http://www.roserealestateteam.com/

The Rose Team- SAGE Real Estate Ltd., Brokerage, 2010 Yonge Street, Toronto, ON (2026)

04/21/2022

March 2022- Let me start this off by saying- the sky, is NOT falling.

The market is NOT crashing.

And whilst there is talk of a market “softening” these numbers are based on absurd sales numbers from 2021 where we saw no rhyme or reason to sales numbers and the lowest of low interest rates.

I have been speaking of an oncoming “plateau” for quite sometime. Ask any of my clients when I told them not to bother to wait for a crash… a plateau was definitely on the horizon, but prices would continue to be strong when it comes to real estate in Toronto.

The market is still strong as ever, but it has a lot working against it. These include rising interest rates, the war/attack in Ukraine and how it has affected not only people’s emotional and mental states, but the supply chain as well. We still lack inventory. Finally, government policy changes, such as foreign buyer tax being raised, potential hikes in development charges in Toronto, etc.

In the end, basic economic knowledge is- when supply is low, demand and prices/cost are high, this will not change until our supply grows and this will not happen over night.

The average overall sale price for MARCH 2022 was $1,299,894 for ALL properties. Feb 2022 was our last record of approx $1.334m. It “softened”… but not by much. Not enough to panic about, or anticipate a “crash”.

11/24/2021

Oh hey there!

We took forever to get new team photos… because to be honest, we had to isolate from each other for the majority of COVID due to MK’s son being in school… thankfully now that we are back into the swing of things, we can show our faces again! Lol.

Our family is looking forward to the holiday season and finally, safely embracing loved ones, once again. We hope you are too!!!

Xo
MK & CA
The Rose Team

11/24/2021

Summer 2021 felt like it lasted forever and yet in a flash, fall was upon us, thanksgiving... and now we are in the "hump month," November. The Holiday season is creeping up on us, so let's review how our fall wrapped up.

The October Market Report.
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Average Sale Price (ASP)
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Well it might not come as much of a surprise that we hit a new record ASP in the GTA for the month of October, $1,155,000- This ALSO includes condos. Toronto is one of the highest priced cities in the world, most definitely in North America. Up until October, the ASP has stabilized around $1.1m and then jumped in October another $50k+, mainly driven by supply.

***Detached homes are approaching $1.8m ASP
***Semi-Detached homes are approaching $1.4m ASP
***THIS DRIVES THE CONDO MARKET!!

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Demand & Supply
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Ask any realtor in Toronto and they will tell you that their biggest problem right now is lack of supply. Most definitely they have more buyers than listings and can't get their buyers to sell until they know for sure they have locked down on their future home.

We are down to just over 7000 properties for sale at the end of October. We are quite literally scraping the bottom of the barrell for homes. THE TENSION IS FO' REAL.

I am begging you, if you have a home to sell, get it out sooner rather than later... interest rates are slowly creeping up and I can imagine at some point they will affect property values and hopefully calm the insanity of multiple offers.

It's been said that even with government intervention (funded housing, builder's incentives, secondary suites etc), it is likely that we wouldn't see any real results from these changes until at least 2 years following.

(…continued in the comments…)

10/14/2021

Cya later September!

I am going to speak to six different points when it comes to this past month’s residential resale market.

1. Sale price- As it is with most Septembers past, we continue to see sold prices climb higher. The avg resale price in the GTA for sept 2021 was $1,136,000 (inc. condos). The avg price for condos was just over $700k. This indicates a BIG jump in freehold prices.

2. Over all Solds- nWith over 9000+ (2,664 condos) properties sold in the GTA, Sept 2021 was the first month since March 2021 that we finally saw MORE properties sold than the month previous.

3. Asking Prices (List Prices)- we all know by now after following trends in Toronto, the Sold price exceeds the list price. They basically are a starting point for what the seller is expecting. The sold price will be determined by the number of buyers available, and what that Asking price is in relation to fair market value. The problem we run into when we have sale prices that are so drastically different to list prices is that the idea of “fair market value” becomes blurred.

4. Demand vs. Supply- despite more solds in the month of Sept, supply is low, demand is high and there doesn’t seem to be a resolution in sight. We have a Supply CRISIS and I don’t use that word lightly. As we enter the month of October, we have 50% Less resale properties available than we had at the end of Sept 2020!!! Regardless if the “newly” voted in Liberal government follows up on promises of creating new construction and “affordable” housing … we likely won’t see anything physically until 2023 at the earliest.

5. 416 VS 905- The avg sale price is increasing faster in the 905 than the 416… this is because firstly, prices were lower to begin with, and secondly, most homes are freehold or low rise. What is super interesting is the supply in the 905 region is shrinking faster than the supply in the 416.

6. Condo Sale Prices Increasing- Average sale prices in 416 went up by 8.5% and in the 905 they went up by 18%. In the Central core of Toronto, the average sale price exceeded over $800k- this is where the bulk of condos are located.

09/15/2021

Alright, summer is wrapping up, the kids are back to school, so let’s talk about how August 2021 faired out.

