September 2023 - Is this the turning point?
Our Toronto real estate fall market is definitely NOT starting off with a bang. The total sales for the month were the lowest since 1999, 23 years ago. But all is not so dismal.
The average selling price across the GTA has remained remarkably stable for the past nine months of 2023. September's number ($1,119,428) is almost identical to the average year-to-date ($1,121,534) and it is up by 3% from September 2022.
The biggest difference showing up in September is the massive +40% increase in listing inventory of all types of homes (highest for any month since September 2020) although downtown condo inventory fared worse with an average +73% increase compared to September 2022.
Downtown condos are now in extreme buyer market territory (14-16% ratio of sales-to-listings) while the GTA market overall is sitting at 25%.
Up until now, a very low listing inventory has been able to sustain some price stability in our market. Time will tell if this shift to higher inventories causes prices to drop more substantially.
SEPTEMBER 2023 Toronto Real Estate Market Report
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for SEPTEMBER 2023 as we pass through the fall real estate market.
Across the entire TRREB Board, SEPTEMBER sales (4,642) were -8% below last year and were the lowest for the month since the year 1999
Active Listings (18,912) however were +40% above those in September 2022
The ratio of sales-to-listings showed a big drop to 25% in September – in a ‘neutral’ or even verging on buyer market territory
The September average sale price came in at $1,119,428 – basically flat over the last 9 months (the YTD average so far this year is $1,121,534)
The GTA real estate market ‘velocity’ overall stayed steady at 20 days-on-market
Detached home sales in September 2023 with a purchase price over $2,000,000 were up by +16% (303 houses) while condo apartment sales over $2M were down by -47% (9 suites) compared to September 2022
The CONDO townhouse / highrise share of the overall market came in at 35% during the month and all condo-type sales (1,630) dropped by -5% from 2022
In the City of Toronto only, detached house sales (549) increased by +10% from 2022 while the average detached sale price ($1,724,007) was up by +9%
Similarly, September Toronto semi-detached sales (160) decreased by -11% year-over-year while the average semi sale price ($1,281,956) increased by 6%
Downtown condo active listing numbers were up big time… an increase of 68% in C01 and by 78% in C08 from last year
September year-over-year downtown condo sales decreased in C01 (-20%) but were higher in C08 (+2%) compared to 2022 with 3-month rolling average Y-O-Y sale prices showing very modest declines of -1% in C01 and -2% in C08
The downtown condo days-on-market average averaged between 28 & 24 days in both C01 and C08
The September ratio of sales-to-listings for high-rise condos downtown dropped further into buyer market territory in both C01 (14%) and in C08 (16%), defined mainly by the huge increase in condo suite inventories
The Toronto rental market maintained its strength as demand continued to outpace supply.
In the 905 districts, September saw average detached home prices up by +2.5% compared to 2022 while condo apartment prices in the 905 districts showed an increase year-over-year of 1%. Sales here showed contrasts (-12% houses / +4% condos) from one year ago
Thomas@LivingInToronto.com
647-962-1650