I hope you’re doing well. Welcome back to week 18 of our weekly update.
Firstly, a heartfelt thank you for consistently joining us. If you enjoy our videos, please consider subscribing and giving us a thumbs up; your support means a lot and helps us reach a broader audience.
In this week’s update, we’ll focus on the developments in our surrounding areas, including Downtown, Don Mills, Leaside, Mount Pleasant, Young and Eg, and the Durham area. We’ll delve into some noteworthy figures, provide insights into the current market trends, and discuss what the future may hold, considering potential Bank of Canada updates.
Starting with Downtown and its surrounding areas, we’ve observed a notable decrease in active listings for freehold properties, down by almost 50. Meanwhile, the active condo listings remain relatively flat. It appears that listings are being terminated, potentially for leasing or awaiting the spring market. Over 200 condos were taken off the market, suggesting a strategic move to relist at a different price point.
As we anticipated, the terminations seem to be starting earlier this year, possibly influenced by market uncertainty and the upcoming Bank of Canada announcement. Despite fluctuations, overall, the market seems to be holding steady. Freehold prices have seen a slight uptick, while condos have experienced some fluctuation. Sales of freeholds in the downtown area have increased, with condos showing a minor decrease. October witnessed lower sales compared to last year, marking one of the lowest in nearly in almost 30 years.
Moving on to the Don Mills area, active listings remain relatively flat, with a slight decrease in condo listings. Sales, however, continue to be strong, challenging the typical perception of a slower market in this area. Months of inventory are decreasing across the board, reflecting a reduction in new listings and an emerging trend of people holding off on selling.
In the Leaside area, active listings are stable, with a modest increase in sales. The market is showing signs of movement, contributing to the overall stability of prices. While sales in October were lower than last year, the presence of multiple offers in certain pockets is helping maintain prices.
As we explore these trends, it’s important to note that the market dynamics may offer opportunities for both upsizing and downsizing. Those with stability and equity might consider upsizing, while downsizing could be an option for the older generation, given the increased availability of condos in the market.
In the Durham area, active listings and sales are declining, indicating a potential slowdown outside the core Toronto area. The desire to stay closer to the city, coupled with a shift back to in-office work, might be influencing this trend.
In conclusion, we anticipate a relatively flat change in active listings for November compared to October. Sales will be interesting to watch, and we expect more listings in the coming months as people make decisions based on potential Bank of Canada updates. Keep an eye on fixed mortgage rates, which are closely tied to bond yields.
Thank you for staying with us throughout this update. If you have questions or need more information about your home or area, feel free to reach out. You can book a time with me through the calendar link in the description.
Appreciate your time and have a fantastic day. We’ll talk soon.
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,562,085 WB – 1,421,379
Active Listings – 719 WB-767
Sold firm –48 WB- 36
Month on inventory – 3.10 WB- 3.30
Average Days on Market-18 WB-15
Condo Ave Price-$764,316 WB- $824,982
Active listings-2,778 WB- 2,781
Sold firm-59 WB –61
Months of Inventory- 5.24 WB – 5.25
Average days on market-30 WB-25
Don Mills Area-
Housing Average Price- $1,239,200 WB – 1,957,500
Active Listings – 79 WB- 82
Sold firm –4 WB – 2
Month of Inventory – 4.47 WB- 4.64
Average Days on Market- 29 WB- 8
Condo Ave Price- $711,250 WB – $695,000
Active listings- 96 WB – 101
Sold firm- 2 WB – 1
Months of Inventory – 3.56 WB- 3.75
Average days on market- 49 WB – 12
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $1,864,200 WB – $5,182,500
Active Listings – 171 WB-174
Sold firm – 10 WB- 4
Months of Inventory- 3.54 WB- 3.6
Average Days on Market- 11 WB – 11
Condo Ave Price- $911,344 WB- $887,630
Active listings-331 WB-336
Sold firm-16 WB-10
Month of Inventory- 4.39 WB- 4.45
Average days on market- 29 WB – 15
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $1,019,188 WB – $971,743
Active Listings – 1,697 WB- 1,715
Sold firm – 82 WB – 106
Month of Inventory – 2.70 WB- 2.72
Average Days on Market- 15 WB- 16
Condo Ave Price- $601,752 WB – $607,531
Active listings- 289 WB – 302
Sold firm- 21 WB – 13
Months of Inventory – 2.69 WB- 2.81
Average days on market- 17 WB – 19