May 2024 - Listing Inventory Climbs Dramatically
With active listing inventory up by 83% over May 2023, and the second lowest sales for the month in the last 23 years, the Toronto real estate market is hurting... for sellers at least.
That resulted in the May average sale price being -2% below one year ago.
The overall market ratio of sales-to-active listings (32%) is very close to the stats for the last 6 months of 2023. This was primarily because we had the most houses and condos for sale for May since 2013.
The condo market was especially hit with a 16-year high for downtown high-rise suites for sale in C01 and C08.
Thomas
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 MAY 2024 as we get closer to the end of our real estate spring market.
Across the entire TRREB Board, MAY sales (7,013) were a huge -22% below last year
Active Listings (21,720) however were +83% above those in May 2023-highest since 2013
The ratio of sales-to-listings dropped again during the month to 32% in May – edging further towards a neutral market
The May average sale price came in at $1,165,691– a -2% drop from the 2023 average one year ago
The GTA real estate market ‘velocity’ stayed constant at 19 days-on-market
Detached home sales in May 2024 with a purchase price over $2,000,000 were down by -22% (526 houses) while condo apartment sales over $2M were lower by -37% (24 suites) compared to May 2023
The CONDO townhouse / highrise share of the overall market was steady at 35% during the month and all condo-type sales (2,467) declined by -25% from 2023
In the City of Toronto only, detached house sales (851) slowed by -12% from 2023 while the average detached sale price ($1,826,370) declined by -5% compared to a year ago
In May Toronto semi-detached sales (274) were down by -4% year-over-year while the average semi sale price ($1,416,496) increased marginally by +1%
Downtown condo active listing numbers were up BIG time again… an increase of +101% in C01 and by +96% in C08 from last year
May year-over-year downtown condo sales declined both in C01 (-28%) and in C08 (-31%) compared to 2023
The downtown condo days-on-market average stayed relatively steady at between 25 & 26 days in both C01 and C08
The May ratio of sales-to-listings for high-rise condos downtown slid again this month into deep buyer market territory in both C01 (17%) and in C08 (17%), caused principally by the large increase in condo suite inventories
In the 905 districts, May saw average detached and condo apartment home prices decline by around -3% compared to 2023. Sales numbers were all negative (-22% houses / -26% condos) from one year ago
Although we did have a 0.25% Bank of Canada rate drop this month, I believe it will take further 0.5% to 0.75% decline before we see a stability in the market. Sellers are in a bit of a pickle but buyers, if they can afford it, have a distinct advantage right now.
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650
