[๐ฉ๐ถ๐ฑ๐ฒ๐ผ ๐๐ฒ๐น๐ผ๐] Week 25! Birch Cliff still holds the top spot as Torontoโs most in-demand and best performing community from East to West. Itโs 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 canโt even give them away in other buildings. Itโs really hard for me to generalize here so if youโre transacting in the condo space then we should talk privately.
Torontoโs 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 arenโt seeing too much panic selling outside of a few condo buildings at the moment so I suspect weโll see an improvement in that percentage as we head into Fall.
๐จ๐ฟ๐ฏ๐ฎ๐ป
Sales Volume increased again for both condos and houses which is nice to see because weโre also seeing listing numbers increase (despite the sales volume). Available urban houses surpassed 500 units this past week. A number we havenโt seen in a few months. This could mean weโre on a path to a mare balanced market. If youโve 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
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,366,001
๐House Median Price: $1,295,000
๐514 Active Listing
๐95 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.47
๐Average Days on Market ~7 DoM
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $802,96
๐Condo Median Price: $720,500
๐2562 Active Listings
๐143 Firm Sales This Week
๐MoI ~ 4.42
๐Average Days on Market (DOM) ~35
๐จ๐ฟ๐ฏ๐ฎ๐ป ๐ก๐ผ๐ฟ๐๐ต: ๐ฅ๐ผ๐๐ฒ๐ฑ๐ฎ๐น๐ฒ, ๐๐ฒ๐ฒ๐ฟ ๐ฃ๐ฎ๐ฟ๐ธ, ๐ ๐ผ๐ผ๐ฟ๐ฒ ๐ฃ๐ฎ๐ฟ๐ธ, ๐๐ผ๐ฟ๐ฒ๐๐ ๐๐ถ๐น๐น, & ๐๐ฎ๐๐ฟ๐ฒ๐ป๐ฐ๐ฒ ๐ฃ๐ฎ๐ฟ๐ธ
Similar story to last week without much change here. Sure weโve got some downward movement in house and condo average/median pricing but thatโs 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 itโs approach gin 6 mths. For me the 6mth threshold is an important one. Hey at least weโre not Miamiโฆthey have a 2.5yr inventory. Thatโs not a typo.
๐House Average Price: $2,230,136
๐House Median Price: $1,960,000
๐178 Active Listings
๐18 Firm Sales This Week
๐Months of Inventory (MoI) ~ 4.09
๐Condo Average Price: $1,057,615
๐Condo Median Price: $1,110,000
๐287 Active Listings
๐13 Firm Sales This Week
๐MoI ~ 5.1
๐๐ฒ๐ฎ๐๐ถ๐ฑ๐ฒ & ๐๐ฎ๐๐ถ๐๐๐ถ๐น๐น๐ฒ
Another area where weโve 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 weโve seen since 2009. Condos however have maintained a relatively low supply so the increase is less noticeable.
๐House Average Price: $2,030,252
๐House Median Price: $2,080,000
๐55 Active Listings
๐13 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.17
๐Condo Average Price: $726,931
๐Condo Median Price: $725,000
๐177 Active Listings
๐9 Firm Sales This Week
๐MoI ~ 2.94
๐๐ถ๐ฟ๐ฐ๐ต ๐๐น๐ถ๐ณ๐ณ
The majority of the sales were sub $1m two-bedroom homes that needed work so thatโs why the average and medial were lower this week. Inventory remains extremely low and Sellers firmly rooted in the driverโs seat most of the time.
๐House Average Price: $1,119,550
๐House Median Price: $965,250
๐20 Active Listings
๐10 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.23
As always, please comment below, DM, or call/text 416-434-1511 if any questions.
