Chestnut Park Real Estate Ltd, Brokerage
HELEN BRAITHWAITE - BROKER
CHESTNUT PARK REAL ESTATE LTD., BROKERAGE
1300 Yonge Street, Suite 100 Toronto, Ontario M4T 1X3
416-925-9191 | 416-561-3114 helenbraithwaite@chestnutpark.com

Toronto Luxury Real Estate: December 2021 Market Report

The December 2021 Market Report Courtesy of Chris Kapches, President and CEO of Chestnut Park Real Estate Limited

In 2021 we experienced an unprecedented residential resale market. More records were shattered in 2021 than in any other year of record keeping – sales prices, properties sold, and, unfortunately, inventory levels all established new records. As we end 2021 and move into 2022, it will be inventory that will have the greatest impact on the resale market.

Let’s begin with December’s data.

Sales declined in December as compared to 2020 only because of a lack of inventory. Demand continues to be at record breaking levels, but to put it bluntly, there just weren’t enough properties on the market for buyers to purchase. That is dramatically illustrated by the fact notwithstanding declining sales, the average sale price for all properties sold, including condominium apartments, came in at $1,157,849, 24.2 percent higher than December 2020.

It should be noted that increases in average sale prices were substantially higher in the 905 region as compared to price increase in the City of Toronto, as the chart below clearly illustrates.

The increase in average sale prices in the 905 region during the pandemic has been nothing but stunning. As forecast in a monthly Market Report earlier in 2021, the difference in average sale price between properties in the City of Toronto and the 905 region has all but disappeared. The reasons for this market change are due to the pandemic driving buyers away from the denser concentration of population in the City of Toronto, the ability to work remotely, affordability, and supply. It would now appear the attraction of supply and affordability may no longer exist.

The luxury end of the resale market also broke records in 2021. In December 473 properties traded hands having a sale price of $2 Million or more. Last year only 287 properties sold in this price category. On a year-to- date comparison, 7,807 properties valued at $2 Million or more sold in 2021 compared to only 3,649 last year, an increase of 114 percent. Sales in the 905 region in this category contributed substantially to this increase in 2021. Detached property sales in Oakville, King, Richmond Hill, Whitchurch-Stouffville and Uxbridge all came in with average sale prices in excess of $2 Million, with King approaching an average sale price of $3 Million. Historically this only happened in central Toronto.

 

Throughout the greater Toronto area average sale prices continued to be eye-poppingly higher than asking prices. This is also a strong indicator of demand, first witnessed after buyers adjusted to the protocols of viewing and buying properties during the first wave of the pandemic in May and June of 2020. For example, in Oshawa, all properties presented to the market sold in only 9 (yes 9!) days at sale prices 121 percent of their asking price. The case was the same in Pickering. Two trading areas in Toronto also exceeded sale prices of 120 percent or more than asking prices. We are short of superlatives to describe this phenomenon.

In 2021, the condominium apartment sector came back very robustly after pandemic fears in 2020 caused it to shrink dramatically. With that revived interest in condominium apartment living came rising prices, and perhaps most shockingly, the disappearance of condominium apartment inventory. In central Toronto, where most condominium apartments are located, 977 sold in December, last year over 1,000 apartments sold in the same trading area. The decline was due to lack of supply. On the price side, those 977 condominium apartments sold for $790,611, almost 20 percent higher than last December’s average sale price of $669,000.

The decline in condominium apartment supply over the course of 2021 has been breathtaking. In December of 2020 there were 4,294 active condominium apartment listings in the greater Toronto area, and 3,120 in the City of Toronto, the bulk of those to be found in the central core of the city. As 2021 comes to a close, there were only 1,488 active listings in the entire greater Toronto area and a paltry 1,189 in the City of Toronto, 20 percent fewer than the 1,447 condominium apartments that sold in December! The only source of affordable housing is disappearing.

Overall, 2021 proved to be the strongest year in recorded resale history. Total number of sales for the year came in at 121,712 surpassing 2016, the previous best year, by more than 7 percent. In 2016 113,040 properties traded hands. During 2021, except for January ($966,068) every month saw the average sale price exceed $1 Million, with November setting a new record at $1,163,287. A truly exceptional year!

How the market performs in 2022 will depend entirely on supply. December’s numbers are not encouraging. During December 5,174 new properties came to market, almost 12 percent fewer than came to market in 2020. What is even more shocking is the fact that entering 2022 there are only 3,232 active listings for the entire greater Toronto area, more than 46 percent of which are condominium apartments. By contrast last year there were 7,892 active listings which at the time we reported were totally inadequate to meet the growing pandemic demand.

Many economists have deemed 1996 to be the year that the Toronto and area market broke from its six year recessional slide and began to show signs of strength and robustness that have continued through to today’s market. That year set a record for sales at 55,779. In 1996 the population of the greater Toronto area was approximately 4.2 million people. Since then the population of the greater Toronto area has grown to well over 7 million people. In December of 1996 the Toronto Real Estate Board reported that there were 16,964 active listings available to buyers in the greater Toronto area. At 3,232 active listings this December, we find ourselves with only 1⁄4 of the listings available to buyers in 1996, and we have a lot more buyers.

