March 2017 Toronto Housing Market

TREB: GTA condo values climb 33.1% in March, as spring housing market kicks off

In Canada by TheRedPin53 Comments

March 2017 Toronto Housing MarketImage: VV Nincic/Flickr

March traditionally marks the point in the year when home prices increase at a faster clip and real estate market temperatures turn from tepid in winter to sizzling hot for spring.

According to the latest figures from the Toronto Real Estate Board (TREB) however, sizzling may be an understatement. The average price of a GTA property climbed a staggering 33.2 per cent in March to $916,567 for all home types.

In a drastic shift from the norm, price growth for both detached family houses and condominium apartments across Toronto-proper and its surrounding suburbs were recorded at nearly the same pace.

Average sold price of a detached home across the entire GTA clocked in at $1,214,222, up 33.4 per cent compared to the same time last year. Condo apartment prices spiked 33.1 per cent to $518,879.

“Strong competition between buyers continued to cause high levels of price growth in all major market segments,” reported TREB in an official statement. Further noting “similar annual rates of growth [were seen] in the low-rise and condominium apartment segments.”

TREB also found homes were plucked up by buyers in record time, as average days on market was reportedly under two weeks at just 10 days.

March 2017 Toronto Housing Market

TREB - Toronto Real Estate Statistic March 2017


To find out how home prices fared in your neighbourhood, type out your area and home type in the comments section below and we’ll provide you with the numbers.*


Supply remains to be the main culprit behind the huge price hikes, as a large pool of buyers continued to compete over an ever dwindling supply of listings. According  to the numbers, active listings (a.k.a homes up for sale) dipped 35.2 per cent last month when compared to March 2016.

In-tune with the hot buying season, sales climbed 17.7 per cent for all home types, with the condo market specifically experiencing an even more drastic 23.9 per cent jump.

In response to speculation around potential (yet not acted upon) government intervention in the form of a foreign buyer tax, TREB stated the following: “It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market.”

In the past, TREB has voiced a foreign buyer tax would not address soaring prices, as it attempts to lessen demand; ignoring the supply end of the equation while also resulting in unintended consequences that will reverberate through the economy.

In recent developments, Toronto Mayor John Tory voiced the city is eyeing a tax targeting unoccupied homes which sit empty for speculative reasons. Vancouver implemented a similar tax in January 2017, which charges owners who leave a residence vacant a fee equivalent to one per cent of their property’s value.

*Based on overall neighbourhood prices – not equivalent to a home evaluation. 

Comments

  1. Sebastian

    Is this a good time to sell a 3 level Townhouse under construction in Sharon Ontario. 1850 sq ft no back yard 2 car garage. What is this type of home going for in Sharon?
    Please advise

    1. Author
      TheRedPin

      Hi Sebastian,

      Thanks for reaching out to TheRedPin!

      The decision of whether to sell a home is deeply personal, and requires some consideration of what your home ownership and financial goals look like. Overall, if you’re asking whether spring is a good time to sell in terms of receiving the largest offer on your home, the answer broadly speaking is yes.

      We’ve passed on your inquiry to our team of inside-salaried realtors who can learn more about your situation and help dispense some advice.

      Few townhome sales have been recorded in Sharon recently, however, across all of East Gwillimbury, the average price of freehold townhomes was found to be $711,453 between Jan to March 2017.

      Best,

      TheRedPin

    2. Tah

      Hello, good morning I have a 1 bedroom PH condo around 600 sqft at 18 kenaston gardens wondering what’s the rough estimate on it

  2. Amanda

    Is this a good time to cash out on a condo I own on King West in Toronto? I purchased 6 years ago as an investment. It is a one bedroom 500 sq ft unit on the second floor, with parking, recently renovated. I’m curious as to what it would roughly be worth.

    1. Author
      TheRedPin

      Hi Amanda,

      Thanks for reaching out.

      First, to give you an overview of prices in your neighbourhood, the average price of a 500-599 square foot condo with parking in King West was found to be roughly $466,000 in Q1 2017. We’ve defined the borders of King West to stretch from Queen and Bathurst at the north west corner to Front and Spadina at the most south eastern point.

