Urban Markets: Downtown & Surrounding Areas
A boost in both house and condo supply this week provided Buyers more options than they’ve had since December but sales and prices remain strong. Buyers haven’t yet been rushing to market to get ahead of the OSFI measures to cool the market.

OSFI has proposed a half-point increase in the stress test rate to 5.25% which would mostly affect buyers in the 1.3-1.8mm range as they tend to be the most “stretched”. As a refresher, the stress test is the rate at which buyers are approved regardless of the rate they’re actually getting. It gives the lender peace of mind that you’d be able to continue paying your mortgage should rates dramatically increase for whatever reason.

Although sales are extremely strong and Sellers are firmly in control in most cases, a few more weeks of increased supply may bring some balance to the market. But we’ll have to see if there’s a rush prior to June 1st changes (which are still just a proposal so we’ll see if it actually happens)

Condos received a much-needed jump in supply but sales continue to be strong and prices continue to trend up. Especially with larger units being considering by folks who are getting priced out of the freehold or townhome market.

House Average Price: $1,556,820
House Median Price: $1,427,500
433 Active Listings
119 Firm Sales This Week
Months of Inventory (MoI) ~ 1.06
Average Days on Market ~ 9.05 DoM

Condo Average Price: $815,685
Condo Median Price: $725,000
1243 Active Listings
234 Firm Sales This Week
MoI ~ 1.34
Average Days on Market (DOM) ~ 12.8

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Steady as she goes…in all price ranges. Condos and Houses here from $1.5mm to over $6mm are moving quickly. Larger condos are selling strongly as well with a fresh $4.33mm condo/town selling in 3 days.

Sellers are mostly in control here as supply hasn’t fluctuated much in the past few weeks.

House Average Price: $2,866,904
House Median Price: $2,600,000
129 Active Listings
26 Firm Sales This Week
Months of Inventory (MoI) ~ 1.61

Condo Average Price: $1,200,504
Condo Median Price: $872,000
187 Active Listings
21 Firm Sales This Week
MoI ~ 2.75

Leaside & Davisville (including Yonge and Eg)
Not much data to report on with Houses this week as there were only 7 firm sales. Still a severe lack of supply here which needs to change if Buyers want to have any breathing room here. So many people have their eyes on Leaside at the moment.

As move-up buyers are able to fetch more for their condos and houses than expected, Leaside, a previously unaffordable area for them, is now an option. Expect a ton more attention and activity here as Buyers MAY rush to buy ahead of the proposed stress test increase.

House Average Price: $1,755,429
House Median Price: $1,510,000
51 Active Listings
7 Firm Sales This Week
Months of Inventory (MoI) ~ 1.23

Condo Average Price: $857,464
Condo Median Price: $789,750
95 Active Listings
14 Firm Sales This Week
MoI ~ 1.31

Birch Cliff
No change in supply here with a slight uptick in sales. There’s no turning back now! Birchcliff has performed so well for so long and buyer demand is only increasing.

Most of the available building lots along Kingston Rd are now in the hands of developers so the urbanization of this area is well underway. With urbanization comes higher prices and even more demand from a diverse group of Buyers.

Expect the average age of these communities to decrease while walkability increases over the next 5-10 years. So much upside in Birchcliff.

House Average Price: $1,199,673
House Median Price: $1,041,020
20 Active Listings
6 Firm Sales This Week
Months of Inventory (MoI) ~ 0.78

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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