The median price of a downtown condo returned to it's December peak of $485,000. More interesting this month is the average time a condo takes to sell. The average time over the past 12 years is 30 days on the market. Currently it's 17 days, which is the second shortest time we've seen in the past 12 years. Our personal experience is that we're seeing anything with potential sell in the first couple of days or offers are intentionally delayed for a bidding war.

The market is still starving. Typically we have about 1000 condos for sale in February and this year we had only 423. This continues to be the theme of 2017... there's just very little available for sale.

On the demand side of the equation, we see a little stronger than normal levels with more Buyer's making purchases in a typical February than previous years. Although the demand is contributing to higher prices, the real driving force is the low supply.

The Seller's market is still very strong although it continues to ease a little. At these supply/demand levels, we can only expect our current record prices to hold. 

The median price of a condo is up 13.6% year over year. Depending on your equity, your real return could be multiples higher. For example, with 50% equity, your real rate of return would be 27.2%. Considering the appreciation of Toronto real estate over the last 20 years, it's easy to understand why so many people have become wealthy through real estate investing.

Since 2005, condos prices doubled whereas homes have tripled.

If it weren't for all the new construction condos adding to supply, condo prices would be much higher. It's virtually impossible to increase the number of detached homes downtown, no additional supply means there's been no cushion to the market pressures and prices have increased much more. Could this continue? I think homes are reaching price points where 2 working professionals, with large down payments and low interest rate mortgages are struggling to afford a home. A big question going forward is if foreign buyers will influence the market more than working Torontonians.