Amid dark times, Toronto real estate remains a bright light in 2021

Insatiable buyers plus limited inventory equals rising prices

Author of the article:

Brynn Lackie

Publishing date:

Jan 10, 2021  •  Last Updated 1 day ago  •  3 minute read


We may only be one week into 2021, but on the real estate front the new year is off and running.


The resilience of Toronto real estate in the face of a global pandemic and all of the subsequent economic fallout has been nothing short of incredible.eland Baldwin poses in just boots on Instagram

Although there’s certainly been no shortage of media attention on the subject — particularly the record-setting sales figures within the Toronto market that have spilled into neighbouring markets and driven the 905, 705 and 519 area codes into uncharted territory — it remains endlessly fascinating to many.

And for good reason….

According to data just released by the Toronto Regional Real Estate Board (TRREB), this past December set a monthly record for sales with a year-over-year increase of 64.5%. That holiday slowdown we have been conditioned to expect? It never happened. In the absence of packed social calendars and holiday gathering fatigue, buyers stayed focused and stayed in the game.

It’s quite simple: insatiable buyers plus limited inventory equals rising prices.

Even during the literally dark days of December, alongside rising case counts and the introduction of further lockdown measures, the demand for freehold houses continued.

The condo market has been another story entirely. Hardest hit by the fallout of COVID-19, this portion of the market has softened over the course of the last nine months. Between the pandemic’s almost immediate decimation of the rental market coupled with the city’s Airbnb ban, investors evidently held on as long as they could before dumping units en masse. September, coinciding with the expiration of the first round of lenders’ mortgage deferral programs, saw the number of new condo listings coming to market more than double.

“The supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. In contrast, growth in condo listings far outstripped growth in sales. Increased choice for condo buyers ultimately led to more bargaining power and a year-over-year dip in average condo selling prices during the last few months of the year,” said Jason Mercer, TRREB’s chief market analyst.”

But there are signs the resale condo market may be waking back up again.

As has been widely acknowledged, the impacts of the pandemic have been imbalanced. While unemployment has skyrocketed and countless businesses have been forced to close, there are still many who are doing well — if anything, the pandemic has curbed their lifestyle spending and forced savings. This is one of the reasons the real estate market is so strong.

 Between historically low interest rates and nearly a year’s worth of savings, coupled with seismic shifts in where and how people work and live, much has changed in a year.

For people with money to burn, the age-old idea that there’s money to be made in a downturn certainly applies. And that’s what this is — a downturn not a crash. Investors aren’t gone they’re on standby, watching and waiting intently as they attempt to time the bottom of the market.

With optimism on the vaccine front, interest rates likely to hold for the foreseeable future, and a government scaffolding our economy with stimulus, the conditions are right for investors looking to scoop up some deals in anticipation of the recovery. And looking at the December sales figures, an uptick in condo sales in the last week of the month indicates we may be on the up again with prices sure to follow.

Simply put, Toronto will always be Toronto and one day COVID will be behind us, the downtown office towers will be full again and the city will again be a magnet for business, industry and culture. Investors know this.

The wild card here will, of course, be the pandemic itself — with what’s sure to be a dark winter ahead of us, it’s hard to even imagine life on the other side, let alone what an economic recovery will look like.

But even on our darkest days, we can rest assured it’s a when not an if.

— Brynn Lackie is a second generation realtor and life-long resident of Toronto

@brynnlackie

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WHY YOU SHOULD LIVE IN MAPLE, VAUGHAN:


With an abundance of parks, trails and green spaces, dozens of high quality education options from pre-school to post-secondary, excellent public transportation, and easy access to Downtown Toronto, there’s a reason why Vaughan Ontario consistently appears in top-ten lists of best places to live in Canada.


Though no longer experiencing the dizzying level of growth it experienced between 1996 and 2006, Vaughan is still a growing city. According to Statistics Canada, Vaughan’s population increased by 6.2% between 2011 and 2016.


Maple is one of the most vibrant neighbourhoods of Vaughan  is perhaps better known for being the home Canada’s Wonderland Theme Park, the largest amusement park in Canada, which opened up in 1981. With 17 rollercoasters, Canada’s Wonderland is second only to Six Flags Magic Mountain in sheer number of rollercoasters in a single park.
 

