25 May 2020
How is Toronto’s Urban Market doing? Week 12 numbers are in.
Don’t get too comfortable out there, folks.
Shame on all of you who attended events, parks etc…whilst completely ignoring all physical distancing guidelines. For urinating on people houses, and for leaving a giant mess for the City staff to clean up. You’re disgusting. Ok, rant over…let’s get into it.
[ ] Happy Monday, everyone! Week 12 now in the books! Make sure you check out the video. I may or may not take a shot at the West End and have a quick rant at the end about the future of Downtown and offices.
fell a bit flat in terms of volume this week only reporting 28 firm sales. Buyer confidence is still strong with 15 of the 28 fetching over the asking price with multiple offers. There were zero sales over $2M reported this week but that doesn’t seem to be due to any new problems in that price range. There was a unusually high amount of activity there over the past couple of weeks so perhaps a lull this week. I’ll keep on it and see if any changes next week.
House Average Price: $1,287,335
House Median Price: $1,295,000
319 Active Listings
MOI ~ 1.98 months (mostly Seller’s market)
? $ . $ . . ” % ” ‘ … ? ‘ ? !
Last week’s theme was “the buyer party is over” and that theme continues to be true. Most discounts are gone (only a few existed but that was late March/early April). If you’re buying a house in our urban communities you’re most likely going to be competing with other buyers unless you’re in the $1.4++ price point where you have a little less competition.
once again show strong and consistent sales with 45 firm deals, 8 over the ask with multiple bids. Again, the “over asking” deals were all under $800K. Most opportunities exist in the $800K++ price point especially for larger, more expensive one bedrooms ( !)
Condo Average Price: $828,543
Condo Median Price: $755,000
1159 Active Listings
MOI ~ 4.6 months of inventory ( ‘ )
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Watch more in the video below and check out some yet-to-be released reporting from CIBC’s Chief Economist Benjamin Tal talking about the Canadian Real Estate market as a whole. Remember, take it with a grain of salt as what’s happening Nationally won’t always reflect what’s happening in the communities you’re interested in.
As always, please comment below, DM, or call/text 416-434-1511 if any questions. cc: The Spring Team at Property.ca