Changing up the format this week and moving forward I’ll have one main comment section at the beginning vs. commenting on each community separately.

Average and median pricing slipped across the board as buyers cleaned up less than ideal properties in houses and condos.

Not at all an indication of where the market is, rather, further proof that the market is so strong, and inventory so tight, that even the less desirable properties are getting action.

What does Less Desirable mean? Homes that aren’t perfectly turn-key.

Buyers are buying what they can when they can in most communities. But please remember that this does not apply across the board.

There are some communities that are better supplied than others. Especially in condo-land.

Severely undersupply communities like Leaside/Davisville/Yonge&Eg are still in a heavy Seller’s market. Mostly for houses but as I’ve said before, condos here have been the most resilient during Covid.

Communities like Leslieville/Riverside (in most cases), Rosedale, Lawrence Park, Birchcliff, and the urban communities near huge green spaces are performing the best but things get a little less predictable when you veer north of the 401.

It’s a strange market out there, to say the least. Some properties aren’t getting the action they had hoped for on offer night while others are flying with many many offers.

In the past, it was the less-than-perfect properties that weren’t getting any action but now it seems to be a mixed bag. A lot of developers are betting on the future value of Toronto real estate and actually competing with end-users on offer night.

Unlivable homes on 30+ foot lots are fetching upwards of $1.7mm in hot communities like North Riverdale and some communities surrounding Trinity Bellwoods park where $3mm will be the new $2mm in a couple of short years.

Where does it stop? There’s nobody on the planet that can answer that question. As someone who deeply looks at market data each and every day, I can see a couple of months into the future but that’s about it.

What will the Feds do in Jan with their efforts to appease their voters oh sorry I meant to say, in an effort to tackle the affordable housing crisis. Let’s remember, the crisis isn’t Sally and Bobby Jo not being able to afford a house in Toronto (just like their grandpappy did)…it’s putting a roof over the heads of people that don’t have access to housing.

That’s the only place this discussion should be but sadly, it’s been a conversation around the impossible task of making properties that weren’t affordable today affordable tomorrow.

So unless you de-commoditize housing, affordability is not a problem that can ever be solved.

Anyway, take a look at the numbers below and compare them to weeks prior, if you’re so inclined. You can access the weekly updates here so you can see 84 weeks of charts, commentary, and market data.

Urban Markets: Downtown & Surrounding Areas

House Average Price: $1,592,059
House Median Price: $1,500,000
426 Active Listings
103 Firm Sales This Week
Months of Inventory (MoI) ~ 1.15
Average Days on Market ~ 10.57 DoM

Condo Average Price: $836,988
Condo Median Price: $744,000
1430 Active Listings
162 Firm Sales This Week
MoI ~ 1.48
Average Days on Market (DOM) ~ 15.5

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park

House Average Price: $2,914,714
House Median Price: $2,600,000
119 Active Listings
21 Firm Sales This Week
Months of Inventory (MoI) ~ 1.68

Condo Average Price: $971,218
Condo Median Price: $750,000
243 Active Listings
21 Firm Sales This Week
MoI ~ 2.97

Leaside, Davisville, Yonge & Eglinton

House Average Price: $1,732,920
House Median Price: $1,553,000
32 Active Listings
6 Firm Sales This Week
Months of Inventory (MoI) ~ 0.70

Condo Average Price: $734,724
Condo Median Price: $694,000
129 Active Listings
17 Firm Sales This Week
MoI ~ 1.67

Birch Cliff

House Average Price: $1,012,500
House Median Price: $1,435,083
16 Active Listings
2 Firm Sales This Week
Months of Inventory (MoI) ~ 0.44

Condo Average Price: $683,250
Condo Median Price: $683,250
16 Active Listings
2 Firm Sales This Week
MoI 2.25

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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