Carey and Sharon  Rosenzweig

Carey and Sharon Rosenzweig

Sales Representatives

RE/MAX Realtron Realty Inc., Brokerage*

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Corso Italia Davenport West year end real estate sales report 2023

Corso Italia Davenport West Year End Report for Housing Sales in 2023

This information includes All of Toronto West:  Corso Italia Davenport, Weston Pellam Park, Rockcliffe Smythe, Keelesdale, Eglinton West and Caledonia Fairbank

2023 Year End Sales Report

 

Year to Date Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec2023 % 2020/19 %2021/20 %2022/21 %2023/22
Average Price $800,264 $885,519 $1,006,118 $1,025,282 $991,898 +11% +14% +2% -3%
Median Price $765,000 $872,600 $975,000 $982,000 $960,000 +14% +12% +1% -2%
Inventory 1016 1051 1,151 1031 977 +3% +10% -10% -5%
Sales 643 644 780 497 441 +.01% +21% -34% -11%
Days on Market 18 14 14 15 18 -22% - +7% +2%

% of Sales Price
vs. Listing Price

102% 105% 110% 108% 103% +3% +5% -2% -5%

Happy New Year! It is now the beginning of 2024, a time to reflect on the year that has passed and a time to plan for the New Year.  With respect to real estate and especially real estate in Toronto and areas within, what does this year have in store for you?  Is this the year that you should buy a new house, upgrade you current home, sell your current home, maybe downsize or perhaps invest in real estate? What does the market look like now and for this year?

First let’s look at what happened last year in real estate and how the year ended.  We can definitely say this past year was eventful. The new year started off as most new years, but with a bit more uncertainty with the many waves of Covid. There were predictions that housing prices would go up; housing prices would go down; mortgage rates would go up; mortgage rates would go down; no one really knew what was in-stored for the future, some what similar to the predictions every year.

It did not take long to see that the theme of last year was mortgage rate increases.  An unprecedented 10 months of mortgage rate increases. They keep saying that the inflation rate was to high and they needed to curb inflation. This lead to 10 interest rate hikes, which resulted in major uncertainty and many people not knowing what to do so in turn they did not do! People waited to list and were afraid to buy. The inventory of houses was very low, The interest

rates were high. People froze totally unprepared for this as it had never happened before in our history. It seemed like interest rates were on the for front of everyone's mind. Well, this did help lower the inflation rate, but it also caused many to be priced out of the market. Leaving others sitting on the side line waiting to see what the future had in stored.  This is pretty much what occurred until the end of the year, resulting in both listings and sales dropping..  

First let’s look at how the year ended.  The Average sale price in Corso Italia went down from $1,025,282 to $991,898, as did the median price decreased by approximately $20,000, from $982,000 to $960,000.  The number of new listing over the year dropped from 1031 to 977.  The number of sales also decrease from 497 to  only 441 last year.  It took 3 day longer on average to sell a house in the Corso Italia than last year, taking 15 days in 2022 and 18 days last year. The houses that sold did so at full price or over asking with an average of 103% of asking last year and down from 108% of asking price in 2022. 

What does this mean?  Simply that in Corso Italia Davenport, even though the housing market went through a change or I like to think of it as a pause in some areas of Toronto, this area seemed to almost hold it's price, with only a 3% drop in average price. Inventory and sales went down, when there is little inventory it's hard to have a large amount of sales. When we have under 4 houses available for sale for every house sold it is considered to be a sellers market. When there is 4-6 houses available for every sale it is considered to be a balance market. When there is over 6 houses available for every sale it is said to be a buyers market. This year's market definately began as a sellers market with very little inventory and this continued. There were just over 2 houses available for ever house sold. This traditionally should have caused prices to go up, however, once interest rates started to rise, uncertainty set in, both buyers and seller moved on to the side lines to wait and see what was in store for the future. According to the number of homes available for sale we should still be in a sellers market. As for price, every area is different, some areas had a larger price correction than others, and in some area's like this one prices did not under go a price drop at all or they only dropped slightly. Some areas are still seeing homes sell above asking price and some are still selling in multiple offers. So basically all areas need to be looked at individually. For those people who still can qualify for mortgages this can be a real buying opportunity in some areas, especially the areas that had a price drop. As for investment properties, there is no better time to own an investment property than now, as many rental properties are see bidding wars from renters. This maybe due to some buyers no longer qualifing to buy and turning to the rental market. 

To conclude, sales were down by 11%, the average selling price was up by only 3% year over year and the median price was also down by 2% year over year. Houses are still selling in 18 days and for 103% of asking price. That was not a bad year for price even though sales were down, prices were still much higher than years past. If you have a well price house to sell, it will sell fast and still for a very good price.

 Borders are open again immigration will continue again causing more of a need for housing. Interest rates will eventually start to drop in the near future and as always housing prices will continue to increase as they always have.  The heads in our company are prediction that by 2030 the average house price in the GTA will be over $2,000,000.

Here are a few facts that we see and know:

  • 2022 set a new record for the highest average price on record and we are still not far from that price in 2023
  • Emigration will continues at record high levels. 
  • We are not making more land, therefor it's hard to keep up with the demand.
  • Rental rates are similar to cost of ownership and in some cases more.
  • The boomers' kids have grown up (kids born from 1977 to 1994 which number around 9.2 million in Canada in 2011) they are ready to buy real estate.
  • Real Estate over the long term is a sound investment that continues to increase over time.
  • Real Estate has been paying a higher return than investing you money in the bank.

 

Toronto offers an ideal location close to everything including highways, ttc and it s very central. Corso Italia Davenport offers affordable homes many with the option of rentable basments or lane- suites to help cover the carrying cost of ownership. Now is the ideal time to invest and buy real estate. Townhouses, semis, smaller detached and larger condos many with parking are always in demand for first time buyers which there are a lot of now. The return on your money invested in a bank is extremely low, so why not invest in housing with some areas having prices lowered, it is a sound investment!  If you are thinking of upgraded the gap between housing prices has decreased.  We work the area and often know of homes coming out for sale before they are listed on the market.  Now that people have discovered working remotely some don't need to be in the city's core and live in small quarters, they can now spread out and live in larger homes, on larger lots or first time buyers can find Townhouses, semis, smaller detached and larger condos with parking which the Manor can offer, still offering the convenience of being central. 

The return on your money invested in a bank is extremely low, so why not invest in housing with some areas having prices lowered, it is a sound investment!  If you are thinking of upgraded the gap between housing prices has decreased.  We work the area and often know of homes coming out for sale before they are listed on the market.

Buyer's market or seller's market, NOW IS THE PERFECT TIME FOR SOME TO BUY OR SELL!!

For help with any of your Real Estate inquires or needs, Or to discuss your area's housing prices feel free to call Carey and Sharon Rosenzweig (416) 818-2600.

 

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