Urban Markets: Downtown & Surrounding Areas
Another solid week in urban real estate with a strong house and condo sales. Seems like the comfort zone for condos is somewhere between 1300-1400 active listings as we’ve seen a bit more balance out there with a really nice product that requires zero work still getting a ton of action on offer night while condos and lofts that need a little love need to be sold using a different pricing strategy.

Turn-key is the name of the game for both houses and condos. Buyers are spending so much on the purchase that there is zero room for renovation in some cases. We’re seeing many homes that were expecting bidding wars not get them and then benign sold shortly after being re-listed at more realistic, higher prices.

Again, prices are still high and will continue to be supported by new buyers every day. It’s just that the buying process is changing slightly if the condo or house isn’t absolutely perfect. This is why staging and repairs are essential prior to listing in this market. If it ain’t perfect, don’t list it till it is! Unless it’s a teardown…they’re still on the radar of many developers and are flying high.

We’re seeing land value house sales that are bigger than ever before! We should start to see that $3mm mark hit for detached beauties throughout the east end especially as these new construction houses hit the market after the next year.

House Average Price: $1,593,428
House Median Price: $1,417,500
483 Active Listings
117 Firm Sales This Week
Months of Inventory (MoI) ~ 1.27
Average Days on Market ~ 7.88 DoM

Condo Average Price: $781,715
Condo Median Price: $708,000
1345 Active Listings
224 Firm Sales This Week
MoI ~ 1.68
Average Days on Market (DOM) ~ 12.11

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Months of Inventory (aka the amount of time it would take for all the listings to sell if no new listings were added) is up a little for houses but almost at 3mths for condos. Remember that back in November we were at over 7mths so seeing that more than halved is still great for Sellers.

Bidding wars on most houses here regardless of the condition. Many want to be here and are doing whatever they can to get in.

House Average Price: $2,665,881
House Median Price: $2,100,000
128 Active Listings
21 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,351,600
Condo Median Price: $1,427,500
193 Active Listings
9 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
A strong week of sales with prices continuing to trend upward pretty much across the board here. Some less-than-perfect Leaside houses are selling for a bit less than you’d expect but overall prices are high and benign maintained by new buyers all over the place.

Slight uptick in inventory with both houses and condos but all areas here are still seriously undersupplied.

House Average Price: $2,141,159
House Median Price: $1,875,000
58 Active Listings
19 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $892,523
Condo Median Price: $782,000
98 Active Listings
17 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
Last week I said that Birchcliff has finally “popped” meaning all of those big beauties that have been under construction are finally hitting the market and getting BIG numbers. The 40’ lots closer to Victoria Park/Blantyre area are fetting well over $2mm and land value bungalows are all at a million at least right now.

Unless you go further East…East of Warden up to Birchmount where you’ll find the more affordable new builds at $2mm or less.

House Average Price: $1,477,700
House Median Price: $1,240,000
22 Active Listings
10 Firm Sales This Week
Months of Inventory (MoI) ~ 0.87

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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