So supply will be the major driver in 2022. As immigration numbers to the greater Toronto area will continue to increase, even more supply will be necessary. It will take aggressive, innovative, and rapid thinking, planning and decision-making by all three levels of government alleviate this housing crunch.

CITY OF TORONTO MARKET STATISTICS


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Toronto Luxury Real Estate: 12 Days of Giving to Toronto Charities

Coming into this holiday season, we launch the second annual “12 Days of Giving”. We plan on donating to a different charity each day leading up to Christmas and will feature each charity on my social media. Feel free to follow along on Instagram @hbluxuryrealestate and we encourage you to donate to any of the highlighted organizations. Covid-19 has hit charities particularly hard and there are many people in need of extra assistance during this time.

Day 1 Salvation Army’s Toy Mountain

We launched the giving campaign by donating to The Salvation Army’s Toy Mountain. This charity had only reached 14% of its goal this season. Every child deserves a toy at Christmas. You can either drop off a new toy at several locations throughout the City of Toronto or you can make a cash donation. Further details can be found on their website: Toy Mountain

Day 2 Daily Bread Food Bank

The demand for food banks has never been higher. In fact, latest statistics show that there were 1.45 million visits to food banks in Toronto this year. For this reason, we have chosen to donate to The Daily Bread Food Bank. Imagine living your day trying to make ends meet to the point that it is a challenge to provide food for your family. There are many people that just need a little help to take that stress away and providing something as simple as a meal can make a huge difference.

Day 3 Princess Margaret Cancer Foundation

For the third day of the “12 Days of Giving” we have chosen to donate to Princess Margaret Cancer Foundation (PMH).  Everyone seems to have a loved one or close friend who has had a cancer diagnosis. This year cancer hit close to home with my father being diagnosed with cancer in July 2021. He has completed his journey of chemo, radiation and surgery and is now cancer-free, recovering in a rehabilitation hospital and will soon be discharged. I had always known The Princess Margaret Cancer Centre (PMH) was an amazing place but I was so impressed by the care my father received.  This year we will make a cash donation in celebration of my 90 year old father. Thank you PMH for the incredible things you do and the compassion that you have for your patients. #cancercanbebeaten

Day 4 Canadian Roots Exchange

On the fourth day of our “12 Days of Giving” we have chosen to donate to an Indigenous charity. 2021 was a disturbing year in Canada with the discovery of unmarked gravesites at several former residential school grounds across Canada. We all mourned the tragic loss of these young souls. It is past time we give First Nations people the respect they deserve and the support systems to ensure they have the basic necessities of life including fresh water, shelter, education and protection of their heritage. When researching Indigenous charities, of which there are many, the Canadian Roots Exchange really resonated with us.

“CRE (Canadian Roots Exchange), a group of Indigenous and non-Indigenous youth who believe that in order to bridge the gap between Canada’s peoples and work towards reconciliation, we need to become educated and aware of the teachings, triumphs, and daily realities of Indigenous communities.

Through gatherings, workshops, and leadership training, we bring together youth in cities, towns, and traditional territories across Canada in an effort to break down stereotypes, open a dialogue, and build honest relationships between Indigenous and non-Indigenous people living on this land.”

We have to have faith in our youth to bring about the change necessary to create healthy relationships between Indigenous and non-Indigenous people.

Day 5 Jack.org

On the fifth day of our “12 Days of Giving” campaign we have chosen to donate to Jack.org. We all know Covid-19 has been tough on mental health and it has put an added burden on our youth, many of whom are already trying to cope with basic everyday stress as well as underlying mental health conditions such as anxiety and depression. It’s nice to see the progress this charity has made in helping remove the stigma around mental health and empowering youth to participate in the cause.

“Jack.org is Canada’s only charity training and empowering young leaders to revolutionize mental health in every province and territory.”

Jack org has several chapters across Canada that can be found on their website. They provide talks and summits to provide open discussions and education on mental health issues.

Day 6 Fred Victor Centre

On the sixth day of our “12 Days of Giving” we have chosen to donate to the Fred Victor Center. The mission of Fred Victor is “to improve the health, income and housing stability of people experiencing poverty and homelessness.”

As many of us aware, homelessness is on the rise.  With temperatures dropping, the need for warm clothes, food and shelter increases. Fred Victor  operates several shelters throughout the city and helps ease the challenges for the homeless population. Fred Victor also provides a  catalogue where you can buy much needed items for the homeless in lieu of a donation.

Day 7 Canadian Red Cross BC Flood Relief Fund

On the seventh day of our “12 Days of Giving” we have chosen to donate to the Canadian Red Cross to support the British Columbia flood relief. Canada has experienced some extreme weather this past year and BC has borne the brunt of it with the raging forest fires this summer and then extreme rains causing such devastation and flooding this fall. Our thoughts are with the families who have lost their homes and we hope that they will find the support they need to rebuild their lives.

Day 8 Oceana

For our eighth day of our “12 Days of Giving” we have selected  Oceana Canada. Oceana’s mission is to protect the world’s oceans. We realize that Toronto is not near the ocean however oceans comprise the majority of our planet. If we can work to keep oceans healthy it will benefit all of us.

