Hey everyone,
I hope you’re doing well. We’re back with our weekly update for Week 15, can’t believe we are at week 15 already!
Let’s dive into some key highlights.
Firstly, let’s touch on the positive news regarding inflation. Last week, it came down a bit more than expected, at 3.8%, which is good news considering the Bank of Canada’s projections. This is especially relevant given the upcoming announcement on interest rates this week.
Regarding the rental market, we’re seeing a gradual decline, but it’s important to note that many investors are still navigating challenging circumstances. Over 70% of new listings in the downtown core are either vacant or tenanted, highlighting the investor-centric nature of these listings.
As for downtown areas, we observed a notable increase in active listings, along with a rise in sold firm properties in both the freehold and condo sectors. This indicates an active market, albeit with some potential delays due to conditions on finance and inspections.
In terms of the broader picture, the downtown condo market is showing signs of heading into a buyer’s market with month-of-inventory figures inching up. This presents potential opportunities, particularly for those considering entering the market.
Moving into specific areas, the Don Mills region is holding steady, with slight fluctuations in active listings and sold firm properties. The Leaside, Davisville, Mount Pleasant, and Young in Eglington areas are also displaying typical patterns with some variance in prices.
The Durham area stands out with a healthy number of active listings and a notable uptick in sold firm properties, indicating a dynamic market.
Remember, these trends can shift, especially in light of potential Bank of Canada decisions. It’s essential to stay informed and consult with professionals in the field.
Thank you for your continued support. Don’t forget to like and subscribe for more updates. Wishing you a fantastic day!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,534,821 WB – 1,525,864
Active Listings – 793 WB-772
Sold firm –54 WB- 36
Month on inventory – 3.44 WB- 3.35
Average Days on Market-12 WB-12
Condo Ave Price-$788,781 WB- $785,235
Active listings-2,841 WB- 2,781
Sold firm-65 WB –49
Months of Inventory- 5.39 WB – 5.27
Average days on market-22 WB-24
Don Mills Area-
Housing Average Price- $1,485,000 WB – 1,643,333
Active Listings – 78 WB- 72
Sold firm – 3 WB – 3
Month of Inventory – 4.07 WB- 3.75
Average Days on Market- 14 WB- 30
Condo Ave Price- $582,000 WB – $620,000
Active listings- 95 WB – 95
Sold firm- 2 WB – 5
Months of Inventory – 3.62 WB- 3.62
Average days on market- 27 WB – 24
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $2,494,883 WB – $4,876,000
Active Listings – 174 WB-163
Sold firm – 6 WB- 5
Months of Inventory- 3.54 WB- 3.32
Average Days on Market- 17 WB – 19
Condo Ave Price- $691,400 WB- $799,157
Active listings-340 WB-332
Sold firm-5 WB-7
Month of Inventory- 4.40 WB- 4.30
Average days on market- 12 WB – 20
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $955,686 WB – $987,735
Active Listings – 1.743 WB- 1,657
Sold firm – 104 WB – 85
Month of Inventory – 2.77 WB- 2.63
Average Days on Market- 16 WB- 16
Condo Ave Price- $688,273 WB – $571,308
Active listings- 283 WB – 276
Sold firm- 11 WB – 13
Months of Inventory – 2.63 WB- 2.56
Average days on market- 22 WB – 44
