As we head into 2024, things are looking bright for potential new home and condo purchasers in Toronto. While the Toronto real estate market has been facing some challenges, there is hope for a rebound in 2024.
According to reports from RE/MAX, there was a decrease in average sale prices and the number of sales in the Greater Toronto Area (GTA) between 2022 and 2023. The average sale price decreased by 5.9%, from $1,203,916 in 2022 to $1,132,681 in 2023, and the number of sales decreased by 13.5%, from 67,452 in 2022 to 58,367 in 2023.
In the GTA in 2023, the market was considered a seller’s market. However, there could be a shift toward a balanced or buyer’s market by the end 2024, depending on the neighbourhood in question. Average residential sale prices are predicted to drop by 3%, whereas the number of sales is expected to grow by 10.4%.
The top three areas to keep an eye on in the GTA are the Durham Region, Markham/Richmond Hill, and downtown Toronto. Durham Region is particularly attractive due to its affordability and value. Markham/Richmond Hill is gaining popularity due to improved affordability, and downtown Toronto remains desirable for its access to public transit and walkability, as well as its proximity to endless amenities and cultural attractions.
In terms of new construction trends, there is a focus on smaller condo units that offer desirable amenities like terraces, swimming pools, and fitness facilities.
According to the Toronto Regional Real Estate Board (TRREB), the condo market has become more balanced, with sales increasing but listings growing at a faster rate. This has led to a slight decrease in the average price, providing some relief amidst higher borrowing costs. The market conditions have provided more choice and negotiation power for first-time buyers, resulting in lower selling prices on average. While the market is expected to tighten in the second half of 2024, relief in borrowing costs (including interest rates) is anticipated in 2024 and 2025 due to population growth and market trends. This, coupled with a relatively resilient economy, should make home ownership affordable for more households this year and moving forward.
According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is projected to reach $843,684 in Q4 2024, with a 5.5% annual increase, while the median price of a condo will jump 5% to $616,140. The majority of price appreciation is expected in the second half of 2024, with modest quarterly increases in Q3 and Q4. The prediction is based on the assumption that the Bank of Canada has finished raising interest rates and will hold the key lending rate at its current 5% through the first half of the year. Modest interest rate cuts are expected to begin in the late summer or fall, potentially pushing home prices up.
Overall, this is good news for the Toronto real estate market. A rebound in home sales is anticipated, driven by lower borrowing costs and increased affordability. According to Phil Soper, the President and CEO of Royal LePage, with the right conditions, the market could return to mid-single-digit home price appreciation, which is a healthy long-term affordability level.
Despite the challenges posed by the current market conditions, according to a Leger survey commissioned by Re/Max, 73% of Canadians consider real estate a sound long-term investment. What do you think? Learn more about new condos and townhomes for sale in downtown Toronto by checking out BAZIS’ new communities.
The pandemic has been a turbulent time for real estate in the Greater Toronto Area (GTA) and Canada at large. Whether you’re contemplating purchasing your first new home or condo, moving to a larger home, downsizing, or investing in real estate, you’re likely interested in the market and in being kept apprised of the latest trends and developments.
According to the Toronto Regional Real Estate Board (TREB), total residential real estate transactions were down 18% last month compared to the year before (9,046 transactions in September of 2021, compared to 11,033 transactions in September of 2020), and total new listings were down 34% compared to last year (just 13,483 listings in September of 2021, compared to 20,441 listings in September of 2020). The sharp decline in listings and smaller decline in transactions shows that there is a lack of supply in the GTA real estate market, so it’s not surprising to see that the average selling price increased 18.3% year over year (for an average of $1,136,280 in September of 2021, compared to $960,613 in September of 2020). Listing days on the market have also decreased (14 days in September of 2021, compared to 16 days in September of 2020).
With new home and condominium prices on a steady upward swing – with no sign of stopping – the best time to buy real estate in the GTA is, as always, as soon as possible.
