Urban Markets: Downtown & Surrounding Areas
This week’s continued drop in the supply of both houses and condos should remove any doubt that a strong seller’s market is on its way. You’ll notice average prices creeping up.

As I’ve said many times in the past couple of weeks. Don’t wait for the big news outlets to finally report the Seller’s market. By then, it’s too late to take advantage of the big offers Sellers are about to start seeing again.

If selling is something you’re considering (booth houses and condos), you need to start getting ready now. Depending on how much work is required to bring your home to showroom condition (that’s how we like to do it anyway).

Start getting ready to sell now (meaning, call us, and we’ll get our design team mobilized) so you can be prepared to list in early to mid-September. You’re leaving too much money on the table going to market right now…unless you have to…then go forth and conquer.

I’d go and make a buy now, though. Both condos and houses will be more expensive in the Fall and Winter, so buying now makes sense. If you buy with a long enough closing…say 60-90 days…then waiting till the Fall to Sell is doable..stressful for you, I’m sure…but doable.

Get in touch and let’s talk strategy.

House Average Price: $1,631,141
House Median Price: $1,375,000
386 Active Listings
43 Firm Sales This Week
Months of Inventory (MoI) ~ 0.93
Average Days on Market ~ 11.34 DoM

Condo Average Price: $809,508
Condo Median Price: $730,000
1297 Active Listings
172 Firm Sales This Week
MoI ~ 1.42
Average Days on Market (DOM) ~ 20

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Not a ton of sales only because, there’s nothing really available in the communities that are typically more active. The luxury market is blowing all other price points out of the water right now.

Sales up to $7mm are flying quicker than ever before as move-up buyers and savvy investors are flush with cash and equity.

Of course, extremely low-interest rates are part of the equation here as well. Low interest rates are part of the equation in all communities.

Sellers, I’d even consider going to market right now in these areas if you have an exceptional home or a building lot to sell. Some buyers may be inactive at the moment enjoying the last moments of summer but there are way more buyers in these high-end communities than ever before with very little to sell them.

House Average Price: $3,504,500
House Median Price: $2,950,000
96 Active Listings
10 Firm Sales This Week
Months of Inventory (MoI) ~ 1.16

Condo Average Price: $1,035,630
Condo Median Price: $1,007,500
215 Active Listings
10 Firm Sales This Week
MoI ~ 2.79

Leaside, Davisville, Yonge & Eglinton
Another community where Sellers can safely go to market right now knowing they’d get max value. With such little supply and so so so much demand, big offers are being thrown around like mad in Leaside, Davisville, and Yonge & Eg.

The Fall/Winter markets should continue being intense for this area and we HOPE there will be more listings available.

This is an area that has very little turn over so I don’t think that these inventory issues are temporary. I feel like people are 100% comfortable in these areas (especially Leaside) and most have very little motivation to move.

Expect homes that haven’t been touched in 20-50yrs to come to market as estates liquidate but that product won’t be back on the market for 18mths after the sale as a new build so inventory is there but it’s slowly trickling out.

House Average Price: $2,501,000
House Median Price: $2,400,000
28 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 0.66

Condo Average Price: $715,545
Condo Median Price: $621,500
120 Active Listings
11 Firm Sales This Week
MoI ~ 1.72

Birch Cliff
Only one sale. That’s right…just one. But do you know what sold? A basic, move-in-ready bungalow for $1.415,000. That’s right, folks. Birchcliff is officially unaffordable as of this week.

Further east we go! Get ready for Cliffside and communities further east into Scarborough to start getting some attention.

Only one condo sale as well waaaay up at East Haven at the Danforth/Kingston Rd merge. Still great value for Condos in these communities from Birchcliff all the way up to Kingston Rd to the Western border of Pickering. Loads of new developments within minutes to UofT’s Scarborough Campus…the Rouge etc… for much cheaper than downtown and other urban communities.

I’d focus some of your investment dollars on these areas in the coming months and years.

House Average Price: $1,415,000
House Median Price: $1,415,000
16 Active Listings
1 Firm Sales This Week
Months of Inventory (MoI) ~ 0.54

Condo Average Price: $830,000
Condo Median Price: $830,000
18 Active Listings
1 Firm Sales This Week
MoI TBD

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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