By David Dunkelman
The following is a look at the sale of resale homes and condominiums across Toronto. (Stats are based on sales in January and February 2010.)
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 24 combined sales in the $400,000–$600,000 range. Multiple bids with sales over asking were prevalent at the lower end of this price scale. Annother 26 sales took place in the $600,000–$1 million price range and 22 houses sold for over $1 million with the high price just under $3 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 13 sales between $400,000 and $600,000. Most of these houses sold for a little bit over their asking price. There were also 17 sales between $600,000 and $1 million with many of these selling for over asking. These neighbourhoods saw 22 sales over $1 million with most of these in Forest Hill and Deer Park. Six of these sales were over $2 million with the high price just under $4 million.
The exclusive midtown neighbourhoods east of Yonge Street, including Summerhill, Rosedale, Moore Park and Governors Bridge, saw just one sale under $600,000 — a reflection of the higher cost of homes in these areas. There were eight sales between $600,000 and $1 million and 24 more sales over $1 million. Eleven of these houses sold for over $2 million with one sale topping the $6 million mark.
In the central neighbourhoods west of Yonge Street — Bedford Park, Allenby, Lytton Park, Lawrence Manor, Ledbury Park, Armour Heights, and Cricket Club — there were 77 sales under $1 million. Many of these houses sold for over asking. It seems buyers were more than happy to compete for the 62 houses that sold in the $1 million-plus price range with many of these going over asking. Five of these sold for over $2 million.
The central neighbourhoods east of Yonge Street — North Toronto, Teddington Park, Wanless Park and Davisville Village — saw a scarcity of listings to start the year with just 45 sales under $1 million. Pent-up demand and short supply led to most of these houses selling for well over their asking prices. Seventeen houses cracked the $2 million mark.
In Leaside, where there is a broad range of house values, 27 houses sold for under $1 million, most of them over asking. Four more houses sold for over $1 million. Further north in York Mills, Hoggs Hollow, Bridle Path, and Windfields listings and sales were scarce, with just 10 sales under $1 million. But, the bulk of the activity in these affluent neighbourhoods was in the $1 million-plus price range, where 37 houses changed hands. An amazing 14 houses sold for over $2 million, with the highest sale price in excess of $12 million.
In the North York neighbourhoods west of Yonge Street, including Lansing, Dublin Heights and parts of Willowdale and Newtonbrook, there were 33 sales under $1 million with most houses selling for a little above or below asking. Just eight houses topped $1 million.
In North York east of Yonge Street in the Willowdale and Newtonbrook neighbourhoods approximately 50 houses found buyers in various price ranges under $1 million, while an additional 16 houses sold for over $1 million. In Don Mills 32 sales were recorded, all except for one below $1 million. Houses selling for over asking were more common here than in the past as buyers have begun to take notice of the excellent value in this neighbourhood that has premium lots and nice amenities.
In the east end the real estate market was very active as is usually the case. This heated market saw many houses sell for over asking. Just one house topped the $1 million dollar mark. In always-popular Riverdale, Riverside and Leslieville, first-time buyers continued competing for homes, resulting in 84 sales. Multiple offers were most prevalent in the $400,000-$500,000 range. Only one sale surpassed $1 million.
In The Beach, 91 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. Eleven sales were recorded over $1 million.
In the East York neighbourhoods of Old East York, Parkview Hills, Woodbine Gardens, Todmorden Village and Topham Park there were 91 sales under the $1 million dollar mark. Homes over $500,000 seemed to be attracting more than their fair share of sales over asking, as first-time buyers rushed to place bids on homes that are still affordable by Toronto standards. A further three houses sold for over $1 million. These were situated in an exclusive enclave north of the Danforth.
In the always-popular west end, finding affordable homes has become a challenge. In Brockton Village, Parkdale, Roncesvalles Village and Swansea, there were 40 sales under $1 million. Multiple offers were more prevalent here than in the last quarter reported. Six houses topped $1 million and there were over-asking sales in this price range as well.
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. Seventy-nine sales were recorded under $1 million, with an even distribution of sales in all price ranges. Just two houses cracked the $1-million mark. Multiple offer activity was prevalent in all price ranges.
In the south Etobicoke neighbourhoods of The Queensway, Sunnylea and Humber Bay, a total of 58 houses were sold under $1 million. Competition for houses was most intense in the $600,000-$800,000 price range. Three 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 62 sales under $1 million. Bids over asking were most prevalent under $600,000. An even impressive 34 houses sold for over $1 million. Four of these were in excess of $2 million.
Boutique mid-rise condo buildings in midtown and north Toronto neighbourhoods were very brisk with the $600,000-$700,000 price range proving to be very competitive with buyers outnumbering sellers.
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.
Sales in boutique mid-rise condo buildings in midtown and north Toronto neighbourhoods were very brisk with the $600,000-$700,000 price range proving to be very competitive with buyers outnumbering sellers. There wer approximately 100 condo sales under $1 million in North York but with far fewer sales over asking than in the downtown neighbourhoods. Hundreds of condo units changed hands in the east and west ends where there are a number of older apartment buildings with affordable units. Buyers were abundant but cautious with most of these sales near but not above asking. The high-end condo market saw 22 units sell for above $1 million in Toronto, with the highest sale over $4.5 million recorded in Rosedale. Once again a large number of condos that sold for over $1 million were primarily in upscale Yorkville.
David Dunkelman is a Broker and ABR* with Royal Lepage R.E.S.Ltd/Johnston and Daniel Division. David is also the Author of “Your Guide to Toronto Neighbourhoods”. *ABR* The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER’S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.
