Eastern Toronto Real Estate Market Statistics: Q2
Recently, the Toronto Real Estate Board released their sales statistics for the second quarter of 2019, encompassing April May and June. We’ve looked over the numbers and today we aim to provide you with a basic walkthrough of those statistics and what they mean for the climate of humble area. The real estate market of eastern Toronto is as lively as our local streets and we hope this little look behind the curtain helps you in your quest to buy or sell a home in eastern Toronto!
Eastern Toronto is one of the fastest growing areas of the city, with detached home sales increasing in price by up to 15.2% since the beginning of last year. It is made up of a number of prestigious communities that offer the convenience of being close to downtown while still feeling local and friendly.
Note: All statistics reported on in both text and graphic form in this article are from April, May, and June of 2019 and are taken from TREB Community Reports, last updated August 6, 2019
For those new to Toronto real estate, areas are broken into “communities” which typically encompass several neighbourhoods together. Today we’ll be looking at the communities of E01, E02, and E03. From Leslieville to the beaches, here are the real estate statistics for eastern Toronto.
E01 is the home of our brokerage, Envision Realty, and a wonderful mix of well-established and up-and-coming neighbourhoods. The E01 Community includes the areas of North Riverdale, South Riverdale, Blake-Jones, and Greenwood-Coxwell. The area is growing quickly and sees a lot of action, with 378 new listings and 249 sales this quarter selling at an average price of $1,104,054. These listings move quickly as well, only staying on the market approximately 10 days. For reference, over the whole of Toronto, the average days on market for the month of July 2019 was 23. The area just east of downtown is in high demand and that demand is only growing with time.
Most sales in E01 consist of semi-detached homes, with fits with the relatively low number of high-rise condo apartment buildings in the area. Prices for semi-detached homes in the area of North Riverdale average approximately $1,437,000, making them the priciest in the area, with numbers going down to roughly $931,000 in the Greenwood-Coxwell area, proving that the farther from downtown you are, the more expensive things tend to get.
The main area in E01 to see much action in the condo department was South Riverdale, which fits with the number of developments new and old in Leslieville, especially around Dundas and Carlaw, and Queen and Logan. They average $818,000 in price.
The community of E02 includes the Woodbine Corridor, East End-Danforth, and The Beaches. Of these areas, The Beaches easily sees the most action, making up 135 of the whole area’s 251 sales. The average price of homes is $1,190,397 (highest again in the beaches at an average of 1,366,466) with another incredibly low days on market rank at 11. There were 385 listings in the area during the quarter.
Semi-detached homes continue to be the main source of home sales, but detached homes and condo apartments abound in The Beaches. Sales in the beaches are as numerous that that top every other division in the East end, with only South Riverdale with its many condo developments coming in next. With its fresh constructions and stunning lakeside views along Woodbine Beach, it’s no wonder that this neighbourhood is so desirable. We certainly love taking a stroll on the boardwalk now and again!
E03 covers a large area containing the communities north of E01 and 2. These include O’Connor-Parkview, East York, Broadview North, Danforth Village, Crescent Town, Danforth, and Woodbine-Lumsden. As such, the number of transactions is higher at 294, with a huge number of sales at 522. The sales largely come from the Danforth-East York area, and Woodbine-Lumsden. The average price of homes in the area is $987,961, with prices highest in the small number of transactions in the Playter Estates topping out at an average of $1,453,545 between 22 transactions.
Many areas in E03 feature a high number of detached homes, such as O’Connor-Parkview, East York, Danforth, and Woodbine-Lumsden. Crescent Town contains the highest number of condo apartments, due to the Massey Square developments. The older buildings fetch a lower price than is typical in most of the city, sitting around $345,000.
All of these statistics aren’t much help without anything to compare them to. Here are the real estate sales statistics for a couple of Toronto’s major neighbourhoods.
C01, the heart of central Toronto, includes the communities between Yonge St, the north-west slope of Dundas St W, and Bloor. Almost half of the area’s sales come from the Waterfront Communities, nearly all of the transactions being condo apartments with an average price of $741,000, which explains the lower average. Semi-detached houses in C01 tend to average around $1,300,000, with the rare areas offering detached homes going up to around 1,900,000.
W01 begins the journey into western Toronto, starting at Dundas St W, and then west to the winding humber river, and up to Bloor. The area has a pretty healthy mix of condo-rich communities and detached and semi-detached homes. Prices lean fairly close to those on the eastern side.
Looking farther east to compare the distance between our more centralized focus, E08 is the lakeside portion of Scarborough, bordered roughly by the northward curve of Danforth Rd, levels out along the train track, and reaches to Midland Ave on the west.
The majority of the area’s sales come from detached homes, with condo apartments coming in second. While detached homes are a commodity, this far east they go for a comparably low average of around $900,000, with condos at about $380,000.
As we can see comparing the numbers, our local communities of E01, 2, and 3 comprise a very hot market that sells quicker than average, especially in these warm summer months. They are a great choice for newer families, with the large number of semi-detatched homes available, and a great investment as the area only grows in reputation with new business and infrastructure daily.
The low number of condos currently available do make them rather pricey, but hopefully the pressure will be relieved as newer developments such as the Logan Residences, Wonder Condos, The Poet Condos, and the Lofthouse Condos are built. (Psst, If you’re looking to get in early, we can help!)
With its rapid growth and convenience, eastern Toronto is a prime location for both living and earning, and we hope you found this information useful in your real estate considerations. If you’re looking to speak with professionals in the heart of the area, please contact us and Envision Realty will be happy to help! We also have another blog entry dedicated to advice, tips and tricks on how to move into the area if you’re interested.