January 24, 2009: The number of real estate sales in Roncesvalles Village in 2009 were just under 75% of those recorded in 2008, and the average home prices were lower, but the difference in average prices were due to the comparatively large number of lofts, which are more affordable than freehold residences.

Freehold homes took, on average, two weeks from the time of listing to the firm sale. But most listings sold within a week, and two properties required three months each of market exposure. 

The average sale-to-list price ratio for freehold residences was 103.7%, with thirty listings selling below asking price (twenty of these only marginally), nine for the asking price, and thirty two above asking. Out of those selling above asking fifteen sold for more than 110%, and six for 120% and more.

Lofts were taking a longer time to sell. On average, they required about a month from the time of listing to the firm sale, but part of that delay was due to the necessity of fulfilling the status certificate condition, which can take up to a couple of weeks. Only three lofts sold at or below 95% of the asking price, and ten sold above asking.  Average sale to list price ratio was 99.8%.  

One sale was recorded in July in the Baseball Glove Factory lofts on Columbus. It was a large space and an excellent buy at $347 per square foot.   

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Graphs shown below illustrate the current state of real estate activity in Roncesvalles Village and compare it to the data from 2006, 2007 and 2008.

The graph above shows the number of sales in each month, since January 2006. You may notice the slump in sales that was observed across the board in Toronto in Novamber 2008, December 2008, January and February 2009. But the sales rebounded in March, and by June reached the 2008 activity level. In July only four listings were sold in Roncesvalles Village, and in August only five, but the inventory of listings was very low.

The difference in average prices between January 2008 and January 2009 is staggering. But the homes in Roncesvalles Village are gradually gaining their pre-recession values back, with the average price since July above the values reached in the same months of previous years.

This graph shows differences in average selling prices for attached, semi-detached and detached homes, and for lofts in Roncesvalles Village. It gives a better picture of the rising property values. Changes in sale numbers of different types of properties make the total price averages less reliable. When we compare the same types of properties, we can see that the average values have been on the rise in all categories.

To bring some light into the statistical information, the graph above illustrates the proportion of properties of various types that were sold in the Village in 2009. Please notice a large proportion of lofts. The large proportion of lofts among sold listings brings the total average price down.

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Roncesvalles Village

 

A popular shopping and dining destination, Roncesvalles Village is presently being dug up... Major portion of Roncesvalles Avenue is still reduced to one northbound lane, although the large hole in the centre has been closed and paved over. The traffic is extremely difficult, with only a few intersections allowing for both pedestrian and motorized traffic crossing the street. It is, of course, impossible to park on Roncesvalles, and parking on the small streets is hard to find. Businesses, located mostly on the east side of Roncesvalles Avenue, are suffering. And more digging, apparently, is to resume in 2010.

Current state of the neighbourhood is not encouraging to market a home, and it is not surprising that only few properties are being listed for sale. The ones that become available sell very quickly, most with multiple offers, and well above the asking price.

Toronto's Roncesvalles Village is adjacent to the south High Park to the west and Parkdale to the east and south. The area is defined by Queen Street West, Roncesvalles Avenue, Dundas Street West, train tracks and Macdonell Avenue. North-east part of this area contains a number of old factory buildings, which are gradually being converted into lofts.

All east-west streets have one-way traffic, some of them with a maximum speed limit of 30 km/h. All streets are beautifully treed, and there is very little traffic noise.

Roncesvalles Village is a popular destination for home buyers. For several past years the area east of Roncesvalles Avenue grew in popularity, as young professionals moved in and more properties were renovated and modernized. By now many of the old homes acquired beautiful, modern interiors. Buyers who would once search in North Toronto find here residences that offer more space and equal sophistication.

The area was once frowned upon, and considered undesirable. Now no longer called a part of Parkdale, it became attractive as other, more established areas were growing out of mid-range prices and affordability became a major issue.

One-way streets, easy access to schools, transportation, parks and excellent shopping meant that moving-up buyers were more inclined to stay in their neighbourhood, purchasing larger homes, often on the same street.

Home style varies here from beautiful Victorian, sometimes with elaborate brickwork and detailed woodwork, through Edwardian, American Foursquare and some more recently built flat-roofed East-European residences, popular around 1950s. Majority of homes in this area are semi-detached residences either two, two and a half, or three storey high. Detached houses are mostly 2.5-storey, with a small number of 3-storey homes, and a handful of bungalows.

We watched the real estate price change as the popularity of this neighbourhood grew. While in the early 1990s it was rather unusual to see a house located east of Roncesvalles selling above $300,000, by 2006 it was rare to see a property sell below that price. It is not unusual now to see listing prices above $700,000 and we have even seen homes being listed and sold over one million.

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If you have specific questions regarding this neighbourhood, available listings or recent sales, please contact us at team@torontotransitions.com.