Maple, Vaughan Demographics

With an estimated population of around 86,000, Maple is a pretty densely populated neighbourhood, in the same vein as the rest of Vaughan. Maple’s residents are mostly upper-middle class families, with a median after-tax income of around $93,000 a year, which is almost $20,000 higher than the national median.


The average age of the population at around 36 years of age, and around 18% of its population made up of couples with children. And with a significant number of private and public schools and academies, Maple is an excellent neighbourhood for raising a family.


Among the many public schools in the area you can find Julliard Public School, Maple High School, Vellore Woods Public School, Maple Creek Public School and Tommy Douglas Secondary School. Private schools include North Hill Private School, Rutherford Private School and Daycare, and King Heights Academy.


There’s also a number of Catholic schools in the area such as,  Blessed Trinity Catholic Elementary School at 230 Hawker Road, Maple., Le-Petit-Prince at 79 Avro Road, Maple, Holy Jubilee Catholic Elementary School at 400 St. Joan of Arc Ave, Maple., Father John Kelly at 9350 Keele Street, Maple., Divine Mercy at 251 Melville Ave, Maple., as well a large number of specialized music and art academies to be found.


As part of the city of Vaughan, Maple has a pretty diverse population. Though the most commonly spoken language is English, due to having the highest concentration of southern Europeans in the country, there’s a large number of Italian, Russian, Polish and Hebrew speakers in the neighbourhood. There’s also a small, though growing number of Chinese, Spanish and Hindi and Punjabi speaking residents.


Reflecting its sizable Jewish community, you can find the Joseph & Wolf Lebovic Jewish Community Campus at 9600 Bathurst St. This community center offers a large variety of health and wellness, daycare, aquatic, fitness and social services catering to Jewish and non-Jewish families alike from around the GTA.


Maple is also home to the Baitul Islam Mosque, one of the largest mosques in Canada, and it’s located on 10610 Jane Street. It was completed in 1992 as part of the Peace Village residential subdivision, on the northernmost part of Maple.
 

Maple, Vaughan Real Estate Stats

As part of a densely populated, yet suburban area, Maple offers are plenty of options for all budgets and living space needs. According to MLS data, as of October 12th 2020, the average sold price for all property types (including detached, townhouse and condos) was $1,012,000, which is an 8.8% change from 2019 in a year-over-year basis.


The average sold price for a 3 bedroom detached home has hovered around the 1.2 million mark in the past 3 months.


The average sold price for a 3 bedroom townhome is around $900k, while the price for a 2 bedroom condo has floated at $795k in the last 3 months.

Since the city of Vaughan has a whole is experiencing a high level of growth, homes tend to sell fairly quickly. As of this month, homes only stay in the market an average of 15 days.


What’s there to do in Maple?

Besides the obvious, yet seasonal option of visiting Canada’s Wonderland, there are plenty of entertainment options to be found. Vaughan Mills mall offers hundreds of stores, boutiques, movie theaters and restaurants to enjoy. Children will love playing at the Legoland Discovery center, which features a multitude of Lego themed family attractions such as the 4d cinema, the Kingdom Quest laser ride, Master Model Builder Workshops, and others.


Not too far from Vaughan Mills Mall you can find Sky Zone Trampoline Park, where children and grow ups can defy gravity on the Freestyle Jump area, gain huge air on the Foam Zone diving area, or compete for bragging rights on the Warrior Course.


If you’re looking for a more relaxed yet enriching experience, you can find plenty of ethnic and North American restaurants along Jane St. and Rutherford. Noteworthy examples include Shogi Sushi 9461 Jane St., a must visit, an authentically sushi restaurant. Ay Caramba, Eh? is found on 3540 Rutherford Rd., and features a Mexican-Canadian fusion cuisine that combines iconic Latin flavours with a familiar Canadian touch. Or if you prefer something more familiar and italian, you can go to Marcello's Pizzeria, always a hit at 3175 Rutherford Road., Grazie Ristorante located at 9100 Jane Street, Vaughan., St. Philip Bakery located at 2563 Major Mackenzie for that sweeth tooh enthusiast! 
 