      In terms of deciding whether or not to sell, it’s a deeply personal decision. Spring is typically the hottest period to sell and prices are only set to continue at this pace as supply remains tight and buyers are out in full force during the next three months. Some form of government intervention may come into play in the near future, it’s unlikely to cause a dent in prices overall.

      If you’d like to speak with one of our salaried in-office agents just to get some advice on the market from a licensed professional, please email inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  3. Dani

    Curious to know what a 2 bedroom 1100 square foot condo at 25 The Esplanade is likely to be worth this Spring.

    1. Author
      TheRedPin

      Hi Dani,

      Hope you’re having a great Saturday.

      Over the past three months, 2 beds between 1,000 – 1,199 square feet sold for an average price of $841,720 in your neighbourhood. It’s worth noting, this is a neighbourhood analysis and not equivalent to a home evaluation.

      If you’d like to know what your specific condo is worth, please send over all your property’s details to inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  4. Sina

    Hi, thanks for the article. Could you Please check the detached bungalow in Parkwwod/Donalda?
    Regards,
    Sina

    1. Author
      TheRedPin

      Hi Sina,

      Hope you’re having a great long weekend.

      Between January to March 2017, a total of 8 detached bungalows in Parkwoods-Donalda were sold for an overall average price of $1,823,973 – up over 30 per cent year-over-year.

      If you have any more questions about Toronto’s housing market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  5. Waqar

    I live in two bedroom two washroom 1000 sq feet condo in don mills and englinton area in Toronto. Both the washroom completely renovated as well as Kitchen with new backsplash and counter top. What will be the selling price in current market rate ?

    1. Author
      TheRedPin

      Hi Waqar,

      Hope you’re enjoying your long weekend.

      Across the neighbourhoods of Flemingdon Park and Banbury Don-Mills, which both cross paths with Don Mills and Eglinton, 2 bed 2 bath condos between 1,000-1,199 square feet sold for an average price of $489,000 over the past 3 months.

      Waqar, please recognize this is a broad neighbourhood analysis. We can hone down your specific condo’s market value (factoring in things like your new backsplash and counter top) if you email us more details to inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  6. Izzy

    Hi, thank you for this very informative article.

    I want to buy a condo from the builder for investment. I would like to give it for rental when the condo is built.
    Could you please tell me if this is a good investment idea?
    Could you also tell me which area is good to buy for the future rental?

    Thank you
    Happy long weekend

    1. Author
      TheRedPin

      Hi Izzy,

      If you’re looking to invest in a rental property, buying pre-construction is definitely a smart move – specifically when working with a VIP agent.

      With a VIP agent, you’re granted early access to a condo’s sales cycle and can take advantage of lower prices, promotions that add up to $1000’s in savings and the opportunity to be among the first to invest in up-and-coming neighbourhoods.

      Top areas to invest include prime downtown spots, such as the Waterfront Communities. Moreover, the cities of Mississauga and Vaughan are becoming hot spots for pre-construction investment.

      Below, we’ve highlighted three pre-con projects as ranked by TheRedPin:
      Nobu
      M City
      Daniels Waterfront

      If you have any more questions about Toronto’s pre-con market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  7. Pauline

    Hi,
    Could you check the price for a semi-detached about 2000 square feet in Cornell area of Markham.

    Thank you

    1. Author
      TheRedPin

      Hi Pauline,

      Hope you’re having a great weekend.

      After digging up info for semi-detached homes in Cornell that were registered between 1,500-2,500 square feet on MLS, TheRedPin found the average price to be $948,652. The price is reflective of the period between January to March 2017.

      If you have anymore questions about the Markham housing market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  8. Sam

    Hello,
    I was wondering how much 2 bedroom new condo price changed in Yonge and Doncaster intersection.
    Thank you,
    Regards,

    1. Author
      TheRedPin

      Hi Sam,

      We can definitely help get you the numbers you’re looking for.

      In the neighbourhood of Grandview, Markham (which is where the intersection of Yonge and Doncaster lies) a total of four 2 bedroom condos sold between Jan to March 2017. The overall average price was $579,000 – up roughly 30 per cent from what prices were a year earlier. It’s worth noting Sam, since such a small number of condos were sold in your neighbourhood, the yearly price increase may be skewed.

