Urban Markets: Downtown & Surrounding Areas
Condos realized an expected uptick in the number of available listings to over 1000 this week. That’s 100% expected as many Sellers are finally realizing the market is where it needs to be for them to make a move. We should expect a couple more weeks of increased inventory here which should balance the condo market by the end of April. But once borders open…good night Irene! One beds, two beds, three beds are all performing incredibly well here and should continue to move forward.

Let’s see how the economy reacts to Wave 3. Also important to keep an eye on the subsidy’s that have been continuously supplied to businesses to keep people employed. That’s bound to dry up/stop at some point. Once that happens we’ll know the true strength of the Toronto market/economy.

Houses today in most cases are selling for $250K to $400K more than they were in September. But now that a “new normal” has been set with urban prices we should stop seeing the week over week gains as inventory picks up. The urban markets added about 60 more active listings…or a 20% increase. But we’re still seeing new buyers support the higher prices even with less competition. Establishing a new high which we seem to be levelling out at. Once vaccinations take hold and borders open we should see another spike (but let’s watch the economy as the feds pull back their supports as we head into mid/late 2021)

House Average Price: $1,716,310
House Median Price: $1,501,018
349 Active Listings
106 Firm Sales This Week
Months of Inventory (MoI) ~ 0.79
Average Days on Market ~ 9 DoM

Condo Average Price: $773,429
Condo Median Price: $690,000
1008 Active Listings
254 Firm Sales This Week
MoI ~ 1.35
Average Days on Market (DOM) ~ 12.51

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House prices continue to slowly increase here (not as much as urban markets or suburbs) but will level out as inventory creeps up. Sales activity jumped this week with 27 sales. That’s the most I’ve seen in a few months here.

Condos are selling strong with no new listings being added to the mix. Expect a strong mid-year as well as a strong finish to the year here in condo land.

House Average Price: $2,917,469
House Median Price: $2,751,000
109 Active Listings
27 Firm Sales This Week
Months of Inventory (MoI) ~ 1.42

Condo Average Price: $1,112,125
Condo Median Price: $896,000
174 Active Listings
20 Firm Sales This Week
MoI ~ 2.85

Leaside & Davisville
Only 9 house sales this week with a slight increase in available listings. Could this be the week when one of the city’s most undersupplied markets gets a boost? Hope so as many of our clients have been waiting for inventory to buy their move-up home.

Condos are moving ahead relatively strong. Although average dipped here this week that’s just due to some smaller sales (there’s a $7K locker in there as well as a $46K parking spot so they dragged the average down). I’m most excited about pre-construction opportunities and some assignments in this area.

House Average Price: $2,025,882
House Median Price: $1,710,000
39 Active Listings
9 Firm Sales This Week
Months of Inventory (MoI) ~ 0.93

Condo Average Price: $727,050
Condo Median Price: $671,000
83 Active Listings
16 Firm Sales This Week
MoI ~ 1.27

Birch Cliff
Sales more than doubled here this week (7) and the average price jumped hugely (is that even a word?). That’s mainly due to one huge sale at $3.5mm on Fallingbrook…which is one of THE streets you want to be on here. Ok so with only 7 sales you can’t take the average all that seriously here. The fact remains…buyers are chomping at the bit to get into this community and we’ll see month over month gains here for the remainder of 2021 as many folks are now extremely comfortable with the location and distance to downtown.

Another community I’m super excited about in terms of pre-construction condos. Many opportunities coming up here that I can’t wait to share with you.

House Average Price: $1,443,643
House Median Price: $1,150,000
18 Active Listings
7 Firm Sales This Week
Months of Inventory (MoI) ~ 0.28

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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