of some units which attracted as many as 10 or 15 bids.
Boutique mid-rise condo buildings in neighbourhoods like High Park, Old Mill, Cabbagetwon and Corktown produced solid sales in mid-level price ranges, but without the bidding wars that were prevalent in the high-rise condos downtown. Twenty-two sales were recorded for condos over $1 million downtown, primarily in upscale Yorkville. Six of these sold for over $2 million and two sold for over $3 million. Ten more condo sales in excess of $1 million were also recorded in midtown and north toronto neighbourhoods.
Check back in spring 2010 for the next installment of the real estate report.
Tags: Toronto Real Estate
