Urban Toronto’s condo supply held for three consecutive weeks, potentially signalling an end to the condo chaos. Or are we just experiencing the usual seasonal adjustment?

You’d only have that level of hyper-local insight from this blog. We don’t wait for our local real estate board to release their monthly stats when we can just run custom reports for you in real-time 🙂

Toronto’s urban real estate market reacts uniquely to economic shifts. That’s why I gather and analyze data for specific areas, providing you with precise insights rather than relying on generalized and often misleading market reports.

Whether buying, selling, or investing, the best advice depends on your goals. The SpringPRO Market Update delivers tailored insights, recognizing that the needs of investors, house buyers, condo buyers, and home seekers differ.

Unlike most market reports that provide monthly updates, the SpringPRO Market Update offers weekly reports. Here’s why that matters:

• Real-Time Data: In 2024, market conditions change rapidly. Monthly reports can leave you making decisions based on outdated information.
• Save Money: Up-to-date data helps you avoid overpaying or missing out due to inaccurate market perceptions.
• Efficient Decisions: Real-time insights enable you to make timely, informed choices, saving time and effort.

So, let’s break it down below. If you’re interested in Toronto Real Estate, but more specifically, Toronto’s urban real estate, Midtown Toronto Real Estate, or the Kingson Rd Corridor, then you’ve come to the right place. 200 weeks (with a 6-month hiatus until now) of data are fully available on the blog.

Without generalizing, I wanted to speak to the individual investor this week.

In the current Toronto rental market, there has been a notable surge in purpose-built rental developments driven by private developers and government initiatives. This trend has significantly altered the landscape, making it increasingly challenging for individual investors to compete.

Over the past few years, individual investors have played a crucial role in bridging the rental supply gap and propping up the pre-construction condo market. However, the market dynamics have shifted with new policies, making it easier and cheaper for institutions to build purpose-built rentals.

Individual investors, particularly those owning smaller condo units, now face stiff competition from large-scale rental buildings, leading to cash flow deficiencies and the need for substantial incentives to attract tenants.

Given these market changes, potential investors should approach the condo market with caution. The once-lucrative small condo units, favoured by first-time buyers and investors, are now saturated with supply but lack the same demand.

With institutional developers dominating the rental space, individual investors must contend with lower rental yields and increased vacancy risks. While existing owners can navigate this market with strategic tenant-locking techniques, those considering new investments should ensure they secure exceptional deals from desperate sellers.

In the current climate, it may be wiser to leave rental supply expansion to developers and government entities. Personally, I’m moving away from investing in condos and focussing on multi-family homes, leveraging some incredible CMHC programs that can finance the purchase and improvements with much less cash than you think.

That’s all for this week.

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Urban Toronto Real Estate Breakdown

House Average Price: $1,474,373
House Median Price: $1,382,500
701 Active Listings
44 Firm Sales This Week
Months of Inventory (MoI) 2.32 – DOWN from 3.15
Average Days on Market (DOM) 17

Condo Average Price: $846,439
Condo Median Price: $751,750
3,571 Active Listings
68 Firm Sales This Week
MoI 4.49 – DOWN  from 5.11
DoM  25

Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park

House Average Price: $6,653,333
House Median Price: $7,350,000
219 Active Listings
3 Firm Sales This Week
MoI 3.93- DOWN from 4.58
DoM ~ 26

Condo Average Price: $1,092,552
Condo Median Price: $920,000
354 Active Listings
12 Firm Sales This Week
MoI 4.79 – DOWN from 5.21
DoM  20

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Leaside, Davisville, Yonge & Eglinton

House Average Price: $1,459,500
House Median Price: $1,380,000
76 Active Listings
4 Firm Sales This Week
MoI: 2.18 – DOWN from 2.89
DoM 13

Condo Average Price: $881,000
Condo Media Price: $785,000
304 Active Listings
8 Firm Sales This Week
MoI 3.67- DOWN from 4.24
DoM ~ 30

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Kingston Rd Corridor to Highland Creek

House Average Price: $1,134,667
House Median Price: $1,040,000
171 Active Listings
6 Firm Sales This Week
MoI 3.06 – DOWN from 3.42
DoM 10

Condo Average Price: $1,008,875
Condo Median Price: $978,000
64 Active Listings
8 Firm Sales This Week
MoI 3.61 – UP from 3.23
DoM 16

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