Important to note: the Bank of Canada announced Wednesday that it would hold the key interest rate at 5% again. We’re seeing a balanced market in the City, with greater supply and prices nearly even year-over-year. Sales are on the rise!
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A note on prices in the 416: there was a reduction of -9.7 per cent from December 2023 to January 2024, and prices were down -2.8 per cent year-over-year. I’ve been seeing some interesting new properties come to market in and around the Annex recently. Home sales in January 2024 increased by over one-third compared to January 2023.
Home sales volume across detached, semi-detached and condo apartment segments was down -11.2% from the same time last year. Year-over-year, there was a 16% decrease in new listings, and a +2% increase in average home prices in the City of Toronto.
Home sales in the City of Toronto were nearly even (+0.05%) and there was a slight increase in average home prices (+2.4% across detached, semis and condo apartment segments) from the same time last year. Although new listings were up +14.4% from last August, TRREB notes that overall listings are down substantially compared to last year, when looking at 2023 thus far.
: In July, we saw the traditional summer slowdown in the Toronto market, with sales down -33.4% and new listings down -11.6% from the previous month. Meanwhile, sales were up +2.9% and new listings were up by +16.5% from last year, representing a reduction in the supply crunch. Year-over-year prices in the City remained somewhat flat for semis (down by -0.9%), and condo apartments (up +1.3%), however prices were higher by +8.3% detached homes. Also of note in July, detached homes averaged just 15 days on the market vs the overall average of 24 days across home types.
Once again last month, we saw sales outpace new inventory in Toronto real estate by a substantial margin. Market conditions continue to remain tight, with June 2023 representing an increased supply crunch relative to last year. Year-over-year, sales were up +13.76 per cent, with new listings up just under +1.0 per cent in the City. Prices rose +2.78 per cent for detached homes, +4.85 per cent for semis, while condo prices remained virtually even. Month-over-month, overall prices were down -4.2 per cent.
Sales continue to rise, yet supply is not keeping up to demand. Year-over-year, sales were up +22.6 per cent and New Listings were down -16.6 per cent. This is bringing increasing competition among buyers, causing prices to continue their upward shift across all segments in the City of Toronto. Between April and May, prices increased 5.5 per cent for detached homes, 5.5 per cent for semi-detached homes and 4.4 per cent for condos.
Pricing took an upward turn in the City of Toronto last month, across all segments. Price increases for detached homes and semis were up 4.6% and 5% respectively. Demand is up relative to supply, resulting in greater competition among buyers.
Competition between buyers is on the rise. For the first time in 10 months, the average sale price was above the average list price in the GTA. In addition, sales accounted for an increased share of listings compared to a year ago.
For the City of Toronto, year-over-year sales volume and average selling prices were down by 32.2 per cent and 17.4 per cent respectively. However, it is interesting to note, between January and February new listings rose by 10 per cent, and the average price for the combined categories of detached homes, semis and condo apartments was up 11.2 per cent.
Insider Insight: More than ever, location is a key factor in Toronto area real estate. The Financial Post recently published data showing that while prices have steadily risen annually over the past 10-15 years, the average price in the GTA came down -21% in 2022, between the peak in March and the end of the year. It’s important to note that this reduction was less pronounced in the City of Toronto (read post for more) …
Toronto Real Estate Market Update for August, 2022: Despite the recent softening of the real estate market due to rising interest rates and tougher mortgage stress tests, there was some renewed vitality last month.
Toronto Real Estate Market Update for July, 2022: Following the Bank of Canada interest rate hike in mid-July (the highest single-day hike we’ve seen in over two decades), sales saw a significant decline. Even though new listings were down by 4 per cent on a year-over-year basis in July, buyers can benefit from the more balanced market and decent inventory at present.