Urban Markets: Downtown & Surrounding Areas
Here comes the inventory! This week, much-needed supply came to market, with over 100 new house listings and 150 new condo listings.

This should be good news for Buyers as it takes the pressure off of, what could have been, a severe issue similar to the beginning of 2021.

January 2021 saw about the same number of house listings but about 40% fewer condo listings…and if you were a buyer at that time, I don’t need to tell you how intense that was.

This is the first week in about seven weeks that supply was added to the market.

We expected a lot of this new inventory to hit last week, but I guess people were still in Summer mode, so here we are.

Let’s see how the next week unfolds. When condo supply is hovering around 1300-1400 units, we tend to see relative balance, but this supply seems to be concentrated in the core while the less central urban communities to the east and west still lack supply.

The sweet spot to put a massive smile on Sellers’ faces is in the 1100-1250 active condo listings and under 500 house listings. Anywhere above that, and it seems to balance out a bit.

House Average Price: $1,518,866
House Median Price: $1,327,500
429 Active Listings
48 Firm Sales This Week
Months of Inventory (MoI) ~ 0.79
Average Days on Market ~ 15.02 DoM

Condo Average Price: $853,789
Condo Median Price: $738,444
1372 Active Listings
101 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
House and Condo listings were added this week, which is a massive relief for Buyers out there. Not a ton, but if we can supply these communities at this rate for a couple more weeks, buyers should finally be able to find what they’re looking for.

We’ll keep monitoring and see, but I doubt we’ll be seeing regular increases in supply.

Nothing is happening out there to trigger a sell-off, so this bump in listing inventory can be credited to those trying to capitalize on tight supply…just a week later than expected.

House Average Price: $2,908,714
House Median Price: $2,725,000
113 Active Listings
7 Firm Sales This Week
Months of Inventory (MoI) ~ 1.04

Condo Average Price: $1,551,555
Condo Median Price: $1,300,000
232 Active Listings
11 Firm Sales This Week
MoI ~ 2.53

Leaside, Davisville, Yonge & Eglinton
Not following the trend of Downtown and the Urban North communities, Leaside and area only added two listings. Officially the most undersupplied community in all of Toronto.

Buyers get no relief here, and there’s no reason to expect a flood of listings in these communities.

If you see something you like, you’d better jump because the next one will be more expensive than the last.

Condos did, however, add a few new listings to the mix but not enough to make a real difference for Buyers. I’ll continue to monitor and to see where we’re at here.

Right now, condo buyers should be having an “ok” time when compared to more downtown communities. There’s a decent amount of supply, but the quality product is still flying.

House Average Price: $2,412,000
House Median Price: $2,410,000
25 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 0.53

Condo Average Price: $771,181
Condo Median Price: $688,000
133 Active Listings
11 Firm Sales This Week
MoI ~ 1.58

Birch Cliff
Bungalows on less desirable streets in the Birch cliff community made up most of the four house sales this week, which brought the average down to under a million.

Listings also pulled back here, making Birchcliff the only community in Toronto that did not add new listings to the mix last week.

This is not surprising, really…people just don’t want to leave Birchcliff. Only 11kms from King and Bay (from Warden) and far enough away to feel peace and quiet.

It’s a beautiful thing.

House Average Price: $994,250
House Median Price: $983,500
10 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 0.50

Condo Average Price: $900,000
Condo Median Price: $900,000
8 Active Listings
1 Firm Sales This Week
MoI 1.75

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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