August was the fifth month in a row that we saw number of sales dropping since the insane amounts that we saw in March 2021. But it is important to note that despite the drop, it was the third best August for TRREB in the history of statistical/ record keeping. Despite the drop in sale values, sale prices still remain strong and record breaking… influenced mainly in our EXTREME lack of supply.

A summary of the numbers:

- Number of sales were DOWN 19% compared to Aug 2020
Average price was UP to $1,070m (+12% from Aug 2020)

SUPPLY IS CRITICAL-
At the end of Aug 2021 we were down to 8,221 units on the market. That is literally the LOWEST number of listings that have been available to buyers in over a decade. It is slim pickings for buyers out there. Semi-detached properties seem to be slim to nil… making that “missing middle” - actually MISSING.

416 vs 905-
905 is thriving compared to 416, average sale prices are increasing more rapidly in the 905 than 416 also… freeholds also being more abundant out of the city core.

PRICES- HAVE THEY REACHED A PLATEAU????
- Interest rates have stabilized and will not be going down.
House hold incomes are now rising approx 3% a year
It looks like the avg sale price has “stabilized” at $1.070m, which is still exponentially high… but not jumping.

CONDO SALES
Were down/ struggling at the beginning of the pandemic. People wanted outdoor space, not to share elevators or living spaces…
Recently, post vaccinations and lockdowns, condo sales have dramatically bounced back- especially in the last 3 months.
Prices now are back to pre-pandemic levels and continue to rise, so too do number of sales.

We are already half way through September and the ball has started rolling again. I look forward to a robust Fall market, and HOPEFULLY, more inventory!!

08/20/2021

JULY-It flew by… and here we are halfway through August, so I better get this Market Update posted!

It was easy to predict what was happening by the end of the month of June… sales started to die down and in turn, trail off into the month of July. For the first time in 12 months we FINALLY saw a negative variance in sales for July 2021 vs July 2020 (-15%) **Keeeeeep in mind, July 2020 was a record breaking month in sales.

In July, the average sale price for the GTA was approx $1,062,000, and increase of 12% from July 2020, and the 9,390 sales that did happen this July- FLEW in an average of 15 days on market.

Despite what the media is saying, our market is very strong. They are comparing it to March 2021 where +15K sales took place, that was UNSUSTAINABLE. The sales of this July should be compared with the sales of July of last year.

What we are seeing is a re-set to pre-covid Toronto Real Estate Seasonal Cycles. Hopefully we continue to see more of a predicted equilibrium, as we HOPEFULLY come to more of a grasp with how we will handle the pandemic moving forward. Last August 2020 we saw +10K sales… but going into this August we see something more familiar to a normal end-of-summer market.

Now that the end of summer is fast approaching, most people are looking to enjoy time with their family and friends outside before school start and potentially another lockdown (or having to bubble). Focuses have been shifted away from real estate, but never fear, it will only be a short while till the pace picks up again.

We are looking at potentially 120k+ sales for the year of 2021 if this pace stays the course… The highest recorded sales were 113k sales in 2016.

So try to pay little attention to the media- lack of inventory while still a struggle we face here in Toronto, does not seem to stop our number of sales from growing!

08/04/2021

Our June Toronto Market report is late this time!!! Our apologies!

But instead of skipping it and going straight into July, We thought it important to catch you up on some interesting shifts that happened in the market in June 2021.

The market surprisingly has continued to moderate itself since March where we had over 15k sales, we had just over 11k sales in June 2021. Every month, thankfully, we have seen a steady decline into a more sustainable pace (I myself was run ragged for a good few months this year, no lie.) Still, June 2021 was the second best June for sales other than June 2016!

The overall sale price for the GTA in June settled into a bit of a plateau at $1,089m. This also contains condos.

Regardless, our sales and market price hold strong.

Why the moderation? Why the plateau? It’s common around the end of June through till mid August, the market takes a bit of a break. People enjoy their summers and only those who NEED to buy or sell are doing so at this time. Moreover, CV19 restrictions are being lifted and people want to LIVE THEIR LIVES AGAIN! lol. Finally, big sale prices in general are not only hard to achieve but hard to sustain, so with every peak must come a valley.

As discussed in my report in May, the increase in the stress test has most definitely knocked a big chunk of first time home buyers out of the market… following which, I had a LOAD of Lease Listings that basically all went in multiple offers. Plus I personally find the average market price for a rental has gone up for sure, by at least $100-200/month for most condos since 2020.

Our biggest problem is, and for what it seems like, will always be, supply/ inventory. This will be even more of a problem in the coming months as covid restrictions are lifted and buyers get braver about their hunt again, and sellers feel more comfortable with the majority of the population being vaccinated. Also with international travel opening up again.

06/09/2021

May 2021 Market Update

In May, the Toronto real estate market for detached, semi-detached, and condos remained strong. But keep in mind when reviewing the year-over-year comparisons that the Toronto market was hit particularly hard by COVID-19 in May 2020.

