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Corso Italia Davenport West Toronto 3rd Quarter Housing Sales Report 2024
Corso Italia - Davenport West Toronto Real Estate
Sales Market Analysis 3rd Quarter 2024
Detached Semis and Townhouses Sold
| 3RD Quarters | 2020 | 2021 | 2022 | 2023 | 2024 | 2021/20 | 2022/21 | 2023/22 | 2024/23 |
| Home Sales | 42 | 26 | 23 | 17 | 17 | -38% | -12% | -26% | - |
| Average House Price | $1,031,881 | $1,172,781 | $1,015,783 | $1,144,179 | $1,067,261 | +14% | -14% | +13% | -7% |
| Inventory | 15 | 13 | 19 | 19 | 20 | -13% | +46% | - | +5% |
| New Listings | 69 | 43 | 56 | 44 | 38 | -38% | +30% | -21% | -14% |
| Days on Market | 8 | 17 | 11 | 15 | 19 | +112% | -35% | +36% | +27% |
| % of Sold Price to Listing Price | 108% | 107% | 100% | 104% | 103% | -1% | -7% | +4% | -1% |
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 remained exactly the same as last year with 17 homes sold. The average price went down by approximate $76,000 from $1,144,179 to $1,067,261 or by 7%. 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 decrease may be off as we do not know which homes were sold. The number of homes on the market increased by one house from an average of 19 homes to 20 homes, which remains very low. The number of new listing decreased by 6 homes from 44 homes listed to 38 new listings (by 14%), however most sold as inventory decreased. This should be noted to be very low inventory, which is why many homes are still selling in a bidding wars. The number of days it took to sell a house increased from 4 days to 19 days however the percentage that it sold for decreased by 1% from 104% 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 garage's are.
So to compare this market to that of last year, you can see that the number of sales remained the same. Prices were slightly down by 7%. New listings of houses were down by 6 housesor -14% eventhough active listing were up by 1 house or +5%. Usually when inventory goes down prices go up. This was not the cases this year because of many factors. We had a very uncertain market with people being uncertain of the direction prices and interest rates would move in. The inventory of homes was still very low. When there are under 4 homes available for every sale, it is considered to be a sellers market. When there are 4-6 homes available for every sale it is considered to be a balances market and when there is more than 6 homes available for sale for every house sold it is considered to be a buyers market. We had 2-3 homes available for every home sold which should have put us in a sellers market. The houses did sell for over asking even though they took a bit longer to sell this year.
To conclude, the housing market has always had it's ups and downs and in every market there are oportunities. This year prices are down slightly so for those that still qualified for a mortgage (even though the rates were up), prices were down and interest rates change all the time and they are on there way back down now. It is always a good time to buy when prices are down and we feel that because rates are on their way down, prices will probably start going up once the inventory is bought up. We are probably at the bottom of the market. Overall there is still a housing shortage. Baby-boomer are now old enough to enter the market. The government is allowing foreign immigration. Even though the housing market goes up and down, in the long run housing is always and has always been a great investment that goes up over time. Call us to talk about your situation or needs 416-818-2600
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