Episode 114: Supply is up in all but two Toronto communities

136 minutes.

That is how much time I spent on the phone and email this week helping homeowners and buyers come down from a panic attack because of something they read on Twitter.

I’ll tell you what, my life has dramatically improved since I either unfollowed or muted a considerable chunk of “marketing geniuses,” aka Twitter realtors who are having a ball with all of these, “I told you so” moments. In reality, our markets are still generally undersupplied. Sellers are still getting enormous numbers for SOME homes, and buyers are out in droves (albeit fewer than earlier this year) trying to find their next home.

You can spread anecdotal evidence as fact all you want, but that doesn’t change the reality of the market.

Here are a couple of mistakes most of the public and realtors are making:

• Number one. They’re looking at average prices as an indicator of the whole market.
• Number two. They’re looking at huge areas and generalizing the entire market.

I think I’ve mentioned this before, but Toronto is built differently.

We consist of hundreds of micro-markets that react very differently to markets like this. I ran the monthly figures to gauge supply this morning.

If you’ve been a reader of this report, you know that I’m a proponent of breaking down stats and analyzing activity in particular areas. Why would I bother reporting on or sharing stats from the entire GTA or 416?

Looking at the GTA, I can tell you that sales and prices are down. But, what purpose would that serve? Other than getting more clicks through to the website?

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

Buyers have very different experiences, depending on where you’re looking and what you’re looking for. This is the same with sellers.

For some sellers, nothing has changed. For some, everything has changed.

For example, a small semi-detached house on Brooklyn Ave., arguably the most in-demand street in Leslieville, generated 80 showings and nine offers to sell for over $2mm. In the same market, your favourite Twitter realtors tell you the market is tanking.

A condo in CityPlace generated 52 showings and sold for a hair over the already high asking price.

When a buyer has to make zero compromises, the property sells just like it did earlier this year. What’s changed now is that those properties that aren’t necessarily checking all buyers’ “must haves,” are being skipped. Buyers are passing because they have way more options.

There are nearly 1000 more condo units today vs. February and 200 more houses. There is much more for buyers to choose from, so they’re moving on from the less-than-ideal spaces.

I also ran the inventory numbers this morning, and if you look down below, you’ll see that months of inventory, aka MoI, is insanely low still. If buyers weren’t being cautious due to pending interest rate hikes, we’d be in an aggressive sellers market with supply this low. This could change in a heartbeat.

If you’re a buyer in Leaside or Birch Cliff areas, you’re probably having a more challenging time buying than ever before, as they are the only two communities that saw a drop in MoI. Still under one month in both of those areas.

There are still hoards of major global companies setting up shop here in Toronto. Did you hear the latest announcement from Blackstone? Blackstone is one of the world’s largest property investors, and they quoted this.

“We are long-term believers in the strength of the Canadian economy,” Mr. Meghji said in a press release, a Vancouver native.

And, where did they choose to open their offices? Toronto. Forget the short-term noise and call us to discuss your specific property. It may seem like these Twitter warriors are the “truth tellers” out there, but in reality that couldn’t be further from the truth.

Buy when you need to buy and sell only when you absolutely must. Long term, you will win. I promise you this.

So, with all of that said, here’s another short one this week because although I’m back from the Bahamas, The Spring Team has moved to a new brokerage, and we’re launching a new platform with a new partner to help buyers, sellers, and other realtors be massively successful in 2022 and beyond.

Stay tuned!

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: $1,706,609
House Median Price: $1,507,600
498 Active Listings
89 Firm Sales This Week
Months of Inventory (MoI) ~ 1.4
Average Days on Market ~ 9 DoM

Condo Average Price: $927,934
Condo Median Price: $780,000
1473 Active Listings
118 Firm Sales This Week
MoI ~ 1.62
Average Days on Market (DOM) ~ 10.5

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $3,806,537
House Median Price: $2,756,000
125 Active Listings
22 Firm Sales This Week
Months of Inventory (MoI) ~ 1.81
Average Days on Market ~ 11.45 DoM

Condo Average Price: $1,120,350
Condo Median Price: $872,500
190 Active Listings
14 Firm Sales This Week
MoI ~ 2.12
Average Days on Market ~ 23.86

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,359,243
House Median Price: $2,300,200
35 Active Listings
14 Firm Sales This Week
Months of Inventory (MoI) ~ 0.87
Average Days on Market ~ 10.8 DoM

Condo Average Price: $847,429
Condo Median Price: $805,000
129 Active Listings
14 Firm Sales This Week
MoI ~ 1.75
Average Days on Market ~ 12 DoM

Birch Cliff
House Average Price: $1,861,600
House Median Price: $1,460,000
21 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 0.98
Average Days on Market ~ 4.6 DoM

Kingston Rd Corridor to Highland Creek
House Average Price: $1,325,667
House Median Price: $1,262,500
68 Active Listings
12 Firm Sales This Week
Months of Inventory (MoI) ~ 1.25
Average Days on Market ~ 11.08 DoM

Condo Average Price: $777,500
Condo Median Price: $777,500
38 Active Listings
2 Firm Sales This Week
MoI ~ 1.16
Average Days on Market ~ 15 DoM

Share: