[𝗩𝗶𝗱𝗲𝗼 𝗕𝗲𝗹𝗼𝘄] Week 25! Birch Cliff still holds the top spot as Toronto’s most in-demand and best performing community from East to West. It’s the only community to record a decrease in active listings despite a 3x increase in number of sales (sales volume). Houses are performing well everywhere and condos are hit or miss right now. Some buildings are getting multiple offers and seeing for huge numbers. While you can’t even give them away in other buildings. It’s really hard for me to generalize here so if you’re transacting in the condo space then we should talk privately.
Toronto’s unemployment rate of 14.7% has been increasing month over month is a bit of a concern still. Although the majority of home buyers seem to be largely unaffected and we aren’t seeing too much panic selling outside of a few condo buildings at the moment so I suspect we’ll see an improvement in that percentage as we head into Fall.
Sales Volume increased again for both condos and houses which is nice to see because we’re also seeing listing numbers increase (despite the sales volume). Available urban houses surpassed 500 units this past week. A number we haven’t seen in a few months. This could mean we’re on a path to a mare balanced market. If you’ve recently bought or are in throws of it you know how competitive it is. This should be good news for you!
Numbers Aug 16th to 22nd
📈House Average Price: $1,366,001
📈House Median Price: $1,295,000
📈514 Active Listing
📈95 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.47
📈Average Days on Market ~7 DoM
📈Condo Average Price: $802,96
📈Condo Median Price: $720,500
📈2562 Active Listings
📈143 Firm Sales This Week
📈MoI ~ 4.42
📈Average Days on Market (DOM) ~35
𝗨𝗿𝗯𝗮𝗻 𝗡𝗼𝗿𝘁𝗵: 𝗥𝗼𝘀𝗲𝗱𝗮𝗹𝗲, 𝗗𝗲𝗲𝗿 𝗣𝗮𝗿𝗸, 𝗠𝗼𝗼𝗿𝗲 𝗣𝗮𝗿𝗸, 𝗙𝗼𝗿𝗲𝘀𝘁 𝗛𝗶𝗹𝗹, & 𝗟𝗮𝘄𝗿𝗲𝗻𝗰𝗲 𝗣𝗮𝗿𝗸
Similar story to last week without much change here. Sure we’ve got some downward movement in house and condo average/median pricing but that’s a typical slow down for these communities at the end of Summer. We should see another week of relatively weak numbers and an uptick in about 2-3 weeks here. Days on market for condos is something to watch here as it’s approach gin 6 mths. For me the 6mth threshold is an important one. Hey at least we’re not Miami…they have a 2.5yr inventory. That’s not a typo.
📈House Average Price: $2,230,136
📈House Median Price: $1,960,000
📈178 Active Listings
📈18 Firm Sales This Week
📈Months of Inventory (MoI) ~ 4.09
📉Condo Average Price: $1,057,615
📉Condo Median Price: $1,110,000
📉287 Active Listings
📉13 Firm Sales This Week
📉MoI ~ 5.1
𝗟𝗲𝗮𝘀𝗶𝗱𝗲 & 𝗗𝗮𝘃𝗶𝘀𝘃𝗶𝗹𝗹𝗲
Another area where we’ve got an uptick in active listings along with an uptick in sales volume. More than double the sales of houses this week but 5 more available listings. Seems like Sellers are finally waking up to the big numbers homes are being sold for and testing the waters. There will come a time when the market is well supplied and things cool. Just a normal cycle that we’ve seen since 2009. Condos however have maintained a relatively low supply so the increase is less noticeable.
📈House Average Price: $2,030,252
📈House Median Price: $2,080,000
📈55 Active Listings
📈13 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.17
📉Condo Average Price: $726,931
📉Condo Median Price: $725,000
📉177 Active Listings
📉9 Firm Sales This Week
📉MoI ~ 2.94
The majority of the sales were sub $1m two-bedroom homes that needed work so that’s why the average and medial were lower this week. Inventory remains extremely low and Sellers firmly rooted in the driver’s seat most of the time.
📈House Average Price: $1,119,550
📈House Median Price: $965,250
📈20 Active Listings
📈10 Firm Sales This Week
📈Months of Inventory (MoI) ~ 1.23
As always, please comment below, DM, or call/text 416-434-1511 if any questions.