16 Feb 2021

Week 50: Toronto Condo Buyers begin to reward Sellers who did not panic sell during COVID

Urban Markets: Downtown & Surrounding Areas
Condo sales dropped by about 25% but that didn’t affect the supply side as inventory also dropped. The average price has blasted through the $700K barrier for the first time since early December and should continue to trend upward as we head into the Summer. Buyers now’s the time to get on your horse. No more procrastinating or you’re going to miss the boat.

House supply remained flat while demand continues to soar with 80 sales. That’s a massive increase in sales as buyers absorb previously unwanted properties that have been sitting on the market. We’ve got many more weeks of this before things slow down but we need to keep an eye on inventory. I thought we’d have a bigger jump in supply this week…and we don’t. Will the Feds do anything? Let’s see.

House Average Price: $1,583,470
House Median Price: $1,395,000
271 Active Listings
80 Firm Sales This Week
Months of Inventory (MoI) ~ 0.64
Average Days on Market ~ 12 DoM

Condo Average Price: $706,929
Condo Median Price: $650,000
1027 Active Listings
179 Firm Sales This Week
MoI ~ 1.67
Average Days on Market (DOM) ~ 23

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Condos in Urban North saw increased demand week over week as some people opt for spaces outside of the downtown core. Don’t pay much attention to the average price here. Small data sets and big-ticket sales skew that average.

Houses continue to perform extremely well at all price points in Toronto’s urban north communities. Competition galore as months of inventory remains extremely low….for both condos and houses.

House Average Price: $2,926,508
House Median Price: $2,242,500
88 Active Listings
14 Firm Sales This Week
Months of Inventory (MoI) ~ 1.09

Condo Average Price: $1,018,122
Condo Median Price: $887,000
173 Active Listings
15 Firm Sales This Week
MoI ~ 2.98

Leaside & Davisville
Houses are still flying here with extremely low supply. Again, small data sets so take the average with a grain of salt but demand for Leaside/Davisville…especially Leaside has skyrocketed. With inventory already at historical lows, the increased demand isn’t helping buyers find deals here. We’ve resorted to walking up to construction sites and asking sites if they’d sell as-is!
Condos saw a dip in average price but again, small data sets skew results when you have a bunch of sales at one extreme or another. This week, lower-priced sitting inventory traded and the average does not reflect the market. Condos are in massive demand here and are selling within one week if positioned well. If condo supply drops again next week we’ll see prices start to spike here as well…they already have.

House Average Price: $2,431,700
House Median Price: $1,895,000
28 Active Listings
8 Firm Sales This Week
Months of Inventory (MoI) ~ 0.89

Condo Average Price: $663,353
Condo Median Price: $615,000
83 Active Listings
17 Firm Sales This Week
MoI ~ 1.87

Birch Cliff
Usual story here in Birchcliff. So many buyers, not enough properties. Although a ton trades here off-market. Your entry-level renovated bungalow will run you over a million here in most cases but less as you head to the eastern border of the community. Renovated 40’ lots will fetch over $2.5 and we should hit the $3mm mark as developers start to build the type of gem you’d find a prime beach territory.

House Average Price: $1,095,000
House Median Price: $1,051,000
13 Active Listings
6 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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