“Oceana Canada was established as an independent charity in 2015 and is part of the largest international advocacy group dedicated solely to ocean conservation. Canada has the world’s longest coastline in the world, with an ocean surface of 7.1 million square kilometres, or 70 per cent of its landmass. We believe that Canada has a national and global obligation to manage our natural resources responsibly and help ensure a sustainable source of protein for the world’s growing population.”

A healthy ocean makes for a healthy planet.

Day 9 Ernestine’s Women’s Shelter

On the ninth day of our “12 Days of Giving” campaign we have chosen to donate to Ernestine’s Women’s Shelter. It is a startling statistic, but 51% of Canadian women have been victims of at least one act of physical or sexual violence since the age of 16. Ernestine’s shelter provides a variety of programs, counselling, housing and legal assistance to women in need. They also have a child and youth program to assist children who have witnessed violence and abuse. The Realtor’s Care Foundation funded Ernestine’s Settlement program through which specialized settlement counsellors focus on assisting women and their children with precarious status, refugees, and newcomers with navigating the often daunting legal system.

Day 10 Evergreen 

On the tenth day of our “12 Days of Giving” we have chosen to donate to Evergreen. Evergreen’s mission is “to create cities that are livable, green and prosperous.”

Evergreen Brickworks, located in Toronto’s Don Valley, is Evergreen’s jewel. The Brickworks provides trails, amenities, programs and events. If you head there on a Saturday you’ll see many people enjoying the trails and the seasonal farmers’ market.

What many people don’t realize is that the extensive network of ravines and trails that Evergreen has helped to create is only one component of their mission. They are also involved with many other initiatives including a Housing Support Program, Future Cities Canada, and Future City Builders. We are always happy to support their cause as Evergreen truly has enhanced the quality of life by providing access to nature within the city and helping us rethink urban life.

Day 11 The Leacock Foundation 

On Day 11 of our “12 Days of Giving” we will be donating to The Leacock Foundation.

“Providing fee-free, enriched literacy and leadership opportunities to empower youth from underserved communities in Toronto, Canada and Eastern Cape, South Africa, through a unique community partnership model.”

The Leacock Foundation’s Toronto Programs provide both a literacy program and leadership program as well as extracurricular activities to underprivileged children and youth in our city.

“Children in families making below $30,000 per year are half as likely to be involved in weekly or monthly extracurricular sports or arts activities as children in families making $100,000 or more per year.”

Day 12 Make a Wish

For the final day of our “12 Days of Giving” it seemed fitting to be donating to the Make a Wish foundation. To be sick as a child is hard enough but to be sick and going through treatment during a pandemic adds an entire new set of challenges. Every sick child deserves their wish granted. It is such a wonderful charity to make a child’s dream come true!

Thank you for following along with our “12 Days of Giving”, and we hope some of you have been inspired by the good work of these amazing organizations. We wish everyone a wonderful Christmas and Happy New Year in 2022!

Cheers,

Helen


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Toronto Luxury Real Estate: November 2021 Market Report


Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage

With one month still remaining in 2021, November’s reported sales brought the total year-to-date sales to 115,716 residential properties sold. We will finish the year with approximately 122,000 sales, eclipsing the previous annual record for properties sold in 2016. In that year 113,040 properties traded hands. As will become evident, given the supply problems the market is experiencing, 2021’s record-breaking accomplishment is not likely to be surpassed for some time, and definitely not in 2022.

In November 9,017 residential properties were reported sold, also a record number for any previous November. Last year 8,728 properties were sold, 3.3 percent fewer than this November. The big news coming out of the November data, aside from the new records achieved, was what’s happening to prices and the region’s disappearing inventory.

In addition to being the strongest November on record, and breaking the annual record for total sales, November saw the Toronto and area average sale price climb into record territory. The average sale price for all properties reported sold came in at $1,163,323, almost 22 percent higher than last year’s average sale price ($955,889). November marks the sixth consecutive month of monthly increases. This streak started in June when the average sale price was a “mere” $1,089,135, 7 percent less than the average sale price for November. The pace of these monthly increases in average sale price began to accelerate in September when it became evident that the Toronto and area supply problem was moving from chronic to dangerous.

The supply problem became even worse in November. Only 10,036 new listings came to market in November, 13.2 percent fewer than the 11,556 that came to market last year. Given the absorption rate – 9,017 properties were reported sold, almost the same number as came to market – combined with the few listings that realtors were able to bring to the market, we find ourselves entering December with only 6,086 properties available to buyers, an eye-popping 56 percent fewer listings (13,798) than at the same time last year.

As unbelievable as these numbers are, depending on housing type and neighbourhood, the situation is even direr. For example, there were trading districts that reported no sales of semi-detached properties for November. The reason no sales were reported is due to the unnerving fact that no semi-detached properties came to market in November in those trading areas.

No surprise that sales of all types of properties were happening at lightning speed. In the City of Toronto, all detached properties were reported sold in just 13 days. Semi-detached properties sold in just 11 days. In the 905 region, all semi-detached properties that came to market in November sold in a mere 8 days with some trading areas reporting sales at an even faster pace. All sales of semi-detached properties in Halton, which includes Burlington, Milton, and Oakville, were processed in only 4 days!

Another milestone that was achieved in November was months of inventory. Given the data in this report, it won’t surprise anyone that for the first time months of inventory for the greater Toronto area dropped below one month. For the entire region, months of inventory came in at 0.9 months.

