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Corso Italia Davenport West Toronto 4th quarter real estate sales report 2021
Corso Italia - Davenport West Toronto Real Estate
Sales Market Analysis 4th Quarter 2021
Detached Semis and Townhouses Sold
| 4th quarters | 2017 | 2018 | 2019 | 2020 | 2021 | 2018/17 | 2019/18 | 2020/19 | 2021/20 |
| Home Sales | 15 | 35 | 36 | 34 | 39 | +133% | +3% | -5% | +15% |
| Average House Price | $892,667 | $883,626 | $1,071,327 | $1,109,934 | $1,184,541 | -1% | +21% | +4% | +7% |
| Inventory | 9 | 9 | 3 | 8 | 3 | - | -67% | +167% | -62% |
| New Listings | 25 | 43 | 35 | 49 | 41 | +72% | -19% | +4% | -14% |
| Days on Market | 32 | 15 | 16 | 10 | 12 | -53% | +7% | -37 | +2% |
| % of Sold to Listing Price | 103% | 103% | 101% | 109% | 111% | - | -2% | +8% | +2% |
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 increased from an average of 34 homes to 39 homes sold. The average price went up by over $74,000 from $1,109,934 to 1,184,541 or 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 a 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 8 homes to only 3 houses, which is very low. The number of new listing decreased from an average of 49 homes to an average of only 41 homes. The number of days it took to sell a house increased slightly from 10 days to 12 days and the percentage that it sold for increased from 109% to 111% way over asking. 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.
When we look at the real estate market as a whole, even though we are in the middle of a Pandemic the supply of homes is at a record low, the sales set a record high and the selling prices also set a record high. Each pocket of homes is different. In this area houses are selling quickly, for way over asking and usually in a bidding war.
An interesting thing to note is that usually when inventory gows down prices go up, as it did. 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 about 1 houses available for every sale, therefore it was a strong sellers market. Since the market was so stronge, houses sold quickly and for above asking.
Why is the market so strong? Well, interest rates are still very low. Foreign investment is high and foreigners usually buy with U.S. dollars which is about 25-30% higher than ours so they purchase properties at a discounted price. 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. This area is still very attractive and affordable for first time buyers. It is also very conveniently located. 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 may or may not have changed over the years, The rates are still extremely low and affordable and in this area especially, with the option of renting out parts of the house to help with the carrying expenses. We don't know what the future holds so if you buy now before rates go up further, you have more buying power and if rates do go up prices could go down so it is also a good time to sell especially since there is so low inventory. My quess is with prices and sales up and inventory and new listings down, according to supply and demand laws prices will continue to rise. So what are you waiting for? It's a great time to buy!
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