Urban Markets: Downtown & Surrounding Areas
Houses are spending many more days on the market, but prices are still up and aren’t showing any signs of coming down.

Some are concerned with inflation taking a toll on our economy, but when you consider the Base Effect (when you compared today to the meagre cost of goods a year ago), it’s a much less dramatic situation long term.

People buying in the $1.8 to $2.5/$3mm range are struggling hard to find what they love…having to make more compromises than ever before at that price point.

House listings pulled back a bit while sales jumped this past week significantly. Nice to see new listings slowly trickle out vs. flood the market. This speaks to the savvy agent community and calm no-need-to-firesale sellers’ vibe.

This is why communities like Birchcliffe are performing so well. So close to the urban communities but so much more house for the money. But that gap is slowly narrowing.

Condos are still relatively slow out there, but surprisingly, high prices are still being supported across the board. Condo listing strategy is super important now, though. Despite what some might think, comparables do matter, and you may not get as much as the previous comparable for a similar place.

There’s enough supply in the condo market for Buyers to be super picky…unless they want something special…or a larger unique unit. In those cases, it’s still very much a seller’s market.

Let’s keep an eye on condo inventory over the coming weeks. If inventory continues to drop like this slowly, we could be back to a severe seller’s market. Right now, if you don’t need to sell your condo, I’d probably hold off and wait out the Summer.

House Average Price: $1,734,321
House Median Price: $1,499,000
600 Active Listings
101 Firm Sales This Week
Months of Inventory (MoI) ~ 1.51
Average Days on Market ~ 13 DoM

Condo Average Price: $799,434
Condo Median Price: $710,000
1584 Active Listings
170 Firm Sales This Week
MoI ~ 1.84
Average Days on Market (DOM) ~ 13.71

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
Houses here continue to sell incredibly fast. This week alone, we had a client lose out on a $5,5mm property that fetched four offers and sold for $7mm (double-ended by the listing agent at that..we’re not happy!).

Another one we were able to get for our clients late last night was listed at $2.8mm, and we were successful at $3.25mm…oh, and that’s just land value. The home needed to be torn down. Our client is going to create a $10mm masterpiece there.

Anyway, I’m pointing that out because I want you to understand that we not only report on this activity every week but we’re heavily involved in the market day to day with buyers and sellers as well, so we see this all play out in real-time.

Sometimes our advice is well ahead of the curve, and buyers don’t see it yet, but our clients who fully trust us and make decisions based on our real-time assessment are winning every day. The ones that “know better” and don’t trust our opinions are having a tough time out there.

House Average Price: $2,684,944
House Median Price: $2,531,000
144 Active Listings
18 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1277,922
Condo Median Price: $962,000
253 Active Listings
13 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
It seems like people are taking time off ahead of the long weekend. There wasn’t as much activity this week, but things should pick up after the long weekend.

Prices are stable and continue to deliver big numbers for sellers, and buyers are mostly in competition on turnkey properties.

House Average Price: $1,783,583
House Median Price: $1,710,000
40 Active Listings
12 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $674,462
Condo Median Price: $640,000
166 Active Listings
13 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
Good old Birchcliff is holding strong and selling stronger. We sold a stunner on Queensbury on Sunday to buyers that “didn’t want to live in Scarborough” … until they discovered Birchcliff!

Birchcliff has turned many downtown snobs into Scarborough lovers and will continue to do so in the coming years. Those that invest here today will be extremely happy five years from now.

House Average Price: $1,146,250
House Median Price: $1,100,00
17 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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