RBC’s latest Housing Trends and Affordability Report, which measures affordability based on ownership costs as a percentage of household income, rose to a 30-year high in the second quarter of 2021. In Toronto, the report shows that the share of income a household would need to cover ownership costs is, on average, 59.1%.
The share of income necessary to cover the costs of owning a single-family detached home in the GTA is rising rapidly, making this dream more and more difficult for families to achieve. Soaring demand for detached homes during the pandemic made these homes’ prices increase even more. Fortunately, owning a condo apartment continues to be a more affordable option for many families, young professionals, and empty nesters and downsizers. Semi-detached homes and townhomes are also great options that offer much more value than fully-detached single family homes.
The strong real estate market can make getting into the market a challenge, but is good news for home owners and investors. For those considering purchasing a home or condo, the time is now. Toronto’s real estate market is strong and will have many opportunities for sellers, buyers, and investors alike.
The long-anticipated launch of BAZIS’ newest Toronto townhome community, Bartley Towns, is finally here!
Ideally located at Eglinton and Victoria Park within an established residential neighbourhood that’s also in the midst of a commercial and residential revitalization, Bartley Towns is the family-friendly Toronto community that many residents have been eagerly awaiting. What’s more, it’s an incredible neighbourhood to invest in.
Many Toronto residents have spent the last 16 to 17 weeks in some degree of isolation due to the COVID-19 crisis, and during this time have looked around the place they live and realized that they’re in need of a change. The new townhomes at Victoria Park and Eglinton, Bartley Towns, offer just that.
With access to the DVP north and south highway immediately adjacent to Bartley Towns as well as easy access to the new Eglinton LRT, the community is perfectly situated. The townhomes also offer incredible designs, beautiful finishes, and limited time exclusive incentives.
The Toronto Real Estate Market Is as Strong as Ever
In July 2020, we’re currently in the midst of what is really, for many, a surprising recovery in terms of the Toronto real estate market. In the past few months, we’ve seen a slow and steady recovery, with each month doubling the sales results of the previous month. June sales levels were back up to what would be expected pre-pandemic.
Post-COVID-19 Real Estate Market Recovered
With 8,700 resales last month, the real estate market shows that it has bounced back to the numbers that would be expected during normal times. These resales cover all product ranges and types, particularly townhomes, which have seen very strong demand and growth.
Pricing, too, has bounced back. Prices have risen between 10-14% the past month, reflecting the tight supply and high demand.
These numbers show that consumers are ready to buy. Although they’ve been sitting on the sidelines watching how the pandemic plays out, they’re now ready to jump into the market and buy. If you’ve been considering buying a new home or townhome in Toronto, now is the time to act – especially since supply is low and builders like BAZIS are now offering special incentives.
BAZIS: Rewriting Toronto’s Urban Story
BAZIS has a long reputation of designing luxurious living spaces with the utmost attention to detail. Being able to successfully combine visionary architecture and design with marketing and construction has turned BAZIS into a reckoning force in pronouncing the city’s landscape.
As a company, we’re known for creating contemporary luxury condominiums and homes located in prime neighbourhoods throughout Toronto.
“At BAZIS, we pride ourselves on design, quality and the prime locations of our projects,” says Veronika Belovich, Vice President of BAZIS.
Unique architecture and high standards of luxurious finishes are reflected in past and present projects which include Bartley Towns, Crystal Blu, Emerald Park, Exhibit, eCondos and 1 Yorkville. Each of these developments is crafted with exquisite design, superior location and elaborate amenities.
Welcome to the Neighbourhood
Bartley Towns is perfectly situated to meet the growing needs of today’s modern families. The townhome community is located on Victoria Park just a bit south of Eglinton and just east of the DVP, 600 metres to the Sloane LRT stop and about a 10-minute walk to Eglinton Square (which is going through a major redevelopment). Just beyond that, the famous Golden Mile has a Walmart, Joe Fresh, shopping, schools, restaurants and more.
