September 2020 | Toronto Luxury Real Estate Market Report | Another record-setting month
It's a bit amazing to say that just 6 months after the biggest economic & societal shock our society has experienced in recent history, the real estate market in Toronto is setting records with the number of sales being done for another month in a row.
Welcome to the monthly Toronto Luxury Market Report where we'll look at what's been happening in the home & condo sectors for September 2020.
To qualify as a luxury property, we use the following criteria:
Condo
1-Bed/+Den = $750,000 +
2-Bed/+Den = $1,000,000 +
3-Bed/+Den = $1,250,000 +
House
3-Bed/+ = $1,500,000 +
4-Bed/+ = $2,000,000 +
5-Bed/+ = $2,500,000 +
It's a bit amazing to say that just 6 months after the biggest economic & societal shock our society has experienced in recent history, the real estate market in Toronto is setting records with the number of sales being done for another month in a row.
Overall we are seeing enhanced demand for "affordable" luxury in the City that provides more space to homeowners both inside & outside the property.
Luxury sales by price range & property type
Detached & semi-detached homes led the pack for sales in the luxury market once again this month while condos above $2 million saw an increase in sales compared to August.
$1,000,000 - 1,249,999
- Detached = 1168
- Semi-Detached = 113
- Attached/Row/Townhouse = 83
- Condo Townhouse = 22
- Condo Apt = 54
$1,250,000 - 1,499,999
- Detached = 755
- Semi-Detached = 77
- Attached/Row/Townhouse = 32
- Condo Townhouse = 10
- Condo Apt = 26
$1,500,000 - 1,749,999
- Detached = 347
- Semi-Detached = 31
- Attached/Row/Townhouse = 14
- Condo Townhouse = 4
- Condo Apt = 18
$1,750,000 - 1,999,999
- Detached = 199
- Semi-Detached = 12
- Attached/Row/Townhouse = 3
- Condo Townhouse = 0
- Condo Apt = 7
$2,000,000+
- Detached = 412
- Semi-Detached = 17
- Attached/Row/Townhouse = 5
- Condo Townhouse = 1
- Condo Apt = 26
Neighbourhoods with highest average sale price
If we look at the neighbourhoods with the highest average sale prices compared to last month, we can easily spot a trend of increased demand in the more "affordable" areas like Forest Hill, Lawrence Park & the Annex.
In comparison, places like the Bridle Path, York Mills & Rosedale all saw a softening of prices while the number of sales stayed relatively unchanged.
This is a pretty good indicator that people are staying in the city to get more space, they are just looking for the most affordable luxury neighbourhoods to do so.
#1 = C12
Bridle Path, Sunnybrook, York Mills & St. Andrew-Windfields
Avg. sale price = $3,178,950
36 Sales
#2 = C09
Rosedale - Moore Park
Avg. sale price = $2,437,314
29 Sales
#3 = C04
Forest Hill North, Lawrence Park North & South, Bedford Park - Nortown & Englemount-Lawrence
Avg. sale price = $2,240,141
73 Sales
#4 = C03
Forest Hill South, Homewood-Cedarvale & Oakwood-Vaughan
Avg. sale price = $1,856,930
57 Sales
#5 = C02
Annex, Casa Loma, Wychwood & Yonge - St.Clair
Avg. sale price = $1,689,890
82 Sales
Condo stats for past month
1-Bed/+Den
Avg. Sale Price = $843,045 (down 5% vs. last month)
# of Sales = 46 (up 4.5% vs. last month)
Avg. DOM (Days on Market) = 24 (up 9% vs. last month)
Avg. % of Listing Price = 100%
2-Bed/+Den
Avg. Sale Price = $1,602,022 (up 11% vs. last month)
# of Sales = 101 (up 6% vs. last month)
Avg. DOM (Days on Market) = 19 (0% change vs. last month)
Avg. % of Listing Price = 98%
3-Bed/+Den
Avg. Sale Price = $3,184,484 (up 44.5% vs. last month)
# of Sales = 14 (up 40% vs. last month)
Avg. DOM (Days on Market) = 28 (down 7% vs. last month)
Avg. % of Listing Price = 98%
Overall we are definitely seeing a trend of more demand for larger condos which is emblematic in the increase in sales for both 2 & 3-bed units when compared to last month.
The interesting part here is that the average % of listing price is 98% which indicates there is typically some negotiation happening from the original list price.
House stats for past month
3-Bed/+
Avg. Sale Price = $1,901,547 (down 1% vs. last month)
# of Sales = 171 (up 2% vs. last month)
Avg. DOM (Days on Market) = 12 ( 0% change vs. last month)
Avg. % of Listing Price = 106%
4-Bed/+
Avg. Sale Price = $2,975,794 (down 2% vs. last month)
# of Sales = 122 (up 2.5% vs. last month)
Avg. DOM (Days on Market) = 22 (down 12% vs. last month)
Avg. % of Listing Price = 99%
5-Bed/+
Avg. Sale Price = $3,937,518 (down 20% vs. last month)
# of Sales = 31 (up 24% vs. last month)
Avg. DOM (Days on Market) = 30 (down 29% vs. last month)
Avg. % of Listing Price = 100%
There has been a uptick in the number of sales for luxury homes compared to last month, however there has been a slight downward trend on the average sale price which would make sense when you factor in more properties being sold.
3-bed homes still tend to sell the fastest with an average of only 12 days on the market while the 4 & 5-bed homes move a bit slower at 22 and 30 days respectively.
Most expensive condo on the market in September 2020
- $7,395,000
- 4-Bed
- 4-Bath
- 4530 Sq. Ft
- Maintenance Fees = $6495.68 / month
- Listed by Royal LePage / J&D Division, Brokerage
This condo is actually 3 units combined together to make one massive 4530 Sq.ft suite that boasts 4 balconies, 3 parking spaces, 3 lockers + unobstructed south views over Lake Ontario.
Most expensive house on the market in September 2020
- $18,000,000
- 8-Bed + 1
- 10-Bath
- 19,000+ Sq. Ft
- Listed by Harvey Kalles Real Estate Ltd.
Wow. Now this is the ultimate place to call home when you have to self-isolate at home.
Situated on a 2-acre estate, this 19,000+ sq. ft home features a tennis court, a wine cellar, billiards room, covered terrace, full gym as well as an expansive ballroom.
Summary of market for September 2020
With many people settling into our "new normal" way of life after the first wave of COVID19 earlier this year, we have seen a renewed confidence in the luxury real estate market.
People are increasingly working, schooling & exercising from home and need more space to do so.
While there are some people wanting to leave the city, many homeowners truly enjoy the lifestyle of living in Toronto and don't necessarily want to give this up when moving to a larger home.
The search for "affordable" luxury in the city will likely see increased demand going forward & certain areas will do better than others based on the space they can provide, both inside & outside the home.
Has COVID19 changed your home search criteria at all?
Let us know in the comments section below.
Rylie C.
Sources