As predicted, the end of the year is bringing back an extreme seller’s market as listing inventory creeps closer to the historical lows of Q1 2021.

It seems as though every segment from condos to ultra-luxury homes is firmly in the seller’s control.

Condos have been a tough market to predict as borders have been tight, and most of the buying and selling was being done by locals.

But, now that people are travelling a little more freely and coming back to Toronto, or landing in Toronto for the first time, it seems like condo land is getting way more active again, for both sales and rentals.

You can see this in the rental market as supply is depleted and tenants scramble to get whatever they can. This is excellent news for landlords who were being pushed around when the market was soft. You know the market is turning when the CBC starts blasting out anxiety-inducing articles, like this one, over and over again. Why shouldn’t a landlord be able to verify if your income is sufficient to support the rent? Leasing a home is the same as leasing a car, you need to qualify.

The pre-construction condo market is another interesting beast. With projects near selling out in the first couple of weeks, at prices that are hundreds of dollars per square foot more than local resale options, some are wondering what buyers are thinking. Why would someone buy a condo at $1700/PSF when they can buy a similar resale option for $1100-1300/PSF?

Access! That’s the short answer. Pre-con allows buyers to access the market by spreading out deposits. It allows people to slowly add to their real estate portfolio without much sacrifice. And for the end user, it provides access to floor plans or views that are currently unavailable in the resale market.

So whether you think pre-con is a good idea or a bad one is irrelevant… We’ve seen investors get extremely wealthy slowly investing in pre-con condos and we’ve seen end users get their dream spaces. These are indisputable facts.

Buying and holding is a path to success that has been proven over and over, and over again. So, invest in the Toronto market in any way you possibly can and you will retire better than if you hadn’t.

To recap, if you’re a seller today you’re doing very well in all (ok maybe in most) cases. From condos to houses, all are moving nicely as supply is dropping quickly.

Buyers need to be very specific in their search. Being wishy washy or uncertain in this market will have you spinning your wheels and getting nowhere.

Listen to your agent when they tell you this property will sell for XYZ. Making offers knowing you’re going to be outbid simply contributes to the frenzy of offer night and helps no one other than the seller!

Happy shopping and as always, reach out if you have any questions.

Urban Markets: Downtown & Surrounding Area
House Average Price: $1,652,593
House Median Price: $1,486,250
384 Active Listings
76 Firm Sales This Week
Months of Inventory (MoI) ~ 1.010
Average Days on Market ~ 15.662 DoM

Condo Average Price: $866,222
Condo Median Price: $723,850
1324 Active Listings
164 Firm Sales This Week
MoI ~ 1.25
Average Days on Market (DOM) ~ 18.14

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $4,400,091
House Median Price: $3,900,000
99 Active Listings
11 Firm Sales This Week
Months of Inventory (MoI) ~ 1.68
Average Days on Market ~ 17.36 DoM

Condo Average Price: $1,698,259
Condo Median Price: $1,135,000
220 Active Listings
17 Firm Sales This Week
MoI ~ 2.62
Average Days on Market ~ 26.94 DoM

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,780,125
House Median Price: $2,646,500
33 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 0.83
Average Days on Market ~ 7.6 DoM

Condo Average Price: $708.084
Condo Median Price: $715,000
98 Active Listings
17 Firm Sales This Week
MoI ~ 1.24
Average Days on Market ~ 15.82 DoM

Birch Cliff
House Average Price: $1,597,333
House Median Price: $1,582,000
17 Active Listings
2 Firm Sales This Week
Months of Inventory (MoI) ~ 0.57
Average Days on Market ~ 19 DoM

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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