When are buyers going to kick back and enjoy the Holiday season? Because right now offers are flying on most move-in-ready houses and for the 9th week in a row, weโ€™ve had significant improvement in the condo market from downtown all the way up to Lawrence Park. Will we see a day in the very near future with less than 2000 active condo listings available? 

๐——๐—ผ๐˜„๐—ป๐˜๐—ผ๐˜„๐—ป & ๐—ฆ๐˜‚๐—ฟ๐—ฟ๐—ผ๐˜‚๐—ป๐—ฑ๐—ถ๐—ป๐—ด ๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป ๐—–๐—ผ๐—บ๐—บ๐˜‚๐—ป๐—ถ๐˜๐—ถ๐—ฒ๐˜€

The sales activity and lack of house inventory isnโ€™t a surprise. As Iโ€™ve said many times before, December can be a great time to sell your home as Buyers are usually still quite active but Sellers tend to hold going to market till after the Holiday. 

Toronto hasnโ€™t had a traditional spring market for about a decade (youโ€™d know this if you follow my IG stories or The Spring Team IG). Whatโ€™ weโ€™ve had are fluctuations of inventory and sentiment which have affected the market at various times throughout each year. That and government intervention โ€ฆ remember when the government announced the Ontario Fair Housing Plan? Pretty much destroyed the suburban market and put the brakes on the resale urban market as well. 

Condos are improving every single day. Weโ€™re at July inventory levels right now. Why is that important? Because itโ€™s when Buyers firmly removed Sellers from the driverโ€™s seat and deal started showing up en masse. 

The number of sales remains consistent and prices are inching up each week. If youโ€™re looking for deals, weโ€™ve moved on from the bottom of the market but prices are still down from pre-covid times and many opportunities exist from $800-1000/PSF. We should start to see condos hit that $1000/psf average in Q1/2 of 2021. 

If youโ€™re a seller make sure to download our Sellerโ€™s guide so you can see how we work.

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€ 

๐Ÿ“ˆHouse Average Price: $1,533,670
๐Ÿ“ˆHouse Median Price: $1,315,000
๐Ÿ“ˆ360 Active Listings
๐Ÿ“ˆ56 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.24
๐Ÿ“ˆAverage Days on Market ~ 15.30 DoM

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€ 

๐Ÿ“ˆCondo Average Price: $705,739
๐Ÿ“ˆCondo Median Price: $607,000
๐Ÿ“ˆ2283 Active Listings
๐Ÿ“ˆ123 Firm Sales This Week
๐Ÿ“ˆMoI ~ 4.54
๐Ÿ“ˆAverage Days on Market (DOM) ~ 33

๐—จ๐—ฟ๐—ฏ๐—ฎ๐—ป ๐—ก๐—ผ๐—ฟ๐˜๐—ต: ๐—ฅ๐—ผ๐˜€๐—ฒ๐—ฑ๐—ฎ๐—น๐—ฒ, ๐——๐—ฒ๐—ฒ๐—ฟ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐— ๐—ผ๐—ผ๐—ฟ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ, ๐—™๐—ผ๐—ฟ๐—ฒ๐˜€๐˜ ๐—›๐—ถ๐—น๐—น, & ๐—Ÿ๐—ฎ๐˜„๐—ฟ๐—ฒ๐—ป๐—ฐ๐—ฒ ๐—ฃ๐—ฎ๐—ฟ๐—ธ

Big money moves once again are keeping this areaโ€™s numbers up and Buyers confident. Sellers are coming to market with big prices and theyโ€™re getting it. Both houses and condos are selling quite well at the moment but arenโ€™t being replenished with new listings. Thatโ€™s typical for this time of year though so weโ€™ll see what happens in January onward to see how the rest of 2021 will perform. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€ 

๐Ÿ“ˆHouse Average Price: $3,063,002
๐Ÿ“ˆHouse Median Price: $2,165,000
๐Ÿ“ˆ109 Active Listings
๐Ÿ“ˆ8 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ 2.17

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€ 

๐Ÿ“‰Condo Average Price: $998,500
๐Ÿ“‰Condo Median Price: $735,000
๐Ÿ“‰265 Active Listings
๐Ÿ“‰7 Firm Sales This Week
๐Ÿ“‰MoI ~ 5.68

๐—Ÿ๐—ฒ๐—ฎ๐˜€๐—ถ๐—ฑ๐—ฒ & ๐——๐—ฎ๐˜ƒ๐—ถ๐˜€๐˜ƒ๐—ถ๐—น๐—น๐—ฒ

House supply continues to drop here as buyer activity remains the same if not tapers off a little as youโ€™d expect this time of year. Demand for Leaside/Davisville is massive at the moment and if inventory doesnโ€™t replenish in the New Year you can expect some huge gains here. 

Condos are something to watch and definitely invest in at the moment. Condos along the East-West streets between Mt. Pleasant and Yonge are selling at a discount at the moment. Considering that condo inventory is the lowest in this area, buyer demand remains high. This is a recipe for a huge gain in 2021. Our clients are still getting some great deals here but that window should close by yearโ€™s end. Units here should start to average $1000/psf+ in Q1/Q2. Iโ€™d buy anything you can get in the $900โ€™s PSF at the moment. 

๐Ÿ  ๐—›๐—ผ๐˜‚๐˜€๐—ฒ๐˜€

๐Ÿ“ˆHouse Average Price: $1,573,000
๐Ÿ“ˆHouse Median Price: $1,438,000
๐Ÿ“ˆ37 Active Listings 
๐Ÿ“ˆ6 Firm Sales This Week 
๐Ÿ“ˆMonths of Inventory (MoI) ~ 1.32 

๐Ÿข๐—–๐—ผ๐—ป๐—ฑ๐—ผ๐˜€

๐Ÿ“‰Condo Average Price: $740,500
๐Ÿ“‰Condo Median Price: $645,000
๐Ÿ“‰194 Active Listings
๐Ÿ“‰8 Firm Sales This Week
๐Ÿ“‰MoI ~ 4.33

๐—•๐—ถ๐—ฟ๐—ฐ๐—ต ๐—–๐—น๐—ถ๐—ณ๐—ณ

With only 2 sales this week we have to take these average and median prices with a grain of salt. Only two sales each selling for $800K both tiny bungalows that need complete renovations. Both were East of Birchmount as well. Prime Birchcliff was silent and should remain so till the end of the year. 

Birchcliff needs a serious inventory infusion. If you own a home here and are interested in selling then Iโ€™d love to hear from you. 

๐Ÿ“ˆHouse Average Price: $800,000
๐Ÿ“ˆHouse Median Price: $800,000
๐Ÿ“ˆ17 Active Listings 
๐Ÿ“ˆ2 Firm Sales This Week
๐Ÿ“ˆMonths of Inventory (MoI) ~ .89 

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

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