In some trading areas, this number was, unbelievably, even lower. Durham region, which includes Ajax, Uxbridge, Oshawa, and Pickering ended the month with only 0.5 months of inventory. As this report is making clear, the 905 region is even more active than the City of Toronto. This is also evident in what’s happening to prices in the 905 region. In November, average sale prices increased much more dramatically in the 905 region than in the City of Toronto, including condominium apartments.

Prices continue to be lower in the 905 region compared to the City of Toronto, but as 2021 winds down that disparity is beginning to diminish. In the City of Toronto the average sale price for detached properties reached record territory at $1,808,000 and similarly for semi-detached properties, with prices coming in at $1,432,000. As we move into the last month of 2021, condominium apartments are the largest housing type available to buyers, but that supply is also declining, while average sale prices for condominium apartments continue to rise.

At the beginning of December there were 2,689 active condominium apartments available to buyers. These 2,689 condominium apartments represent more than 44 percent of the entire available stock of all property types. At the beginning of October, there were 3,440 condominium apartments available for buyers, a shocking decline of 22 percent in only one month. With these dwindling numbers it is no surprise that the average sale price for condominium apartments in the City of Toronto’s central core (where most of the supply is located) is now over $800,000.

Given the enormous demand, stimulated by the expectation the mortgage interest rates will rise, perhaps as early as the first third of 2022, December, which is historically a slow selling month, to the extent that low supply will allow it, will emulate November’s activity – average sale prices will increase; inventory levels will continue to decline, especially for detached and semi-detached properties; sales will take place at the speed of light, the 905 region will outpace the City of Toronto in sales and price growth; and, as has been the case since September, average sales prices throughout the greater Toronto area, will all exceed asking prices, on average by about 110 percent.

The tension in the Toronto and area housing market (demand struggling with supply leading to record-breaking average sale prices) will not miraculously resolve itself. In order to increase supply all three levels of government, and particularly at the municipal level, must work co-operatively to intelligently free up land, increase density by filling the missing middle, and reduce regulatory and planning red tape and bureaucracy so that more housing can be built to satisfy the ever-growing demand at something approaching affordable levels.

Curious about what is happening in your specific neighbourhood or looking for a complimentary appraisal of your home. Please do not hesitate to contacts me.


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Toronto Luxury Real Estate: Jens Quinstgaard bringing Scandi design to North America

Growing up in a home filled with danish modern furniture I always love to see the teak nesting tables. The nesting tables from my childhood home now adorn my daughter’s home.

I just discovered that  Jens Quinstgaard was the genius behind the design that has been carried on over the years. They have been referred to as the Babushka dolls of mid-century design.  Currently there is a set available on First Dibs

Nesting Tables

Jens has designed everything from cutlery to a fully curated and designed lake house in Armonk, New York. Dansk hired Quistgaard to lead their design team after seeing his designs.  His iconic teak pepper mill designs have become collector’s items.  Jens was integral in bringing Scandi design to a broader audience in North America.

Growing up with artistic parents Jens began designing in childhood with a “workshop” set-up in his mother’s kitchen. He was trained as a sculptor by his father and then later trained as a drawer and silversmith at a technical school in Copenhagen He began his career drawing portraits and then evolved into jewelry making, hunting knives, glass, graphic design and ceramics.

Quistgaard designed Lakehouse in Armonk, New York

A few more design highlights

  • Quistgaard designed a saucepan in cast iron for De Forenede Jernstoeberier A/S (United Iron Foundries). The pan was marketed under the name Anker-Line and was awarded the gold medal at the Triennale in Milan in 1954.
  • His  Fjord  cutlery was highlighted at the Danish Museum of Art and Design in Copenhagen which launched him to the position of  Head of Design at Dansk
  • While at Dansk he designed a series of tableware and kitchenware designs: cutlery in silver and handcrafted steel; jugs and saucepans in steel, copper and cast iron; crockery in stoneware; glass; trays, bowls, pepper mills and other objects in staved teak and exotic wood sorts, as well as candlesticks in brass, silver and cast iron.
  • In 1958 he designed the cutlery set Tokein steel and bamboo, Flamestone in stoneware dinner set and the sterling silver cutlery set Tjorn in 1959
  • Quistgaard was hugely productive and for Danish Designs alone fashioned over 4,000 different items which is more than many of his contemporaries such as Hans Wegner, Arne Jacobsen and Finn Juhl,
  • Jens’ products were diverse and came from a large range of materials with different utilities. He had the philosophy that utility items for the kitchen and the table should function together harmoniously.
  • Having a table adorned with Quistgaard’s designs in the mid-century epitomized “modern living” and Scandinavian style. Where clean lines, sculptural form and natural materials went hand in hand.
  • The highlight of Quistgaard’s career would most definitely be his designing and overseeing the construction of a large lake house in Armonk, north of New York, for his American business partner Ted Nierenberg. Quistgaard designed everything, from the large roof constructions and window sections to the doorhandles, bathtub and spiral staircase. The villa was completed in 1961 as a demonstration of Quistgaard’s ideal about architectural wholeness. This home was listed for sale in 2013 for $5.5 million (I am sure it has appreciated since then! An incredible piece of design

Tjorn Flatware

Quistgaard’s Kobenstyle Cast Iron Pots

I hope you have enjoyed some trivia about Quistgaard’s Mid-Century Designs that would be lovely additions to 80 Decarie Circle once that mid-century gem is renovated.

