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Week 36: Sellers showing confidence in the future of the Toronto Condo market by opting to rent their spaces rather than accepting lowball offers

[ ] Week 36! 

Some more good news to report this week re Condos. So last week we reported that for the first time since March 1st, there was a week over week drop in inventory. This week it was flat. Again for the first time since COVID. If we see a flattening or drop for two or three more weeks in a row I’d feel pretty good about the condo market. Again, it all depends on when borders open. Once a rapid test or effective vaccine is in place, condo values will skyrocket. 

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House Average Price: $1,504,341
House Median Price: $1,302,450
589 Active Listings
100 Firm Sales This Week
Months of Inventory (MoI) ~ 1.65
Average Days on Market ~ 11.66 DoM

 

Condo Average Price: $738,461
Condo Median Price: $663,000
3302 Active Listings
114 Firm Sales This Week
MoI ~ 5.31
Average Days on Market (DOM) ~ 22.57

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The downtown trend is moving North with no new listings added to the pile and an increase in sales for both condos and houses. Perhaps it’s the weather driving this buying activity in both houses and condos but I’ll wait to see the next few weeks before I make any calls on the condo recovery timeline. Houses here are still moving quite well and there’s no reason to expect that to change anytime soon. 

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House Average Price: $2,511,579
House Median Price: $2,060,000
200 Active Listings
19 Firm Sales This Week
Months of Inventory (MoI) ~ 2.96

 

Condo Average Price: $1,435,962
Condo Median Price: $910,000
348 Active Listings
13 Firm Sales This Week
MoI ~ 7.05

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Sales are down here this week but active listings are also down for both houses and condos. Similar trend here. Very nice to see that owners are being incredibly responsible across the board and holding back their units when they aren’t getting the offer prices they’d hoped for. Houses here are in such limited supply that they should continue to sell well as we head into the winter season.

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House Average Price: $1,864,000
House Median Price: $1,625,000 
52 Active Listings 
12 Firm Sales This Week 
Months of Inventory (MoI) ~ 1.58 

Condo Average Price: $632,500
Condo Median Price: $560,000
243 Active Listings
4 Firm Sales This Week
MoI ~ 4.78

A pretty slow week with sales nearly halved but zero change to listing inventory keeps Sellers in the driver’s seat in most cases. Average is down this week due to 3 of the 4 sales being basically land value bungalows all gone in multiple offers in less than 7 days. 

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House Average Price: $835,250
House Median Price: $756,500
32 Active Listings 
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.38 

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

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