Urban Markets: Downtown & Surrounding Areas
Are we en route to a balanced urban market? Not sure yet but all I can say is that both condo and house inventory has been steadily increasing for many weeks in a row now. But that hasn’t stopped hot properties from achieving 10 or more offers on offer night.

A couple of months ago, any property, no matter the condition or location was getting insane offers. Line-ups out the door with cash in hand. That has stopped.

Special, perfectly presented, turn-key properties are still getting all of the attention. Properties that are rougher around the edges or not marketed properly aren’t getting as much attention as they used to. They’re still getting offers at the previously set high prices, but with a little less competition and a few days after the original set offer date.

What does a balanced market mean? It means fewer bully offers, more predictable prices, and a slightly more relaxed buying experience.

More listings don’t mean ‘affordable’, though. In the context of the urban Toronto real estate market. The previously set high prices are being supported over and over again with each and every new sale.

House Average Price: $1,611,432
House Median Price: $1,500,000
467 Active Listings
136 Firm Sales This Week
Months of Inventory (MoI) ~ 1.06
Average Days on Market ~ 7.45 DoM

Condo Average Price: $822,765
Condo Median Price: $705,000
1337 Active Listings
237 Firm Sales This Week
MoI ~ 1.34
Average Days on Market (DOM) ~ 9.6

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
This area is not seeing week-over-week gains in listing inventory. More ebb and flow happening here which has created a stronger Seller’s market than ever before.

Not a single house sale this week lasted longer than 15 days on market (ok well there was one at 35 days). Sales from $2mm to nearly $6mm all sold fast and mostly with competition.

Condos maintained the same week-over-week sales numbers but listings also dropped here. So much demand for luxury condos is keeping Sellers happy from 1 plus den entry-level condos to $3mm stunners with views of the city.

House Average Price: $2,544,787
House Median Price: $2,468,825
138 Active Listings
29 Firm Sales This Week
Months of Inventory (MoI) ~ 1.61

Condo Average Price: $1,092,890
Condo Median Price: $882,500
191 Active Listings
20 Firm Sales This Week
MoI ~ 2.75

Leaside & Davisville (including Yonge and Eg)
Listing supply continues to be a major issue for Houses as Buyers are constantly getting beaten up on offer night here with larger than expected sale prices with most houses. We saw a great opportunity on McRae in Leaside last night. We had this place valued at just over $2mm. It sold for way less.

Some major, temporary construction on the street in front of the home turned off some buyers.

Huge congratulations to that buyer as their vision got them a steal! Opportunities require an open mind…many expect to see that perfect property at a huge discount…sadly, “deals” and “opportunities” are rarely obvious 🙂

House Average Price: $2,017,344
House Median Price: $1878,000
51 Active Listings
15 Firm Sales This Week
Months of Inventory (MoI) ~ 1.23

Condo Average Price: $703,216
Condo Median Price: $670,000
98 Active Listings
24 Firm Sales This Week
MoI ~ 1.31

Birch Cliff
The Birchcliff “POP” is happening. All of those houses that have been under construction are finally hitting the market and they’re getting huge numbers. Expect to see this continue into the remainder of 2021. The once affordable (relatively affordable anyway when compared to communities further south and west) is no longer.

Some of the best new builds I’ve seen have been in this area and I know what’s coming soon…so many amazing builds up to $3mm on lots you can’t find in communities further west.

House Average Price: $1,608,923
House Median Price: $1,630,000
19 Active Listings
13 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.

 

Share: