After a brief vacation, we’re back with our Week 12 market update. I mistakenly referred to it as Week 10 last time – blame it on vacation mode! In today’s update, we’ll delve into the impact of interest rates and dissect the numbers in our downtown core, Don Mills, Leaside, and the Durham area.
This update will be concise as we anticipate monthly numbers in the coming week, offering a month-to-month perspective.
The interest rate hikes this year have far-reaching effects – from buyers to homeowners on variable mortgages. Many are experiencing increased costs compared to the pandemic era. This may lead to a surge in listings from those unable to manage.
The condo market has seen a moderate rise, particularly downtown, although it’s worth noting some landlords may have temporarily listed their properties. The months of inventory are stabilizing as sellers grasp the importance of strategic timing.
We’re closely monitoring the potential ripple effect from the Bank of Canada’s decision later this month. An increase in rates could trigger a surge in listings, potentially dampening buyer activity.
While condos have seen a modest uptick in listings, especially downtown, we’ve observed a more measured increase compared to previous weeks. Some listings may have been withdrawn as landlords reconsidered their options.
The key takeaway: if you don’t urgently need to sell, it might be prudent to wait for more clarity from the Bank of Canada. As always, strategic timing and pricing are critical.
Sales have remained steady, which is encouraging in a market with fewer new listings. Now, a quick look at the numbers:
– Downtown Core: Slight increase in sales for both freeholds and condos.
– Leaside Area: Active listings decreased, with more sales in freeholds and fewer in condos.
– Durham Area: Fewer active listings, more sales in freeholds, while condos saw a decline.
These numbers provide valuable insights, and we’re available to delve deeper into specific areas if needed.
With listings still relatively high, we anticipate a continued uptick. Keep an eye on inventory levels and, if you’re considering selling, remember to price competitively and showcase your property effectively.
For any queries or guidance, don’t hesitate to reach out. Thank you for your continued support, and be sure to subscribe to our YouTube channel for more updates.
Wishing you a fantastic day!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,506,632 WB – 1,663,471
Active Listings – 697 WB-647
Sold firm –53 WB- 49
Month on inventory – 3.03 WB- 2.80
Average Days on Market-9 WB-21
Condo Ave Price-$814,888 WB- $842,451
Active listings-2,624 WB- 2,612
Sold firm-77 WB –73
Months of Inventory- 4.97 WB – 4.90
Average days on market-20 WB-23
Don Mills Area-
Housing Average Price- $1,427,625 WB – 1,798.670
Active Listings – 71 WB- 68
Sold firm – 4 WB – 5
Month of Inventory – 3.70 WB- 3.67
Average Days on Market- 9 WB- 6
Condo Ave Price- $703,500 WB – $732,500
Active listings- 99 WB – 92
Sold firm- 2 WB – 2
Months of Inventory – 3.77 WB- 3.54
Average days on market- 24 WB – 33
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $2,731,543 WB – $1,891,000
Active Listings – 155 WB-158
Sold firm – 12 WB- 10
Months of Inventory- 3.15 WB- 3.24
Average Days on Market- 8 WB – 19
Condo Ave Price- $769,750 WB- $807,692
Active listings-313 WB-315
Sold firm-10 WB-13
Month of Inventory- 4.06 WB- 4.10
Average days on market- 27 WB – 27
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $973,471 WB – $979,429
Active Listings – 1519 WB- 1530
Sold firm – 130 WB – 105
Month of Inventory – 2.41 WB- 2.42
Average Days on Market- 16 WB- 16
Condo Ave Price- $645,813 WB – $637,359
Active listings- 261 WB – 267
Sold firm- 16 WB – 22
Months of Inventory – 2.42 WB- 2.53
Average days on market- 19 WB – 22