Maple has it all!

The neighbourhood of Maple is the perfect niche for a family looking to have all the amenities Toronto has to offer, minus the huge price tags. From endless entertainment options, great schools, and abundance of parks, and comparatively affordable housing options, Maple could easily become the best neighbourhood you’ve ever lived in.


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New property sold at 9255 JANE ST in MAPLE.
Welcome To Luxury & Elegance! A Gem To View Condo With Upgrades Boasting 9 Ft Ceilings, Granite Counter Tops Thru Out, Upgraded Kitchen With Breakfast Bar & Back Splash, Newly Painted, W/I Closet In Master, W/O From Bedroom & Living Area To A Spacious Balcony That Is A Heavenly Retreat. Nestled Within 20 Acres Of Natural Park With Hiking Trails, Steps To Vaughan Mills, Cafes, Go Train, Viva, Near Hwy#400 Abundance Of Conveniences & State Of The Art Amenities.

Extras:S/S Fridge, Stove, Dishwasher, Microwave & Stacked Washer And Dryer, 1 Parking & 1 Locker, Upscale Library, Lounge, Theater Room, Party Room, Aqua Trainer Pool, Yoga, Cardio, And Weight Rooms, Guest Suite, And 24 Hour Concierge And Security
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New property sold at Ridgeway Court in Maple.
Great Potential In This Family Home Located In A Desirable Maple Neighborhood On A Child Safe Court!Great Layout,Brookfield's Villa Corsini Model.Bright&Spacious,9 Ft.Ceiling On Main Floor.Lots Of Windows.Family Room W/Gas Fireplace. Eat-In Kitchen, With Walk-Out To Large Deck.Main Fl Laundry.Good Size Master Bdr W/Walk-In Closet, Ensuite Baths,2nd Floor Terrace. Walk Out Basement. Nice Backyard. Close To Catholic & Public Schools, Parks,Shopping,Transit Etc.


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New property listed at 95 Ridgeway CRT in Maple.

Great Potential In This Family Home Located In A Desirable Maple Neighborhood On A Child Safe Court!Great Layout,Brookfield's Villa Corsini Model.Bright&Spacious,9 Ft.Ceiling On Main Floor.Lots Of Windows.Family Room W/Gas Fireplace. Eat-In Kitchen, With Walk-Out To Large Deck.Main Fl Laundry.Good Size Master Bdr W/Walk-In Closet, Ensuite Baths,2nd Floor Terrace. Walk Out Basement. Nice Backyard. Close To Catholic & Public Schools, Parks,Shopping,Transit Etc.

Extras:: Fridge, Stove, B/I Dishwasher, Washer (2015), Dryer (Main Floor), All Window Coverings, All Electrical Light Fixtures. New Shingles (2016), Stucco (2011), New Garage Door (2016) Egdo With Remotes.
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New property listed at 201 9255 JANE ST in MAPLE.

Welcome To Luxury & Elegance! A Gem To View Condo With Upgrades Boasting 9 Ft Ceilings, Granite Counter Tops Thru Out, Upgraded Kitchen With Breakfast Bar & Back Splash, Newly Painted, W/I Closet In Master, W/O From Bedroom & Living Area To A Spacious Balcony That Is A Heavenly Retreat. Nestled Within 20 Acres Of Natural Park With Hiking Trails, Steps To Vaughan Mills, Cafes, Go Train, Viva, Near Hwy#400 Abundance Of Conveniences & State Of The Art Amenities.

Extras:S/S Fridge, Stove, Dishwasher, Microwave & Stacked Washer And Dryer, 1 Parking & 1 Locker, Upscale Library, Lounge, Theater Room, Party Room, Aqua Trainer Pool, Yoga, Cardio, And Weight Rooms, Guest Suite, And 24 Hour Concierge And Security
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New property listed at 91 D'Amato CRES in Maple.

