Week 180: What is the Outlook for Toronto Real Estate?

Before we begin, take a look at this exact time last year. Click here)

Should I sell my house or condo now or wait until 2024?

This a question we get asked every single year.

There’s no magic answer.

I always reply with another question.

Why do you need to sell? Do you even NEED to sell?

If the answer is “no,” then let’s look at other aspects of your life.

Are you close to retirement? If the answer is “no,” then I don’t think selling now makes any sense.

Do you have a specific investment to move the equity into after you sell? “No”? Then don’t sell.

Do you hate where you live? “No?” Then don’t sell.

Is the commute to work killing your vibe, so you need to be closer? “No”? Then don’t sell.

Is your child struggling with school, and you want to move into a better school zone? “No?” Then don’t sell.

Do you have some cash and want to upgrade your living situation but understand that the market may give you less money than you had hoped? You’re ok with that because when you purchase, you’ll buy at a lower price, so none of this matters anyway and you’ve been reading this blog for three years and understand that you cannot day trade real estate? Phew, that was a mouthful! But ya, go ahead and sell in that scenario.

I’ve spent way too much time telling people not to focus on the day-to-day, week-to-week, month to month or even year-over-year swings in the market and focus on the core reason for wanting to make a move all at the same time; I’ve been digging into the data like a daytrader fooling myself into believing that I can predict the future.

Well, I’m super tapped into the market, so I’m one of the first to spot it when things are shifting. Another win for weekly reporting! But beyond that, it’s pretty clear by now that the Bank of Canada is just messing with us.

I’ve also learned that over the past three years of reporting on Toronto’s communities, there’s no way to change anyone’s mind about their firm beliefs. There are pessimists, and there are optimists. I’ve never turned a pessimist into an optimist but combating their pessimism with market data and opinion. Have you?

Why even spend any time on that?

I’d rather speak to the people who understand how vital an investment in a Toronto property is and help them make strong buying and selling decisions vs. trying to convince someone to do something they don’t want to do.

That’s not my job.

So back to the headline of this week’s report. What’s the outlook for Toronto Real Estate? Pretty dang bright. Go ahead, argue with me.

How do you think Toronto real estate will look in the next five years?

Let’s talk about it. Book a call, you can do that here, and I really look forward to talking.

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!

Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,525,654
House Median Price: $1,390,500
460 Active Listings
24 Firm Sales This Week
Months of Inventory (MoI) 1.92 – DOWN from 2.27 last month
Average Days on Market (DOM) 17.71

Condo Average Price: $823,362
Condo Median Price: $700,000
2137 Active Listings
79 Firm Sales This Week
MoI 3.91 – UP from  3.77 last month
DoM  20.30

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $3,691,667
House Median Price: $3,425,000
127 Active Listings
6 Firm Sales This Week
MoI 2.69 – DOWN from 3.15 last month
DoM ~ 65

Condo Average Price: $976,667
Condo Median Price: $775,000
205 Active Listings
9 Firm Sales This Week
MoI 3.64 DOWN from 4.01 last month
DoM ~ 26.17

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,228,333
House Median Price: $2,120,000
41 Active Listings
3 Firm Sales This Week
MoI ~ 1.59 – UP from 1.45
DoM  10

Condo Average Price: $806,111
Condo Media Price: $776,000
149 Active Listings
9 Firm Sales This Week
MoI 3.04 UP from 2.48 last mth
DoM ~ 19.89

Birch Cliff
House Average Price: $1,142,500
House Median Price: $1,142,500
26 Active Listings
2 Firm Sales This Week
MoI 1.69 DOWN from 1.88
DoM 18

Kingston Rd Corridor to Highland Creek
House Average Price: $1,055,167
House Median Price: $1,042,500
95 Active Listings
6 Firm Sales This Week
MoI 2.59 UP from 2.30
DoM 13.3

Condo Average Price: $571,800
Condo Median Price: $501,000
57 Active Listings
5 Firm Sales This Week
MoI 2.80 UP from 2.36
DoM ~ 18.6

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