Week 157: Bad Advice from Agents Causing Confusion in the Toronto Real Estate Market

I’ve been spending a lot of time on Reddit lately trying to understand the mindset of today’s buyer/seller or real estate enthusiast.

I expected to see a bunch of trolls trashing each other’s opinions, like what I’ve experienced on Twitter.

But I was shocked to find that people are doing real, serious research on there and quite literally taking the advice of random, faceless people.

After going through 35 threads on various topics, I learned that some advice was decent, some “ok,” while others were garbage.

But at the root of all of those questions and concerns are bad agents.

Basic, commission-focused, uneducated agents who’ve led people down a path of inefficiency, frustration and pure pain.

This has led these people to a community of their peers on Reddit asking for help. “Hey, I’m being told this, but it doesn’t sound right; what should I do.” type scenarios.

It’s harrowing to read.

As a team leader focused on building an army of the best trained and competent agents, it’s really hard to see and hear so many people underserved by agents in our industry who haven’t taken the time to learn and grow into true real estate consultants.

I guess that’s why this report exists.

That’s why I invest so heavily in training the agents on The Spring Team.

That’s why I contribute my time and knowledge to the Real Collective community at Real Broker.

Ensuring my colleagues are armed to the teeth with high-level real estate and economic knowledge makes us all better.

It makes the industry better.

Speaking of terrible information, did you see what the IG account called 6Buzz posted yesterday? I went on a little rant about it. Check it out.

Such horrible reporting by a group that has no business talking about Toronto Real Estate. According to them, Toronto home prices finally came down last week. Of course, that was comparing last Feb to this Feb, which is probably the worst Apples to Oranges comparison I’ve seen in Real Estate.

If you’re anything like me, you research and get information from people who are heavily involved in the thing you’re interested in.

If you want real estate advice as a first-time buyer, speak to other recent first-time buyers and agents who work with many first-time buyers.

If you’re interested in investing in condos, speak to people who are active condo investors.

And so on…

Looking at the market today, you can call it hype or look at it for what it is.

I’m not sitting here trying to create FOMO and tell you that everything is selling for insane prices, and you should get in now before it’s too late.

I’m simply reporting the facts.

If you’re a buyer of a House with a budget of less than a million in Toronto, your days of finding fully turn-key options are behind you. You had a chance to get exactly that before December, but now, most of those homes are being snapped up, and prices are increasing over a million again.

If you’re a condo buyer, you likely saw a little more competition last week than the whole year before.

We had over a hundred condo sales weekly for the first time in nearly a year. That’s showing huge confidence in the condo market by buyers still on a high after the Jan 25th mortgage announcement.

Let’s see what tomorrow’s announcement holds, but I suspect it’ll be a slight 25bps increase, OR they may hold temporarily for a couple of months and then start hiking again in the Summer.

Time will tell.

All I know is, now, if you’re a buyer, you’re likely competing again for that dream home, and if you’re a seller, you’re selling for a little more than you expected.

What are you seeing out there?

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!

(please subscribe to the YouTube Channel here, where I go over all of these reports in more detail)

Continue scrolling for charts and numbers for all communities below 🙂

Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,591,010
House Median Price: $1,395,000
342 Active Listings
50 Firm Sales This Week
Months of Inventory (MoI) ~ 1.38 (up from 1.22 last month)
Average Days on Market ~ 17

Condo Average Price: $786,648
Condo Median Price: $681,500
1321 Active Listings
118 Firm Sales This Week
MoI ~ 2.41 (up from 2.16 last month)
Average Days on Market (DOM) ~ 26.31

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $2,561,500
House Median Price: $2,142,500
103 Active Listings
9 Firm Sales This Week
MoI ~ 2.20 (up from 1.84 last month)
Average Days on Market ~ 13

Condo Average Price: $963,059
Condo Median Price: $905,000
182 Active Listings
8 Firm Sales This Week
MoI ~ 3.17 (up from 2.85 last month)
Average Days on Market ~ 20

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,626,271
House Median Price: $2,195,000
31 Active Listings
7 Firm Sales This Week
MoI ~ 1.05 (down from 1.11)
Average Days on Market ~13

Condo Average Price: $716,547
Condo Median Price: $725,000
120 Active Listings
11 Firm Sales This Week
MoI ~ 2.43 (up from 2.01 last mth)
Average Days on Market ~ 21

Birch Cliff
House Average Price: $1,401,250
House Median Price: $1,185,000
17 Active Listings
6 Firm Sales This Week
Months of Inventory (MoI) ~ 1.02 (up from 0.74)
Average Days on Market ~ 7

Kingston Rd Corridor to Highland Creek
House Average Price: $1,360,400
House Median Price: $1,130,000
46 Active Listings
7 Firm Sales This Week
Months of Inventory (MoI) ~ 1.16 (up from 0.74)
Average Days on Market ~ 7.57

Condo Average Price: $604,000
Condo Median Price: $590,000
47 Active Listings
6 Firm Sales This Week
MoI ~ 2.29 (up from 1.81)
Average Days on Market ~ 25

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