Toronto’s real estate market has already tallied a record year in 2015 – and the year isn’t over.
By the last day of November, the Toronto Real Estate Board reports, the number of sales had already surpassed the milestone set in 2007.
November of 2015 also set a new high-water mark for that month with a 14-per-cent jump in sales over the same month last year. Sales last month reached 7,385 transactions, compared with 6,476 in November of 2014.
The average price in November reached $632,685, to mark a 9.6-per-cent increase from the average price of $577,502 recorded in the same month last year.
Sales through the first 11 months of the year came in at 96,401 in the Greater Toronto Area, TREB says.
Buyers were keen on all housing types, including condos, townhouses, semis and detached homes. They also spread their buying throughout the GTA.
The fervour in the housing market has been partly fuelled this year by ultra-low interest rates. The Bank of Canada set the tone with a surprise cut in its key interest rate in January. But while other cities have seen sales cool against a backdrop of tumbling commodity prices and rising unemployment, Vancouver and Toronto’s housing markets have continued to rise at a torrid pace.
For house hunters who wouldn’t mind pushing those figures higher before year’s end, one of Toronto’s landmark residences is still available.
Integral House, designed by Shim-Sutcliffe Architects for the late James Stewart, currently has an asking price of $22.9-million.
That’s a reduction from the $28-million that the 18,000-square-foot house was listed for when it was launched onto the real estate market by Sotheby’s International Realty Canada in April.
The house at 194 Roxborough Dr. is perched on a ravine in the Rosedale neighbourhood. The architects were awarded a Governor-General’s Medal for architecture for the project, which presents a modest two stories to the street but expands to five stories as it stretches into the valley below.
On Sunday, the house was buzzing with activity as it became the setting for a music video by singer-songwriter Chantal Kreviazuk, who performed Into Me in the home’s double-storey concert hall.
Two principal dancers from the National Ballet of Canada, Guillaume Côté and Heather Ogden, will also appear in the video. On Sunday, they were filmed dancing throughout the house – from the master bedroom to the living room to the swimming pool at the edge of the ravine.
Ms. Kreviazuk says having the house serve as a backdrop is a way of paying homage to the late owner, who was renowned as a patron of the arts.
Dr. Stewart was a mathematician who built his fortune on a set of calculus textbooks that became widely used around the world. The professor at McMaster University was also a musician who asked the architects to create a venue for the performing arts. Integral House uses curves as an architectural expression of the beauty of calculus, Dr. Stewart explained when it was nearing completion in 2007.
Dr. Stewart died in December, 2014. The proceeds from the sale of the house will be donated to arts and culture organizations and other causes he supported, according to Sotheby’s International Realty Canada.
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