03 May 2022

Episode 113: From one unprecedented event to another, Toronto says “bring it!”

Episode 113: From one unprecedented event to another, Toronto says “bring it!” 

If you haven’t learned that Toronto is built differently by now, I don’t think you ever will, especially if you’ve been following this blog.

I’ll start by saying: only a fool would believe real estate prices continuously go up. The same goes for those that think you can somehow time the market and day trade real estate.

The popular Twitter agents will have you believe the sky is falling by posting out-of-context nonsense I talked about in last week’s update.

But, in reality, we’re jumping from one unprecedented event to another, and nobody knows what will happen in the short term.

I know that Toronto has proven to be one of the most resilient markets in the World. This is not up for debate.

Right now, you’re probably concerned about the value of your property. If you’re a buyer, you’re probably worried about your mortgage payment if rates climb.

If you’ve just bought but haven’t yet closed on the home, you may wonder if your property is worth less today than when you signed the offer paperwork a few weeks or months ago.

So, today’s post is going to focus on the above scenarios.

How’s the market right now, and what does it all mean to you?

January and February 2022 were the most undersupplied in Toronto’s urban and every other market. From the Westernmost tip of Canada to the East. Every community, property, and piece of land was sold for a number that most comparables couldn’t justify.

If you were one of our buyers during that time, we started the conversation with, “if you want to be a buyer right now, you have to be comfortable setting a new record with your purchase price.”

This was the reality of early Q1 2022. If you wanted to buy, you had to set a new record. So today, if you were a buyer of a Toronto house or condo in January or February, your place is worth either the same or a hair less. And, that’s ok.

Looking at the median price, (which measures the middle of the market) you’ll see a drop in overall values in most markets, including urban, of 5% to 9% from January/February. You can look back at all the charts on the blog archive.

But, a drop from what? A slide from the madness of January/February where you had all sorts of new price records set. Look at today vs. Q3/4 2021.

I was one of those buyers last June. But, I’m ahead now, and you will be too if you fast forward to the end of this year or early 2023.

All of this drama you hear right now comes from people comparing today to January/February 2022. That’s not a reasonable comparison, but it sure does make a great headline.

If you look at the market, which was performing exceptionally well in Q3/4 2021, you’ll notice that we’re ahead of that by quite a bit. For now, the aggressive growth of early 2022 is being pulled back. So, what if you bought then, and your property is worth a little less today?

Why does that matter? You didn’t make the wrong decision. You aren’t “screwed.” And, I promise you that your property will be worth more down the road when you’re ready to sell it and move on.

You know the saying: the only guarantees in life are death and taxes? Well, I like to say, “The only guarantees in life are death, taxes, and your Toronto real estate being worth more than you paid for it when you’re ready to retire.”

Now let’s look at the numbers.

I’ve always tried to help you understand that Toronto’s homeowners aren’t panic sellers. And, by looking at the supply levels below, you can see that house listings actually decreased, and so did supply in most other communities. The only housing type that added supply was urban condos. So the big sale days are over for condos…for now.

I’m going to keep this short today. Why? I’m in the Bahamas on a top agent mastermind, so I like to jump in the ocean before our agenda kicks in for the day.

Have a terrific Tuesday, everyone!

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: $1,871,034
House Median Price: $1,602,500
454 Active Listings
103 Firm Sales This Week
Months of Inventory (MoI) ~ 1.072
Average Days on Market ~ 9.36 DoM

Condo Average Price: $844,322
Condo Median Price: $750,000
1360 Active Listings
161 Firm Sales This Week
MoI ~ 1.12
Average Days on Market (DOM) ~ 11.62


Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park

House Average Price: $3,371,566
House Median Price: $2,900,000
113 Active Listings
14 Firm Sales This Week
Months of Inventory (MoI) ~ 1.47
Average Days on Market ~ 9.23 DoM

Condo Average Price: $1,409,659
Condo Median Price: $930,000
190 Active Listings
10 Firm Sales This Week
MoI ~ 1.76
Average Days on Market ~ 14.73


Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,201,446
House Median Price: $1,993,000
37 Active Listings
13 Firm Sales This Week
Months of Inventory (MoI) ~ 1.07
Average Days on Market ~ 10.8 DoM

Condo Average Price: $928,777
Condo Median Price: $845,000
124 Active Listings
18 Firm Sales This Week
MoI ~ 1.18
Average Days on Market ~ 12 DoM


Birch Cliff

House Average Price: $1,247,000
House Median Price: $1,300,000
21 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 0.98
Average Days on Market ~ 5.8 DoM


Kingston Rd Corridor to Highland Creek

House Average Price: $1,298,636
House Median Price: $1,225,000
67 Active Listings
11 Firm Sales This Week
Months of Inventory (MoI) ~ 1.10
Average Days on Market ~ 6.45 DoM

Condo Average Price: $578,714
Condo Median Price: $470,000
38 Active Listings
7 Firm Sales This Week
MoI ~ 0.63
Average Days on Market ~ 30DoM

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