You can see the video below from my Facebook post but if reading is more your thing, you can read a summary right here.

Hello and Happy Easter, everyone! Sorry to bother you during the Holiday, however, itโ€™s time for Week 6 Real Estate Stats with some very interesting context to all the numbers youโ€™ve been seeing out there.

๐Ÿ There were a total of 15 houses sold in the urban communities of Toronto this past 7 days (down from 81 in week 1 with an average price of $1,171,933 down 18.4% from March 1-8.

๐Ÿ‘‰Thatโ€™s a huge decline in activity and sale price but most notably for the first time during Covid times there were ZERO $1.5M+ sales. ๐Ÿ”ด

๐Ÿ‘‰Right now it seems as though the average price of these urban homes is being dragged down by the lack of activity in the luxury price point of $1.5M++ as homes in the $900K to $1.5 range seem to be selling for prices youโ€™d expect (most of the time) prior to Covid uncertainly

โ—๏ธIโ€™d bet weโ€™ll see a pretty flat if not a slight up-tic when I report next Sunday.

๐ŸขCondos are falling in line with houses with only 29 sales this past week and we saw a flatline in the $1M++ price point with only 5 last week and now for the first time ZERO this week.

๐Ÿ‘‰The average condo price $690,586 is a tiny increase from last week and a 16.6% decrease from Week 1 where there a whopping 35 $1M++ sales.

๐Ÿ‘‰Drilling down in the $500K-$800K price point there was loads of activity with many of the lower end units selling over asking in record time.

๐Ÿ‘‰I havenโ€™t seen much change in price of any condos $500-$700K or houses in the $900-$1.2M range. That shows in the flat average price week over week. We should see that again next week.

โœ…For now it seems as though houses below $1.5M are selling and so are condos under $700K.

๐Ÿ™…โ€โ™‚๏ธThe accessible luxury price point of $1M plus for condos and $1.5M+ for houses seems to have dried up completely.

Comment below for more context if anything is confusing. DM if you’re too shy ๐Ÿ™‚

toronto reat estate covid-19

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