Toronto Real Estate News Roundup: July 2019

09 July 2019
Robert Greenberg Team

It’s been a busy summer in Toronto real estate, so let’s dive right into it. 

As your trusted Toronto luxury real estate agent, I’ve gathered the most important real estate news for homeowners and investors alike that are in the market for high-end Toronto properties:

One of Canada’s Largest Real Estate Projects is Coming to Downtown Toronto

Oxford Properties Group is planning a $3.5-billion development in downtown Toronto that, if realized, will be one of Canada’s largest real estate projects. 

The 4.3 million-square-foot development will be built on a four-acre site just north of the Rogers Centre and the CN Tower. The development will be a mixed-use complex called Union Park; it’ll be Oxford’s biggest investment to date, usurping Manhattan’s Hudson Yards, the $25-billion project they’re co-developing with Related Cos. 

Read the full story here.

40 Per Cent of Toronto Condos are Investor-Owned, Driving Prices Up

Almost half of Toronto condo owners don’t live in the condos they own, with the majority renting them out, using them as a second home, or just leaving them vacant. 

While this isn’t as high as Vancouver (45.7 per cent are owned by investors), the ramifications on the housing market are clear: According to John Pasalis, a Toronto housing market analyst and president of Realosophy Realty,condo prices are on the riseas a result of investors. 

Read the full story here.

The Best (and Worst) Toronto Neighbourhoods for Real Estate

A new study from an urban land economist and city planner illustrates changes in home prices in Toronto neighbourhoods since the 90’s, and east end localities made the biggest gains in value. 

Since 1996, the top-performing submarkets are Leslieville-Riverdale, East York-O’Connor, and the Beaches. “The three highest growth neighbourhoods since 1996 are all next to one another,” writes Dragovic.

The city-wide average value rose 13 per cent; the Leslieville-Riverdale and East York-O’Connor districts, however, were the only two TREB areas to see annual increases average more than 20 per cent, unadjusted for inflation.

Read the full story here. 

Toronto New Home Sales Increase 94% - Its Highest Level in Over 16 Years

Thanks to home prices dropping (finally), Greater Toronto Area (GTA) new homes sales spiked to 94 per cent, its highest level in 16 years. 

According to Atlus Group’s May figures, a typical single-family home saw its average price dip to $1,109,501 in May, down 3% from the same month last year. Prices are now down 15.3% from the peak home price reached in mid-2017.

The opposite is true for condos. The price of a typical new condo apartment in Greater Toronto is higher than last year, but fell from peak. The average condo touched $779,687 in May, up 2.8% from the same month last year.

Read the full story here. 

Stay up to date with the Toronto real estate news that matters to you –  check out our news section for regular updates, blogs, and insights.