Week 191: Why Politicians Don’t Get Toronto’s Home Prices and What’s Really Happening in Late 2023

Another week in the books and it’s actually pretty calm out there right now which is a nice surprise.
There hasn’t been too much negative news in the market.

We’ve had the countries not so fearless leader, JT proving he has no clue how economies work and blaming investors for Toronto real estate prices Calling it “commodification“ and then in the same breath, saying it should be for families to build equity, which is exactly the same. Here’s the article

“But we do know that one of the factors that is challenging for so many people is the commodification of housing (and) the fact that people are using homes and houses as an investment vehicle — particularly corporations using homes as an investment vehicle — rather than families using them as a place to live, grow their lives and to build equity for their future,” the prime minister added.”

The irony in that statement is hilarious.

I think it’s so funny how politicians are constantly going on about affordability and literally doing the bare minimum about it.

Real estate is a commodity, and I don’t see any clean way of getting out of that
To say that investors are causing this problem is a huge lie.

Affordability is not a problem that can be solved.

Buying real estate will not be accessible to everyone, especially not in major cities like Toronto,
And until people come to terms with that, this conversation will always be running around in circles and getting nowhere.

as I’ve said 1 million times before the conversation around affordability should only exist in the context of providing people without homes, a roof, making sure that individuals and families have a safe place to call home whether it’s rented or owned.

You’re never going to create a situation where purchasing real estate becomes more affordable in the future than it is today.

That is a battle that cannot be one by anyone on either side of the political spectrum.
Anyway back down to earth here in Toronto, condo prices look like they’re finally sliding after holding strong for much longer than I thought.

The good news is inventory in all neighbourhoods and all property types. Either pulled back or stayed flat which is really nice to see as we approaching pretty dangerous, extreme buyers market territory for condos, and some neighbourhoods for houses

The one thing I’ve learned during this time is that the people that remain calm and don’t panic during these times are the ones that win at the end of the day?

We’re having a lot of conversations with clients trying to figure out ways for them to keep their homes in some cases were figuring it out in other ways we’re gonna have to sell

But depending on where you’re doing the selling, some people are in better positions than others other people just need to be patient.

You’re not gonna get a ton of showings on your property, but each showing that happens is a more meaningful one, so it’s really important that your agent is on top of the buyers agent after their viewing to make sure all the questions are answered because if you don’t get to them before they see the next property and you don’t happily handle their questions and objections they’re gonna move on they’re not going to even bother calling you.

Listing agents need to be extremely proactive and helping buyers agents and their buyers understand why their properties is the best option for their clients.

So far the fourth quarter of 20 23 is shaping up to look very similar to the fourth quarter of 20 22 except our prices are a little bit ahead of where they were in Q4 2022 right now And in most cases, the bottom of the market is still behind us but the big unknown of the next six months is there or we could see prices slip a little further to below where they were in Q4 2022

That certainly not a guarantee but a possibility that’s for sure.

Anyway if you’re a client of The Spring Team and you’re reading this, save the date December 9 we’re having our Christmas holiday event and this one’s gonna be a doozy so look out for that!

Book a strategy call to discuss your situation: Book a call directly with me for personalized advice.

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Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,576,437
House Median Price: $1,335,000
754 Active Listings
66 Firm Sales This Week
Months of Inventory (MoI) 2.99 – UP from 1.82
Average Days on Market (DOM) 17.58

Condo Average Price: $761,901
Condo Median Price: $730,000
2741 Active Listings
73 Firm Sales This Week
MoI 4.82 – UP from 3.87
DoM 20.73

Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $3,233,993
House Median Price: $2,212,500
206 Active Listings
11 Firm Sales This Week
MoI 4.71 – UP from 2.78
DoM ~ 23

Condo Average Price: $1,025,450
Condo Median Price: $1,035,000
311 Active Listings
6 Firm Sales This Week
MoI 4.94 – UP from 3.48
DoM 13.50

Leaside, Davisville, Yonge & Eglinton
House Average Price: $2,168.188
House Median Price: $1,985,000
84 Active Listings
8 Firm Sales This Week
MoI: 2.75 – UP from 1.45
DoM 9

Condo Average Price: $754,943
Condo Media Price: $679,000
226 Active Listings
7 Firm Sales This Week
MoI 3.64 – UP from 2.82
DoM ~ 17.86

Birch Cliff
House Average Price: $1,620,000
House Median Price: $1,400,000
34 Active Listings
3 Firm Sales This Week
MoI 2.38 – UP from 2.03
DoM 3.33

Kingston Rd Corridor to Highland Creek
House Average Price: $1,389,200
House Median Price: $1,150,000
118 Active Listings
3 Firm Sales This Week
MoI 3.30 – UP from 2.53
DoM 21.3

Condo Average Price: $785,000
Condo Median Price: $785,000
68 Active Listings
1 Firm Sales This Week
MoI 2.72 – UP from 2.58
DoM 13

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