      If you’re interested in receiving the value of your specific condo, factoring in things such as how new the unit is, please send over all your condo’s details to inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  9. Ajayan

    Hi Dan I

    Wondering what the avg price is for a semi-detached AND detached in bowmanville? (Area: Clarington). In terms of size say 1500 – 2000 sf if you have stats on that specific size. If not the avg price for the area will do as well. Thanks a lot for your help

    Aj

    1. Author
      TheRedPin

      Hi Ajayan,

      We really appreciate you reaching out to us in the comments section.

      Over the past three months, the average price of all semi-detached homes (not just those registered between 1,500-2,000 square feet) in Bowmanville, Clarington was $462,619 – up over 35 per cent year-over-year.

      On the other-hand, detached homes over the past three months sold for an overall average price of $625,723 – up over 40 per cent year-over-year.

      We didn’t include the square foot range as very few Bowmanville properties on MLS included the square foot size on their listing information.

      Best,

      TheRedPin

  10. Irfan

    Could you please check the present value of 5557 Northrise road Mississauga

    1. Author
      TheRedPin

      Hi Irfan,

      Thank you for reaching out.

      Since your request is equivalent to a home evaluation, we’ve passed on your details to TheRedPin’s team of inside-agents who’ll pin-point how much your specific home is worth.

      In the meantime, here’s a quick review of prices in your neighbourhood over the past three months: 3 bed, 3 bath semi detached homes in Central Erin Mills saw prices hover around the low $800’s.

      Expect an email in your inbox soon.

      Best,

      TheRedPin

  11. Danny

    HI…
    I own one bed room about 609 SQ FT on six floor at 1603 Eglinton ave west (Empire Midtown) it will be completed summer 2018 there for, I’m curious what is the value at this time.
    Thank you in advance.
    Danny.

    1. Author
      TheRedPin

      Hi Danny,

      Congratulations on purchasing a new pre-construction unit at Empire Midtown.

      Given your unit is yet-to-be built, we’ve passed on your inquiry to our team of salaried in-office agents to hone down a more accurate assessment of your condo’s value.

      Expect an email in your inbox soon.

      Best,

      TheRedPin

  12. Theresa

    What would a Three bedroom & 2 bath 1000 sq condo Lake view at Main & Danforth go for?

    1. Author
      TheRedPin

      Hi Theresa,

      Thank you for reaching out. After looking at sales in your neighbourhood of East End Danforth, we were unable to find comparable properties.

      After expanding the boundaries to include multiple east end neighbourhoods, we found the average price of 3 bed, 2 bath condos between 1,000-1,199 sq.ft to hover around $445,000 over the past 3 months.

      If you have anymore questions about Toronto’s east end condo market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  13. Soheila

    Hi!
    What is the market value of
    399 Sandford drive Newmarket Ontario. Thanks!

    1. Author
      TheRedPin

      Hi Soheila,

      Thank you for reaching out to TheRedPin Brokerage.

      Over the past three months, the median price of 3+2 bed, 2 bath detached bungalows in your neighbourhood of Central Newmarket was found to be $984,400.

      It’s worth noting Soheila, this is a general neighbourhood analysis and isn’t specifically what your home would fetch on the market.

      If you have anymore questions about the Newmarket housing market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  14. Damjan Gjelaj

    Hey , do you think it’s a good time to sell my condo 4101 Shepard ave e , 4 bedroom , 2 bathroom how much do you think I can get for it

    1. Author
      TheRedPin

      Hi Damjan,

      In your neighbourhood of Agincourt South-Mavern West, in Scarborough, the average price of 4 bed, 2 bath condos was $273,300 over the past 12 months.

      Spring is typically the hottest period to sell and prices are only set to continue at this pace as supply remains tight and buyers are out in full force during the next three months. However, deciding to sell is a deeply personal decision.

      If you’d like to speak with a salaried real estate agent to gain some free advice about whether it’s a good time to sell, contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  15. Vinny

    Im thinking about selling my condo in the Queen West (Queen and Gladstone) area in Toronto. It is a one bedroom + den 650 sq ft unit with parking. I’m wondering what it would be worth.

    Thanks,

    Vinny

    1. Author
      TheRedPin

      Hi Vinny,

      We can definitely provide you with a snapshot of prices around your condo.

      In the area immediately surrounding Queen and Gladstone, the median price of 1 bed + den condos between 600-699 square feet was $436,000 over the past 3 months.

