September 2024 - Buyers Hide While Inventory Jumps
September 2024 Toronto Real Estate Market Report
September had virtually the same number of buyers as August while our active listing inventory increased +13% in the same timeframe.
That puts our ratio of sales-to-listings, a measure of market strength, at 20%, the lowest it has been since the stock market crash of 2008-2009.
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 SEPTEMBER 2024 as we slide into the fall real estate market.
Across the entire TRREB Board, September sales (4,996) were +10% above last year and the 3rd lowest this year
Active Listings (25,612) however were +35% above those in September 2023 and the highest number of listings for ANY month since 2008
The ratio of sales-to-listings dropped slightly again during the month to 20% in September – a definitive indication of a buyer’s market
The September average sale price came in at $1,107,291– a -1% drop from the 2023 average one year ago and the 3rd lowest this year since January
The GTA real estate market ‘velocity’ was steady at 27 days-on-market
Detached home sales in September 2024 with a purchase price over $2,000,000 were down by -6% (285 houses) while condo apartment sales over $2M were up by +11% (10 suites) compared to September 2023
The CONDO townhouse / highrise share of the overall market was slightly lower at 33% during the month but all condo-type sales (1,656) were the 3rd lowest since 2002
In the City of Toronto only, detached house sales (599) increased by +9% from 2023 while the average detached sale price ($1,685,755) was down -2% from a year ago
In September Toronto semi-detached sales (180) were up by +13% year-over-year while the average semi sale price ($1,299,324) was up by +1% compared to last year
Downtown condo active listing numbers were up BIG time again… an increase of +23% in C01 and by +24% in C08 from last year
September year-over-year downtown condo sales rose in C01 (+13%) and but fell in C08 (-22%) compared to 2023
The downtown condo days-on-market average increased to between 32 & 43 days in both C01 and C08… several days slower than in August
The September ratio of sales-to-listings for high-rise condos downtown stayed in deep buyer market territory in both C01 (13%) and even worse in C08 (10%), caused principally by the large increase in condo suite inventories
In the 905 districts, September saw average detached and condo apartment home prices decline by around -1% to -4% compared to 2023. Sales numbers were mixed (+11% houses / -2% condos) from one year ago
With 5-year fixed-rate mortgages now available but uncommon at 4.39%, we are still, in my opinion, too high to influence the market very much. If we get the BoC rate down into the 3’s by early next year, we might look for a better spring market.
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650
August 2024 Toronto Real Estate Market Report