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Week 49: Local Demand for Condos Proves Once And For All That Foreign Buyers Weren’t Ever To Blame for High Prices.

Urban Markets: Downtown & Surrounding Areas

Wow, Wow, Wow! If you had asked me in September if Condos would rebound this quick without borders opening I’d say you’re batshit crazy. But our local buyers are keeping Toronto’s market-moving along just fine. Proving once and for all that most comments referencing foreign buyers as the “problem” to affordability were completely full of shit as we’ve been saying for eons. Most of that rhetoric is racism disguised in concern anyway.

House Average Price: $1,582,969
House Median Price: $1,405,500
269 Active Listings
54 Firm Sales This Week
Months of Inventory (MoI) ~ 0.64
Average Days on Market ~ 12 DoM

Condo Average Price: $685,281
Condo Median Price: $630,000
1069 Active Listings
241 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 continues to improve taking a little bit of pressure off of buyers but multiple offers in most cases are still a thing. Especially under $3mm. North of $3mm still offers some breathing room. Condos are relatively stable here after a serious drop in inventory over the past few weeks. Buyer demand seems to be being met with some properties going into multiple offers.

House Average Price: $2,989,945
House Median Price: $2,142,500
80 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.09

Condo Average Price: $867,031
Condo Median Price: $680,000
171 Active Listings
13 Firm Sales This Week
MoI ~ 2.98

Leaside & Davisville
Condos are making a sneak attack here with a drop in inventory and an increase in sales. Historically not that active in condo land but MOI has been dropping and now we’re seeing a serious uptick in average sale price along with a drop in inventory. Combined with increased buyer demand this area is all of a sudden a condo seller’s market.

House inventory continues to be a problem here but we see a lot of developer inventory about to hit the market so buyer demand should be fulfilled in the short term there. Fingers crossed anyway.

House Average Price: $2,298,467
House Median Price: $2,115,337
32 Active Listings
5 Firm Sales This Week
Months of Inventory (MoI) ~ 0.89

Condo Average Price: $765,218
Condo Median Price: $711,750
94 Active Listings
20 Firm Sales This Week
MoI ~ 1.87

Birch Cliff
Ok, next week I promise I’ll start to add in condos. This week however is a write-off as there was only one house sale and it was the exact same price as last week’s one sale. So ignore this whole section. Demand is still there and loads of deals happening off-market here. So get in touch if you want access to that off-market inventory.

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

 

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