Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

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Corso Italia - Davenport West Toronto Real Estate Sales Market Analysis 2nd Quarter 2020

Corso Italia - Davenport West Toronto Real Estate
Sales Market Analysis 2nd Quarter 2020
Detached Semis and Townhouses Sold

  2nd Quarter 2017 2nd Quarter 2018 2nd Quarter 2019 2nd Quarter 2020 2018/2017 2019/2018 2020/2019
Home Sales 38 29 30 25 -24% +3% -17%
Average House Price $921,103 $860,069 $1,053,351 $1,063,178 -7% +22% +1%
Inventory 19 13 14 9 -32% +8% -36%
New Listings 74 57 44 37 -33% -23% -16%
Days on Market 11 11 11 12 - - +9%
% of Sold to Listing Price 110% 104% 108% 102% -6% +4% -6%

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 30 homes to 25 homes sold. The average price went up slightly by over $10,000 from $1,053,351 to $1,063,178. 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 have 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 14 homes to 9 homes, which is very low. The number of new listing also decreased  from an average of 44 homes to an average of 37 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 increased by 1 day from 11 days to 12 days and the percentage that it sold for decreased from 108% to 102% which is still over asking. 

This is a great area to live in or invest in and the price increases of houses shows it. The houses in this area still sell very quickly and for full price or more 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). 

Let me try to explain, a sellers market is one in which there is less than 4 houses for every sale. A balanced market is when there are 4-6 houses available for every sale and a buyers market is when there is more than 6 houses for every sold. So in this area we have returned to a sellers market because of the lower inventory. Prices have started to rise in the GTA and this market follows the laws of economics (supply and demand).  We don't know what the future has instore with respect to the Pandemic but we do expect the price trend to be upward in the market at least for the near future. Houses are selling for close to asking or above and often in multipe offers because the supply of homes available for sale is so low.  Those that played the housing lottery a few year back won, but the lottery was over, the prices that were we didn't think we would see again for a very long time, although they have not returned in all areas they have returned to just under in some areas.  At least the market has turned around and is going in an upward direction. Will the market continue going up? Most likely for the near future but the future largely depends on what will happen with this Pandemic.

When we look at the real estate market as a whole we still have a very strong housing market. Inventory of home is very low. Houses are selling for almost full price and in many areas over asking in bidding wars again.  Why? Well, interest rates are at an all time low (due to Covid 19) and are not expected to increase for at least two years. Immigration is usually high even though it is on hold presently and people need to have a place to live. There have been a lot of break ups and seperations during Covid. Foreign investment is continuing and if foreigners are buying with U.S. dollars they are getting a 25% discount because of our dollar. We have a good economy compared to what is happening elsewhere in the world, rental rates are very low or non-existent.  Baby-boomer's children are now old enough to enter into the market and start buying.  We seem to be dealing with this Pandemic better than other places in the world. 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.

The market always has dips and peaks every number of years and the market always recovers and continues to climb. If you are thinking of buying, now is a great time to get in. If you are thinking of selling prices are up again. We do not know what the future has in stored for us, will there be other waves of this Pandemic or how many there may be. Prices have recovered and in some areas almost return to what they were at their peak. So there is no point to waiting especially with an uncertain future. If you are considering a move in the future (next year or two) don't wait do it now. Try to buy and sell in the same market but remember because interest rates are so low you have more buying power now and you can max out on your sale.


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