Cheers,

Helen


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Featured Property: 80 Decarie Circle a Mid-Century Etobicoke Gem

Listed for sale at $1,199,999

Offers reviewed on Tuesday, November 16th

MICHELLE PHILLIPS and IRENE GRECH have just launched this property for sale.

Those who know me know that I love mid-century design and architecture. I am excited to see what the new owner of this home does. It could easily be modernized into a cool retro home retaining some of the mid-century character!

80 Decarie Circle is a raw mid-century gem that has been in the same family for over 50 years. The property boasts a lot size of 70ft by 108.25 ft prime for redevelopment or renovation. The home offers plenty of natural sunlight with large picture windows throughout the home. Spacious principal rooms and an eat in kitchen with a cute breakfast nook. The home consists of three bedrooms and two bathrooms with a double driveway and attached two car garage. Central Toronto doesn’t offer this size of lot, home and parking at this price point. The basement has untapped potential with a large foot print. The recreation room touts a woodturning fireplace!

Spacious rear yard and side yard

Hedges and mature trees add visual interest

Decarie Circle is located in the quiet neighbourhood of West Dean Park which has easy access highway access and is just minutes to Toronto’s Pearson International Airport. Both Heather Crest Park and West Dean Park are close by. Mimico Creek Valley cuts through the centre of Dean Park and provides a natural setting to the area with lots of wildlife to be seen. The Valley offers a variety of trails for walks, runs and cycling. West Dean Park has a children’s playground, baseball diamonds and a shaded picnic area. Martin Grove tennis Club is also in the park and the courts become ice rinks in the winter.

Park nearby

West Dean Park is close to Cloverdale Mall  and the Loblaws Supercenter at 380 East Mall for amenities. Sherway Gardens is just a 10 minute drive away for all your shopping needs!

For those with a vision this one is for you; an opportunity to get into the Toronto housing market which currently is in short supply!

Enjoy the photos below of this retro mid-century diamond in the rough!

Handsome Mid-Century Bungalow

View from front entry  entrance into the living area

Kitchen with wood cabinetry and updated appliances

Living room offer large picture windows

Nice street view from large picture window

Dining room with hardwood floors

Master Bedroom

Second Bedroom

Third Bedroom

Retro Four Piece Bathroom

A basement recreation room with fireplace

Basement Work Room

Spare basement room

Basement Laundry and Utility Room

Plumbed for a Basement Washroom

The bones are there to modernize this special and cherished property.

Cheers,

Helen


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New Rosedale Condo Listing: 66 Roxborough Street East, Suite 101

Dreaming of Rosedale living?

This Suite is for you!

66 Roxborough Street East, Suite 101

Offered for Sale at $669,000 SOLD over ask in 2 days

This is an opportunity to own a unit in one of Rosedale’s desirable boutique condo buildings, The Roxborough. Just steps to Yonge Street to enjoy the many local shops, restaurants and boutiques. This suite would be perfect for someone with a country property who just needs an occasional night in Toronto, or a first time buyer that isn’t feeling the love for the bustle of King West life.

About the Neighbourhood

This section of South Rosedale is sought after due to its proximity to fabulous retail stores, cafes, fine dining, as well as nearby Yorkville via a quick stroll down Yonge Street. If you love meeting friends at the Terroni rooftop or Rosedale Diner or crave a daily Greenhouse juice, this is the place for you. For groceries, top-quality Harvest Wagon, Pisces Gourmet Seafood and Olliffe Butcher are just steps away, as is the iconic LCBO flagship. For fashionistas, clothing stores Narwhal, Augustina, Lemonwood and Thursdays are all nearby. Putti, Hopson Grace and Absolutely are a walk away for home furnishings and accessories. Toronto Lawn and Tennis, York Racquets Club as well as courts at Ramsden Park are all close by. For outdoor enthusiasts, the Rosedale-Moore Park ravine, Evergreen Brickworks and David Balfour Park are easily accessible for nature walks and runs. The Rosedale subway station is just a few blocks away.

About the Building

The Roxborough is nestled amongst the mansions of  Rosedale and Toronto’s signature Chestnut Park, the only street in Rosedale with buried electrical lines. It is a handsome brick building that was converted to condominiums from apartments many years ago. Just nine suites in the building and the majority of owners having alternate properties elsewhere ensures a very quiet space, as does the no pets policy. It is a rarity to have a boutique condo building in Rosedale as most multi-unit buildings in the area are either co-ops or rental buildings. There is very low turnover in The Roxborough which is a testament to the building’s quality. Pro-House Management ensures that the building is well maintained and there is a very healthy reserve fund to manage building upkeep. Amenities: lobby, basement laundry room, mail room,  guest parking.

About the Suite

66 Roxborough St E #101 – Floor Plans

Matterport tour

Full photo tour

Suite 101 is the only suite on the main floor of the building. It is approximately 670 sq ft and offers a very spacious living area compared to the floor plans in newer buildings. There is definitely room in this suite for a work from home (WFH) space!

The suite is a corner unit with large windows that provide south and east natural light.  The bedroom could easily accommodate a king bed and the walk-in closet is very spacious.

