19 Oct 2021

Episode 85: A slower week in Toronto real estate as sales drop and supply increases

Urban house sales plummeted 44% this past week while new house listings jumped 12%. This by no means signals any sort of trend until we have a few weeks creating a pattern. It’s likely due to people taking time away for Thanksgiving.

We’ll monitor and report back. However, the market is generally still favouring most sellers, and buyers are in competition.

This is a similar trend for all other communities (so refreshing to see listing supply increase in the Leaside area) except for condos in Rosedale and the area. Listings there pulled back while sales increased this past week.

But all other communities added a little supply but pulled back sales. Perhaps a lull week…which is normal and something we see after intense moments of fire.

What’s in big demand right now are run-down homes of all sizes needing full renovations or rebuilds. Especially on large lots.

A home one of our team members was offering on last night fetched 42 offers and sold for nearly $800K over the $1.2mm asking price. And this was just land value. The home was certainly liveable but the buyer will gut and rebuild for sure.

Also important to note that new condo projects are launching at big prices and selling fast. For example, 33 Yorkville by Pemberton is selling units at $1700 to $2200/PSF right now and demand is through the roof.

Needless to say that despite what is happening week over week or month over month, the long term outlook for

Toronto real estate is extremely bright. Anyone that says otherwise has zero clue what they are talking about. This is an undisputed fact. Buy Real Estate and HOLD and you will retire very comfortably.

Urban condos also added a few listings but only a handful and sales remained fairly consistent week over week. Some lower-end sales pulled the average down but condos are moving along fairly nicely and most sellers are in the driver’s seat again here.

There are however some buying opportunities in the immediate core but the surrounding communities are performing very well for Sellers. Buyers should have a fairly comfortable experience in condo-land with the odd, unique space fetching many offers. Most typical spaces are taking up to 30 days to sell while the more in-demand buildings and communities are selling within a few days with multiple bids.

Most condo sellers should be listed at a price they’re willing to accept vs. under-listing to attract multiple bids. And those selling houses may want to consider using the same strategy in some cases. Not all…but some. We’ll need to speak about your specific situation to be sure to select the right path to the quickest and most profitable sale.

Urban Markets: Downtown & Surrounding Areas

House Average Price: $1,664,324
House Median Price: $1,500,000
489 Active Listings
58 Firm Sales This Week
Months of Inventory (MoI) ~ 1.15
Average Days on Market ~ 10.57 DoM

Condo Average Price: $785,203
Condo Median Price: $710,000
1466 Active Listings
144 Firm Sales This Week
MoI ~ 1.48
Average Days on Market (DOM) ~ 15.84

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

House Average Price: $2,583,127
House Median Price: $2,240,500
137 Active Listings
12 Firm Sales This Week
Months of Inventory (MoI) ~ 1.68

Condo Average Price: $1,239,275
Condo Median Price: $945,000
238 Active Listings
20 Firm Sales This Week
MoI ~ 2.97

Leaside, Davisville, Yonge & Eglinton

House Average Price: $2,005,225
House Median Price: $1,775,000
41 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 0.70

Condo Average Price: $706,635
Condo Median Price: $651,000
129 Active Listings
11 Firm Sales This Week
MoI ~ 1.67

Birch Cliff
House Average Price: $1,088,308
House Median Price: $1,007,500
13 Active Listings
6 Firm Sales This Week
Months of Inventory (MoI) ~ 0.44

Condo Average Price: $1,169,250
Condo Median Price: $1,169,250
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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