Week 45: Toronto House Sales are Breaking Records & Condos Come Back with a Vengence!
Did you see that house in Mississauga that fetched 68 Offers? Inventory is insanely low in ALL communities throughout the GTA. So these aren’t just downtown issues we’re talking about here. Houses continue to be severely undersupplied. Buyers are up against fierce competition & Sellers are enjoying larger than expected numbers in some cases. But not all. Also, note that only one sale under a million dollars this week…only ONE!
Condos, once again, are proving to be a strong investment and housing options for many who were previously priced out of the market. Many folks with $450-600K budgets were getting their asses kicked pre COVID but now are able to jump into the market. Many first time buyers and investors are taking advantage of the available discounts in Condoland.
There are ways to protect yourself as an investor by offing incentives vs. rental rebates so when the market improves, your investment can catch up to market value in a heartbeat. Our signature leasing method has been able to secure big leases for our investors so message us about that asap.
House Average Price: $1,711,988
House Median Price: $1,360,000
226 Active Listings
21 Firm Sales This Week
Months of Inventory (MoI) ~ 0.59
Average Days on Market ~ 12 DoM
Condo Average Price: $686,513
Condo Median Price: $630,500
1430 Active Listings
92 Firm Sales This Week
MoI ~ 2.23
Average Days on Market (DOM) ~ 32
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Relatively calm week in Urban North houses with only 5 sales but condos blew up here with 12 sales. Most of that was absorbing sitting inventory 27-84 days on market. Only a couple of new listings added to the supply this week so just like downtown, Urban North communities are seeing way more condo activity than before.
House Average Price: $2,440,635
House Median Price: $2,559,000
68 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 1.00
Condo Average Price: $777,583
Condo Median Price: $680,000
190 Active Listings
12 Firm Sales This Week
MoI ~ 3.45
Zero houses traded in this entire community last week. ZERO. What? And only 1 last week. Now there are 10 newly listed super attractive houses that should sell by next week’s update so numbers will change then. Very surprising to see that sitting, overpriced inventory aren’t at least slowly selling. Super savvy buyers either opting for Urban North at those prices or sitting and waiting for next week.
Condos had a few sales and added a few listings to the supply side. Overall a relatively healthy condo market here that’s fairly balanced.
House Average Price: $0
House Median Price: $0
31 Active Listings
0 Firm Sales This Week
Months of Inventory (MoI) ~ 0.57 (WHAT?)
Condo Average Price: $665,960
Condo Median Price: $575,000
143 Active Listings
6 Firm Sales This Week
MoI ~ 2.67
Ignore the average and median here as we only have one sale. A big one south of Kingston at $1.91mm. This area has become super attractive to folks that are getting priced out of the huge lots in Birchcliff near Victoria Park by Blantyre park. That seems to be the sweet spot with big numbers for 40+’ lots.
Let’s see what next week has in store for us.
House Average Price: $1,910,000
House Median Price: $1,910,000
7 Active Listings
1 Firm Sales This Week
Months of Inventory (MoI) ~ 0.33
Thank you so much for your attention as we start off in 2021! If you need clarity on any of this or want to talk about your specific situation then call/text/email anytime: firstname.lastname@example.org or 416-434-1511