Week 19: Everyone wants houses!
Condos are selling fairly well but Houses are absolutely flying!
Are you bored with my weekly market updates? How can I make them more entertaining for you? Drawing a blank on creativity there! Anyway, below you’ll find a video and 4 charts.
I’m now covering Birchcliff, Rosedale, Moore Park, Deer Park, Leaside, Davisville, and of course our Urban Markets in and around downtown as usual.
So here’s the story for Week 19 (march feels like last year already). Houses are out there at all price points and in most communities absolutely flying off the shelf.
Back in March when I predicted this exact situation I had to actually block people I considered friends because they just went full-on real estate bear on me and started calling me all sorts of names for seeing a different path than most saw at the time. I wrote about it here https://thespringteam.ca/covid-19-coronavirus-the-urban-toronto-real-estate-market-the-complete-guide/
My only mistake is that I assumed both houses and condos would be firing at the same level.
I was worried last week when the spike in active condo listings wasn’t met with as much demand. Luckily, sales seriously ramped up this past week to leave a nice and healthy 4mth supply of units on the market in the downtown and surrounding area.
If you care about the details then read on! Otherwise, watch the video and let me know if any questions!
Houses are in extremely limited supply in the Birchcliffe Area with only 1.17 months of inventory. That’s alarmingly low! Birchcliff is also the only community to seriously increase in price specifically march 1 to today. Like to the tune of nearly 20% gain in medial house value.
A similar deal in Urban Central and surrounding communities. Homes at ALL price points are flying in multiples. From $800K to $4M houses are selling extremely fast with only 1.6 months of inventory.
I’d love to write more but I’m tired and want some wine so watch the video for more and I’ll see you out there! As always comment below, DM, text, call or email me anytime for clarity or: 416-434-1511 or firstname.lastname@example.org