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Week 37: Toronto Condos showing some signs of life while urban houses continue to fly at all price points

[ ] Week 37! 

BOOM! New condo listings drop by more than 100 units this week as sales activity picks up. Desperate sellers are taking offers and selling while those that have the ability to ride this out are pulling their unsold units off the market. This speaks to the financial strength and stability of many owners as well as the strength of our real estate market in general. People that buy today will be very happy a year from now. The deals we were seeing even a week ago don’t seem to be on the table any longer. 

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House Average Price: $1,425,475
House Median Price: $1,291,251
545 Active Listings
74 Firm Sales This Week
Months of Inventory (MoI) ~ 1.65
Average Days on Market ~ 11.66 DoM

 

Condo Average Price: $769,922
Condo Median Price: $675,000
3201 Active Listings
113 Firm Sales This Week
MoI ~ 5.31
Average Days on Market (DOM) ~ 23.28

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Don’t get too excited about that huge jump in average price here. Some huge sales skew that data a little. Sales down from 19 to only 9 this week but that should jump up next week. Still fairly steady here as most houses listed under $3M are flying with a ton of activity north of $5m as well. We should see sales maintain a relatively low rate here as we approach the holidays.

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House Average Price: $4,005,667
House Median Price: $2,800,000
183 Active Listings
9 Firm Sales This Week
Months of Inventory (MoI) ~ 2.96

 

Condo Average Price: $1,343,127
Condo Median Price: $780,000
335 Active Listings
15 Firm Sales This Week
MoI ~ 7.05

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Listings of houses and condos are down here as well continuing the theme of the last three weeks. Prices of houses continue to improve rewarding home sellers and making buyers bend over backward to get what they want. Condos also remain stable here as well with some of the lowest months of inventory and most stable prices. 

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House Average Price: $2,234,050
House Median Price: $1,810,250
47 Active Listings 
10 Firm Sales This Week 
Months of Inventory (MoI) ~ 1.58 

Condo Average Price: $696,500
Condo Median Price: $643,500
242 Active Listings
10 Firm Sales This Week
MoI ~ 4.78

Another week here with fairly low sales activity with the 4 sales being mostly for land value. Any agent can check the MLS and tell you what’s sold and what hasnt’ but our local intelilgence goes beyond that. One of our developer clients sold his project to a local privately for $2.5m. In 2021 We’ll see $2.5 be the entry level price for nicely done new builds on 40’ lots. 

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House Average Price: $848,000
House Median Price: $756,500
34 Active Listings 
4 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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