      Since you’re thinking of selling, you may want to consider TheRedPin One program. If you buy and sell at the same time with our brokerage, you would pay 0% seller’s commission, which can add up to $10,000 in savings on your unit (based on comparable units).

      If you have anymore questions about the Queen West condo market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  16. Shilpa

    Hi, am leaving in stay M1C currently. Could you tell me how much are 4 bedrooms and 2.5 washrooms 2 storey detached houses are going for?

    Thanks,
    Shilpa

    1. Author
      TheRedPin

      Hi Shilpa,

      After searching sold properties in your postal code of M1C, TheRedPin found the average price of 4 bedroom detached homes was $1,056,546 over the past three months. However, we factored in houses with 3 washrooms, as no recent detached with 2.5 baths were sold in your area.

      If you have any more questions about the detached housing market or if you’d like a home evaluation conducted, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  17. Joy

    I plan to sell my 2 bed 2 bath condo (approx 900 sq ft, 6 year old building) in the Square One area of Mississauga. Curious what it would be worth now? Also will a resale condo be harder to sell since there are a lot of new condo buildings going up in the area which will have lower monthly condo fees (at least to start)? Thx in advance.
    Joy

    1. Author
      TheRedPin

      Hi Joy,

      Thank you for reaching out to TheRedPin.

      The median price of 2 bed, 2 bath condos that hover between 900-999 square feet in the Mississauga neighbourhood of City Centre was $417,450 over the past three months.

      Mississauga’s condo market is really booming, and sales climbed over 10 per cent in March 2017 versus March 2016. While there may be more “competition” as new high rise units are popping up in the area, your condo is of a larger size and comes complete with 2 full bedrooms and washrooms, rather than a den. Those are big advantages, especially since several ultra new condos are smaller. Plus, many new condos are coming down the line and are not currently available on the resale market.

      If you’d like some complementary advice from our salaried real estate agents on the Mississauga condo market, please reach out to us at inquiry@theredpin.com or call 647-827-1075.

      On an additional note Joy, if you’re thinking of selling your condo and buying another property and you’re not currently working with an agent, you may want to consider TheRedPin One program. If you buy and sell at the same time with our brokerage, you would pay 0% seller’s commission, which can add up to $10,000 in savings on your unit (based on comparable units).

      Best,

      TheRedPin

  18. Andy

    Hi
    Can you please advise about the average price for 2 bedroom condo at 250 Webb Dr. Mississauga…Any idea as to how much these condos appreciated since to last year?
    Thanks,

    1. Author
      TheRedPin

      Hi Andy,

      After looking up properties immediately around 250 Webb Drive (within 0.5 km), we found the median price of 2 bed condos to be around $422,103. That’s reflective of sold prices over the past three months. Also, the area saw prices increase roughly 29 per cent year-over-year.

      Just a note Andy, this price doesn’t factor in the number of bathrooms or the square footage of units. The figure is simply for all 2 bedrooms.

      If you’d like to know what your specific condo is worth, please send over all your property’s details to inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  19. LA

    Hi there

    Can you please advise about the average pricing for a 3 bdrm, three level 12 sq ft condo townhome in the William Curtis Circle neighbourhood of Newmarket for Q1 2017.

    Thx

    LA

    1. Author
      TheRedPin

      Hi LA,

      After searching up sold properties in your neighbourhood of Gorham-College Manor (which is where William Curtis Circle lies), TheRedPin found the following:

      Between January to March 2017, 3 bedroom condo townhomes between 1,200-1,399 square feet were purchased for an average of $615,400.

      If you have any more questions about the Newmarket housing market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  20. Heather

    Hello,
    I own a 700 square foot 1 bedroom condo in the Parklawn and Lakeshore area (Humberbay), Toronto. My building is 12 years old. I am wondering what the value of my home would be in this market?
    Thank you,
    Heather

    1. Author
      TheRedPin

      Hi Heather,

      Thanks for reaching out to TheRedPin Brokerage.

      Across your neighbourhood of Mimico, the average price of 1 bed condos between 700-799 square feet was $409,477 between January and March 2017.

