Week 30 & Toronto’s Houses Continue to Defy All Odds.
Toronto Condos on the other hand tell a different tale.
With increases in new listings across the board and a drop in sales volume, condos are in for a bumpy 2020. Pre-Construction condos however remain a strong and easy way to get into the market while spreading the capital required over a 3 year period in some cases.
[ ] Week 30!
Miss me? We’ve been slammed at work so our clients had to take priority over this weekly report. Sorry…not sorry 🙂
Anyway, the numbers haven’t changed much for the urban house as they’re still flying high with loads of demand in most price ranges. New house listings were up 13.5% but firm sales also increased 14.4%. This shows us that the demand for freehold product is higher than it’s ever been.
Condos however continue to slide with an increase of 12.6% in new listings (since my last report) and a drop in firm sales by 10.7%. Not a good mix if you’re a seller deep in the core.
Not as grim if you’re selling in low-rise boutique projects in surrounding urban communities. Either way, the condo game is tough so make sure you’ve got a serious pro in your corner when selling.
House Average Price: $1,456,663
House Median Price: $1,325,188
670 Active Listings
135 Firm Sales This Week
Months of Inventory (MoI) ~ 1.65
Average Days on Market ~7 DoM
Condo Average Price: $796,005
Condo Median Price: $623,500
3186 Active Listings
132 Firm Sales This Week
MoI ~ 4.55
Average Days on Market (DOM) ~ 35
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Houses continue to perform well across most price points but a little slower north of $5m. Active house listings are up 21.8% while sales were down 15% but with only 2.85 MoI there’s room to absorb more listings here.
Condo listings are up 17.2% and shockingly, firm sales are up 133% since week 27. This is great to see because that MoI number was getting into danger zone so we should see that drop when I can report all September sales.
House Average Price: $2,711,626
House Median Price: $2,650,000
235 Active Listings
17 Firm Sales This Week
Months of Inventory (MoI) ~ 2.85
Condo Average Price: $1,822,643
Condo Median Price: $1,212,500
341 Active Listings
14 Firm Sales This Week
MoI ~ 6.42
Available house listings are up 24% while sales remain unchanged. We’ll continue to watch this area however with such a low MoI, we can definitely use a lot more inventory here so the uptick in listings is not at all concerning here. Condos tell the same story here with nearly a 13% uptick in new available listings and number of firm sales unchanged from week 26. Some room for more inventory there too so all-in-all, Leaside & Davisville Village are perfectly stable at the moment.
House Average Price: $1,868,250
House Median Price: $1,880,000
50 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.47
Condo Average Price: $873,850
Condo Median Price: $757,500
248 Active Listings
10 Firm Sales This Week
MoI ~ 4
A whopping 42.9% increase in number of new/available listings here but with only 1 flat month of MoI, that’s totally fine. I’m not at all concerned with the 37.5% drop in firm sales either. We could use a few more weeks like this to bring up the inventory so our Buyers can find what they want! Even though there are condos here nobody seems to be selling so we’ll just continue to leave that stat alone for a while.
House Average Price: $1,023,500
House Median Price: $1,053,000
31 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 1.00
As always, please comment below, DM, or call/text 416-434-1511 if any questions. CC: Ara Mamourian