Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

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Corso Italia Davenport West Toronto 3rd Quarter Housing Sales Report

Corso Italia - Davenport West Toronto Real Estate

Sales Market Analysis 3rd Quarter 2019

Detached Semis and Townhouses Sold

  3rd Quarter 2017   3rd Quarter 2018   3rd Quarter 2019   Diff 2018/17  Diff 2019/18  
Home Sales 21 26 22 +24% -15%
Average House Price $824,389 $855,279 $965,364 +4% +13%
Inventory 15 19 18 +27% -5%
New Listings 45 46 46 +2% -
Days on Market 15 23 18 +53% -22%
% of Sold Price to Listing Price 100% 100% 103% - +3%

Real Estate Market Synopsis:

 Ideally when we want to compare how a market is doing we should compare it to the same time period of another year, i.e. spring market to spring market. Therefore, we have to compare how this quarter of the year is doing compared to the same quarter of the year last year. Traditionally the spring market is the best market of the year, as I think this year's was.

In the Corso Italia - Davenport West Toronto, the average number of homes sold decreased from an average of 26 homes to 22 homes sold. The average price went up by over approximate$110,000 from $855,279 to $965,364 or 13%. However this may not be totally accurate because we must keep in mind that in the Corso Italia the houses can be anywhere for the original 100+ year old home to a house that has had to total interior renovation to a home that has been torn down and rebuild. The lots can also differ greatly anywhere from 15 ft. lots to 30+ feet. The depth of the lots can also vary from 40 ft. dept and up to an average depth of 130 feet or larger. The average price increase may be off as we do not know which homes were sold. The number of homes on the market decreased from an average of 19 homes to 18 homes, which remains very low. The number of new listing remained unchanged at an average of 46 homes ( this is very low inventory, which is why some homes are still selling in a bidding war). The number of days it took to sell a house decreased from 23 days to just 18 days and the percentage that it sold for increased 100% to 103%.

The houses in this area still sell very quickly and for full price and over asking because the demand for this area is very high and the supply of houses that come up for sale is quite low. It is one of the few areas that is still fordable for first time buyers. In this area young couple can get into houses even if they have to rent out the basements to make carrying the house easier.  Many of these houses are designed with rent-able basement or basement apartments. Now the city has approved "Lane suits" (Apartments to be built over garages in the lanes where their garages are.   

When we look at the real estate market as a whole, even though many areas had a price adjustment or housing prices dropped. Each pocket of homes is different. In this area houses are selling quickly, for almost full price or above. Why? Well, interest rates are still very low. Foreign investment is high. We have a good economy compared to what is happening elsewhere in the world, rental rates are very low.  Baby-boomer's children are now old enough to enter to market and start buying.  Why not invest in our housing market? It is a solid investment sure to go up. It may not be "a get rich quick " fix but over time it is a sound investment paying the best return.

Even though interest rates were supposed to started to rise(but did not) and we don't know what the future hold; if you buy now before rates go up, you have more buying power. Also if rates keep going up prices could go down so it is also a good time to sell.

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