Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

Cell 416-888-9842 | info@corinnemccabe.com

With listings in both the freehold and condo sectors slowing down as we near the end of the month, the debate rages on. Should buyers wait until the New Year to purchase a new home or jump into the market now? There are different points of view on this topic. If you wait there will be more choice BUT you will be competing with all the other buyers who are also waiting for the spring market. More buyers bidding on the same home will drive prices higher. If you buy now there is less choice but fewer buyers. Still, demand for single-family homes supported by low interest rates and teleworkers, will keep the housing market resilient overall. What’s driving the market now is the lack of inventory. 

We have entered what is universally known as the “holiday season” and the freehold market seems to respect this, so we are not surprised to see the number of listings declining from the previous week, down by 19%. We did see a nice jump in sales, up 20% week-over-week. We believe the ultra low mortgage rates (some banks as low as 1.85% for a five-year term) are keeping buyers interested and this has resulted in 54% of freehold properties selling at or above their advertised price. 

The condo market saw a modest decline of 15% in new listings compared to last week but saw a small 3% uptick in sales. Forecasters expect the economy to improve next year now that there will be Covid vaccines available in the new year. For the short term, the winter will provide some good entry positions given the relatively soft nature of the condo market. There is plenty of choice out there now!
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Toronto Condo Prices Down 9% from Peak - Recent news articles about Toronto’s condo market range from pessimistic to optimistic leaving many wondering what exactly is happening. In early October condo listings surged 215% in downtown Toronto, while a couple of weeks later an article titled “Toronto condo prices rise over 8% even as new listings surge”. 

Jason Mercer, chief market analyst with the TRREB is saying “there is still enough competition between buyers to support average selling prices substantially above last year’s levels.” While this is technically true, it leaves one with the impression that condo prices are trending up when in fact average condo prices have been trending down over the past seven months. To better understand how prices can be up over last year but still be trending down we’ll need to look at some data on the downtown Toronto condo market (the area south of Bloor between the DVP and Dufferin) since it’s the hardest hit area in the GTA. 

Condo prices downtown were relatively steady during the first three quarters of 2019. The average price for a downtown condo in the third quarter of 2019 was $714K. But in the last quarter of 2019 and the first quarter of 2020 the market changed significantly. A sudden surge in demand coupled with very tight inventory resulted in a very competitive market which pushed average prices up to $820K in the first quarter of 2020, a $100K (15%) increase in just six months. Since then average condo prices downtown fell by 9% to just under $750K. 

We typically don’t analyze changes in home prices or sales on a month over month or quarter over quarter basis. Real estate is a seasonal business, so we typically compare prices and sales against the same period last year. But the risk with only comparing home prices year over year is that it can sometimes give us a false impression of the market today. That’s why the statement below from Urbanation’s Shaun Hildebrand really captures what is happening in the condo market today: 

“It’s very likely that by the first quarter of 2021 we could be in a situation where we see double digit year over year declines in average condo prices downtown, and that’s under a scenario where prices remain flat from where they are right now.”

Shaun’s prediction was not based on a forecast of the future, but a better understanding of where the market is today. Condo prices are already down 9% from their peak, and even if they remain flat for the next five months, we will see close to a double-digit year over year decline in downtown condo prices in the first quarter. The bigger question will be whether or not condo prices stay flat over the next five months or whether we will see more downward pressure on prices. (Move Smartly Report)
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This property has SOLD at 251 Crawford ST in Toronto.
Nestled Behind The Lush Front Garden You'll Find This Delightful Home At The Edge Of Trinity-Bellwoods Park. Live At The Hub Of The Creative Ossington Strip & The Iconically Cool Little Italy, & Bask In The City Skyline Views From The 3rd Floor Deck W/Your Sundowner Cocktail. Used As A Single Family Home, This Duplex Easily Becomes 2 Stunning Units. The Basement Bedroom Walls & Ceiling Are Soundproofed, So If You Need A Recording Studio, You've Got That Too!
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New featured property at 251 Crawford ST in Toronto.
Nestled Behind The Lush Front Garden You'll Find This Delightful Home At The Edge Of Trinity-Bellwoods Park. Live At The Hub Of The Creative Ossington Strip & The Iconically Cool Little Italy, & Bask In The City Skyline Views From The 3rd Floor Deck W/Your Sundowner Cocktail. Used As A Single Family Home, This Duplex Easily Becomes 2 Stunning Units. The Basement Bedroom Walls & Ceiling Are Soundproofed, So If You Need A Recording Studio, You've Got That Too!
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New featured property at M15 350 Wellington ST W in Toronto.
No Long Lineups For The Elevator At The Boutique Soho Condos! Located On The 2nd Floor, This Bright One Bedroom Suite Offers Plenty Of Privacy With Tree-Lined West-Facing View. Engineered Hardwood Floors & Marble Bathroom. Freshly Painted & Ready Fo You To Move In! Steps Away From Ttc, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops, Not To Mention Just Minutes To The Lake! ***Seller Will Pay For 12 Months Maintenance Fees!***
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The Toronto region had its fourth consecutive month of record sales volumes in October with 10,563 homes sold, up 25% from October 2019 and the Toronto Real Estate Board is forecasting record or near-record sales to continue through the balance of the year. The average sale price for the GTA was up 13.7% to $968,318 and for the City of Toronto it was up 10.8% to $1,025,925. Detached homes led the way, with sales up 33.9% and an average sale price of $1,204,844, an increase of 14.8%.


