Urban Markets: Downtown & Surrounding Areas
I wouldn’t be too alarmed with the big drop in sales activity in urban houses.

As you can see, prices have held strong despite days on market inching up.

If we pay attention to house Months of Inventory (MoI) you’ll see that with only 1.21 months of inventory, our urban markets could double in available listings and still be relatively balanced.

If we zoom in on houses specifically, you’ll notice that most of that inventory is in the $1.3 or lower range which is fairly well supplied and more balanced than earlier this year.

Where we still have a ton of room to grow supply is the higher-end and entry-level luxury market up to $3mm. There’s still a ton of buyer demand there with very little to satisfy them.

Condos on the other hand are about to go for a run. Similar to the post 1st wave run in Q1 of this year. After the Q1 run, there were a few months of pullback during Q2 where similar units were trading for a little less.

That being said, the majority of condos held their value but there was much less competition. Buyers had an easier time negotiating their purchases and maybe got a few grand off asking if they tried.

That’s all about to change as we move into Q3 of 2021. Inventory has been stable if not declining and sales continue to move forward nicely. All of that with closed borders and a terrible rental market

As we approach September and schools begin to open, that should drive more traffic into the rental market (which we’re already seeing). As the rental market improves so will the entry-level condo market and we’ll move up from there as borders continue to open

Bottom line…buy a condo today and you’ll see some solid equity by the end of the year. We don’t often advise buying for short term gains but if that’s what you’re looking for, now’s the time.

House Average Price: $1,693,700
House Median Price: $1,540,000
531 Active Listings
37 Firm Sales This Week
Months of Inventory (MoI) ~ 1.21
Average Days on Market ~ 13 DoM

Condo Average Price: $780,725
Condo Median Price: $695,000
1551 Active Listings
148 Firm Sales This Week
MoI ~ 1.65
Average Days on Market (DOM) ~ 18.99

Urban North: Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park
With such small data sets, we’re bound to see major swings in average price.

Please take this with a grain of salt. There’s really no big $4mm+ product on the market and sales in that range tend to take a summer break usually anyway so we should see a pick up in this segment Q1 of next year or towards the end of Q4 this year.

Houses are still grossly undersupplied here and condos are moving along with a fairly limited supply of quality product. Condos here should follow the urban trend and pop in the coming months especially as borders open.

House Average Price: $2,512,111
House Median Price: $2,292,000
120 Active Listings
15 Firm Sales This Week
Months of Inventory (MoI) ~ 1.77

Condo Average Price: $1,875,563
Condo Median Price: $1,143,500
256 Active Listings
16 Firm Sales This Week
MoI ~ 2.93

Leaside & Davisville (including Yonge and Eg)
Last week there were only 35 available houses for sale here and this week 34. I don’t even know what’s going to happen here if that continues to slide as there is already massive upward pressure on prices in these communities (especially Leaside).

The simple land value should approach $2mm on some larger lots in the coming months (maybe year). An area that is massively popular with overseas buyers so when borders open up you can bet that houses and condos in these communities will go absolutely insane.

We’re recommending you buy here and hold for the long term. You’ll see great short-term gains after Q4 of this year but the sky’s the limit long-term.

Keep an eye on condo MoI here as we’ve had another week of reduced supply. Another two or three weeks of that and we’re in low supply danger zone which will heavily favour sellers.

Get in touch with us to scour the assignment market for you. There are some decent opportunities there for you at around $1000-$1200/PSF.

House Average Price: $2,887,125
House Median Price: $2,551,500
34 Active Listings
4 Firm Sales This Week
Months of Inventory (MoI) ~ 1.50

Condo Average Price: $889,444
Condo Median Price: $840,000
155 Active Listings
11 Firm Sales This Week
MoI ~ 1.47

Birch Cliff
I sound like a broken record here so I’m just gonna stop. If you don’t know to buy here already then I can’t help you. Go back and read every single market update since March 1st, 2020 and see for yourself.

You’ll see a consistent rise in average price and consistent low supply levels and ever-increasing buyer demand. Buyers of houses and condos in Birchcliff (and anywhere along Kingston Rd right up to Port Union will be laughing their way to the bank over the next 5yrs.

House Average Price: $1,291,000
House Median Price: $1,291,000
16 Active Listings
2 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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