June Housing Market Update: Four Active Listings in the GTA this Week
Amongst higher mortgage rates and increasing borrowing costs, the GTA has seen a pitfall in the number of home sales, competitive bidding wars, and sale prices in the housing market throughout May.
Home sales have significantly decreased across the Greater Toronto Area, creating a 10% increase in the sales-to-new listing ratio. Approximately 6,655 new listings went up from May 4th to June 6th, returning only 2,456 homes sold over the same timeframe.
Average prices remain high this month, with a 10% increase from June 2021 to June 2022, but they’ve taken a slight dip of 2.6% from April 2022 to May 2022.
Average Resale Home Price Monthly From 2021 - 2022 & Sales-to-New-Listing Ratio Monthly from 2021 - 2022
Agents and real estate experts are looking towards the resale market for a more balanced buyer experience as prices remain competitive for up-and-coming pre-construction projects. Potential buyers anticipate the likelihood of lower prices as the summer proceeds. If buyers continue to hold off on the growing supply of listings, the sales-to-new listing ratio will inevitably increase. This shift in seller/buyer power could pilot further price reductions that reflect a more balanced market.
Let’s take a closer look at the market with four active resale property listings in the GTA!
1. #1002 100 John Street, Downtown Brampton - Listed for $699,900
Welcome to Downtown Brampton!
This 2+1 Bed 2 Bath condo is listed for $699,900 at Queen St E and Centre St N.
100 John Street is about 6-10 years old, ringing in with a walk score of 75.
Unit 1002 is located on the 10th floor with a living room space that walks out to an open patio terrace.
The unit has a fridge, stove, microwave, dishwasher, washer, and dryer. The monthly maintenance cost is $676.69/mo, and the estimated monthly mortgage cost is approx. $2,576/mo.
As per 2022’s market conditions, the approximate value of a 2 bed 2 bath (1000-1199Sqft) condo in the Downtown Brampton area is $748,893. While this may be the average estimated value, similar condos are selling for significantly less. On June 1st, a 2+1 Bed 2 Bath 1000-1199Sqft condo at 24 Hanover Rd sold for $695,000 after being listed for $699,900. Comparatively, on May 27th, a 2 bed 2 bath 800-899Sqft condo at 9 George St N sold for $650,000 following a lower listing price of $595,900.
Is #1002 – 100 John Street worth the investment? This condo is conveniently equipped with a gym/exercise room, concierge service, a games room, and guest suites. In addition, residents of 100 John Street have ample access to public transit, parks and recreation, schools, and Hwy 410. With up to 3 bedrooms and two full bathrooms, buyers can strategically lease this space with a rental price that cover the monthly mortgage and maintenance fees.
2. #401 5 Kenneth Avenue, North York - Listed for $699,800
Introducing the beautifully upgraded unit #401 at 5 Kenneth Avenue, North York!
This condo is a 1+2 Bed, 2 Bath 1093Sqft renovated space listed for $699,800 on June 6th.
With access to a locker and garage parking, 5 Kenneth Avenue also includes an exercise room, an indoor pool, bike storage and concierge service. This fantastic unit features a large master bedroom + ensuite bathroom that walks into a glass solarium office space, plus a second room that can be used as a guest bedroom or second living room. Furthermore, the open-concept kitchen parts off into a dining room area and living space, making it the perfect set-up for hosting guests! The monthly maintenance costs come out to $1066/mo with a monthly mortgage estimate of around $3,441/mo.
The approximate value of a 1 bedroom (1000-1199Sqft) condo in the Yonge and Sheppard area is $804,780. On June 6th, a 1+1 Bed 1 Bath 900-999Sqft condo at 15 Dekoven Mews sold for $678,000 following a listing price of $695,000. On the same day, a 2 Bed 2 Bath 1400-1599Sqft condo at 15 McMurrich St sold for $849,000 with a $899,999 listing price.
With a great location in the heart of North York, several appealing amenities, and wondrous upgrades that contrast beautifully with the natural lighting of this unit, #401 5 Kenneth Avenue is worth a second look!
3. 45 Playfair Rd, Whitby - Listed for $899,000
Out in the East End and upgraded to near perfection – 45 Playfair Rd is an attached townhouse of 2085Sqft with 3 beds and 3 baths, listed for $899,000.
This upgraded property was listed on June 6th and comes with a backyard, deck, and a garage plus two parking spaces. The master bedroom has an upgraded ensuite bathroom, and the two additional bathrooms in the suite are upgraded with brand-new finishes as well. 45 Playfair Rd has a walk score of 51 with ample access to parks, schools, shopping, and Hwy 412. The estimated mortgage cost for this renovated townhouse is $3,309/mo.
The approximate value of a 3-bedroom townhouse in this area is $801,430. On June 5th, an upgraded 3 bed 3 bath townhouse at 19 Benjamin Way, Whitby sold for $850,000 with a listing price of $879,000. A week prior on May 27th, an upgraded 3 bed 3 bath townhouse at 51 Melody Drive, Whitby sold for $822,000 following a lower listing price of $699,000.
45 Playfair Rd is an excellent property for families or groups looking for a functional space east of the city. This townhome has a beautiful exterior to match its upgraded interior, making it the perfect investment for future appreciation.
4. 3 Willowlea Dr, Scarborough - Listed for $995,000
Located conveniently next to Hwy 401 and Rouge Valley, 3 Willowlea Dr is a 3+2 Bed 2 Bath detached bungalow with a fully finished basement listed for $995,000.
This 1-Storey + basement home is upgraded with a new furnace, new flooring, a refreshed open concept (thanks to a handy wall removal), renovated basement, and all new appliances, including a washer and dryer. The property rolls in an estimated mortgage of around $3,662/mo. 3 Willowlea drive is close to schools, shopping, public transit, and the city’s major highway.
The approximate value of a 3-bedroom house in the Highland Creek area is $1,336,430. On June 6th, a 3 Bed 2 Bath two-storey home at 90 Andona Crescent sold for $980,000 with a listing price of $949,000. On June 8th, a 3 Bed 2 Bath bungalow at 36 Saffron Crescent listed for $1,049,000 sold for $1,000,000.
3 Willowlea crescent is a beautiful property with worthwhile upgrades that put a strong finish on a practical space. Located in Scarborough East with ample access to public transportation and Hwy 401, this property is perfect for frequent commuters and city dwellers!
These four properties are only the start of a long list of eligible resale homes throughout the GTA. The current market trends are indicative of an oncoming balanced market that will not only give buyers more negotiating power but will also create new housing opportunities for savvy investors with long-term real estate goals.
If you’re interested in any of the homes above, or if you’re looking for a similar resale property as your next investment – feel free to click the link below to schedule a call!
Let’s make this market work for you!
