Uptown Toronto Neighbourhoods Real Estate Update
March 4, 2016
Approaching the quarter pole for 2016 the following is a snapshot of the real estate market in Toronto's popular Uptown neighbourhoods. The Allenby neighbourhood has been the busiest thus far with 21 sales recorded. Not a single one of these sales went for under $1 million. I guess that price point has gone the way of the Do Do bird. The average days on the market for a house in Allenby is currently 10 days with an incredible 110% list to sale price ratio.
The Lytton Park neighbourhood just to the north of Allenby has been much quieter with just 6 sales recorded thus far. The lack of sales is not all that surprising given there is almost no inventory of homes for sale. Lytton Park homeowners have arrived so to speak and they love their neighbourhood so there is little motivation to sell and houses rarely come on the market. The average price sale this year in Lytton Park is $1,934,000. What is noteworthy about this small sample size is that includes original housing stock only and no new homes which are now selling in the $3.2-$4.2 million range.
The Bedford Park neighbourhood north of Lawrence has recored 11 sales so far this year. These homes sold with an average sale price of $1,642,000 and a 108% list to sale price ratio. Average time on the market was just 5 days. Semi-detached homes are now selling in the $1 million dollar range with most topping that mark. Smaller detached homes from the original housing stock are now selling for between $1,275,000-$1,400,000. These are generally updated but without significant improvements or additions. The renovated older housing stock and the 15-30 year old new builds are filling in the price niche between $1.5-$1.8 million. New custom builds on smaller lots start at $1.8 million while the new builds on premium lots are now topping the $2 million mark.
The Wanless Park neighbourhood on the east side of Yonge, north of Lawrence has been particularyl quiet so far this year with just 6 sales. This low total is not surprising as Wanless Park homeowners traditionally hold off selling their homes until after the March Break. The 6 sales recored thus far were all detached homes with an average sale price of $1,503,000. These homes were on the market for an average of just 6 days and sold with a list to sale price ratio of 102%. Expect the average sale price in Wanless Park to skew higher once some of the new homes currently under construction in this neighbourhood are listed and sold.
The exclusive Lawrence Park neighbourhood east of Yonge and south of Lawrence has recored 9 MLS sales so far this year. In this first quarter Lawrence Park has the highest average sale price of all the Uptown neighbourhoods at $2.579.000. These sales were comprised of building lots and renovated older housing stock. Considering that none of these sales were new custom home builds the average sale price firmly places Lawrence Park among the elite Toronto neighbourhoods. The average time on the market for these sales was 5 days while the average list to sale price ratio was a lofty 105%.
South of Lawrence in the heart of Uptown Toronto the North Toronto neighbourhood has been realtively quiet so far this year with just 8 sales. The average sale price for these homes was $1,505,000. These North Toronto homes sold on average in just 7 days with a 105% list to sale price ratio. The sold homes in this sample included a starter semi-detached that sold for just under $1 million, a selection of new semi-detached townhomes that sold in the $1.2-$1.6 million range and two new custom built detached homes on 25 foot frontages that just for just under and just over $2 million.
It does not seem that long ago that Davisville Village was an entry level neighbourhood for first time buyers. Based on the current maket that would no longer be the case with an average sale price of $1,247,000. here have been 10 sales recored in Davisville Village so far in 2016. The average days on market for homes in this neighbourhood is just 6 days . The average list to sale price ratio of 109% is the highest in Uptown likely attributed to the fact that Davisville Village is more affordable than neighbouring Uptown neighbourhoods.
The overall analysis of Toronto's Uptown real estate market so far in 2016 is demand far outweiging supply and therefore pushing prices upward with real estate prices across Uptown up between 10-15%.
Uptown Toronto neighbourhood real estate insights provided by David Dunkelman, Broker, Royal Lepage Realty Ltd., IND Owned and Operated Brokerage. You can contact David at Office: (416) 443-0300, Cell: (416) 726-6574, email: firstname.lastname@example.org or visit the website www.realestatewithdavid.com
** The information provided herein is compiled from source data obtained from the Toronto Real Estate Board. It is presented here for information purpose only. All data are subject to updates and revisions. The author assumes no responsibility for the accuracy of any information shown.