There is a built-in media unit with glass shelving in the living area for TV, stereo, display and storage.  The suite has a modern feel with neutral decor and black hardware accents for contrast.

The kitchen packs a lot of punch for its size. It is a very efficient galley kitchen with Caesarstone counters, low-maintenance white cabinets, a large enamel farm-style sink and stainless steel appliances. Convenient pass-through to the dining area for entertaining.

The spacious bathroom has a deep soaker tub combined with shower with glass enclosure, a modern vanity with two drawers, a large upper storage cupboard, lighted mirror, a medicine cabinet and a stacking LG washer and dryer.

The suite was completely renovated four years ago.

Upgrades include:

  • Moncer white oak hardwood floors
  • A frosted glass wall and sliding door installed to separate the bedroom from the living area to update the space and allow more light into the living area
  • Ceramic floor tiles in bathroom and kitchen
  • Refaced kitchen cupboards
  • Refaced media unit
  • Statuary white tiles in shower/bath enclosure
  • New bathtub and glass shower doors
  • New shower head and spray faucet
  • New bathroom vanity and medicine cabinet
  • LG washer/dryer installed with upper cabinet in washroom (not all suites have ensuite laundry)
  • California Closet organizer in walk-in closet in bedroom
  • Air conditioning installed (not all suites are air conditioned)
  • Heat control dials in bedroom and living areas (unique to this suite)
  • New lighting installed throughout

Inclusions:

GE Fridge with water dispenser, GE stove, GE integrated microwave and fan, GE dishwasher, LG washer and dryer, coat racks in hall closest and wire storage baskets, all built in Cabinets and closet built-ins.

Exclusions:

Muuto shelving in hall and bedroom, art, Love light, hall pendant light and dining area pendant light.

Parking: Underground, 1-car, owned

Maintenance: $958.03  (heat, water, common elements, guest parking)

Taxes: $2,723.85

Status Certificate is available for review.


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Toronto Luxury Real Estate: September 2021 Market Report

Prepared by Chris Kapches, LLB, President and CEO, Broker, Chestnut Park® Real Estate Limited, Brokerage

The residential resale market rebounded in September after five months of declines in sales and the lull of the summer months. There were 9,046 sales reported in September, 18 percent fewer than reported last year, but more than 5 percent higher than the 8,580 reported sales in August, the first month-over-month increase since the early spring of this year.

As indicated in our August Report, there are a number of themes that are driving the market, themes that will continue at play for the remainder of this year and into 2022.

1. AVERAGE SALE PRICES

Average Sale Prices for all properties sold have been fairly stable through 2021. The average sale price has been approximately $1,080,000 since February, fairly consistent throughout those months, including the month of March, which saw the market deliver an unbelievable 15,629 sales.

In September, however, the average sale price jumped to a record-breaking $1,136,280: eye-popping because it includes 2,664 condominium apartment sales, which represent 30 percent of the entire market with an average sale price of only $708,000. Needless to say, the average sale price of ground-level property was on fire, with the average sale price for detached and semi-detached properties in the City of Toronto coming in at $1,779,000 and $1,305,000, respectively. The average sale price for the greater Toronto area will continue to rise, primarily by what is happening in the 905 Region.

2. CITY OF TORONTO – 905 REGION DISPARITY

In September average sale prices in the 905 Region once again accelerated much faster than in the City of Toronto, as is illustrated in the chart below.

As measured against all property types, the average sale price increased by more than 25 percent in the 905 Region as compared to only 12.2 percent in the City of Toronto (416).

The reason for this disparity is obvious. House prices of all types remain substantially less expensive in the 905 Region as compared to the City of Toronto, however they are catching up.

3. DEMAND-SUPPLY TENSIONS

September has clearly illustrated that demand, throughout the greater Toronto area, is dramatically high, and unfortunately, supply is chronically and historically low. It was no surprise that affordable housing was a key campaign platform for all parties during the recent national election.

At the end of September, there were only 9,191 available properties throughout the greater Toronto area, almost 50 percent fewer than last year. It is not surprising therefore that all properties that came to market in September (on average) sold in only 14 days, and substantially less in some sub-markets; for example, semi-detached properties in the City of Toronto (only 11 days). What is especially concerning is that the available supply in the 905 Region has dwindled dramatically.

In September of the 9,191 properties available for sale, 52 percent of them (4,821) are located in the City of Toronto. Of those 4,821 available properties, 2,918 are condominium apartments. Historically only 30-35 percent of available properties were located in the City of Toronto, the balance in the 905 Region. There is no clearer evidence that the pandemic has caused buyers to look beyond the City of Toronto, where house prices were less expensive and the supply was more plentiful. Not any more.

4. LIST PRICES VS. SALE PRICES

Except for one trading area in the City of Toronto, where the average sale price was $5,625,720, the recorded sale price of all properties sold throughout the greater Toronto area exceed the asking price, on average by 106 percent. This is a first, and it proves that in this market the list price is merely a starting point. No one expects that the end sale price will be equal to or lower than the asking price. This phenomenon is a product of the demand-supply problem. In some trading areas, the end sale price exceeded the asking price by substantially more than 106 percent. For example, all semi-detached properties in Toronto’s eastern trading areas sold for a breathtaking 118 percent over the asking price.

