The condo market is now a Seller’s market. 

Condos that have been sitting for up to 118 days waiting for the right buyer are now getting multiple offers regardless of how they were priced or how long they’ve been sitting. The deal window is officially closed on anything that one would consider hot or in an urban community just outside of the core. 

Congratulations to all of our clients (and buyers in general) who took the plunge over the past few months. You’ve already made serious gains and I only see that growing as we head deeper into 2021. But short term gains don’t matter as real estate is and will always be a long term game!

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Houses are flying as usual here with each house selling for more than the previous comparable. If you’re in the market for a house anywhere up to $3mm then you’re likely going to be in competition with other buyers. Our clients have had a ton of success so far this year as we’ve managed to find some sales off-market to avoid competition. 

Condos are, for the most part, back in the Seller’s favour. We’ve been in multiple offer situations over the past week with up to 15 offers on a single one-bedroom unit. When borders open up again, you’ll see the rental market pick up which will get investors back into the buyer pool further fueling the market. 

Condos are about to pop off here in Toronto. We have a strong BUY recommendation for condos across the board at the moment.

House Average Price: $1,426,497
House Median Price: $1,295,000
228 Active Listings
39 Firm Sales This Week
Months of Inventory (MoI) ~ 0.59
Average Days on Market ~ 12 DoM

 

Condo Average Price: $700,862
Condo Median Price: $637,000
1320 Active Listings
121 Firm Sales This Week
MoI ~ 2.23
Average Days on Market (DOM) ~ 32

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Not a ton of activity here so please take the below average with a grain of salt. Only 8 house sales and one of them is a $13.3mm stunner that finally sold after 154 days on the market. 

If you’re considering selling in the Urban North communities we’ve identified above, please get in touch with our team this week. There are a ton of Buyers with very little quality product to show them, especially in the $2-4mm range. Your home may sell for more than you expect. The same goes for Condos. Dwindling supply is starting to frustrate buyers.

 

House Average Price: $3,805,375
House Median Price: $2,660,000
72 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 1.00

 

Condo Average Price: $807,750
Condo Median Price: $694,750
179 Active Listings
10 Firm Sales This Week
MoI ~ 3.45

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Only one house sale here this week (zero last week) so pay zero attention to the average price. But the home that sold at 77 Rumsey Rd was a 2500’ish sqft townhome with no backyard for $2,041,000. That should give you an indication of what a similarly finished detached would fetch in the area now. Talk about a boom here. 

Condo sales activity picked up this week with 18 sales and inventory dropped so the pattern continues North. Sellers are getting set to firmly plant their butts back in the driver’s seat after a brief hiatus due to our friendly coronavirus.

House Average Price: $2,041,000
House Median Price: $2,041,000
38 Active Listings
1 Firm Sales This Week
Months of Inventory (MoI) ~ 0.57 (WHAT?)

Condo Average Price: $762,281
Condo Median Price: $676,500
128 Active Listings
18 Firm Sales This Week
MoI ~ 2.67

Another week with only one sale here so ignore the average price info below. Birchcliff inventory has been so low for so long that Buyers are almost starting to give up and look elsewhere. Know anyone that has a house here? It’s worth more than they think…we’re sure of it!

House Average Price: $1,910,000
House Median Price: $1,910,000
11 Active Listings
1 Firm Sales This Week
Months of Inventory (MoI) ~ 0.33

Thanks so much for your energy and attention! If you need clarity on any of this or want to talk about your specific situation then call/text/email anytime: ara@thespringteam.ca or 416-434-1511.