Immaculate 3 Bed/3 Bath Semi In Sought-After Sorrento Village. Quiet Street. Open Concept Main Floor, Hardwood, Pot Lites, Stainless Steel Appliances. Master W/ His/Her Closets & 4 Piece Ensuite. Balcony Off 2nd Bdrm. W/O From Kitchen To Deck W/Bbq Hookup. Walk To School/Park.

Extras Include: Fridge, Stove, B/I Dishwasher, Washer, Dryer, All Elfs, All Window Treatments Except Those In Baby's Room, Tv Mount In Master. Excl: Elec Fp, Shelves In Baby's Room & Bsmt Office, Bsmt Freezer, Tv In Master.

Showings 10-7 Only 2 Hrs Notice Please Certify Dep. And Include Sched B, & Offer Summary To All Offers, Seller Reserves The Right To Look At Pre-Emptive Offers. Offers On Sunday Oct 18 At 5Pm. Register By 3Pm
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New property listed at 41 Cassia CRES in Maple.

$$$ Thousands In Upgrades!! * Completely Renovated Semi-Detached Located In A Quiet, Desirable Area Of Maple * Open Concept Layout W/Neutral Decor * Modern, Renovated Kitchen w/Granite, Extended Pantry, Backsplash & New S/S Appliances*Spacious Living/Dining w/Hardwood Floors * Freshly Painted * Walk-Out To Patio * Finished Basement Apartment w/Kitchen, Family Room, 2 Bdrms & 3Pc. Bath * Ext/Interlocked Driveway Fits 4 Cars, No Sidewalk * Hurry!! **Absolutely Will Not Last!! **

Stainless Steel Appliances Include Fridge, Stove, Dishwasher, OTR Microwave * Washer/Dryer * Basement Fridge, Stove, Washer/Dryer * All Window Coverings * Elf's * CAC * Garden Shed * Security System * Buyer To Assume Balance Of Alarm Monitoring Agreement *

Fantastic Investment Opportunity * Move In Ready * Show W/Confidence * Easy Show Lockbox * Close To All Amenities, Parks, Schools, Recreation * Offers Welcome Anytime After Open House, Allow 24 Hr. Irrevocable *Attach Schedule B To All Offers * Do Not Miss Out!! *

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I have sold a property at Glenside Drive in Maple.

Rarely Offered*An Incredible Find In An Exclusive Area Of Maple*4 Bedroom*4 Baths*Premium Lot Backing On To Ravine*Large Principal Rooms*Huge Eat-In-Kitchen W/Hardwood Floors*Cathedral & Coffered Ceilings*Crown Molding*Dome Lighting*Gleaming Hardwood Floors*Main Flr Den*2 Entrance Gates*Newer Furnace & Air Conditioner*Newer Garage Doors*Service Stairs*Freshly Painted*Absolutely Stunning*Do Not Miss Out!


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I have sold a property at Barrhill RD in Maple.

Beautiful Bright & Spacious Rarely Offered 4 Bdrm Det On A Premium Lot In High Demand Location Of Maple*Lrg Principal Rms W/Sep Formal Living,Dining & Fam Makes This An Entertainers Delight*Upgrades Include U/L Updated Baths*Newer Wdws & Drs,Furnace,A/C,Roof Re-Shingled*L/L Rec.Rm W/Wet Bar & 3 Pc Bath*2 Gas F/P*Nicely Landscaped W/Pond & Waterfall*Interlocked Walkway,Driveway & Patio*Huge Deck*Bbq Gas Hook Up*On A Premium Corner Lot*Hurry!*Will Not Last!*


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I have sold a property at Sterling CRES in Maple.

Fabulous & Well Maintained 4 Bdrm In Desirable Gates Of Maple On Premium Size Lot*Excellent Curb Appeal*Spacious W/Large Principal Rooms* Eat-In Kitchen W/Walk Out To Huge Private Yard*Dark Stained Floors & Staircase*French Doors*Newer Windows & Roof*Newer Furnace*Finished Basement W/Sep Entrance Includes Kitchen, 3 Pc. Bath, Bedroom & Fam. Room*Grounds Nicely Landscaped W/ Flagstone & Mature Trees*Prime Location Steps From Maple Comm. Centre*A Gem! A Must See!

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