Urban Markets: Downtown & Surrounding Areas
This summer is a little different than past summers. Restaurants and patios are open. People have been cooped up forever, so everyone is letting loose. That is the only explanation for the drop in sales volume. Otherwise, prices are stable.

Buyers are ready and prepped for the Fall and Winter market, but right now…it’s time to party…or so it seems.

Getting out of town is the name of the game here, so we do not see as many big-ticket sales…mainly because those Sellers are also preoccupied with enjoying summer.

Momentum in the condo market is picking up as local sentiment strengthens. Not a ton of international influence yet, but once border restrictions loosen in August, we should see a big pop in condo rental and sales activity.

Condo buyers on the hunt should pull the trigger sooner than later as prices are a tad lower than peak Q1 after the 180, and as we’ve said previously…all signs point to a big bull run to close out 2021.

House buyers do have a small window of opportunity right now as activity is way down. That said, we haven’t yet seen any desperate sellers dropping their pants on price.

Sellers that aren’t getting their ideal prices are simply pulling their homes off the market, knowing that they’ll get their number in the Fall or Winter market.

If you asked me, “Hey, what would you do?” If I’m talking to a seller, I’m telling them to hold off. As long as supply keeps dropping week over week, you’ll do better after the summer—both in terms of condos and houses.

Remember, this is the only publication tracking the markets this closely. We see trends before they’re reported anywhere else, so please check in and make sure you’re subscribed to our weekly/monthly newsletter, so you get this info 4hrs before we post it on our socials.

House Average Price: $1,599,887
House Median Price: $1,402,000
459 Active Listings
69 Firm Sales This Week
Months of Inventory (MoI) ~ 1.21
Average Days on Market ~ 13 DoM

Condo Average Price: $747,349
Condo Median Price: $685,000
1526 Active Listings (that’s only 1474 if you remove the lockers and parking spots listed for sale)
170 Firm Sales This Week
MoI ~ 1.65
Average Days on Market (DOM) ~ 14.72

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Supply drops once again in a community that desperately needs more homes on the market.

This area typically cools down..almost to a halt in the dog days of summer; however, this level of inventory is lower than we’ve ever seen it.

We’ve also never seen so many keen buyers at these high price points.

House Average Price: $3,456,682
House Median Price: $2,892,500
107 Active Listings
14 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $953,994
Condo Median Price: $850,000
248 Active Listings
15 Firm Sales This Week
MoI ~ 2.93

Leaside, Davisville, Yonge & Eglinton
Different week, the same story. The bottom line here is we need more property on the market to satisfy massive buyer demand. It’s all move-up buyers from urban communities further south.

Condos continue to perform exceptionally well without much volatility, proving that Yonge and Eglinton resale and pre-con offers one of the best long-term investment opportunities in the entire city.

There were only eight sales and only 140 available listings (in condo land). This area has been subject to so much criticism from real estate skeptics (not sure how you can be a real estate skeptic in Toronto). The way this area handled the pandemic should be further proof that investors and end-users are not in emergency panic selling situations.

Condos in these areas are ones to watch as borders open. Yonge and Eg is home to loads of ESL schools that will be fully running in the Fall/Winter, and we should see significant gains in rental prices here and sale prices for condos.

House Average Price: $1,874,920
House Median Price: $1,805,000
36 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $730,625
Condo Median Price: $725,000
140 Active Listings
8 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
Ignore the numbers below for Birchcliff as we only have two sales to report, and both were tiny bungalow-type homes. What we should be paying attention to is how much these bungalows were trading for last year.

This time last year, you could pick up one of these beauties for around $800K.

This year you’re picking up the same product for up to a million. If that doesn’t prove the massive demand for Birchcliff…I don’t know what will!

House Average Price: $993,000
House Median Price: $993,000
13 Active Listings
2 Firm Sales This Week
Months of Inventory (MoI) ~ 0.87

Thanks so much for your energy and attention! If you need clarity on any of this or want to talk about your specific situation, then call/text/email anytime: ara@thespringteam.ca or 416-434-1511.

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