Urban Markets: Downtown & Surrounding Areas
For the first time in a few weeks, we’ve seen NO increase in house supply in Toronto’s urban markets. Coupled with increased sales, we’ll see if this trend continues into the coming weeks to create another moment of spiking prices. Stay tuned.

Houses at all price points from $900K to over $4mm are usually finding themselves in bidding wars so still mostly a Seller’s market for turn-key homes.

For the most part, picky buyers are ignoring homes (both condos and houses)  that are showing obvious signs of wear and going all-in on the perfectly presented and turn-key home. In a market like this, the pre-listing prep and high-level staging are absolutely necessary if you want top dollar. Many do-it-yourself sellers are shooting themselves in the foot by trying to save a few dollars in commissions. What’s the saying? Walking over a dollar to save a dime? Not a good strategy in this market. If you have a house or condo to sell…leave it to the professionals.

Condos on the other hand spiked in inventory and sales remained relatively flat. We can see that some condos are sitting on the market a little longer but again, prices remain high and strong in most cases. We’ll monitor inventory and report. For now, we’re mostly a seller’s market in condos but the average condo does have a little less attention these days so perhaps an opportunity for Buyers to swoop in before borders open up and condo prices rocket to the moon.

House Average Price: $1,617,978
House Median Price: $1,500,000
481 Active Listings
138 Firm Sales This Week
Months of Inventory (MoI) ~ 1.27
Average Days on Market ~ 7.88 DoM

Condo Average Price: $796,153
Condo Median Price: $710,000
1431 Active Listings
210 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
New listings jumped by a few units with both houses and condos here but so did sales. Prices remain high with bidding wars on most house types in all price ranges.

Condos are getting some extra supply here which is nice as we had a sharp decline in Q1 of this year but buyers should have an easier time finding what they want in condo land here. Prices are still relatively high and maintaining. We’ll see how this area reacts to open borders in increased immigration in the coming months.

House Average Price: $2,553,467
House Median Price: $2,392,500
145 Active Listings
30 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $955,357
Condo Median Price: $900,000
205 Active Listings
14 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
Demand for Leaside and Davisville continues to grow and prices continue to climb. That’s not likely to change as we move deeper into the year. Listing supply continues to be extremely low….especiallly with a finished turn-key product that buyers are looking for.

House Average Price: $2,124,208
House Median Price: $1,704,000
61 Active Listings
24 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $721,331
Condo Median Price: $679,944
95 Active Listings
16 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
The only community that didn’t add new listings while buyer demand increased! The big pop happened a few weeks ago and the rest of 2021 will be very kind to Sellers in this community.

House Average Price: $1,121,333
House Median Price: $1,078,000
19 Active Listings
6 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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