Condo sales are virtually at pre-covid volume and multiple offers are again a common occurrence. Listings continued to be sold at a faster rate than they’re being listed which is pushing the condo market further into a Seller’s market in our Downtown and urban communities.

Houses continue to sell very well for big numbers but inventory is improving. Buyers should see some more options but prices remain high and that should remain the same as we head further into 2021.

Supply is going to be an issue with both Houses and Condos going forward so if you’re a buyer in this market, please make sure to have your mortgage broker on speed dial. We’ll need their input prior to making offers.

 

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House Average Price: $1,458,851
House Median Price: $1,405,000
220 Active Listings
39 Firm Sales This Week
Months of Inventory (MoI) ~ 0.59
Average Days on Market ~ 12 DoM

Condo Average Price: $666,804
Condo Median Price: $625,000
1245 Active Listings
172 Firm Sales This Week
MoI ~ 2.23
Average Days on Market (DOM) ~ 32

Activity is starting to normalize here with more sales but active listings continue to drop week over week. Both houses and condos are suffering from extremely low inventory while the buyer pool remains very well supplied. Buyers are still able to get what they want but are usually in competition with homes under $3mm.

Condos have shown dramatic improvement here and continue to perform very well. Not too many “deals” available here anymore but the supply is decent for now. Expect that to dwindle as we head into the latter half of Q1.

 

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House Average Price: $2,238,872
House Median Price: $2,124,500
67 Active Listings
12 Firm Sales This Week
Months of Inventory (MoI) ~ 1.00

Condo Average Price: $893,818
Condo Median Price: $900,000
174 Active Listings
10 Firm Sales This Week
MoI ~ 3.45

From only 1 sale last week to 10 this week. Nice to see activity pick up however active listings dropped significantly. We now have the lowest level of inventory of all the communities in the entire City of Toronto. You can expect house prices to continue to perform well here in the coming months.

Condos are performing extremely well here to as inventory levels drop.

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House Average Price: $1,868,100
House Median Price: $1,730,000
30 Active Listings
10 Firm Sales This Week
Months of Inventory (MoI) ~ 0.57 (WHAT?)

Condo Average Price: $666,970
Condo Median Price: $681,000
116 Active Listings
10 Firm Sales This Week
MoI ~ 2.67

Huge sales activity here with 7 firm house sales. With another local condo project announced here, Birchcliff will feel way more energy and urban vibes than ever before. That will only help pump values here in the coming years. If you can get your hands on a new condo here, I’d buy it 100% of the time.

House Average Price: $1,227,143
House Median Price: $1,175,000
11 Active Listings
7 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.

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