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Toronto’s Urban Communities were consistent week over week with a drop in active listings by 3%. Despite a drop of nearly 30% in firm sales this past week we still managed to eat into the listing inventory from last week. What’s good to see is the Months of Inventory (MoI) creep up a bit closer to 2 months for houses but no surprise to see Condos MoI inch closer to that dreaded 6mth figure. There are some interesting and surprise opportunities in the market though as Buyers seem to be showing some fatigue on offer night. A few properties surprised us by not seeing on offer on offer night, only to be scooped up by my clients at a serious discount. That’s not the norm and anyone calling me shouldn’t expect the same result but if it’s going to happen..now’s the time.  Again, if you don’t need to sell your condo now, HOLD IT.

 
House Average Price: $1,509,325
House Median Price: $1,386,000
655 Active Listing
94 Firm Sales This Week
Months of Inventory (MoI) ~ 1.85
Average Days on Market ~7 DoM

 
Condo Average Price: $808,513
Condo Median Price: $705,000
3202 Active Listings
124 Firm Sales This Week
MoI ~ 5.23
Average Days on Market (DOM) ~ 40

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Houses here are doing their usual YoYo as e had a few sales in the lower (sum Million) price points with not much activity over $2.5m. Not to say the demand isn’t there for he more expensive options.

We should see this jump back up next week as a few larger sales are reported. Overall house pricing here remains stable with a steady flow of Buyers to scoop up available listings. Active listings are down here as well and sales are up but big picture, the MoI here is jumped significantly to 3.6 months.

I’ll continue to monitor to see how (if at all) this extra inventory is affecting the on-the-ground pricing. Condos on the other hand just hit 7.12 MoI (i’ve never seen anything higher than 6.7 anywhere) so that’s concerning. A massive buyer’s opportunity here especially helpful to folks downsizing from their local houses to larger local condos. 

House Average Price: $2,305,434
House Median Price: $2,020,440 
229 Active Listings
24 Firm Sales This Week
Months of Inventory (MoI) ~ 3.6

Condo Average Price: $1,352,556
Condo Median Price: $1,299,000
351 Active Listings
9 Firm Sales This Week
MoI ~ 7.12

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Leaside and Davisville aka Steady Eddy…consistently low inventory with consistent buyer demand here. Houses are doing well with no real dramatic changes to report.

Sellers are mostly in the driver’s seat with some opportunity in the $3M++ category but overall quite robust. Condos are feeling the pain now too with a bump to the MoI of nearly 5 now.

The condo market here is relatively balanced but with properties taking a long time to sell, some Sellers are feeling the pressure. Buyers are finding themselves with a little more negotiating room here. 

House Average Price: $1,758,462
House Median Price: $1,600,000 
61 Active Listings 
13 Firm Sales This Week 
Months of Inventory (MoI) ~ 1.75 

Condo Average Price: $665,600
Condo Median Price: $675,000
244 Active Listings
11 Firm Sales This Week
MoI ~ 4.93

Birch Cliff (or is it Birchcliff??) continues to move forward extremely well for Sellers. Buyers are flocking to this area they once deemed “too far east” now that being as close to work isn’t essential.

This newfound attention has spiked prices and will continue to do so as developers start to put their new builds on the market. We’ll see a steady stream of $2m++ home hit the market here that were once reserved for the coveted South of Kingston Rd crowd.

Condos have more pre-con inventory than resale so will comment on that in the video but if you’re in a buying mood right now (and you should be) then pre-con in Birchcliff might be a solid option for you.

House Average Price: $1,048,933 
House Median Price: $1,000,750
30 Active Listings 
6 Firm Sales This Week
Months of Inventory (MoI) ~ 1.34 

Thank your attention! As always, please comment below, DM, or call/text 416-434-1511 if any questions.

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