Here are some top level data points which I've added commentary on above:
Significant real estate milestones for Toronto / GTA in September 2018… a slow start to the fall market.
2nd lowest September sales since 2012 (6,455)
The ratio of sales-to-listings decreased slightly to 32.1% in September – Now in a very moderate seller market territory
The average sale price came in at $796,786– which was up just 2.9% compared to September 2017 – Remember last year the new Ontario government rules came into effect on April 20th which really influenced the late spring and summer markets last year
Note that this average was still over 5.4% higher than 2 years ago in September 2016
Overall sales in the month were up just 2% from one year ago
The GTA real estate market overall averaged the days-on-market at 26 – a fairly typical level for Toronto’s early fall market
Detached home sales in September 2018 with a purchase price over $2,000,000 were almost the same as last year
It’s noticeable that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a 35.4% share of the total market
Downtown condo active listing numbers were lower in C01 and C08 by 8-10% from last year at this time
The downtown condo days-on-market average was 20-21 days – significantly faster than the overall market
The ratio of sales-to-listings for condos downtown were close in both C01 (61.7%) and in C08 (65.1%) indicating an extremely strong seller’s market… a wee bit more than double the GTA overall.
The average sale price for downtown condominium suites is up by roughly $65,000 from September 2017
Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 11-13% year-over-year
Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – York Region is now showing that they’re in ‘buyer market’ territory
Expect slight inventory and sales increases as we move through the fall/Winter market - buyers should watch for more opportunities to get the condo or house of their dreams.
The key takeaways include the fact that the recovery is in motion... starting from the bottom up. Now is a great chance to get into your dream home, upsize or invest.
As always, Happy to talk!
Ravi Singh was name one of the most Interesting People in Real Estate by Inman News in 2016. Award winning Realtor with ReMax Hallmark and team leader at The Connexus Group.