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June 2021 Toronto Real Estate Market Report

 

June 2021 Toronto Real Estate Market Report

 

New listings are down about 13% month over month and flat when compared to last year, which means inventory is still a problem. The Days on Market (DOM) is still an incredibly low 13 days, and the average selling price is up 17% over a year ago.

In the City of Toronto, the average selling price came in 6% higher at $1,079,749, about 3% less than last month.

It is also worth noting that the higher end of the market ($2,000,000+) remains robust with a 92% increase in units sold over last year. The decrease of 12% over last month could be an expected seasonal dip.

In June, condominium apartment unit sales were up marginally at 1% over last month, and the average selling price remained unchanged. Condominium prices are up 7% compared to a year ago.

Even though June 2021 prices increased 17% over June 2020, prices are still lagging the records set for prices and activity this past March.  A year ago, we were still experiencing lows following the initial Covid shock, so the significant year-over-year increase should be viewed in that light. There has been a softening of prices in the last month or so and anecdotal reports of fewer multiple offers. This lull could be a buying opportunity, e.g. for shoppers who have experienced “buyer’s fatigue” after losing in multiple offers. If so, it might also be a short-term opportunity with the possibility of population growth based on immigration likely months away.  The number of new listings and properties sold are both essentially flat when compared to a year ago. This could be a traditional summer seasonal lull. A bright spot is sales over $2 million. Sales in that category have almost doubled in the last year.

 

Written by Chip Barkel, Sales Representative, eXp Realty.  Extraordinary Service. Top Results.

Garage Envy

For many of us the garage serves as our front door. We drive into the garage (if the car has not been displaced by household castaways and unused tools and sports equipment) and disappear into the house. That means you are greeted by disorganization and chaos. Who needs that kind of stress every time you come home? The garage is probably the least likely room you would consider decorating or nominating for a makeover. Can you even find the tool you need in those disparate piles? Even if you attempt to “put something away”, where does it go? Which pile?

One of my clients decided to convert his garage from storage space to living space. It was always one of those things that was on the list, but just never gone done. He started with assessing the space his car would need, not just his current car, but the likely replacement car, since it’s time for an upgrade soon. Next came lighting. He was tired of the poor lighting provided by the garage door opener, especially since one of the two bulbs always seemed to be burned out. Two beautiful industrial pendant lights and eight pot lights were installed. He worked with a designer to plan out the storage components, workbench, shelving racks, and hanging storage that would be needed. The ceiling was painted a bright white. Next came colour choices. He wanted the floor to not only complement the garage components, but also the exterior of the house. Also, would it hide the dirt?
A combination of light and darker gray with polished industrial medal wainscoting was chosen to complement the taupe resin flooring with gray specks. The resin coating means he can easily wash away any dirt or dried salt with a hose and a squeegee.

My client was happy he finally pulled the trigger on this lifestyle upgrade: “I’m thrilled with the result. I feel like it is an investment in the house and in my ongoing enjoyment.”

 

When he decides to sell, I am sure this improvement will recoup his investment and ensure a faster sale.

 

Ten years of dreaming, a few weeks of planning, and three days of install will lead to years of enjoyment and a bespoke garage that says, ”Welcome Home”.