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.

[๐—ฉ๐—ถ๐—ฑ๐—ฒ๐—ผ ๐—•๐—ฒ๐—น๐—ผ๐˜„] Week 30! 

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป
Miss me? Weโ€™ve been slammed at work so our clients had to take priority over this weekly report. Sorryโ€ฆnot sorry ๐Ÿ™‚

Anyway, the numbers havenโ€™t changed much for the urban house as theyโ€™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 youโ€™re a seller deep in the core.

Not as grim if youโ€™re selling in low-rise boutique projects in surrounding urban communities. Either way, the condo game is tough so make sure youโ€™ve got a serious pro in your corner when selling. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€
๐Ÿ“ˆHouse Average Price: $1,456,663
๐Ÿ“ˆHouse Median Price: $1,325,188
๐Ÿ“ˆ670 Active Listings
๐Ÿ“ˆ135 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.65
๐Ÿ“ˆAverage Days on Market ~7 DoM

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€
๐Ÿ“ˆCondo Average Price: $796,005
๐Ÿ“ˆCondo Median Price: $623,500
๐Ÿ“ˆ3186 Active Listings
๐Ÿ“ˆ132 Firm Sales This Week
๐Ÿ“ˆMoI ~ 4.55
๐Ÿ“ˆAverage Days on Market (DOM) ~ 35

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป ๐—ก๐—ผ๐—ฟ๐˜๐—ต: ๐—ฅ๐—ผ๐˜€๐—ฒ๐—ฑ๐—ฎ๐—น๐—ฒ, ๐——๐—ฒ๐—ฒ๐—ฟ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐— ๐—ผ๐—ผ๐—ฟ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐—™๐—ผ๐—ฟ๐—ฒ๐˜€๐˜ ๐—›๐—ถ๐—น๐—น, & ๐—Ÿ๐—ฎ๐˜„๐—ฟ๐—ฒ๐—ป๐—ฐ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ
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 thereโ€™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. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€
๐Ÿ“ˆHouse Average Price: $2,711,626
๐Ÿ“ˆHouse Median Price: $2,650,000 
๐Ÿ“ˆ235 Active Listings
๐Ÿ“ˆ17 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 2.85

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€
๐Ÿ“‰Condo Average Price: $1,822,643
๐Ÿ“‰Condo Median Price: $1,212,500
๐Ÿ“‰341 Active Listings
๐Ÿ“‰14 Firm Sales This Week
๐Ÿ“‰MoI ~ 6.42

๐—Ÿ๐—ฒ๐—ฎ๐˜€๐—ถ๐—ฑ๐—ฒ & ๐——๐—ฎ๐˜ƒ๐—ถ๐˜€๐˜ƒ๐—ถ๐—น๐—น๐—ฒ
Available house listings are up 24% while sales remain unchanged. Weโ€™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. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€
๐Ÿ“ˆHouse Average Price: $1,868,250
๐Ÿ“ˆHouse Median Price: $1,880,000 
๐Ÿ“ˆ50 Active Listings 
๐Ÿ“ˆ8 Firm Sales This Week 
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.47 

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€
๐Ÿ“‰Condo Average Price: $873,850
๐Ÿ“‰Condo Median Price: $757,500
๐Ÿ“‰248 Active Listings
๐Ÿ“‰10 Firm Sales This Week
๐Ÿ“‰MoI ~ 4

๐—•๐—ถ๐—ฟ๐—ฐ๐—ต ๐—–๐—น๐—ถ๐—ณ๐—ณ

A whopping 42.9% increase in number of new/available listings here but with only 1 flat month of MoI, thatโ€™s totally fine. Iโ€™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 weโ€™ll just continue to leave that stat alone for a while. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€
๐Ÿ“ˆHouse Average Price: $1,023,500 
๐Ÿ“ˆHouse Median Price: $1,053,000
๐Ÿ“ˆ31 Active Listings 
๐Ÿ“ˆ5 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.00 

As always, please comment below, DM, or call/text 416-434-1511 if any questions. CC: Ara Mamourian

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