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
𝗨𝗿𝗯𝗮𝗻 𝗡𝗼𝗿𝘁𝗵: 𝗥𝗼𝘀𝗲𝗱𝗮𝗹𝗲, 𝗗𝗲𝗲𝗿 𝗣𝗮𝗿𝗸, 𝗠𝗼𝗼𝗿𝗲 𝗣𝗮𝗿𝗸, 𝗙𝗼𝗿𝗲𝘀𝘁 𝗛𝗶𝗹𝗹, & 𝗟𝗮𝘄𝗿𝗲𝗻𝗰𝗲 𝗣𝗮𝗿𝗸
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
𝗟𝗲𝗮𝘀𝗶𝗱𝗲 & 𝗗𝗮𝘃𝗶𝘀𝘃𝗶𝗹𝗹𝗲
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.