Week 194: Toronto Real Estate: Terminated Listings Don’t Signal Real Estate Doom. Heres’ why.

Like, I get it. If listings aren’t selling, being terminated, and dropping their prices en masse in a race to the bottom, I’d understand the concern.

However, we’ve seen total supply drop across the board from houses to condos in all five communities this blog has been tracking for a month.

House listings in our urban communities have dropped to September 26 levels after a steady climb that worried us for a bit there.

Condo listings in our urban communities have dropped back to October 17 levels or Week 189.

This is why context is super important.

Do you know another reason why listings terminate? To change strategy.

In some markets, listing low to entice a bidding war is still working. But sometimes they don’t, so you’ll get a termination and a re-list the next day or a few days later at a, wait for it, HIGHER price.

So you can’t look at data in a silo.

Context is KING, and don’t you ever forget that! Whoever said content is king was so wrong!

Last year, we were worried about a massive market crash due to these layoffs. Tech companies cancelling contracts left and right.

What happened next? The AI boom picked up many of those employees and saved the day. Money kept flowing.

All of that said, the market is still super slow out there.

But slow relative to what? To when?

Slow when compared to the peak—Feb/march 2022.

But we’re not talking about that anymore, remember?

Sales and prices are similar to a year ago with little change. Overall, the market is better today than it was in Q4 2022 but not as good as it was in Q1 2023.

With inflation numbers coming in as expected this morning, it’s very likely the BoC will hold rates at their Dec 6th announcement ahead of hopefully starting to cut in 2024.

Whatever happens, the Covid buying frenzy is long gone and won’t happen again for a very long time (or will it?), and the way the market is moving along now is how it should move for many months.

When will things swing back into a Seller’s market?

Honestly, I don’t think we’ll see a strong Seller’s market for a long while. But buyers are out there making things happen, and Sellers are selling.

They’re selling to get closer to their favourite school, their work, their fun, their friends and family. And that’s why buyers are buying and will continue to buy.

What are your plans?

You can book a strategy call here to discuss your next best move forward

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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: $1,416,875
House Median Price: $1,177,500
664 Active Listings
48 Firm Sales This Week
Months of Inventory (MoI) 3.15 – UP from 2.99
Average Days on Market (DOM) 16.73

Condo Average Price: $773,496
Condo Median Price: $700,000
2624 Active Listings
55 Firm Sales This Week
MoI 5.11 – UP from 4.82
DoM 30.82

Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Average Price: $2,744,286
House Median Price: $2,250,000
192 Active Listings
9 Firm Sales This Week
MoI 4.58 – DOWN from 4.71
DoM ~ 19.57

Condo Average Price: $975,750
Condo Median Price: $800,000
291 Active Listings
8 Firm Sales This Week
MoI 5.21 – UP from 4.94
DoM 33.75

Leaside, Davisville, Yonge & Eglinton
House Average Price: $1,828,250
House Median Price: $1,780,000
71 Active Listings
4 Firm Sales This Week
MoI: 2.89 – UP from 2.75
DoM 17.50

Condo Average Price: $670,833
Condo Media Price: $625,000
208 Active Listings
6 Firm Sales This Week
MoI 4.24 – UP from 3.64
DoM ~ 28.17

Birch Cliff
House Average Price: $1,230,000
House Median Price: $1,230,000
40 Active Listings
1 Firm Sales This Week
MoI 2.14 – DOWN from 2.38
DoM 9

Kingston Rd Corridor to Highland Creek
House Average Price: $1,138,127
House Median Price: $1,002,510
114 Active Listings
6 Firm Sales This Week
MoI 3.42 – UP from 3.30
DoM 14

Condo Average Price: $658,500
Condo Median Price: $476,500
71 Active Listings
4 Firm Sales This Week
MoI 3.23 – UP from 2.72
DoM 33.75

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