October 2023 - Will It Be This Way ‘Till Spring 2024?
October confirmed that we're definitely in a holding pattern, especially as it concerns the Toronto real estate market average sale price and monthly sales numbers are concerned.
Both remained basically flat compared to September's numbers.
The most significant number that's growing is the active listing inventory number (19,540 in October) which was the highest since June 2019.
This increase has caused the ratio of sales-to-listings (24%) to drop into buyer market territory and the lowest we've seen since 2018.
On a positive note, the October average sale price for Toronto-only detached and semi-detached houses have both risen compared to one year ago (Det = +7% / Semi = +5%).
Have a marvelous November and get ready for some snow soon. :)
Thomas
OCTOBER 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 OCTOBER 2023 as we get close to the end of the fall real estate market.
Across the entire TRREB Board, OCTOBER sales (4,646) were -6% below last year and were the lowest for the month since the year 1999
Active Listings (19,540) however were +63% above those in October 2022
The ratio of sales-to-listings showed a big drop to 24% in October – in a ‘neutral’ or even buyer market territory
The October average sale price came in at $1,125,928– basically flat over the last 9 months (the YTD average so far this year is $1,121,973) but up +3% from one year ago
The GTA real estate market ‘velocity’ overall stayed steady at 21 days-on-market
Detached home sales in October 2023 with a purchase price over $2,000,000 were up by +11% (288 houses) while condo apartment sales over $2M were down by -42% (7 suites) compared to October 2022
The CONDO townhouse / highrise share of the overall market was steady at 35% during the month and all condo-type sales (1,620) dropped by -6% from 2022
In the City of Toronto only, detached house sales (586) dropped by -2% from 2022 while the average detached sale price ($1,718,440) was up by +7%
Similarly, October Toronto semi-detached sales (194) decreased by -3.5% year-over-year while the average semi sale price ($1,278,347) increased by 5%
Downtown condo active listing numbers were up big time… an increase of 62% in C01 and by 77% in C08 from last year
October year-over-year downtown condo sales increased in C01 (+10%) and were higher in C08 (+4%) compared to 2022 with 3-month rolling average Y-O-Y sale prices showing very modest declines of -4% in C01 and -3.5% in C08
The downtown condo days-on-market average averaged between 24 & 22 days in both C01 and C08
The October ratio of sales-to-listings for high-rise condos downtown was steady in buyer market territory in both C01 (15%) and in C08 (14%), 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, October saw average detached home prices up by +4.7% compared to 2022 while condo apartment prices in the 905 districts were flat compared to last year. Sales here showed contrasts (-7% houses / -7% condos) from one year ago
Thomas@LivingInToronto.com
647-962-1650