I’m currently in the Bahamas for week 11, so I’ll keep this short and sweet.
I wanted to touch on what’s happening in our market and address the mixed feelings circulating lately. The good news is that the Bank of Canada is holding the rates. However, inflation numbers came in a bit higher than expected, creating uncertainty for October’s interest rate decision.
We’re seeing a rise in new condo listings downtown, possibly due to investors panicing a little bit. Keep in mind, more listings can make selling a bit tougher. So, if you’re a buyer, take this opportunity to explore your options.
On the Freehold side, multiple offers are still happening, particularly if a home is priced correctly. Even homes on the market for 30-50 days can get multiple offers. Power of sales isn’t too common these days, but it’s good to be aware.
In the core areas, especially downtown surrounding areas, there’s a surge in new listings. Additionally, we’re observing an uptick in sold properties, which is a positive sign.
For Leeside and Durham areas, things are relatively steady. It’s primarily in the core where investors are looking to make changes due to rental income not keeping up with mortgages.
If you don’t urgently need to sell, consider holding off. This way, you won’t contribute to the growing list of properties on the market. When you do list, work with a trusted agent to strategize the right price and presentation.
Remember, there’s no one-size-fits-all approach in real estate. If you have questions about your property, reach out. Enjoy your day, and take some time to recharge!
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WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,663,471 WB – 1,597,388
Active Listings – 647 WB-601
Sold firm –49 WB- 49
Month on inventory – 2.60 WB- 2.29
Average Days on Market-21 WB-11
Condo Ave Price-$842,451 WB- $754,994
Active listings-2,612 WB- 2,510
Sold firm-73 WB –63
Months of Inventory- 4.72 WB – 4.33
Average days on market-23 WB-21
Don Mills Area-
Housing Average Price- $1,798,670 WB – 1,916,000
Active Listings – 68 WB- 66
Sold firm – 5 WB – 3
Month of Inventory – 3.56 WB- 2.86
Average Days on Market- 6 WB- 14
Condo Ave Price- $732,500 WB – $580,381
Active listings- 92 WB – 89
Sold firm- 2 WB – 3
Months of Inventory – 3.42 WB- 2.92
Average days on market- 33 WB – 36
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $1,891,000 WB – $2,376,380
Active Listings – 158 WB-156
Sold firm – 10 WB- 8
Months of Inventory- 3.19 WB- 2.91
Average Days on Market- 19 WB – 8
Condo Ave Price- $807,692 WB- $698,000
Active listings-315 WB-306
Sold firm-13 WB-7
Month of Inventory- 3.98 WB- 3.66
Average days on market- 27 WB – 17
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $979,429 WB – $966,651
Active Listings – 1530 WB- 1467
Sold firm – 105 WB – 106
Month of Inventory – 2.32 WB- 2.19
Average Days on Market- 16 WB- 17
Condo Ave Price- $637,359 WB – $555,161
Active listings- 267 WB – 261
Sold firm- 22 WB – 19
Months of Inventory – 2.47 WB- 2.40
Average days on market- 22 WB – 23