Week 147: Twas the night before 2023…a real estate poem by Ara Mamourian

A Christmas classic with an Ara real estate twist. Enjoy, and Happy Holidays, everyone! Some commentary below the poem, along with the usual charts and community figures.

‘Twas the night before Christmas, and all through the city,
Homes were for sale, but the lack of Buyers was a pity.

The sellers were pacing, all anxious and stressed,
Hoping to find a buyer, but feeling depressed.

The economy was bad, with job losses and loads of debt,
But the sellers remained hopeful, despite the perceived threat.

The prices were lower, with no end in sight;
The buyers all smiling, enjoying Seller’s blight.

But as they shopped around, they found a surprise;
Interest rates were rising before their very eyes.

The market was fairer, with some mercy shown;
the sellers all cried, feeling so alone.

But just when they thought all hope was lost,
A miracle happened, and the Sellers were aghast

An eager buyer appeared, just like in a dream,
The sellers all rushed, with their wallets agleam.

And at that moment, the market was won,
The sellers all cheered; their battle was done.

So if you’re a seller, don’t lose heart,
The market may be tough, but a sale is worth the start.

Keep searching and hoping, and you’ll find your way,
To a buyer of your dreams, on Christmas Day.

But buyers beware of rising interest rates,
They may impact your budget and seal your fates.

But don’t despair; the economy will turn,
With hard work and determination, a bright future we yearn.

We’ll bounce back stronger, and prosperity will reign,
and all of the optimists will realize their gain

But Be smart and prepared, and you’ll find the perfect home, Merry Christmas to all, and to all, a good home.

What did you think? Ok, let’s talk a little real estate below, and then you can be off to enjoy the rest of the holidays 🙂

So looking at the numbers below, you can see that there’s not much to talk about this week. It is Christmas, after all, but only nine houses sold vs. this time last year; there were over 20. Condos didn’t fare too badly with 50 sales. Still lower than I’d like to see, but it shows some buyer confidence and movement out there.

Last year I predicted (aka, my crystal ball is more precise than most) that 2022 would be off to a fire start…and it wasn’t a guess. Look at the supply numbers from last year.

Any fool could have predicted a banging start to 2022. That low supply has never been seen in Toronto. And rates were practically zero still. Things were inevitably going to pop off.

Notice also the price changes in houses vs. condos?

Despite 25% fewer sales this Christmas week, Condo prices increased compared to last year.

On the other hand, houses are down more dramatically in most cases, but remember, the down numbers mostly reflect larger detached home prices being mostly affected.

So what’s going to happen in 2023? Great question 🙂 I’m working on those thoughts today and will send a special mid-week 2023 Toronto Market post in the next few days.

What do you think 2023 has in store for us?

Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,273,000
House Median Price: $1,060,000
316 Active Listings
9 Firm Sales This Week
Months of Inventory (MoI) ~ 1.60 (down from 1.78 last month)
Average Days on Market ~ 30.67

Condo Average Price: $943,596
Condo Median Price: $730,000
1294 Active Listings
50 Firm Sales This Week
MoI ~ 2.24 (down from 2.25 last month)
Average Days on Market (DOM) ~ 32.2

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $6,400,000
House Median Price: $6,400,000
95 Active Listings
1 Firm Sales This Week
MoI ~ 2.62 (down from 2.78 last month)
Average Days on Market ~ 37

Condo Average Price: $1,792,150
Condo Median Price: $1,215,000
161 Active Listings
6 Firm Sales This Week
MoI ~ 2.84 (down from 3.04 last month)
Average Days on Market ~ 46.83

Leaside, Davisville, Yonge & Eglinton
House Average Price: $1,732,300
House Median Price: $1,555,000
24 Active Listings
0 Firm Sales This Week
MoI ~ 0.95 (down from 1.71)
Average Days on Market ~40

Condo Average Price: $731,000
Condo Median Price: $719,500
136 Active Listings
4 Firm Sales This Week
MoI ~ 2.52 (up from 2.49 last mth)
Average Days on Market ~ 60

Birch Cliff
House Average Price: $1,180,000
House Median Price: $1,180,000
17 Active Listings
1 Firm Sales This Week
Months of Inventory (MoI) ~ 1.01 (up from 0.93)
Average Days on Market ~ 4

Kingston Rd Corridor to Highland Creek
House Average Price: $1,171,250
House Median Price: $1,171,250
32 Active Listings
2 Firm Sales This Week
Months of Inventory (MoI) ~ 1.21 (down from 1.45)
Average Days on Market ~ 43.5

Condo Average Price: $646,500
Condo Median Price: $646,500
51 Active Listings
2 Firm Sales This Week
MoI ~ 2.30 (down from 2.89)
Average Days on Market ~ 43

Any questions? The entire team and I are here to help. Email/comment/text/smoke signal, and we’ll get back to you.

Have a wonderful day, and I’ll see you next week. Don’t forget to subscribe to the blog so you get this in your inbox asap, and we’ll see you on Youtube!

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