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September Market Report

Toronto and area’s residential resale market, which I have been describing as beautifully boring over the last few months, got a lot less boring in September. Compared to last September, reported sales were up by 22 percent, but more concerning is the fact that average sale prices jumped by almost 6 percent. With salaries and wages increasing by only 3.5 to 3.8 percent affordability and substantially concerns once again get pushed to the forefront.

In the City of Toronto, it is now almost impossible to buy a detached or semi-detached property for under $1 Million. In September the average sale price for detached properties came in at $1,306,000 and semi-detached increased to $1,069,000. What is alarming is the rise in condominium apartment sale prices, the region’s most affordable housing type. For the City of Toronto, the average sale price came in at $636,817, however the bulk of condominium sales take place in Toronto’s central core, and there the average sale price popped to $719, 341, a record number. The sale of an average priced condominium apartment represents only 700 square feet of living space.

The 905 regions have also been showing signs of life, however they lag the prices that are approaching record highs in the City of Toronto. The average price for detached properties remains under $1 Million ($946,256), while semi-detached prices dramatically lag their Toronto counter parts, coming in at only $689,950. In the 905 regions condominium apartments, which are becoming more plentiful, are only $497,000.

No doubt the rise in average sale prices is being driven by a lack of inventory. This is particularly true in the City of Toronto. Throughout the greater Toronto area listed properties are down by over 14 percent compared to last year — 17,254 available properties for the entire greater Toronto area is simply insufficient supply. in the City of Toronto, the situation is becoming critical. At month end only 5,499 properties were available for sale. This translates into only 1.9 months of inventory. It is not surprising that all properties sold in the City of Toronto sold in only 19 days (including all condominium apartment sales) and astonishingly for 101 percent of their asking prices.

Check out the Market Watch with Chestnut Park President Chris Kapches
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The Debbie Penzo Team is a full-service, real estate team that goes beyond the transaction. We cover the full scope of services for real estate transactions, representing buyers, sellers, investors, tenants and landlords. With combined knowledge and expertise of real estate sales, development, investing, construction, design and marketing, the Debbie Penzo Team has a strong understanding of the luxury consumer.

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Estimated Occupancy Spring 2022

Contact Us For More Information

A glimpse of our recent transactions. Congratulations to our clients. We wish them all the best!

An example of our seamless transition from purchase to design and permits and now renovation, follow our clients @kathrynmichaelhomereno for updates on their renovation. We worked with this wonderful family to find their dream home in Riverdale. The Urban Blueprint team worked on their permits and planning and now they have started their renovation with the Urban Blueprint team. Follow along their Instagram page for updates!
EATALY TORONTO

The long awaited Italian marketplace is set to open in the Manulife Centre, located near Bloor-Yonge, on November 13th. Like every other location of Eataly’s growing empire, Toronto’s outpost will combine the best attributes of a high-end Italian grocery store with a piazza’s worth of bars, restaurants and cafes.
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1300 Yonge Street, Suite 100
Toronto, Ontario M4T 1X3
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