Available Downtown Toronto Condo Listings Reach New Highs

New house listings ticked up a little but so did sales so inventory remains low in the freehold market. Sellers still in the drivers seat MOST of the time but inventory is coming.

Sellers that have been trying to time the top are going to be coming to market soon and well…as always..trying to time the market (on the buy or the sell) doesn’t work. House prices shouldn’t come down but there will be a ton more options to feed buyer demand. Condo sales unfortunately decreased incrementally while also adding over 100 new listings.

Condos are still moving in the urban communities surrounding the core but the core is beyond saturated with more listings than I have seen in my 12 year real estate career. Some awesome buying opportunities there. You know what they say: “be greedy while others are fearful”…so who’s buying with me? 

 

House Average Price: $1,403,196
House Median Price: $1,300,000
682 Active Listing
108 Firm Sales This Week
Months of Inventory (MoI) ~ 1.85
Average Days on Market ~7 DoM

 

Condo Average Price: $801,370
Condo Median Price: $675,000
3316 Active Listings
114 Firm Sales This Week MoI ~ 5.23
Average Days on Market (DOM) ~ 40

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Nothing to see here folks…just a boring flat line week over week. New listings and sales didn’t change much and the average price increase was mainly due to a load of sales in the higher price points.

As you can see with condos with a median of $1.6 that we had a lot of big ticket sales bringing those numbers up. Overall I’m still not concerned about this area with condos at over 7 months of inventory. Condos typically move slowly here and are well supplied.

Houses are still selling very well but a little more balanced than the urban market’s. Houses under $3m may find some competition still (especially under $2.5m). 

House Average Price: $2,596,364
House Median Price: $2,057,500 
225 Active Listings
22 Firm Sales This Week
Months of Inventory (MoI) ~ 3.6

Condo Average Price: $1,560,000
Condo Median Price: $1,600,000
353 Active Listings
11 Firm Sales This Week
MoI ~ 7.12

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Both Condos and Houses continue to be in demand here with some condo demand dwindling. Houses under $2M are performing very well but expect some more listings to feed the demand here in the coming months. 

House Average Price: $1,945,420
House Median Price: $1,960,100 
70 Active Listings 
10 Firm Sales This Week 
Months of Inventory (MoI) ~ 1.75 

Condo Average Price: $938,998
Condo Median Price: $919,000
256 Active Listings
11 Firm Sales This Week
MoI ~ 4.93

Don’t get too excited about that drop in median price. There were a handful of “land value” sales this past week that dragged that stat down. The $700-850K homes are usually not liveable in the lower range there. They’re bought by developers and end users who turn around and create the $1.2+++ homes. Activity is up slightly here with a couple more sales with new listing inventory stating flat at 30. 

House Average Price: $1,005,313 
House Median Price: $860,500
30 Active Listings 
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.34 

As always, please comment below email ara@thespringteam.ca, DM, or call/text 416-434-1511 if any questions.

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