Toronto Residential Realtors. Service Beyond The Status Quo
Toronto’s real estate market went out with a whimper. Although December transactions were higher than a year ago, last December’s sales volumes were ghastly. Properties took on average 49 days to sell when factoring in that 25% of properties were re-listed. Prices remained steady as many sellers chose to sell first before buying. With less…
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Toronto’s November real estate market was weaker than a year ago. Higher interest rates eroded affordability leading to 11% fewer transactions as new listings increased by 17%. Prices remained stable due to underlying demand from population growth. Prices will likely soften in the coming months as interest rates will not decline until Spring 2024 at…
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Toronto’s October real estate market was weak. Transactions were 3% down from last year at a paltry 1,836 sales. Prices for freehold properties were resilient as they were higher than a year ago by ~7%. Meanwhile prices for condo apartments dropped by 2%. Although the price changes from this time last year don’t look dramatically different, October…
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Toronto’s September real estate market was as sluggish as it was a year ago – recording the same 1,744 sales. These volumes were 40% less than the 2018-2023 five-year average for September transactions. Compared to a year ago, prices were higher with freehold properties increasing 7% while condo apartment prices slid by 5%. Looking ahead, the market…
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Toronto’s real estate market had higher sales and prices compared to a year ago. Sales increased modestly by 3% as the average price rose on the relative strength of detached properties. Despite a more active July market, there are headwinds on the horizon. As housing prices accelerated in Q2 2023, the Bank of Canada raised…
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Toronto’s June real estate market was more active than a year ago. Transactions increased by 17%. Average prices increased for freeholds while prices remained flat for condo apartments. The market cooled from May 2023 to June 2023 with prices dropping by 4% as the June 2023 interest rate increase caught some buyers by surprise coupled…
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Toronto’s January real estate market started with a whimper. Sales transactions were down signifcantly across all housing types as the central bank increased interest rates for the eighth time since the beginning of 2022. Toronto’s average property price dipped under $1M for the first time since February 2021 as freehold prices declined by over 20% compared to January 2022. Despite the gloom in January,…
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Toronto’s real estate market continued to slump in December. Sales volumes fell by 50% compared to Dec 2021 as higher interest rates made affordability more difficult. New listings were down as many sellers are waiting to see if consumer confidence improves in the spring. On an annual basis, 2022 started off with a bang but sales slowed as…
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Toronto’s November real estate market continued to be sluggish. Prices dropped across the different market segments as anticipation of a seventh interest rate increase in 2022 came to fruition last week. Total transactions in Toronto fell by 50% compared to a year ago. This trend is concerning as highlighted in last month’s newsletter when we showed Toronto’s 2022 second half…
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Happy Lunar New Year! Amidst negative double-digit temperatures and despite Wiarton Willie’s forecast for an early spring, the only thing that’s red hot is the real estate market. The year started off with a bang as Toronto’s 2021 real estate transactions were dramatically higher than January 2020 (Please download images to view the table). Total transactions increased by 66% as buyers came out…
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