Week 5 – Coming to you from Cottage Country

  • 3 weeks ago

Hello everyone,

Welcome back to our Week Five Market Update!

I’m coming to you from cottage country this time, enjoying some family time. You might catch some background chatter, but it’s all good vibes. Nature’s a perfect summer companion, so get out there if you can!

Now, let’s dive into recent news. Inflation numbers for July just rolled in, and they’re not the best news. June hinted at a potential pause in Bank of Canada interest rates, but July’s inflation shot up to 3.3% from 2.8%. This might lead to another rate hike in September. While these small increases may not seem huge, the cumulative effect is felt over time, affecting mortgages, gas, groceries, and more.

Now, onto our weekly update. Downtown, Don Mills, Yonge & Eglinton, and Leaside Davisville areas are showing some predictable slowdown, especially in the freehold market. Condo markets are resilient, with active listings up and sales slightly down. Condos remain attractive for downsizers.

In the Leaside, Mount Pleasant, Yonge & Eglinton, condos show promise. Active listings have increased, and even with higher prices.

August might continue to slow down due to inflation and potential rate news. While it’s a necessary slowdown, it also impacts affordability.

Thanks for tuning in! If you have questions about specific areas or home types, don’t hesitate to reach out. Until next week, take care!

Please subscribe to Youtube page as well. Have a great week everyone.

WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$ 1,487,700    WB – 1,493,297

Active Listings – 471      WB-460

Sold firm –21      WB- 38

Month on inventory – 2.05         WB- 2

Average Days on Market-17       WB-13

 

Condo Ave Price-$ 811,761     WB- $815,160

Active listings-2,244     WB- 2182

Sold firm-62     WB –76

Months of Inventory- 4.23    WB – 4.17

Average days on market-21         WB-23

 

Don Mills Area-  

Housing Average Price- $N/A    WB – 1,403,000

Active Listings – 52    WB- 43

Sold firm – 0      WB – 1

Month of Inventory – 2.77     WB- 2.29

Average Days on Market- 23      WB- 14

 

Condo Ave Price- $ 549,333     WB – $515,500

Active listings- 87      WB – 84

Sold firm- 3     WB – 2

Months of Inventory – 3.3    WB- 3.2

Average days on market- 8      WB – 20

 

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $2,010,300      WB – $1,684,667

Active Listings – 118     WB-121

Sold firm – 5       WB- 3

Months of Inventory- 2.4           WB- 2.46

Average Days on Market- 98    WB – 7

 

Condo Ave Price- $ 733,667      WB- $636,080

Active listings-267    WB-266

Sold firm-12       WB-9

Month of Inventory- 3.56     WB- 3.54

Average days on market- 26        WB – 20

 

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