Urban Markets: Downtown & Surrounding Areas
Great news this week with both Condos and Houses pulling back some of the newly added listings instead of piling on more inventory. Some shifts in the way homes were selling had us temporarily worried last week. A huge jump in supply spread buyers across too many listings resulting in some houses and condos not selling as predictably as some had hoped.

This week however we had a pull back in supply (only a little) and we hope that next week follow’s suit. To be clear, there hasn’t been some drastic change in supply so we’re not going to see an early Q1 2021 type insanity out there. We just didn’t add any new listings to market which should keep some heat in the market…at least for this upcoming week.

So this week should see a little more activity on offer night (in most cases). High prices for houses continue to be supported so we can officially call this the “new normal” for houses while condos are still a bit more unpredictable.

Important to note that many Sellers were waiting till after the Victoria Day long weekend to list so we should see much more inventory reported for this week when I run the numbers next Tuesday.

House Average Price: $1,579,480
House Median Price: $1,405,000
528 Active Listings
124 Firm Sales This Week
Months of Inventory (MoI) ~ 1.27
Average Days on Market ~ 8.04 DoM

Condo Average Price: $789,353
Condo Median Price: $705,000
1511 Active Listings
204 Firm Sales This Week
MoI ~ 1.68
Average Days on Market (DOM) ~ 11.32

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Severe supply issues continue for these communities…especially Rosedale. In a season where you’d normally have 40-50 active resale listings, we only have 19. Just 19 $4mm to $12mm homes. And when one hits the market…boom! Even at $4mm+ you may find yourself in competition with another buyer.

Lawrence Park is another severely undersupplied community but with many new builds currently under construction, we’ll see that supply increase towards the end of this year. Hopefully…

House Average Price: $2,645,998
House Median Price: $2,475,000
142 Active Listings
19 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,068,325
Condo Median Price: $782,500
237 Active Listings
12 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
Continuing the theme of Urban North above, we have severe undersupply here for Houses and that’s not changed throughout the entire 63 weeks I’ve been following the market. Prices continue to rise here and should remain that way till the end of this year. Unless something triggers a bunch of Seller’s to hit the market, pressure for Buyers to compete in these communities will remain high.

Condos had a big bump in sales activity this week and continue to sell very well. Even during the meat of the pandemic, Yonge and Eg condos performed the best out of all condo communities.  Proving over and over that Toronto’s property owners aren’t overleveraged enmasse and can withstand prolonged periods of financial discomfort.

House Average Price: $1,900,212
House Median Price: $1,837,500
51 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $712,147
Condo Median Price: $692,800
123 Active Listings
19 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
What’s left to say about Birchcliff? The darling of the East Side….the community that made Scarborough cool again. The community that’s jumped from average prices in the $800’s to consistently over $1.3mm for many weeks now.

We’ve been calling it…we’ve been selling it…and now we hope you believe it. Birchcliffe used to be the Beach’s affordable counterpart but those days are long gone. The area has so much to offer. Larger homes, super close to transit…although not that walkable…yet! The urbanization of Kingston Rd will change that in no time.

If you have the ability to buy here, you should do it and do it quickly as prices aren’t even thinking about levelling off here.

House Average Price: $1,365,000
House Median Price: $1,387,000
26 Active Listings
4 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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