Welcome back to week two of our market update. We appreciate your continued support and are committed to improving our insights each week, as this is something we think will continue to add value within a market like Toronto.
Let’s begin by discussing the recent rate hike from the Bank of Canada, which was somewhat expected. While this may create tighter situations for some, it also presents opportunities for those who may been hesitant about entering the market. Waiting too long, “for the Market to correct” might result in missing some opportunities, as we did see a 15% increase in the market from the beginning of the year to around half of the year when they pause the rate increases. Although prices have dipped slightly in some areas, certain pockets have remained stable.
Now, let’s dive into the stats and explore what’s happening in various market segments.
Downtown And Surrounding Area:
For freehold homes, active listings decreased slightly, and there were three more sold firm properties. The market is showing signs of stabilization, with buyers who locked in rates before the recent hike making their moves. However, we anticipate inventory to increase as the rate hike prompts more sellers to list their properties.
On the condo side, the market remains relatively flat, with inventory holding steady around 2,200 units. The number of sold firm condos remained consistent. Although condos typically take a bit longer to sell, investors and hesitant buyers may find opportunities in the coming weeks.
The Don Mills Area:
In this region, the freehold market has seen a few more sales, but inventory remains stable with 2.6 months of supply. The average days on market is eight, indicating that well-presented homes are moving quickly. On the condo side, inventory is expected to increase, providing potential opportunities for buyers or investors.
Leaside, Davisville, Mount Pleasant, Young and Eglinton Area:
Here, we observe a relatively flat market with active listings and sold properties remaining steady. There is a 2.4-month supply of inventory, and the average house price decreased. It is essential to consider that this area has various property types, resulting in price fluctuations, so we do not want to put too much focus on prices. We will keep an eye on months of inventory which will tell us a more accurate story.
For condos in the same region, we see a standard level of inventory at just under 3.5 months. Although the market appears flat, it’s crucial to remember that thinking long term about your investment is key during these uncertain times.
The market is currently level, but this can be your chance to make a move before potential surges in demand once we hear of some more positive news from Bank of Canada. When will that be, we will have to wait and see, but waiting too long may result in increased stress and higher prices in a competitive market. If you are considering a purchase in Toronto or its surrounding areas, reach out to us for more information and insights.
Thank you for watching, and we appreciate your continued support. Don’t forget to subscribe to our YouTube channel for more in-depth updates. If you’re interested in a specific area we haven’t mentioned, reach out, and we’ll provide you with additional data.
Wishing you all peace and love as you explore your options in the housing market. Have a great day!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,445,812 WB – 1,520,712
Active Listings – 516 WB-534
Sold firm –48 WB- 45
Month on inventory – 2.21
Average Days on Market-14 WB-11
Condo Ave Price-$ 811,391 WB- $833,861
Active listings-2,236 WB- 2201
Sold firm-89 WB –88
Months of Inventory- 4.17
Average days on market-19 WB-19
Don Mills Area
Housing Average Price- $1,400,500 WB – 1,350,000
Active Listings – 52 WB- 49
Sold firm – 2 WB – 1
Month of Inventory – 2.62
Average Days on Market- 8 WB- 6
Condo Ave Price- $ 517,000 WB – $692,500
Active listings- 81 WB – 73
Sold firm- 2 WB – 4
Months of Inventory – 3.04
Average days on market-14 WB – 15
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $1,517,456 WB – $2,118,250
Active Listings – 119 WB-120
Sold firm – 9 WB- 10
Months of Inventory- 2.4
Average Days on Market- 27 WB – 11
Condo Ave Price- $ 949,571 WB- $846,083
Active listings-261 WB-242
Sold firm-7 WB-12
Month of Inventory- 3.43
Average days on market- 14 WB – 18