New listings for all categories of homes rose to 17,802 across the GTA, up 36% from October 2019. Condo listings more than doubled to 6,193, compared to October 2019. Sales of condominium apartments fell 8.5% in the City of Toronto compared to the same month in 2019, with prices up just .8% to $668,161. Active listings are up 158% in Toronto to 5,719 units. As the pandemic slowed economic development and halted tourism in the city, the short and long-term rental income many investors relied upon dried up. If you are looking to buy a condo it’s a buyer’s market now and you will benefit from more choice available.


The strongest gains across all re-sale housing categories occurred in the 905 communities outside Toronto, where buyers can often afford a little more space. Suburban areas that once lagged desirable city addresses are now roaring hot as home buyers wearied by lockdowns seek bigger yards and larger living spaces. Tight downtown condo markets that previously commanded expensive rents are now thick with supply. And the flow of immigrants that typically fuel demand for housing of all types has slowed to a trickle.

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This property has SOLD at 43 Sparkhall AVE in Toronto.
An Absolutely Lovely Home In Prime Riverdale. A Welcoming Front Porch Leads You Inside This Wide Semi-Detached Charmer. 3 Bedroom, 3 Story Home W/Renovated Kitchen, Bath & 3rd Floor Master Retreat. Exposed Brick On The Main Floor, W/Cozy Gas Fireplace You Can Enjoy For The Holidays. Easy Possibility Of Parking Off The Laneway! Just Move The Fence And Remove Some Garden. High 7'5" Basement Is Awaiting Your Finishes, Meanwhile Providing Lots Of Storage!
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New featured property at 43 Sparkhall AVE in Toronto.
An Absolutely Lovely Home In Prime Riverdale. A Welcoming Front Porch Leads You Inside This Wide Semi-Detached Charmer. 3 Bedroom, 3 Story Home W/Renovated Kitchen, Bath & 3rd Floor Master Retreat. Exposed Brick On The Main Floor, W/Cozy Gas Fireplace You Can Enjoy For The Holidays. Easy Possibility Of Parking Off The Laneway! Just Move The Fence And Remove Some Garden. High 7'5" Basement Is Awaiting Your Finishes, Meanwhile Providing Lots Of Storage!
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This property has SOLD at 4 61 Nelson ST W in Brampton.
A True 3 Bdrm In Beautiful Downtown Brampton! This Freehold, Executive Townhome Is Stunning & Ready For You To Move Right In. Freshly Painted, Cleaned, No Carpet In Any Rooms, W/Many Upgrades Throughout. Spacious Master W/Walk-In Closet & Ensuite Bath W/Sep Shower Stall. 2nd Floor Laundry, & Plenty Of Storage W/Bsmt Crawl Space Off The Furnace Room. Walking Distance To The Rose Theatre, Go Train, Restaurants & Amenities. Direct Garage Access. Offers Anytime!
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New featured property at 4 61 Nelson ST W in Brampton.
A True 3 Bdrm In Beautiful Downtown Brampton! This Freehold, Executive Townhome Is Stunning & Ready For You To Move Right In. Freshly Painted, Cleaned, No Carpet In Any Rooms, W/Many Upgrades Throughout. Spacious Master W/Walk-In Closet & Ensuite Bath W/Sep Shower Stall. 2nd Floor Laundry, & Plenty Of Storage W/Bsmt Crawl Space Off The Furnace Room. Walking Distance To The Rose Theatre, Go Train, Restaurants & Amenities. Direct Garage Access. Offers Anytime!
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This property has SOLD at 9 1 Cole ST in Toronto.
A Beautiful South-West Corner Unit Is Now Available! The 'Winchester' Suite, A 2 Br, 2 Bath + Media Area, & A Large West Facing Balcony To See The City Skyline. The View At Night Is To Die For! 849 Sq Ft With 146 Sq Ft On The Balcony. Upgraded W/ A Centre Island, The Kitchen Has Granite Counters And A South-Facing Window. This Spotless Unit Is Ready To Move In, Nothing At All To Do But Enjoy. Open Houses: Thurs 5-7, Sat 1-4 & Sun 2-4.
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This property has SOLD at 247 Woodmount AVE in Toronto.
Gorgeous Newer Sunny Spacious Detached Home In Danforth Village! Lovely Tree Lined Street. Solid Oak Hardwood Floors Throughout. Large Main Floor Living Space With Inviting Family Room Off Kitchen. Sliding Doors Leading To Private Backyard Retreat. Kitchen Features Travertine Floors, Tumbled Stone Backsplash, Granite Counters. Large Master W/Ensuite and Double Closets. Skylights And Pot Lights. Massive Basement With 8Ft Ceilings, 3 Pc Bath And Separate Entrance. Nothing to do here but move in!
