Fall is here, the leaves are changing, the weather is…maybe a bit warmer than we would expect for fall, but who’s complaining!
The Toronto real estate market has dialled back the record-breaking drama we saw earlier in the year. And, while that has some breathing a sigh of relief (well, almost, at least), it may be wishful thinking to confuse a cooling market with a lack of interest — or significantly falling prices.
As the Canadian Real Estate Association (CREA) reports, the months of inventory (MOI) for single-detached homes numbered 0.9 at the end of the second quarter of 2021. This was down from the 1.6 months recorded at the end of the second quarter of 2020.
Welcome to my September newsletter, The kids are back in school and the fall real estate market is in full swing! I hope your September is going well so far! We have an election coming up, and I created an overview of what each party is proposing for real estate. You can find this below. It’s important that we understand all the propositions being made to help us with voting. I’m also sharing the August real estate market update. Greater Toronto Area REALTORS® reported 8,596 sales through TRREB’s MLS® System in August 2021 – down by 19.9 per cent compared to the August 2020 record of 10,738. The condominium apartment market segment bucked the overall sales trend, with year-over-year growth in sales, continuing a marked resurgence in 2021. The number of new listings entered into the System was down year-over-year by 43 per cent.
I hope you are staying cool during these hot summer days! With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth. You can view the market stats below! I also want to share some very exciting office news! The opening of Sotheby’s new state-of-the-art office in Toronto, in my beloved neighbourhood, The Kingsway, is now open. The new office will service a thriving luxury residential real estate market that has been one of the city’s most affluent neighbourhoods. The new office is located at 3109 Bloor Street West, Etobicoke. As I get settled in myself, I look forward to inviting you for a tour.
As a record-breaking surge in Toronto home sales starts to spark concern that a bubble may be forming, one part of the market in Canada’s largest city is running even hotter than the rest: the luxury end. Sales of homes worth more than $4 million (US$3.2 million) surged 157 per cent in January and February from a year earlier, brokerage Sotheby’s International Realty Canada said in a report released Tuesday. By contrast, data from the Toronto Regional Real Estate Board for the same period showed sales across all price ranges rose 52 per cent. “There’s a huge pent-up buyer demand that’s existing at all areas of the market right now,” Don Kottick, chief executive officer of Sotheby’s Canadian real estate unit, said by phone. Among the luxury properties that changed hands in the first two months of the year, five sold for over $10 million, compared with just one a year earlier, according to Sotheby’s.
May was an exceptionally busy month. I sold six beautiful listings to very happy buyers and sellers. What a great way to kick off the summer market. There are many exciting things to look forward to this upcoming month! I have three gorgeous new listings currently on the market, which you can see below. I am also so excited to announce a new member to Ashley Shaw and Associates! Please help me welcome my new sales representative, Cody Jones. He is a fantastic addition to my team, and I look forward to being part of his success! You can learn more about Cody and his experience below. As always, you will find a really great recipe (it’s perfect for Father’s Day) as well!
We have a special weekend coming up with Mother’s Day on Sunday. I hope you all have something special planned. If you are still looking for last-minute gifts, do not hesitate to reach out to me. I can provide many local recommendations that have wonderful gift ideas for mom! I am also getting excited for our new office to open up, which will be located in my neighbourhood, The Kingsway! I will share the news of its official opening soon! I’m looking forward to warmer days ahead and enjoy the outdoors
The weather is finally warming up, and although we were all looking forward to enjoying the spring with family and friends, we have entered another lockdown during the third wave of the pandemic. I truly love my community, and with this in mind, I will be doing whatever I can to support our local businesses during this difficult time. I hope you will join me in doing the same.
Spring is less than two weeks away and this weekend we’ll be turning our clocks ahead, which means that sundown won’t be until after 7pm! The Toronto real estate market continues to set records, with sales 52.5% higher last month than in February 2020. The average price for a detached home in Toronto hit $1.68M. The price growth is due to a lack of inventory on the market. If more homes are listed this spring, I think we’ll still see price gains, but perhaps not double digits.