Urban Markets: Downtown & Surrounding Areas
This past week added more house and condo listings than any week since Q4 of last year when the market was not performing very well…especially for condos. Not to say that the market is down…that couldn’t be further from the truth. But Buyers have a ton more options to choose from right now and Sellers need to manage their expectations a little more carefully.

There are more house and condo listings available since the end of 2020 and there are more coming. But the good news is that previously set high prices are being supported across the board but not in all cases.

Houses and condos that buyers determine to be less than ideal are not selling for the huge numbers they would have fetched back in early 2021. Still, within a few percent of those highs but with more inventory to steal buyer’s attention, only the special homes are being rewarded with bigger than expected offers. Especially in the luxury market in North Riverdale as an example of a community that’s still seeing HUGE sales.

But with all that said, if we have another two or three weeks of aggressive inventory increases, we may see prices adjust down as they tend to do after extended periods of week over week or month over month gains.

House Average Price: $1,567,285
House Median Price: $1,400,000
541 Active Listings
117 Firm Sales This Week
Months of Inventory (MoI) ~ 1.27
Average Days on Market ~ 7.88 DoM

Condo Average Price: $835,628
Condo Median Price: $740,000
1526 Active Listings
214 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
Unline the urban communities further south, Urban North didn’t see any significant jumps in supply and sales were similar to the previous week. The average price is up and the buyer pool is deep. Many new buyers entering the market after getting larger than expected numbers on their current homes allowing them the opportunity to enter these previously unaffordable communities.

Condos here added about 20 new listings but big sales continue to occur, boosting both average and median prices this week.

House Average Price: $2,695,386
House Median Price: $2,292,500
149 Active Listings
28 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,135,533
Condo Median Price: $935,000
228 Active Listings
15 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
Once again the only community to see a drop in supply (even with a drop in sales). Proving once again that once people move to this area, they stay in this area! Not a ton of turnover and when hot listings hit the market…they go quick and for big numbers.

Leaside especially…the best public schools (I’m a product of them…can you tell?) and an urban feeling, walkable community are the main reasons people buy here.

Condos however did add quite a bit of supply (mostly in the Yonge and Eg area). Sales are also way down here with only 6

condos trading…considering the amount of potential supply here both inventory and sales are quite a bit lower than you’d expect. Another community that is retaining its residents, bodes well for the community’s long-term value.

House Average Price: $2,084,345
House Median Price: $1,768,009
59 Active Listings
16 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $692,167
Condo Median Price: $650,000
121 Active Listings
6 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
Pop goes the market! And by “pop” I mean…up…not like bursting the non-existent bubble that some love to wax on about. Those renovated BIG homes are hitting the market and selling fast driving up the average price this week. Many homes here are trading off-market too which arent’ included in my data so keep that in mind.

Birchcliff is a tight community so if you’re not working with an insider (like us) you’re missing out on many off market deals.

House Average Price: $1,711,863
House Median Price: $1,096,500
23 Active Listings
8 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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