Episode 79: Buyers should expect to be in competition on most houses and condos this fall
Urban Markets: Downtown & Surrounding Areas
As of 10 a.m. this morning, one would expect a flood of new listings…in both condos and houses.
That didn’t happen.
Significant drops in listing supply over this past week bringing months of inventory down to dangerously low levels…for buyers anyway. Sellers will be taking this trend to the bank…but of course, if you’re selling and buying, you’re just giving all of that back on the Buy side.
We’re about to see prices for Toronto condos and houses hit highs that we’ve never seen before. Especially on luxury products north of $1.8mm.
What should you do? Whatever you want…we’re not here to tell you to sell or to tell you to buy
All we’re here for is to help you get from A to B in real estate as efficiently and profitably as possible. And right now, if you’re a Seller, you’re going to do very well, and if you’re a buyer, it’s going to be competitive.
Those are indisputable facts. So we’ve developed systems for both Buyers and Sellers to be massively successful in a market like this.
House Average Price: $1,616,693
House Median Price: $1,367,500
323 Active Listings
40 Firm Sales This Week
Months of Inventory (MoI) ~ 0.79
Average Days on Market ~ 15.02 DoM
Condo Average Price: $868,972
Condo Median Price: $750,000
1202 Active Listings
116 Firm Sales This Week
MoI ~ 1.32
Average Days on Market (DOM) ~ 17.34
Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Only a month of inventory in Luxury Land. That’s the lowest I’ve ever seen supply here.
To keep this relatively short…expect massive competition as a buyer here.
Unless the 4th wave and the uncertainly of the Federal election trigger some sort of harmful economic activity, this community (and all others) should continue rewarding sellers for the remainder of 2021 and into 2022.
House Average Price: $2,922,891
House Median Price: $2,200,000
83 Active Listings
11 Firm Sales This Week
Months of Inventory (MoI) ~ 1.04
Condo Average Price: $954,827
Condo Median Price: $740,000
199 Active Listings
15 Firm Sales This Week
MoI ~ 2.53
Leaside, Davisville, Yonge & Eglinton
Further drops in supply here with no post-summer flood of listings. As expected…this fall is going to be very different. The urgency of many Sellers to move on and out is no longer there.
Many people who sold thinking that “downtown is dead” are now returning, adding further fuel to the demand side of things.
House Average Price: $2,050,000
House Median Price: $2,042,500
23 Active Listings
6 Firm Sales This Week
Months of Inventory (MoI) ~ 0.53
Condo Average Price: $756,750
Condo Median Price: $710,000
117 Active Listings
8 Firm Sales This Week
MoI ~ 1.58
Zero condo sales and only four house sales. Why zero condo sales? Because there’s nothing of quality on the market. As soon as hot property hits the market here, it’s sold within days.
All we have on the market now is sitting, overpriced developer inventory and a handful of other units.
There’s a decent amount of opportunity when looking at price per square foot, especially along Kingston Rd.
Don’t want to pay $1400/PSF for pre-con or $1100-1300/PSF for resale? Consider Kingston Rd from the Beaches to Deep Scarborough. Great upside here.
House Average Price: $1,146,250
House Median Price: $1,155,000
13 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 0.50
Condo Average Price: $490,000
Condo Median Price: $490,000
12 Active Listings
0 Firm Sales This Week
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: email@example.com or 416-434-1511