Toronto on the Rise....Again.
Toronto Real Estate Board MLS system recorded 7,531sales in April 2023 – down by just 5.2 percent compared to April 2022. Alternatively, on a year-over-year basis, new listings were down by 38.3 percent in April 2023.
“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief Market Analyst Jason Mercer."
Laneway housing and garden suites have already opened change within our backyards. This month a dramatic new zoning bi-law was passed allowing 'Yellow Zoned' single-family neighbourhood homes to be transformed into duplexes, triplexes and fourplexes...and fast-tracked the timeline from months to 15 days! Previously 70% of residential areas in the GTA permitted only single-detached homes.
Attached is Sothebys' Top-Tier Spring Luxury Report that provides a snapshot of luxury real estate across Canada.
May's monthly Real Escapism is historic on an epic note. The childhood home of Nina Simone, the High Priestess of Soul, was set for demolition before cultural and celebrity intervention saved the 650 s.f. iconic house. On May 20th, Venus Williams, Adam Pendleton, and friends, assisted by Sotheby's' Auction House, raised approximately $6,000,000 to restore it.
Please enjoy the newsletter and we hope to see you at our 25 Berryman Street open house tomorrow. Please let us know if you can make it. :)
Lisa Marie, Linda, Lori and Cherry