Bartley Towns is located close to numerous public and private schools, libraries, community centres and parks with ample green space and walking trails.
Toronto’s newest townhome development has it all, including movie theatres, museums, grocery stores, and several public transit options.
Eglinton and Victoria Park Amenities
Check out our blog post “40+ Shops, Restaurants, and Amenities Near Eglinton and Victoria Park at Bartley Towns” to review a sampling of the existing amenities in this family-friendly neighbourhood.
The neighbourhood boasts 55 restaurants, bars and coffee shops in Victoria Village, and Bartley Towns has 17 schools within a 20-kilometre radius. It has a bike score of 57 – it’s minutes away from the safest and most enjoyable biking trails in the City of Toronto.
The community also has a strong walk score of 69 – leave the car at home and walk to shopping malls, restaurants and entertainment.
Bartley Towns’ strong transit score of 68 exists in part because residents will benefit from the brand new LRT, which is scheduled to be completed by May 2022 (well before Bartley Towns move-ins begin). The Eglinton Crosstown LRT’s development and construction represents an $8.4 billion investment and is set to be a major Toronto transportation artery in the near future. The LRT’s speeds average 28 kilometres per hour, which is up to 60% faster than travel now.
An Exclusive Collection of Just 84 Townhomes
The exquisite collection of just 84 townhomes are all freehold townhomes, which means that you own the home itself.
The townhomes share a common element – the roadway – and so there is a monthly maintenance fee, although it is very low at just $113.95/month.
Home Designs and Floor Plans to Suit Your Lifestyle
Bartley Towns’ home designs are ready to be explored. Elegant brick, stucco, and accent details are meticulously brought together in an interplay of delicate colours and timeless proportions. Expansive and refined windows frame park views from the inside, and charming front yard landscapes embellish your clean and sophisticated front entrance.
The floor plans are primarily 4-bedroom homes, with some having the option to go to 3 or 5 bedrooms. The homes feature multiple balconies and a lot of flex space so you can live in style and enjoy your time at home, every day. Flex space such as a den or home office allows you to customize your home to suit your lifestyle. The kitchen and family room are designed in an open-concept fashion, with different options available to give you various configurations, so you can choose the layout that suits you best.
The floor plans feature large bedrooms and bathrooms, with the option of turning one of the bedrooms into a more open-concept family living space if you only need 3 bedrooms instead of the standard layout of 4 bedrooms. Explore the 7 distinctive floor plans.
Luxurious Features and Finishes
Bartley Towns’ thoughtfully planned open-concept layouts are developed to complement your family’s desires and needs, making your home a distinct expression of your personal taste and style. Building on this, the homes feature luxurious finishes inside and out.
Distinct finishes include tall 9’ ceilings on every single floor, high performance laminate flooring on lower and main levels, beautiful natural-finished oak staircases, elegant quartz kitchen and bathroom countertops, ceramic tile kitchen backsplashes, framed glass showers, and much more.
The community features special incentives as well as an extended deposit structure, so get in touch with our sales team ASAP to take advantage of these limited time offerings (not detailed above).
Book Your Appointment Today
Please contact our sales reps John Ly and Nassim Heshami at email@example.com or 416-639-8788 if you would like to make a virtual or in-person private appointment at our Sales Office (located at 250 Shields Court, Unit 1, in Markham). Signing of documents is available via DocuSign or in person. Deposits can be made via wire transfer or by bringing cheques to our Sales Office.
Bartley Towns’ move-in dates (closing dates) are scheduled for January 2023, and construction is set to begin in the spring of 2021.
Visit the Bartley Towns page to discover the home designs, explore the beautiful features and finishes, and to book your private appointment with our sales team today. And make sure to follow BAZIS on social media (Facebook, Twitter or Instagram) for more news, info, and the latest updates.
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