Urban Markets: Downtown & Surrounding Areas

Condos are back, baby! A full 180 (more if possible!) Prices are still a bit lower than early Covid times however sales are up to pre-covid levels. With inventory absolutely tanking we can expect to see an extreme Seller’s market in condo land in the coming months along with a return to pre-covid prices much sooner than anticipated. If you’re a buyer, better get buying as these prices are increasing daily.

Houses continue to reward Sellers with huge numbers. As of this week, we saw an increase in supply though. Meaning we’ll likely be headed into the typical “hot market lull” in a few weeks. We’ll monitor this as there could be some better house buying opportunities in the coming weeks.

House Average Price: $1,591,149
House Median Price: $1,401,000
224 Active Listings
49 Firm Sales This Week
Months of Inventory (MoI) ~ 0.64
Average Days on Market ~ 12 DoM

Condo Average Price: $687,141
Condo Median Price: $630,000
1121 Active Listings
185 Firm Sales This Week
MoI ~ 1.67
Average Days on Market (DOM) ~ 27

 

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House supply notched up this week following downtown’s trend but nowhere near enough to help out buyers. Conversely, condos dipped under 3 months of inventory here for the first time after topping out at over 7 months during peak COVID.

Buyers are having to deal with a bit more competition in condo land and we’ll start to see priced edge up week over week here as well.

House Average Price: $2,737,063
House Median Price: $2,142,500
69 Active Listings
16 Firm Sales This Week
Months of Inventory (MoI) ~ 1.09

Condo Average Price: $924,764
Condo Median Price: $681,000
163 Active Listings
11 Firm Sales This Week
MoI ~ 2.98

 

Leaside & Davisville
Ignore the average/median for houses this week as that’s only based on 4 sales. Focus more on the fact that months of inventory is under a month! Buyers are having a hell of a time finding what they want in Leaside & Davisville. Off-market is the name of the game here, we’re literally waking up to builders mid-build and asking if they’d sell now…as is. That’s where buyers are at.

Condos are, for the first time, completely undersupplied here. Under 2 months of inventory and buyer activity only heating up in Leaside and Davisville is going to cause a serious spike in condo prices in the coming months. Honestly, this area has been massively undervalued anyway so it’s about time prices here caught up to their urban counterparts.

House Average Price: $1,979,334
House Median Price: $1,975,169
31 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 0.89

Condo Average Price: $756,167
Condo Median Price: $698,500
101 Active Listings
15 Firm Sales This Week
MoI ~ 1.87

 

Birch Cliff
Ignore the averages here as well. Only one sale to report last week. The lowest months of inventory in all of Toronto’s major communities South of Danforth/Bloor (if I actually checked, I’d bet we’d discover that Birchcliff is the most undersupplied community in all of the GTA at the moment.)

Birchcliff needs houses on the market and it needs them now! I can almost 100% guarantee that your house is worth more than you think it is and I’d urge you to call us for a free home evaluation so you can see exactly how much gold you’re sitting on.

House Average Price: $1,152,000
House Median Price: $1,152,000
10 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

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