To reiterate, the list price of properties today is only a starting point.

5. CONDOMINIUM APARTMENT SALES

Condominium apartment sales, devastated by the early effects of the pandemic, have come roaring back, and so have their sale prices. In September 2,664 condominium apartments were reported sold across the region, exceeding pre- pandemic sales numbers. Of those 2,664 condominium apartment sales, 1,792 were in the City of Toronto.

As the chart above illustrates prices are following sales. In the City of Toronto, the average sale price increased to $744,730 and to $634,111 in the 905 Region, 8.5 and 18 percent, respectively. In the central core of Toronto, where 1,176 sales were recorded (44 percent of all recorded sales) the average sale price reached $806,242, a record high and the first time the average sale price has exceeded $800,000. Even Toronto’s least expensive housing type is now becoming pricey.

Going forward the five trends that have been discussed in this Report will continue to influence the resale market. Expect sales in October to be even stronger than September, with continued pressure on sale prices due to the lack of available supply.


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Toronto Luxury Real Estate: August 2021 Market Report

Chris Kapches, President and CEO of Chestnut Park Real Estate August Market Report

A number of themes became clear in August, themes that will drive and impact the Toronto and area residential resale market for the remainder of this year and no doubt into 2022.

The first and most important is supply. In August only 10,609 new properties came to market. This contrasts sharply with the 18,599 that came to market in 2020. What is even more shocking is that at the end of August there were only 8,201 properties available to buyers, a 51 percent decline from the same period last year when buyers could choose from 16,662 properties. Available properties were reduced to their lowest level in over a decade. A chronic problem has now become critical.

The critical nature of the supply problem is glaringly evident in certain sub-sectors of the marketplace. At the end of August there were only 337 semi-detached properties available for sale in the entire greater Toronto area. This number is shocking but becomes eye-popping when it is remembered that in August 750 semi-detached properties were reported sold. That means that we enter September with 55 percent fewer semi-detached properties available for sale than the total number reported sold in August. Only the City of Toronto’s central districts have more semi-detached properties available at the beginning of September than sold in the month of August, and only marginally at that.

These numbers make it clear that during the current election campaign, the only housing item on all parties platforms should be supply! Platforms that speak to making purchasing properties easier – ie. longer amortization periods, government assisted loans, reducing mortgage insurance premiums, tax free home buying savings accounts – are misleading at best and reckless at worst. They are blatant, unhelpful, self- serving promises that hope to pave the way to being elected. Supply and ways to achieve it should be the only words uttered by politicians at this time.

The second theme that emerges is the disparity between the 905 region marketplace and the City of Toronto (416). The pandemic and its impact on the house buying consumer has been dramatic. Before the pandemic house prices (on average) were lower in the 905 than in the City of Toronto, nor did house prices rise as quickly in the 905 region. That has all changed.

In August the average sale price for the 905 region was more than $1,050,000. In the City of Toronto it was $1,000,000. Prior to the pandemic these differences were reversed. Also, the increase in average sales prices was more startling in the 905 region than in the City of Toronto. In the 905 region detached properties increased in value by 26 percent, semi-detached by 21 percent, townhomes by 20 percent and even condominium apartments increased by almost 15 percent. By contrast in the City of Toronto detached properties only increased by 11 percent, semi-detached by 4 percent, townhouses by 8 percent, and condominium apartments sales prices by 7 percent.

The explanation is three fold. Firstly there is less supply in the City of Toronto, except for condominium apartments, house prices are still pricier in the City of Toronto, and the pandemic, which has intensified the need for space and safety, coupled with the ability to work remotely, has driven buyers to the suburbs and secondary markets.

The third theme that has emerged is the plateauing of average sale prices. Yes, August’s average sale price of $1,070,911 for all properties sold was 12.6 percent higher than the average sale price achieved in August 2020 ($951,219), but it has steadily declined since May’s stratospheric record breaking average sale price of $1,108,362 and has stabilized at approximately $1,073,000.

Without a mortgage interest rate decline, which is unlikely, or massive increase in household incomes, also unlikely, consumers have reached their maximum housing purchasing power, outliers excluded.

The last theme that is emerging is the resurgence in condominium apartment sales. During the early months of the pandemic condominium apartment sales and prices collapsed. The density of condominium living and fear of the Covid-19 virus drove consumers to ground level properties, especially in the suburbs and secondary markets. Not only were properties less expensive in the 905, and in secondary markets, those prices got consumers more space and the psychological benefit of safety.

August’s results have made it clear that the condominium apartment market is back. In the City of Toronto condominium apartment sales increased by more than 13 percent. Almost 1,740 apartments traded hands, representing almost 58 percent of all properties reported sold in the City of Toronto in August. All condominium apartment sales took place in only 21 days at 102 percent of their asking price. In Toronto’s central districts, where most sales take place, the average sale price came at $783,712, a number beginning to exceed pre-pandemic levels. Not only are condominium apartment sales robust, but on the supply side they are practically the only game in town. At the end of August, there were 3,577 condominium apartments available to buyers. This, shockingly, represents 44 percent of the total available supply of 8,201 properties of all types.

