Urban Markets: Downtown & Surrounding Areas
All this talk about condos setting up for another big run that I wholly ignored house supply falling off a cliff. Months of inventory is now a mere 0.93 for urban houses.

Meaning, if no new properties were listed, it would take less than one month to sell out all available homes.

Toronto’s urban house supply was moving toward balance. But people just stopped listing their homes. Available listings began to dwindle. Buyers started to scoop up properties that, for some reason, were languishing on the market. That activity on lingering homes completely depleted supply.

So here we are. Heading into the dog days of summer with both the House and Condo market positioned for an incredible run this Fall.

Anyone needing to sell should start to get ready right now, so you’re prepared for the Fall market. It’s going to be a doozy…buyers, get your ducks in a row and call the bank of mom and dad because you may need a little more than you thought.

Both Condos and Houses will be more expensive this Fall and Winter, so if you see something you like..buy it now as you’re not doing yourself any favours by waiting.

Maybe a little louder for those in the back?

That interest rake hike that you’ve been misled into believing will tank the market, it’s not going to happen. Yes, interest rates are going to go up. They’re going to go up in quarter-point intervals beginning at some point in 2022 or when the Feds believe our economy can handle such an increase.

Mark my words: when interest rates begin to rise, the market will continue to move forward, and property in Toronto (including houses and condos) will not all of a sudden be “affordable.”

The reality is, Toronto real estate will always be unaffordable, and Buyers will continue to have to adjust their expectations and start their journey a few steps lower than expected on the ladder.

If you want to make fewer compromises on your future home, investing in real estate is crucial as soon as you have saved a minimum down payment.

The equity your early investment helps you build will help you get into that home you LOVE much sooner than trying to out-save the market.

House Average Price: $1,500,317
House Median Price: $1,357,000
396 Active Listings
47 Firm Sales This Week
Months of Inventory (MoI) ~ 0.93
Average Days on Market ~ 11.34 DoM

Condo Average Price: $834,133
Condo Median Price: $741,000
1344 Active Listings
154 Firm Sales This Week
MoI ~ 1.42
Average Days on Market (DOM) ~ 20

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
There’s some life in the condo market here, but overall still very quiet.

With only six house sales and 11 condo sales, we can’t read too much into the big swings in average price. There were a few BIG condo sales that pulled that average up this week.

But what we should look at are the updated MoI figures. That’s months of inventory (MoI).

Down dramatically to just over a month of house inventory and pulling away from that three-month balance threshold for condos.

Condos in these communities usually sell a bit slower. Still, as the newer product is introduced in the coming months and years, we should see more competitiveness and activity in luxury condo land.

House Average Price: $4,018,336
House Median Price: $3,800,000
99 Active Listings
6 Firm Sales This Week
Months of Inventory (MoI) ~ 1.16

Condo Average Price: $1,393,273
Condo Median Price: $1,087,000
221 Active Listings
11 Firm Sales This Week
MoI ~ 2.79

Leaside, Davisville, Yonge & Eglinton
Let’s focus on MoI and forget the average and median here.

If you’re a house buyer in Leaside, Davisville or Yonge and Eg then this is important.

Months of Inventory is at 0.66…yes, 0.66. That’s not a typo. Meaning, it would take just over two weeks to sell every single property if new ones aren’t listed.

The 2nd lowest MoI in the entire City of Toronto and the 2nd most competitive house market in the 416 & 905 combined. There is so much demand here, but nobody wants to move, so we’re relying on developers to get their product to market.

Fingers crossed for a spike in the Fall because if we don’t get a supply infusion, the already unaffordable Leaside area will soon rival Rosedale pricing.

Condo supply also dropped here, and MoI is hovering at under two months. Considering the sheer number of condos in this community, that’s a huge surprise. Over the past year, I’ve expected big bumps in supply…but that just hasn’t happened. Expect big bumps in price here in the coming months as Buyers come back from overseas.

House Average Price: $2,216,700
House Median Price: $2,450,000
30 Active Listings
3 Firm Sales This Week
Months of Inventory (MoI) ~ 0.66

Condo Average Price: $759,625
Condo Median Price: $680,500
128 Active Listings
8 Firm Sales This Week
MoI ~ 1.72

Birch Cliff
The lowest MoI in all of the 416 & 905. This is not news. I’ve been talking about this for about a year now. When I started following birch cliff back in March of 2020, average pricing was in the low $800’s…back then. I made it very clear that demand was increasing for Birch Cliff.

Some listened…some didn’t. Those that did and were able to invest in this area have gained 6 figure equity. The game isn’t over here, though. Still, so much room to grow as developers, contractors, and homeowners begin to get creative and create more products for you to buy.

Very exciting to see the growth here, and congratulations to those that trusted my advice and bought houses and condos here. You’ve done well! But if you invested anywhere in Toronto over the past year, you’ve done well.

Real Estate investing will always win long term. Always. Always bet on Toronto (and yourself), and you’ll retire very, very comfortably.

House Average Price: $1,127,500
House Median Price: $1,127,500
15 Active Listings
2 Firm Sales This Week
Months of Inventory (MoI) ~ 0.54

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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