Toronto Real Estate and Homes For Sale

Globe and Mail Housing Information About Toronto Real Estate Market Incorrect

On April 25, 2008 the Globe and Mail featured a two page spread showing average prices of homes in most neighbourhoods in the Greater Toronto Area. The information was provided to the newspaper by Realosophy, a blog website dedicated to providing Toronto real estate information.
According to the Globe, the information provided by Realosophy is based on “data mapping technology” developed by Realosophy itself.

At first glance, I thought there were significant differences in the information provided in the Globe and Mail and my own knowledge, which is based solely on the fact that I have my “finger on the pulse” and my twenty plus years selling homes in these neighbourhoods. Curious to find out about the discrepancies, I sat in front of my computer and double-checked the same areas the newspaper had quoted sales figures for. 

I expected to find small variations primarily because many of these Toronto neighbourhoods are defined solely by real estate agents and the public. There are no official maps or boundary lines that clearly define the neighborhoods in Toronto. The closer I looked at the newspaper numbers the more I noticed serious discrepancies in prices.

Lets take a look at some examples:
Bennington Heights is a neighborhood with a small pocket of homes that are tucked away at the south west corner of Moore Avenue and Bayview. The Globes average sale price in 2006 is shown as $876,500. My figures show $834,200.

The Globes sale price for this neighbourhood in 2007 was $ 1,404,214. My figures show an average sale price of $1,168,816. or 17% less than the Globes stated average sale price.

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You can also search for phrases such as average sale prices in lawrence park, or homes for sale in Davisville Village. Search is not case sensitive.

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Is the Toronto Real Estate Market About to Catch the U.S. Flu?

All major Canadian banks cut their prime lending rate by 50 basis points yesterday after the Bank of Canada slashed its main rate by half a percentage point and warned that a serious economic slowdown was only just beginning and that Canada faces a tough two years.

“A troubled U.S. economy has hit exports hard, and undermined business and consumer confidence, the bank said”. Yale University economist Robert Shiller, who long predicted the housing market bubble, cautioned that the slump in the U.S. housing market could cause prices to fall more than they did in the Great Depression and bailouts will be needed so millions don’t lose their homes. 

Shiller who pioneered the widely watched Standard & Poor’s/Case-Shiller home price index, said there’s a good chance housing prices will fall further than the 30 per cent drop in the historic depression of the 1930s. In the United States home prices have already 15 per cent since their peak in 2006, he said.

What has been driving soaring house prices in Canada in recent years?

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Leaside Market Still Favours Home Sellers

Some real estate markets simply defy all common wisdom, and apparently march to the beat of a completely different real estate drummer.

Leaside is no exception and continues to be one of Torontos hottest real estate markets. A brief look at the last 25 sales in this high-demand neighbourhood shows no fear or holding back by homebuyers.

The figures below are based on a calculation of the last twenty five home sales in Leaside:

• Sixty four percent were sold above the asking price.
• Twelve percent of the homes sold in the last month received the full asking price.
• Less than a quarter of these homes sold below the listed price.
  

Lawrence Park Homes for Sale - April 2008

Inventory of homes for sale in Lawrence Park remains fairly constant with fifteen homes for sale in early April. Prices range from mid nine hundred thousand dollars to over five million three hundred thousand.

280 St Leonards Avenue		105 Stratford Crescent		25 Sunnydene Crescent

The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board. For more information on any of these homes send us an email.

Leaside Homes for Sale - April 2008

With the arrival of kinder weather, Leaside inventory of homes for sale has gone up significantly compared to the last few months. In early April there are a total of twenty six homes available for sale, ranging from the mid five hundred thousand dollars to over one million eight hundred thousand.

124 Randolph Road		199 Sutherland Drive		253 McRae Drive

Who Are My Neighbours in Leaside

Demographically, the Leaside community is made up predominantly of single-family homes housing upper-middle class families. The most famous house in Leaside is James Leas, located at 201 Sutherland Drive.

Built in 1909, it is unique in that the back of the house faces Sutherland Drive. It was originally built to face a street that no longer exists.

The 22nd and current Prime Minister Stephen Harper was also born and raised in Leaside. Due to city expansion, Leaside has become prime real estate with the Greater Toronto Area. Recently a home on Leasides prime street sold for over two million dollars, a record for this neighbourhood.

Source: City of Toronto Ward demographics.

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Davisville Village Homes Average Sale Price

Two-and-half storey semi-detached One-half storey Two-and-half storey detached

Above sales are for the period October 2007 to March 2008. There were a total of 41 homes sold, including 2 two-and-half storey, 37 two storey, 1 three storey home and 1 bungalow.

Greater Toronto Area Home Sales Down in April

Low inventory levels kept the Greater Toronto Area resale housing market brisk but well off record levels last month, announced today Toronto Real Estate Board President Maureen ONeill.

Overall sales in the GTA declined 22 per cent compared to March 2007, 27 per cent in the City of Toronto and 18 per cent in the 905 suburbs, said Ms. ONeill. Its important to recognize though, that despite the worst winter in decades, 6,631 homes changed hands last month in the GTA and that is still a significant number.

March 2007 GTA (Greater Toronto Area) average price $365,285.
March 2007 Toronto Central MLS districts $471,804
March 2008 GTA (Greater Toronto Area) $380,338
March 2008 Toronto Central MLS districts $481,115