These themes – supply, disparity between the 905 and City of Toronto marketplaces, the stabilization of average sales prices, particularly in the City of Toronto, and the resurgence of the condominium apartment market – will play out in September, similarly to how they did in August. The result will be sales results and average sale prices similar to what were achieved in August.


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Toronto Luxury Real Estate: July 2021 Market Report

In some ways the July resale market’s performance was anticlimactic. We could see it unfolding in June, and as a result, there were few surprises. Sales continued their decline – in June 11,106 properties were reported sold, dropping to 9,390 in July, but still a strong month by historical standards. The record for reported sales was established last July at 11,081. At the end of the day there are only so many buyers in our given geographical area, and since the beginning of 2021, almost 80,000 properties have changed hands, a pace that will see at least 120,000 sales take place by the end of the year, shattering the previous record of 113,400 sales achieved in 2016.

 

 

All market indicators continue to point to a very robust market. The market’s slow down is due to absorption, seasonal change, and with higher vaccination rates and declining social restrictions consumers are focusing on activities other than buying and selling real estate. In addition, even if there was no change in buyers’ attitudes, there simply isn’t enough inventory in the marketplace. In July only 12,551 properties came to market, 31 percent fewer than the number that came to in market last July. As we enter August there are only 9,732 properties available for sale in the entire greater Toronto area, more than 35 percent less than were available last year (15,018).

 

The sales that took place were at lightning speed. In July all 9,390 reported sales took place (on average) in only 15 days. Last July, which was a record-breaking month, they took place in 17 days. These sales also came in at record-breaking average sale prices. In July the average sale price for all properties sold was $1,062,256,12.6 percent higher than last July’s average sale price ($943,594).

 

A closer examination of July’s average sale price indicates the growth in sale prices is taking place in Toronto’s 905 region, and very moderate price growth in the City of Toronto, as the chart below clearly indicates


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Toronto Luxury Real Estate: June 2021 Market Report

Chris Kapches. President and CEO of Chestnut Park Real Estate Market Commentary

There were 11,106 resale properties reported sold in June in the greater Toronto area. In the City of Toronto 3,850 properties changed hands. In both areas, these numbers were substantially lower than the astronomical peak achieved in March. Having said that, sales activity in June was only outpaced by June sales achieved in June 2016. (4578 sales June 2016 vs 3850 2021)

The Toronto and area market remains very strong, even though it may feel like it has softened. Peak momentum is clearly now behind us, although some components of the marketplace – ie. condominium apartments and various sought-after neighbourhoods – may resist both the softening of sales and average prices.

In June the average sale price for all properties sold came in at $1,089,536, 17 percent higher than the price for properties sold last year ($931,131). Because the City of Toronto’s numbers are heavily weighted by condominium apartment sales, the average sale price for the City was a little lower at $1,079,749.

Detached and semi-detached property prices in the City remained very robust at $1,700,000 and $1,267,000 respectively. Detached properties increased by 11.5 percent compared to last year, while semi-detached sale prices actually declined by almost 2 percent. This decline was due more to lack of supply than demand.

The high end of the market continued to perform robustly in June. This year 699 properties having a sale price of $2 Million or more were reported sold. Last year only 365 properties were reported sold in this price category, in percentage terms, an increase of almost 92 percent. With an increase in the average sale price of 17 percent, and 2,461 more properties reported sold this June, it is not surprising to see more property sales in the $2 Million plus range. Most of the greater Toronto area property sales are now in the $1 Million to $1.5 Million range.

Price increases were eye-popping in the 905 region. Detached property sale prices increased by almost 30 percent to $1,329,873, while semi-detached property prices increased by 21.5 percent to $915,000. These increases reflect the fact that buyers are continuing to flock to less expensive, ground-level homes, in less dense neighbourhoods. This phenomenon was dramatically accelerated by the concern for space and security (and price) generated by the pandemic.

Condominium apartment sales momentum continued in June, a pattern that first became noticeable at the beginning of this year. During the initial months of the pandemic and for most of 2020, condominium apartment sales fell off a cliff, victim to buyers’ quest for ground-level properties offering more space and security. In June 2,800 condominium apartments were reported sold in the greater Toronto area, a 57 percent increase compared to June last year. Most of those sales were in the City of Toronto (1,901).

With the increase in sales, prices have also been increasing. In June average sale prices for condominium apartments reached pre-pandemic levels. The average sale price for sales in the City of Toronto reached $717,466. In Toronto’s central districts where most condominium apartment sales take place (1,247) the average sale price rose to $770,000. Not only did the average price reach these lofty levels, but all central Toronto sales took place (on average) in only 15 days and at 102 percent of the list price.  Buyers are fearlessly returning to high rise living.

Throughout the heady pandemic market supply has been a problem. There was no relief in June. Only 16,189 properties came to market, almost the exact number that came to market last year. Unfortunately, due to the extraordinary absorption in sales that have taken place in 2021, we enter July with only 11,297 properties available to buyers, almost 20 percent fewer than were available last year at this time. 

Early July market data indicates that the pace of sales and the average sale price for properties sold will continue declining. July’s market will be primarily impacted by seasonal influences and consumers’ return to more “normal summer” activities. The province has been in lockdown for many months. The lifting of restrictions is beginning to moderate the consumer’s fixation for engaging in real estate buying and selling. ”


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