      Please note Heather, this price serves as a snapshot of your neighbourhood and doesn’t factor in how old your condo is. If you’d like us to hone down specifically how much your unit would fetch on the market, please send over all your property’s details to inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  21. dawudi

    I am thinking to sell my condo in 16th and Markham road in Markham, 900 square feet with 2 full bathroom, 1 bedroom and 1 Dan. Please advice what will be the value of the unit. Thanks

    1. Author
      TheRedPin

      Hi Dawudi,

      After looking at condo sales immediately (1 km) around the intersection of Markham road and 16th, we were unable to find exact comparables. What we did find is all condos between 900-999 square feet (not specifically 1+dens) in your general area sold for a median price of $440,400 over the past six months.

      Please note Dawudi, this is a general snapshot of your neighbourhood, and not specific to your condo.

      On a side note, if you’re thinking of selling your condo and buying another property and you’re not working with an agent at this time, you may want to consider TheRedPin One program. If you buy and sell at the same time with our brokerage, you would pay 0% seller’s commission, which can add up to $11,000 in savings on your unit (based on comparable units).

      If you’d like some complementary advice from our salaried real estate agents on the Markham condo market, please reach out to us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  22. IMTIAZ SATTAR

    Hello,

    How are prices trending for 2 bedroom+den & 2 wash room approx. 1,000 sft condo in Liberty Village/East Liberty St., Toronto?

    Best,
    Imtiaz

    1. Author
      TheRedPin

      Hi Imtiaz,

      Hope you’re doing well.

      Over the past three months, 2 bed+den 2 washroom condos between 1,000-1,199 square foot in Liberty Village sold for an average of $668,263.

      If you have anymore questions about the Liberty Village condo market, please contact us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  23. Serge Casalese

    Hi there redpin
    I’m in Bradford on L3Z1R6
    On Barrier st, Bradford on… detached home…3 bedroom’s​ + …one and half bathrooms ..lot front age 46.25 × 150 feet please reply
    Thanks redpin
    Your truly Serge Casalese

    1. Author
      TheRedPin

      Hi Serge,

      Thanks for reaching out to TheRedPin for your inquiry.

      We believe you’re asking about a home evaluation. We can definitely help you on that front! One of our in-office salaried agents will be reaching out to you soon to pin-point how much your home is worth.

      Best,

      TheRedPin

  24. Howie

    Hi RedPin,

    I’m looking to know the following ,the average price of a 1 bedroom and den in the Islington Station area. The same for King and Bathurst . (600 sq ft)

    And finally the cost of a detached house in the Georgetown suburbs.

    Thanks

    1. Author
      TheRedPin

      Hi Howie,

      Yup we can definitely help!

      Below we’ve gathered prices for each of the areas you’re looking into. Prices cover the last months from February to April 2017.

      – All 1 + den condos between 600 – 699 square feet that sit within a 0.6 kilometer radius of Islington Station sold for a median price of $390,000.

      – When applying the same criteria above to King and Bathurst, median prices were found to be $505,000.

      – All detached homes (regardless of size and number of bedrooms) in Georgetown sold for a media price of $751,250.

      If you have any more questions or would like complimentary advice from a salaried fully licensed agent, please reach out to us at inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  25. Shabnam

    Hi Redpin,

    How do you value 2 bed bath condo in 28 Pemberton, North York?

    Shabnam

    1. Author
      TheRedPin

      Hi Shabnam,

      We can definitely get you those numbers.

      Over the past three months (Feb – April), 2 bed 2 bath condos within 0.4 kilometeres of 28 Pemberton in North York sold for an average price of $586,042. It’s worth noting Shabnam, this figure isn’t reflective of just units in your building but nearby condos as well. Moreover, this figure factors in all 2 bed 2 bath condos regardless of their square footage.

      If you’d like to have an in-depth condo evaluation done, please send over more of your property’s details to inquiry@theredpin.com or call 647-827-1075.

      Best,

      TheRedPin

  26. jose

    Hi It’s jose,
    want to invest in 2 bedrooms high end(granite counter top, fireplace condo in dundas/Hamilton,ontario. its a quiet small town of 30000 people and close to all amenities ,mcmaster hospital and university . 100 sq ft about two years old and excellent location .one parking and walk to bus or shops. 10 minutes drive to 403 or drive to go station. please advise if you are familiar with the market value

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