22 Jun 2021

Week 68: Houses in the $1.8 to $2.5mm range are more in demand today than ever before. 

Urban Markets: Downtown & Surrounding Areas
Houses seem to be well supplied in the $900K to $1.5mm range but the real story here is houses in the $1.8mm to $2.5mm (even $3mm in some area).

Toronto’s urban communities from east to west have never seen this much demand for larger urban homes.

This spike in demand is causing huge increases in homes in this price range week over week…even day after day in some cases.

East York homes that would trade in the $1.75 to $1,9mm range are not fetching up to $2.1 or even more if they have pools.

If the house has a pool…forget about it. It’s going to sell for more than the previous comparable…guaranteed.

Long story short, you should have a little less competition if you’re offering on houses under $1.5mm as we’ve seen a steady increase in inventory there.

Condos are very slow at the moment but still selling. It’s so strange out there…you’ll list a condo…get zero showings for a day or so…then you’ll have 3 showings back to back and an offer. Bizarre to say the least but the good news is that a ton of showings is no longer an indication of how well you’ll sell in condoland.

Another positive is that there aren’t a ton of new listings hitting the market week over week so inventory is relatively stable so buyers should generally have a pretty balanced buying experience…unless you’re going after an extremely special loft or space.

Some buildings are going against the market and still doing very well…like 90 Broadview for example..seems to defy market trends and has always done its own thing.

House Average Price: $1,511,361
House Median Price: $1,400,000
611 Active Listings
89 Firm Sales This Week
Months of Inventory (MoI) ~ 1.51
Average Days on Market ~ 7.08 DoM

Condo Average Price: $803,631
Condo Median Price: $699,000
1610 Active Listings
178 Firm Sales This Week
MoI ~ 1.84
Average Days on Market (DOM) ~ 14.54

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
The average price came back down to reality this week as we didn’t have any of those HUGE sales north of $7mm to drag it up.

That’s not to say any heat has been taken out of the high-end market.

If you’re a buyer here then you’d better be prepared to move quickly. From $2mm to $10mm…properties aren’t lasting as long as they used to.

What’s really interesting here is unlike, urban houses, inventory is and has been flat for a while..that’s what’s causing the main issue here. Same with condos…while inventory spiked a couple of months ago in the urban communities, condo supply here remained fairly flat.

House Average Price: $2,378,272
House Median Price: $2,103,000
149 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,569,789
Condo Median Price: $915,000
244 Active Listings
9 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
A whole bunch of small sales dragged the average down here this week but make no mistake…Leaside is still booming.

There’s simply no turn-key supply for buyers right now so unless we see for supply…we won’t see big sales. A lot of builder product is getting ready to hit the market soon so we should see robust sales activity in the Fall…but right now…it’s crickets.

Sellers of houses are getting paid big time right now.

Condos are still performing extremely well too. Better than their urban counterparts at the moment.

House Average Price: $1,665,353
House Median Price: $1,600,000
47 Active Listings
17 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $723,156
Condo Median Price: $690,000
165 Active Listings
18 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
What’s left to say about Birchcliff? Nothing. Suburban vibes within minutes of the core and cool urban communities.

Birchcliff is in demand, will always be in demand and if you’re a buyer with a budget of up to $2.7mm…you can find a massive home here you’ll never need to move out of.

Huge upside here as The Beach gets insanely unaffordable for people.

House Average Price: $1,065,844
House Median Price: $1,021,100
16 Active Listings
9 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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