July 2024 - We're In The Summer Doldrums
The July Toronto / GTA real estate market continued in the doldrums with the lowest overall sales since 2008.
The month's average sale price was the lowest since January of this year as well.
Looking at July's detached home sales just for the city of Toronto we see a tiny bit of an uptick with the highest activity for the month since 2021 but sale prices on the other hand were flat over that period.
Semi-detached house sales in Toronto have now been flat in July for three years now and so have prices.
I don't see us coming out of this sales / prices hole for several months yet, and only if we see interest rates for 5-year fixed mortgages drop to the mid-threes (3.5% to 3.75%).
You can review my complete July 2024 Market Summary and my Toronto real estate Market Infographic below.
Thomas
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for JULY 2024 as we cruise through our summer real estate market.
Across the entire TRREB Board, JULY sales (5,391) were +3% above last year
Active Listings (23,877) however were +55% above those in July 2023-highest since 2008
The ratio of sales-to-listings dropped again during the month to 23% in July – a definitive indication of a buyer’s market
The July average sale price came in at $1,106.617– a -1% drop from the 2023 average one year ago and the lowest this year since January
The GTA real estate market ‘velocity’ slowed more to 24 days-on-market
Detached home sales in July 2024 with a purchase price over $2,000,000 were up by +3% (314 houses) while condo apartment sales over $2M were up by 47% (22 suites) compared to July 2023
The CONDO townhouse / highrise share of the overall market increased slightly to 36% during the month and all condo-type sales (1,917) were virtually the same as 2023
In the City of Toronto only, detached house sales (601) increased by +16% from 2023 while the average detached sale price ($1,648,021) was flat compared to a year ago
In July Toronto semi-detached sales (171) were up by +2% year-over-year while the average semi sale price ($1,254,280) was almost identical to last year
Downtown condo active listing numbers were up BIG time again… an increase of +51% in C01 and by +57% in C08 from last year
July year-over-year downtown condo sales declined in C01 (-10%) and fractionally up in C08 (+1%) compared to 2023
The downtown condo days-on-market average increased to between 30 & 26 days in both C01 and C08
The July ratio of sales-to-listings for high-rise condos downtown stayed constant in deep buyer market territory in both C01 (15%) and in C08 (12%), caused principally by the large increase in condo suite inventories
In the 905 districts, July saw average detached and condo apartment home prices decline by around -1% to -6% compared to 2023. Sales numbers were flat (0% houses / 0% condos) from one year ago
Recent interest rate reductions haven’t made much difference so far and I don’t expect the market to make any improvements until later in the fall, and only IF we get to below a 4% 25-year amortization rate on a 5-year term. Sellers are in trouble but buyers, if they can afford it, have a definite advantage right now.
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650
