Week 193: Toronto Housing Supply Slowdown: Temporary Move or Sign of a Seller’s Market to Come?
Has the supply surge come to an end?
Based on our stats here, we’re now in week 3 of declining supply across the board (except for houses in Birchcliff).
Is this a signal?
As you know, I’m out of the predication game but if I had to bet, I’d say no.
I think that we’ll see supply continue to add on in the coming months after a few weeks of supply pulling back.
As we get closer to the Holiday season, it’s normal for the listing supply to pull back.
It’s nice to see the market reacting normally to the seasons though.
I’d be very concerned if listings continued to pile on during this time. That would be a serious signal of major problems to come.
But for now, supply is pulling back as it normally would.
Which is great.
The real test will be what happens after the Holidays and how many people are hanging on until they think the “market will be better” in the Spring.
I just had a call with one of my Seller clients who said “we’re going to wait for the Spring when things get better”
Wait, who said things are going to get better in the Spring?
Could things be better?
Of course.
But I wouldn’t say things WILL get better.
So we’ll have to wait and see.
Will Toronto follow the rest of the world and start to see a supply shortage? Believe it or not, in this high interest rate environment, many places around the world, including the USA and Calgary here in Canada are seriously undersupplied.
Why?
It’s a function of the mortgage rule. IN markets where you have serious long-term mortgages like 20-30 years, you haven’t seen payment changes so your life is unaffected by rising rates. So they’re just not selling.
Why Calgary? Unsure. But loads of people are flying to that province in search of more affordable housing options.
Anyway, that’s all for this week. A good next step would be to book a strategy call with me to talk options.
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Keep an eye on this blog, as the coming months will be exciting.
Urban Markets: Downtown & Surrounding Areas
House Average Price: $1,586,820
House Median Price: $1,400,000
687 Active Listings
40 Firm Sales This Week
Months of Inventory (MoI) 3.15 – UP from 2.99
Average Days on Market (DOM) 17.04
Condo Average Price: $750,301
Condo Median Price: $680,000
2689 Active Listings
67 Firm Sales This Week
MoI 5.11 – UP from 4.82
DoM 28.70
Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $2,658,233
House Median Price: $2,367,500
202 Active Listings
9 Firm Sales This Week
MoI 4.58 – DOWN from 4.71
DoM ~ 15.44
Condo Average Price: $1,119,329
Condo Median Price: $960,250
299 Active Listings
6 Firm Sales This Week
MoI 5.21 – UP from 4.94
DoM 38.14
Leaside, Davisville, Yonge & Eglinton
House Average Price: $1,725,833
House Median Price: $1,595,000
75 Active Listings
2 Firm Sales This Week
MoI: 2.89 – UP from 2.75
DoM 11.17
Condo Average Price: $790,667
Condo Media Price: $680,000
215 Active Listings
9 Firm Sales This Week
MoI 4.24 – UP from 3.64
DoM ~ 26.99
Birch Cliff
House Average Price: $1,445,000
House Median Price: $1,445,000
42 Active Listings
1 Firm Sales This Week
MoI 2.14 – DOWN from 2.38
DoM 3
Kingston Rd Corridor to Highland Creek
House Average Price: $1,138,127
House Median Price: $1,002,510
117 Active Listings
6 Firm Sales This Week
MoI 3.42 – UP from 3.30
DoM 14
Condo Average Price: $476,500
Condo Median Price: $476,500
74 Active Listing
2 Firm Sales This Week
MoI 3.23 – UP from 2.72
DoM 12.5
