Welcome to the weekly Toronto Luxury Market Report where we'll look at what's been happening in the home & condo sectors from June 15th - 21st, 2020.
To qualify as a luxury property, we use the following criteria:
Condo
1-Bed/+Den = $800,000 +
2-Bed/+Den = $1,000,000 +
3-Bed/+Den = $1,250,000 +
House
3-Bed/+ = $1,500,000 +
4-Bed/+ = $2,000,000 +
5-Bed/+ = $2,500,000 +
Condo stats for past week
1-Bed
Avg. Sale Price = $910,200
# of Sales = 5
Avg. DOM (Days on Market) = 5
Avg. % of Listing Price = 106%
While there were only 5 luxury sales of 1-bed/+den condos over the last week, the low Avg. DOM is an indicator that units this size are selling very quickly & for more than asking price (106% of listing price).
2-Bed
Avg. Sale Price = $1,820,215
# of Sales = 12
Avg. DOM (Days on Market) = 25
Avg. % of Listing Price = 98%
The 2-bed/+den condo market was a bit more active with 12 sales last week, however it is taking much longer (25 days) for these units to sell vs. the avg. of 5 days for 1-bed/den.
In addition, there seems to be some negotiation from listing price with the average % of listing price at 98%.
3-Bed
Avg. Sale Price = $1,578,750
# of Sales = 4
Avg. DOM (Days on Market) = 11
Avg. % of Listing Price = 101%
There wasn't much movement in the 3-bed condo sector (only 4 sales) but prices remained relatively strong with the average % of listing price being 101% & sold fairly quickly at only 11 days on market average.
House stats for past week
3-Bed
Avg. Sale Price = $1,820,215
# of Sales = 24
Avg. DOM (Days on Market) = 7
Avg. % of Listing Price = 105%
The 3-bed luxury housing market had a busy week with 24 sales that were flying off the shelves!
With an average of 7 days on the market, this was the most active sector for either luxury condos or houses, also one of the strongest at an average of 105% of listing price.
4-Bed
Avg. Sale Price = $3,540,775
# of Sales = 24
Avg. DOM (Days on Market) = 32
Avg. % of Listing Price = 99%
Our 2nd most active luxury market, there were 24 sales of 4-bed homes over the past week (same as 3-bed homes), however it took substantially longer for these properties to sell (avg. 32 DOM) and typically sold for less than asking at 99% of listing price.
5-Bed+
Avg. Sale Price = $3,223,750
# of Sales = 4
Avg. DOM (Days on Market) = 16
Avg. % of Listing Price = 103%
With relatively few sales (4), the 5-bed+ home market was quite sluggish last week but properties were selling relatively quickly (16 DOM) and sale prices remained strong at an average of 103% of listing price.
Most expensive properties to come on the market
10 Bellair St #2408
Property Highlights
- $8,980,000
- 3-Bed
- 4-Bath
- 5309 Sq. Ft
- 4 Terraces
- 3 Parking
This spectacular condo situated in the heart of Yorkville offers unobstructed north-facing panoramic views that can be enjoyed from any of the 4 terraces.
In the kitchen, you will find a Sub Zero full height refrigerator + wine fridge, Miele stainless steel oven, coffee maker & dishwasher all focused around a large centre island.
The expansive office is perfect for working from home & the billiard/exercise room means that you still stay fit even if the building amenities are shut down.
120 Forest Hill Rd
Property Highlights
- $11,500,000
- 4-Bed + 1
- 8-Bath
- 5639 Sq. Ft
- 8 Parking
Located just across the street from Upper Canada College in Forest Hill, this stunning 4-bed+1, 8-bath home is the ultimate urban retreat.
The home has been completely restored & renovated with exquisite craftsmanship which can be seen in the mill work throughout the property.
One of my favourite features is the walkout from the formal dining room to the patio which leads to a beautiful tree-covered backyard & pool area.
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We also feature properties that sold with the biggest price drop, houses & condos that sold the quickest + more.
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