Urban Markets: Downtown & Surrounding Areas
Condos continue to tear it up in 2021. Every single sale is selling faster than ever for a number bigger than expected. The increased number of listings is nowhere near the amount needed to satisfy buyer demand. All of this with restricted borders and no international students in town. $1100/PSF is the new normal in a lot of basic buildings with $1200/PSF becoming a reality for many in-demand buildings. Large units, small units, and those in the middle are all doing extremely well and should continue their upward trajectory until the Feds decide to meddle again.

Houses are once again the belle of the ball as days on the market drops to under 6 days for the first time in my 13yr career as a Broker. This means that most properties are selling with bully offers or more professionally known as pre-emtpive offers. If you’re not seeing a property on Day 1 or 2, you’re likely going to miss out. Even with increasing inventory, the market is not being supplied nearly enough to come close to meeting buyer demand.

House Average Price: $1,600,465
House Median Price: $1,400.022
355 Active Listings
126 Firm Sales This Week
Months of Inventory (MoI) ~ 0.79
Average Days on Market ~ 5 DoM

Condo Average Price: $771,653
Condo Median Price: $707,100
1051 Active Listings
248 Firm Sales This Week
MoI ~ 1.35
Average Days on Market (DOM) ~ 12.82

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
House Big sales week again with 26 firm sales and prices are holding if not increasing. Multiple offers on everything from $2 million to over $6 million (especially in Rosedale). Buyers are struggling to find quality supply here and Sellers are taking their gains to the bank.

Condos also selling very well here with 23 sales this week. MoI remaining steady with buyer demand only increasing. I think these communities are going to see some serious gains as we head deeper into 2021 and buyers realize that many of these communities are offering amazing homes in urbanizing communities.

House Average Price: $2,816,527
House Median Price: $2,494,000
125 Active Listings
26 Firm Sales This Week
Months of Inventory (MoI) ~ 1.42

Condo Average Price: $1,054,074
Condo Median Price: $812,000
177 Active Listings
23 Firm Sales This Week
MoI ~ 2.85

Leaside & Davisville
House listings did pick up a little but the same story as all other communities. There are way more buyers than there are sellers at the moment which has been an ongoing theme for Leaside Davisville for many many months. As many people are now able to sell their condos and transition into a house, this is one of the communities that is seeing an influx of buyers as the more urban Leslieville’s or Riverdales are getting too expensive for some. Davisville Village is able to offer similar home types but with better transit and schools. Not to mention the move-up buyers going from their smaller Davisville homes into the larger Leaside homes. Demand all over the place.

Condos The only community where listings actually dropped. With an extremely low MoI, Leaside Davisville is now one of the most in-demand and undersupplied communities in all of Toronto. Expect big price spikes here over the next few weeks/months.

House Average Price: $2,008,216
House Median Price: $1,551,948
45 Active Listings
9 Firm Sales This Week
Months of Inventory (MoI) ~ 0.93

Condo Average Price: $775,317
Condo Median Price: $766,500
72 Active Listings
28 Firm Sales This Week
MoI ~ 1.27

Birch Cliff
BIG jump in inventory here but sales remained flat. We should see prices hold at over a million on average here now. So much demand here I wouldn’t be surprised if we saw double-digit sales volume here for the first time ever. Based on the number of new listings and buyer demand, that’s pretty much a given.

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: $1,198,778
House Median Price: $1,210,000
29 Active Listings
9 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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