Happy New Year! I hope this newsletter finds you refreshed and excited at the prospects for 2019.
The 2018 Toronto real estate market was less volatile than in 2017. Last year, the weak Canadian dollar, volatile oil prices and international trade wars dominated the headlines. Aside from three Bank of Canada interest rate increases, the Toronto real estate market took a back seat to macroeconomic factors. This was in stark contrast to 2017 when the Toronto real estate market experienced significant price volatility due to the provincial government’s Fair Housing Plan and OFSI’s tightening of mortgage rules.
2018 had fewer listings leading to fewer sales. The aforementioned interest rate increases and tighter mortgage rules resulted in an overall average price increase of 3%. However, when breaking down the housing type, each segment tells a different story.
I thought it would be interesting to take a look back on 2018 and provide a snapshot of the extremes and review the most and least expensive detached properties and condos in a handful of neighbourhoods. FYI the priciest house in the 416 sold for $18.2M with 16 parking spaces! If you’re interested in different areas or housing styles please drop me a line.
Downtown Freehold Detached
|Shaw St (Trinity-Bellwoods)||Cobourg Ave (Dufferin Grove)|
|$3,700,000 (highest)||$850,000 (lowest)|
|4+2 Bedrooms, 5 Washrooms||3 Bedrooms, 1 Washroom|
|2 Parking Spaces||2 Parking Spaces|
|University Ave (Bay Street Corridor)||King St (Bay Street Corridor)|
|$8,000,000 (highest)||$275,000 (lowest)|
|3 Bedrooms, 4 Washrooms||1 Bedroom, 1 Washroom|
|3 Parking Spaces||0 Parking Spaces|
East York/Beach Detached
|Lake Front (The Beaches)||Woodbine Ave (Woodbine-Lumsden)|
|$5,400,000 (highest)||$504,000 (lowest)|
|4+1 Bedrooms, 4 Washrooms||3 Bedrooms, 2 Washrooms|
|3 Parking Spaces||0 Parking Spaces|
East York/Beach Condos
|Broadview Ave (Broadview North)||Massey Sq (Crescent Town)|
|$2,450,000 (highest)||$247,000 (lowest)|
|3 Bedrooms, 3 Washrooms||1 Bedroom, 1 Washroom|
|2 Parking Spaces||0 Parking Space|
North Toronto/Midtown Detached
|Highland Ave (Rosedale-Moore Park)||Northcliffe Blvd (Oakwood-Vaughan)|
|$18,250,000 (highest)||$562,500 (lowest)|
|6 Bedrooms, 11 Washrooms||2 Bedrooms, 2 Washrooms|
|16 Parking Spaces||0 Parking Spaces|
North Toronto/Midtown Condos
|Cumberland St (Annex)||Sunny Glwy (Flemingdon Park)|
|$5,050,000 (highest)||$260,000 (lowest)|
|2 Bedrooms, 3 Washrooms||1 Bedroom, 1 Washroom|
|2 Parking Spaces||1 Parking Space|
North York Detached
|Highpoint Rd (Bridle Path-Sunnybrook-York Mills)||Harnworth Dr (Hillcrest Village)|
|$17,395,000 (highest)||$732,427 (lowest)|
|7+3 Bedrooms, 13 Washrooms||3+1 Bedrooms, 4 Washrooms|
|30 Parking Spaces||3 Parking Spaces|
North York Condos
|Chedington Pl (Bridle Path-Sunnybrook-York Mills)||Fairview Mall Drive (Don Valley Village)|
|$3,460,000 (highest)||$265,000 (lowest)|
|2+1 Bedrooms, 3 Washrooms||0 Bedrooms, 1 Washroom|
|2 Parking Spaces||0 Parking Spaces|
3 things I’m noodling through:
1) I normally don’t make New Year’s resolutions but I’m looking to lose 6 pounds in 6 weeks. So far, I’ve been watching what I eat and especially drink. I enjoy the challenge but miss my 10pm snack. Did you make any resolutions?
2) Friends of ours recently were taken advantage of by an unscrupulous tow truck driver. If you ever find yourself needing a tow, ask them to tow it to your home, your mechanic or even the collision center but never have them tow it to their yard. It will be an exorbitant bill for you to get your car back.
3) Have you caught the Konmari Method craze? We’ve been watching “Tidying up with Marie Kondo” on Netflix. We are learning to hone our skills on keeping only those things that spark joy. I can tell you what doesn’t spark joy – tallying up what we paid for the things we didn’t really use and are no longer useful in our lives.
As 2019 unfolds, I intend to provide additional real estate insights including condo reserve comparisons, MPAC assessments, mortgages, short term rentals and many others. If there’s something you’re interested in, please let me know and I can use that for a monthly topic.
Wishing you all the best in 2019.