𝗗𝗼𝘄𝗻𝘁𝗼𝘄𝗻 & 𝗦𝘂𝗿𝗿𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗨𝗿𝗯𝗮𝗻 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝗶𝗲𝘀
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
𝗨𝗿𝗯𝗮𝗻 𝗡𝗼𝗿𝘁𝗵: 𝗥𝗼𝘀𝗲𝗱𝗮𝗹𝗲, 𝗗𝗲𝗲𝗿 𝗣𝗮𝗿𝗸, 𝗠𝗼𝗼𝗿𝗲 𝗣𝗮𝗿𝗸, 𝗙𝗼𝗿𝗲𝘀𝘁 𝗛𝗶𝗹𝗹, & 𝗟𝗮𝘄𝗿𝗲𝗻𝗰𝗲 𝗣𝗮𝗿𝗸
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
𝗟𝗲𝗮𝘀𝗶𝗱𝗲 & 𝗗𝗮𝘃𝗶𝘀𝘃𝗶𝗹𝗹𝗲
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: email@example.com or 416-434-1511