Episode 108: House and condo sales are down while inventory is up in all communities except one

House listings are up 24% in our urban markets week over week, adding needed supply. Not that buyers have any natural relief out there as most properties are still experiencing multiple offers and high prices every day.

This house we just listed ended up with over 40 showings in a couple of days resulting in a record-breaking sale. Some communities (especially in the west) are still bonkers.

The only difference between now and earlier in Q1 is not every single property is breaking a new record. We see all of the sale prices currently support the previously set high prices.

More predictable.

Sales are down, however, by 32% week over week. This is odd because you’d expect sales to bounce back after March break’s slowdown.

Week 107 saw sales drop about 40% (common during March break) and another 32% this week. Many buyers tell us they’re taking their foot off the gas until April’s interest rate announcement, (which we know will be 0.5%) and the pending Federal government announcement to cool the market.

But, there’s still so little supply that most desirable properties are going into competition every day.

Condos added new listings to the mix with a 12% bump in supply. Sales also pulled back 18.6% week over week, but still within the normal busy condo range. March break didn’t seem to affect condos, they had a bump in sales, so a pullback is nothing to get concerned about.

We’re seeing resale units trading north of $1300/PSF (we dipped below $1000/PSF during the meat of COVID), so a considerable rebound, to say the least.

We listed a couple of condos this week (here and here), and both received a tremendous response with big offers and big sales. We have this amazing assignment available (off market at just under $1100/PSF).

The only communities that didn’t have significant changes in supply were along Kingston Road East of the Beaches into West Hill Scarborough.

As I’ve been saying for weeks now. Smart money is investing up and down Kingston Road, straight into Pickering and in communities like Dawes and Danforth and Metro Park. These untapped markets are an absolute future gold mine.

You can buy units in these areas at $1250/PSF or less vs. $1600-1800/PSF just two subway stops away. No brainers.

Despite what we have ahead of us in the short term, you should always be on the hunt as a buyer—always looking for opportunities to get in. Remember, you’re not day trading real estate. If you bought at the peak of each previous market over the past 60 years, you’d still be way ahead.

Let that sink in for a moment.

So, please stop with the day trader mentality. Turn off the noise, and subscribe to this blog.

Have a question about something you’ve seen another realtor post? Ask! I guarantee you there will be more to the story.

Have a wonderful day, and don’t forget to share this. We have over 42,000 subscribers, and the list keeps growing. Thank you for that!

Don’t forget to follow us on Instagram and Facebook. We post some real-time stats on our channels you don’t want to miss. You can also catch up on my 2022 real estate forecast post here.

And, please find me on Twitter as I’ve been more active there these days.

That’s all for today; thanks so much for your energy and attention. If you want some clarity on the market and your specific situation, please DM, comment below or email Ara@thespringteam.ca

Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,852,681
House Median Price: $1,700,000
372 Active Listings
53 Firm Sales This Week
Months of Inventory (MoI) ~ 0.94
Average Days on Market ~ 9 DoM

Condo Average Price: $904,817
Condo Median Price: $810,000
1078 Active Listings
236 Firm Sales This Week
MoI ~ 0.91
Average Days on Market (DOM) ~ 11

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $2,352,975
House Median Price: $2,275,000
96 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.05
Average Days on Market ~ 37.13 DoM

Condo Average Price: $1,467,818
Condo Median Price: $1,150,000
166 Active Listings
15 Firm Sales This Week
MoI ~ 1.67
Average Days on Market ~ 23.1

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,236,158
House Median Price: $2,207,000
35 Active Listings (nearly doubled week/week)
6 Firm Sales This Week
Months of Inventory (MoI) ~ 0.95
Average Days on Market ~ 11.83DoM

Condo Average Price: $769,155
Condo Median Price: $735,000
79 Active Listings
15 Firm Sales This Week
MoI ~ 0.85
Average Days on Market ~ 11.78DoM

Birch Cliff
House Average Price: $1,372,975
House Median Price: $1,360,400
18 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 0.72
Average Days on Market ~ 9 DoM

Kingston Rd Corridor to Highland Creek
House Average Price: $1,457,158
House Median Price: $1,363,000
64 Active Listings
24 Firm Sales This Week
Months of Inventory (MoI) ~ 0.822
Average Days on Market ~ 12.1 DoM

Condo Average Price: $743,375
Condo Median Price: $677,500
35 Active Listings
8 Firm Sales This Week
MoI ~ 0.88
Average Days on Market ~ 15.6 DoM

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