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This property has SOLD at 131 Wildwood CREST in Toronto.
Directly Across From The Park + Playground! Beautifully Maintained Solid Brick Semi-Detached With Three Spacious Bedrooms, Open Concept Main Floor Living/Dining With Lovely Architectural Details & Archways. Eat-In Kitchen Walks Out To Very Private Landscaped Backyard, Great For Entertaining. Gleaming Hardwoods Throughout, Newly Updated Mechanics, Lush Perennial Front Garden. Amazing Location With Tons Of Privacy And Parking On Both Sides Of The Street!
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This property has SOLD at 287 Springdale BLVD in Toronto.
Stunning 2-Storey Detached In Prime Danforth Village/East York With Legal Parking! Open Concept Living and Dining Room with Engineered Hardwood. Potlights Throughout Main And Basement. Gorgeous Eat-In Kitchen With Granite Countertops And Walk-out To Deck. Main Floor Laundry. Professionally Reno'd Basement With 3-Pc Bath. Mostly Newer Windows. Spacious Master With Custom Closet, Renovated 2nd Floor 4-Piece Bath. Fenced Yard And Lots Of Space To Play & Entertain.
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This property has SOLD at 90 Barker AVE in Toronto.
Live In The Heart Of Danforth Village! You Will Pinch Yourself When You Enter This Bright Detached Starter Home! An Incredible Condo Alternative Or Opportunity To Build. Newer Kitchen, 2 Bathrooms, Legal Front Pad Parking. Kitchen Walk Out To A Rare 134 ft Backyard! Can You Say Potential For A Garden Oasis?! Minutes To The Danforth Subway & Exciting Shops Of The Danforth. 93 Walkscore!
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This property has SOLD at 258 Linsmore CREST in Toronto.
Amazing 3 Bedroom 3 Bath Family Home Backing Onto Dieppe Park. Very Deep Lot, You Will Love The Backyard! The Interior Has Been Completely Renovated... New Bathrooms, New Plumbing, 100% New Wiring, Lots Of Pot Lighting, Fully Finished Basement. You Need To See This House In Family Friendly Danforth Village/East York. With a Kitchen Like This... You Can't Help But Want to Check Out the Rest!!!
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This property has SOLD at 1671 Gerrard ST E in Toronto.
Super Sexy and Meticulously Renovated with Attention Paid to Every Detail. Flooded with Natural Light, Huge Mutual Drive to Parking, Fireplace, Pocket Doors, Beautiful Bathrooms, Open Concept and so Much More. Exceptional Design with Lots of Closet Space! Steps to the Farmer's Market, Bowmore and Georges Etienne Schools, TTC to the Subway and Downtown at Your Doorstep. And... No Hold Backs on Offers! Don't Miss Out!
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This property has SOLD at 38 Devon RD in Toronto.
Fabulous Detached 2 Storey Brick Home In Great Family Neighbourhood. 3 Good Size Bedrooms. Gleaming Hardwood Floors Throughout. Bright, Open Concept Design. Dining Room Has A Walkout To A Large Deck, Very Private Backyard. Lower Level Has A Separate Entrance To A Potential Inlaw Suite. Freshly Painted Throughout. Good Size Master Bedroom Overlooking Backyard.
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This property has SOLD at 18 Iona AVE in Toronto.
Wonderful Opportunity In One Of The Best Pockets Of Danforth Village. Solid Detached Brick Home In Same Family For 55 Years. Located On A Quiet, Mature, Tree-Lined Street. Very Close To Woodbine Subway, French Immersion And All Amenities. Large Principal Rooms With Original Character. Side Entrance To Basement With 6'8" Ceiling Height. Home Sold In As Is Condition.
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This property has SOLD at 63 Chisholm AVE in Toronto.
Great Renovated Detach Home With Two Car Parallel Parking , Walking Distance To Subway & Danforth.This Renovated Home Offers Hardwood Floor Throughout,New Entertainer's Kitchen With S/S Appliances.Modern Glass & S/S Railings,Operational Decorated Fireplace,Full Size Deck & Landscaped Backyard. Gorgeous Home See Virtual Tour !
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