27 Oct 2020
Week 34: Investors & First Time Buyers Taking Advantage of Buying Opportunities in Condoland
[ ] Week 34!
Houses continue to do well but not as well as at the end of August or early to mid Sept. Prices remain high but many urban communities have a lot more for buyers to choose from so a little bit more breathing room there. Sales increased and the number of new listings dropped so we can expect to close the end of the year out pretty strong for houses. Condos came in strong this week with 140 sales…haven’t seen a number that high since Week 24 and before that weekly sales were in the 170’s. Sales are up and new listings are flat but prices continue to fall here. Some more room to drop till the end of the year..
House Average Price: $1,390,538
House Median Price: $1,225,000
680 Active Listing
111 Firm Sales This Week
Months of Inventory (MoI) ~ 1.85
Average Days on Market ~7 DoM
Condo Average Price: $763,857
Condo Median Price: $650,000
3358 Active Listings
141 Firm Sales This Week
MoI ~ 5.23
Average Days on Market (DOM) ~ 22.57
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Houses here continue to perform well with sales up to $9m sold in less than a month. Loads of competition in the sub $3m market with some flexibility for Buyers $3m to $10m. As in previous weeks, no major changes in condos here. Still chugging along as they’ve always been but some are taking a bit longer to sell than pre-covid.
House Average Price: $3,116,164
House Median Price: $2,638,000
213 Active Listings
22 Firm Sales This Week
Months of Inventory (MoI) ~ 3.6
Condo Average Price: $990,650
Condo Median Price: $916,250
358 Active Listings
10 Firm Sales This Week
MoI ~ 7.12
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Steady steady steady here with no breaking news or anything to be concerned about really. Houses are strong and should continue to perform well. Great schools and transit access along with top shelf parks and local amenities keep the buyer pipeline consistently full here. Condos continue to drop here as with everywhere else. International students love this are as many of the largest language schools are around here so once the borders open up again we should see a significant increase in condo prices here.
House Average Price: $1,809,740
House Median Price: $1,860,177
64 Active Listings
14 Firm Sales This Week
Months of Inventory (MoI) ~ 1.75
Condo Average Price: $809,533
Condo Median Price: $782,000
252 Active Listings
15 Firm Sales This Week
MoI ~ 4.93
Average price and median dipped under a million here for the 2nd time since April but nothing to worry about here as every few weeks we have a few more “land value” sales go down that drop the average price. Newly built and renovated homes here are still trading ~$2m give or take depending on lot size. I’d bet we start to see a lot of developers start to sever the 40’ lots and create smaller towns, rows, or semis here in the coming years as demand increases.
House Average Price: $950,983
House Median Price: $900,000
31 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.34
As always, please comment below, DM, or call/text 416-434-1511 if any questions.
