Urban Markets: Downtown & Surrounding Areas
Condo supply drops for the 2nd week in a row potentially signalling a return to an aggressive seller’s market once borders begin to reopen.

Both House and Condo sales dropped significantly this week as people were inevitably trying to enjoy the awesome weather we’ve been having. Nowhere near the rush expected prior to the June 1st stress test increase deadline.

In fact, house sales dropped by more than 30% while inventory increased by about 10% overall. That didn’t seem to affect prices as we had huge sales all over the place with a big uptick in average & median price.

Condos are in an interesting place at the moment. For the 2nd week in a row, supply has come down but so has buyer activity. Showings are way down…actually scaring the crap out of Sellers but most are getting the prices they want at the end of the day.

But as I’ve said since the beginning of this pandemic: There may be fewer viewings out there but each viewing is of much higher quality. For example, I just sold my condo. One showing, one offer.

Another condo we have listed…5 showings 2 offers.

We had two house listings this week…one in the beaches and one in Leslieville. Both sold for HUGE numbers via bully offer but showings on both were way down when compared to 6 weeks ago.

The under-listing strategy seems to be the way to go for most houses still while most condos should be priced at a higher, more reasonable price. With condos, it’s all about location and quality. If you have an amazing floor plan in an amazing, urban location then you may consider doing a hold back (under list) to generate multiple offers.

If you’re missing one of the two key elements: Location or Quality then you should list at a price you’re willing to accept and wait.

Going to market with the wrong strategy isn’t the end of the world though. It’s tough out there so it’s important to work with an agent that understands the community you’re selling/buying in but also be prepared to be flexible and roll with the punches.

House Average Price: $1,721,300
House Median Price: $1,499,000
558 Active Listings
95 Firm Sales This Week
Months of Inventory (MoI) ~ 1.51
Average Days on Market ~ 8.04 DoM

Condo Average Price: $779,268
Condo Median Price: $702,000
1492 Active Listings
154 Firm Sales This Week
MoI ~ 1.84
Average Days on Market (DOM) ~ 11.32

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
The activity in the Rosedale community is unreal right now. So few listings and so many buyers with cash in hand ready to make big buys.

Where is the money coming from? A lot of it is being financed with historically low-interest rates and the rest is coming from equity. Equity gained over the past decade in their more central houses.
We’re getting really comfortable in the Rosedale market. If you’ve been following our Instagram stories and reels you’d have seen all the amazing places we’ve been showing there.

House Average Price: $4,361,333
House Median Price: $3,775,300
151 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,126,930
Condo Median Price: $1,060,000
238 Active Listings
10 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
Nice to see a 20% jump in house supply here but not nearly enough to meet buyer demand. Only 10 house sales though so that’s down but that seems to be the trend overall as Buyers took the week off to relax. We can already feel they’re back this week.

Condo supply is flat once again proving that we are on our way to another Seller’s market soon. If supply remains flat or decreases, we’ll see a HUGE pop here once borders open up. So much international attention on the Yonge and Eg area…it’s a no-brainer. If you have the opportunity to pick up a condo here…now’s the time.

House Average Price: $2,114,571
House Median Price: $2,070,000
61 Active Listings
10 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $851,900
Condo Median Price: $767,300
125 Active Listings
10 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
House supply remained flat after a jump a couple of weeks ago. Multiple offers on every single sale and that’s not going to change.

The prices of Birchcliff are now driving people further east though so we should expect to see big price gains in the Bluffs all the way through to Guildwood in the coming months.

House Average Price: $1,212,017
House Median Price: $1,100,000
23 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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