Hey there, folks!
Hope you’re all doing fantastic.
Welcome back to Week Six of our weekly market update, where we zoom in on specific areas within the GTA for our update.
Today, we’re taking a dive into some monthly and yearly numbers. This one’s for those of you who might not be in the immediate buying or selling mode. Don’t worry, we’ve got you covered!
Now, let’s chat about the condo market. Despite higher inventory levels, condos are showing remarkable resilience. With a mere 0.6% price decrease month-over-month, they’re outperforming other housing types, like detached homes which saw nearly 7% decrease.
Broadly speaking, overall month-over-month numbers are down around 5%, but interestingly, year-over-year figures are up for all home types.
Shifting gears, let’s dive into our weekly updates for specific areas: Downtown surroundings area, Don Mills, and Leaside, Mount Pleasant, Davisville, Yonge & Eg area.
For condos downtown, we’re seeing a surprising upward trend in sales (10 more than last week), despite the expected increase in inventory and months of inventory. Keep in mind, condos have a longer turnaround time due to various processes.
In Don Mills’ Freehold area, active listings are down, but we saw six sold firm, these properties on average took around four days to sell, attributed to well-priced, well-presented listings.
Heading back to condos, prices are climbing, and inventory is decreasing. We observed two sales on average in about 16 days. The condo market seems quite dynamic.
Now to Davisville, Mount Pleasant, Young and Eglinton area. Prices dipped slightly, and while the number of active listings increased, so did the sold firms (five this week). Don’t be too concerned about the days on the market, as it’s due to a few outliers and not a trend.
Remember, condos continue to be a strong option for investors, especially with students and immigrants arriving. While the market might feel the effects of interest rates and Bank of Canada decisions, the sky isn’t falling – the market remains adaptable.
Feel free to reach out if you’d like more information tailored to your home type or area. We’re here to help! Don’t forget to subscribe to our YouTube channel when you click the link to our video above!
Thanks for tuning in, and have an amazing day!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,556,764 WB – 1,487,700
Active Listings – 486 WB-471
Sold firm –26 WB- 21
Month on inventory – 2.11 WB- 2.05
Average Days on Market-15 WB-17
Condo Ave Price-$ 831,047 WB- $811,761
Active listings-2,260 WB- 2,244
Sold firm-72 WB –62
Months of Inventory- 4.26 WB – 4.23
Average days on market-24 WB-21
Don Mills Area-
Housing Average Price- $2,124,384 WB – N/A
Active Listings – 48 WB- 52
Sold firm – 6 WB – 0
Month of Inventory – 2.56 WB- 2.77
Average Days on Market- 4 WB- 23
Condo Ave Price- $ 687,500 WB – $549,333
Active listings- 78 WB – 87
Sold firm- 2 WB – 3
Months of Inventory – 2.97 WB- 3.3
Average days on market- 16 WB – 8
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $1,562,000 WB – $2,010,300
Active Listings – 120 WB-118
Sold firm – 5 WB- 5
Months of Inventory- 2.44 WB- 2.4
Average Days on Market- 11 WB – 98
Condo Ave Price- $ 597,800 WB- $733,667
Active listings-271 WB-267
Sold firm-10 WB-12
Month of Inventory- 3.61 WB- 3.56
Average days on market- 23 WB – 26