15 Jun 2021

Week 67: Toronto’s Luxury Markets Continue to Outperform All Expectations

Urban Markets: Downtown & Surrounding Areas
A slight dip in average and median house prices this week along with a drop in sales. The good news is that inventory didn’t bump up that much so we’re still in a fairly strong seller’s market overall.

I say that with a bit of caution though as some properties aren’t moving as quickly as we hoped. For example, there is a lot of good inventory in the $1mm to $1.5mm segment…for the first time in a long time actually. So unless you’ve got a unique, special home, you may not get as much action on offer night as you had hoped.

But if you have a property to sell in the $1.7 to $3mm range then you should do very well right now. There are so many frustrated buyers in the market willing to spend up to $3mm but there’s nothing for them to buy!

House Average Price: $1,561,702
House Median Price: $1,386,000
579 Active Listings
94 Firm Sales This Week
Months of Inventory (MoI) ~ 1.51
Average Days on Market ~ 7.08 DoM

Condo Average Price: $789,684
Condo Median Price: $687,500
1614 Active Listings
193 Firm Sales This Week
MoI ~ 1.84
Average Days on Market (DOM) ~ 14.71

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Properties here are flying off the shelf in record time at all price points. The luxury market is the most active market around right now. So many buyers are willing and able to level up and move into that dream home much sooner than they anticipated.

Where’s all this money coming from? Equity in the home they’re moving up from and let’s not forget how cheap money is.

2021 will continue to be good to the luxury market.

House Average Price: $2,978,834
House Median Price: $2,712,500
146 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,888,660
Condo Median Price: $979,000
258 Active Listings
15 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
Houses here are going absolutely bonkers and continue to outperform most other Toronto markets. Prices here have steadily increased for over a year week over week.

I wouldn’t be surprised if we hit $3mm on average in 18mth to two years.

Condos here continue to do well despite some fluctuation in average price this week. Keep in mind that we’re only working with a tiny sample of 14 sales so you’re going to have big swings.

House Average Price: $2,400,760
House Median Price: $2,462,500
48 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $776,429
Condo Median Price: $658,500
160 Active Listings
14 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
Birchcliff saw a drop in listing inventory when we need the exact opposite! Demand is starting to move even further east to Cliffside and Guildwood now as even more people get priced out of the once affordable Birchcliff.

Stay tuned for expanded updates for communities further east!

House Average Price: $1,073,541
House Median Price: $1,000,000
22 Active Listings
7 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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