Central Toronto REALTORS® reported 463 detached home sales through the Toronto MLS® in May 2021, and on average, these detached homes sold for $2,294,459.

Last year, in May 2020, Toronto MLS® reported 135 freehold detached home sales across Toronto, a 243% increase in volume for this year. It was also reported, on average, that freehold detached homes sold for $2,013,677 in May 2020 – and that’s a 14% increase in sale prices for this May.

Concerning semi-detached homes, Central Toronto REALTORS® reported 364 semi-detached home sales in May 2021; and on average, these semi-detached homes sold for $1,513,269 last month.

That compares to 128 semi-detached home sales in May 2020, a 184% increase in volume for this year. It was also reported that, on average, semi-detached homes sold for $1,290,422 in May 2020 – and that’s a 17% increase in sale prices for this May!

Concerning condo sales, Central Toronto REALTORS® reported 1,201 condo sales in May 2021, and on average, these condos sold for $808,458 last month.

In May 2020, there were 456 condo sales – which is a 163% increase in volume for this year. On average, these condos sold for $768,448 – and that’s a 5% increase in sale prices for this May.

05/15/2021

In April, the Toronto real estate market for detached, semi-detached, and now even condos was on fire. But keep in mind when reviewing the year-over-year comparisons that the Toronto market was hit particularly hard by COVID-19 in April 2020.

Central Toronto REALTORS® reported 442 detached home sales through the Toronto MLS® in April 2021, and on average, these detached homes sold for $2,269,400.

Last year, in April 2020, Toronto MLS® reported 99 freehold detached home sales across Toronto, a 346% increase in volume for this year. It was also reported, on average, that freehold detached homes sold for $1,647,922 in April 2020 – and that’s a 38% increase in sale prices for this April.

Concerning semi-detached homes, Central Toronto REALTORS® reported 395 semi-detached home sales in April 2021; and on average, these semi-detached homes sold for $1,477,833 last month.

That compares to 108 semi-detached home sales in April 2020, a 266% increase in volume for this year. It was also reported that, on average, semi-detached homes sold for $1,182,378 in April 2020 – and that’s a 25% increase in sale prices for this April!

Concerning condo sales, Central Toronto REALTORS® reported 1,421 condo sales in April 2021, and on average, these condos sold for $829,491 last month.

In April 2020, there were 271 condo sales – which is a 424% increase in volume for this year. On average, these condos sold for $686,607 – and that’s a 21% increase in sale prices for this April.

04/12/2021

“Now this is the story all about how
16 Parkhurst was flipped, turned upside down
And I'd like to take a minute just sit right there
I'll tell you how the Rose Team sold this house for the third time ever!”

Ok… So that was super cheesy, but here’s the thing… MK was raised in . CA had the height of her career in that neighbourhood and still to this day has streets with over 14 homes on them, filled with clients she put in them!

There’s a lot of history there and MK is grateful for it. CA originally had the listing back in 2000, another client of hers bought it in 2010, and 11 years later, that same client was read to sell.

We had planned to bring the house to MLS and had started the process of preparing it to go to market. .neatstudio did an incredible job of packing the ENTIRE house and moving everything out.

The plan was to paint, and stage with (as always) but had another idea. Katie is MK’s “work wife”, she knows her business and MK know hers. She caught wind of Parkhurst, and that was it- she decided it was going to be her client’s home come hell or high water…

And so it was, Katie’s clients purchased 16 Parkhurst off MLS! Everyone was ecstatic and MK got to carry on CA’s legacy of selling this property. Here’s hoping in 10-11 years MK can provide the buyer once again and continue the pattern! Haha.

04/12/2021

Are you sitting? If not, please do so.

The latest numbers from the Toronto Regional Real Estate Board Market Report have shocked everyone.

Over all, there has been a 97% increase in sales in Toronto.

Sit with that… let it resonate- I am still trying to come to grasps with it.

These numbers would be a shock ANY year, but NO ONE expected them during a global pandemic.

We are heading into our THIRD (which actually feels like a 10th) lockdown/shutdown/hell -hole. And despite all the job loss, retail closures, school closures, etc… some how the number of homes sold still managed to double.

1. As discussed up above- Toronto home sales have sky rocketed by +97% since March 2020.

2. New listings have more than doubled (+57%). since 2020.

3. The average price of a home sold in the GTA rose by 21%. Detached homes had the most growth in sold prices (+26%)

4. We are undoubtably in a seller’s market and prices have nearly doubled due to limited supply & bidding-wars.

5. There is positive news when it comes to the Condo market which saw a slight “blip” last Oct-Dec 2020, with an increase in activity as of February and a price increase of +2.6%.

6. Unfortunately, Rents are down -15% in the GTA- but with increased unemployment, inability to evict tenants, and general pandemic non-sense- this comes as no shock.

The Rose Team- SAGE Real Estate Ltd., Brokerage

04/21/2022

11/24/2021

11/24/2021

10/14/2021

09/15/2021

08/20/2021

08/04/2021

06/09/2021

05/15/2021

04/12/2021

04/12/2021

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