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, weโve 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?
๐๐ผ๐๐ป๐๐ผ๐๐ป & ๐ฆ๐๐ฟ๐ฟ๐ผ๐๐ป๐ฑ๐ถ๐ป๐ด ๐จ๐ฟ๐ฏ๐ฎ๐ป ๐๐ผ๐บ๐บ๐๐ป๐ถ๐๐ถ๐ฒ๐
The sales activity and lack of house inventory isnโt a surprise. As Iโve 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 hasnโt had a traditional spring market for about a decade (youโd know this if you follow my IG stories or The Spring Team IG). Whatโ weโve had are fluctuations of inventory and sentiment which have affected the market at various times throughout each year. That and government intervention โฆ 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. Weโre at July inventory levels right now. Why is that important? Because itโs when Buyers firmly removed Sellers from the driverโs seat and deal started showing up en masse.
The number of sales remains consistent and prices are inching up each week. If youโre looking for deals, weโve 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 youโre a seller make sure to download our Sellerโs guide so you can see how we work.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,533,670
๐House Median Price: $1,315,000
๐360 Active Listings
๐56 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.24
๐Average Days on Market ~ 15.30 DoM
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $705,739
๐Condo Median Price: $607,000
๐2283 Active Listings
๐123 Firm Sales This Week
๐MoI ~ 4.54
๐Average Days on Market (DOM) ~ 33
๐จ๐ฟ๐ฏ๐ฎ๐ป ๐ก๐ผ๐ฟ๐๐ต: ๐ฅ๐ผ๐๐ฒ๐ฑ๐ฎ๐น๐ฒ, ๐๐ฒ๐ฒ๐ฟ ๐ฃ๐ฎ๐ฟ๐ธ, ๐ ๐ผ๐ผ๐ฟ๐ฒ ๐ฃ๐ฎ๐ฟ๐ธ, ๐๐ผ๐ฟ๐ฒ๐๐ ๐๐ถ๐น๐น, & ๐๐ฎ๐๐ฟ๐ฒ๐ป๐ฐ๐ฒ ๐ฃ๐ฎ๐ฟ๐ธ
Big money moves once again are keeping this areaโs numbers up and Buyers confident. Sellers are coming to market with big prices and theyโre getting it. Both houses and condos are selling quite well at the moment but arenโt being replenished with new listings. Thatโs typical for this time of year though so weโll see what happens in January onward to see how the rest of 2021 will perform.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $3,063,002
๐House Median Price: $2,165,000
๐109 Active Listings
๐8 Firm Sales This Week
๐Months of Inventory (MoI) ~ 2.17
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $998,500
๐Condo Median Price: $735,000
๐265 Active Listings
๐7 Firm Sales This Week
๐MoI ~ 5.68
๐๐ฒ๐ฎ๐๐ถ๐ฑ๐ฒ & ๐๐ฎ๐๐ถ๐๐๐ถ๐น๐น๐ฒ
House supply continues to drop here as buyer activity remains the same if not tapers off a little as youโd expect this time of year. Demand for Leaside/Davisville is massive at the moment and if inventory doesnโt 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 yearโs end. Units here should start to average $1000/psf+ in Q1/Q2. Iโd buy anything you can get in the $900โs PSF at the moment.
๐ ๐๐ผ๐๐๐ฒ๐
๐House Average Price: $1,573,000
๐House Median Price: $1,438,000
๐37 Active Listings
๐6 Firm Sales This Week
๐Months of Inventory (MoI) ~ 1.32
๐ข๐๐ผ๐ป๐ฑ๐ผ๐
๐Condo Average Price: $740,500
๐Condo Median Price: $645,000
๐194 Active Listings
๐8 Firm Sales This Week
๐MoI ~ 4.33
๐๐ถ๐ฟ๐ฐ๐ต ๐๐น๐ถ๐ณ๐ณ
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 Iโd love to hear from you.
๐House Average Price: $800,000
๐House Median Price: $800,000
๐17 Active Listings
๐2 Firm Sales This Week
๐Months of Inventory (MoI) ~ .89
As always, please comment below, DM, or call/text 416-434-1511 if any questions.
