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 August real estate market saw a dip in freehold sales and a small uptick in condo sales compared to a year earlier. Average prices for semi-detached increased which bucked the trend (although this segment is a very small part of the Toronto market) in the detached and condo apartment segments. Despite higher levels of…
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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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The Toronto market continued to rebound in May. Sales transactions increased for the first time on a monthly basis with 23% more transactions in May 2023 compared to May 2022. Prices are slightly down from a year ago, but month-on-month sales have increased since the beginning of the year. The average price of $1,197,021 in…
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Toronto’s April sales volumes and prices are down from April 2022 which should come as no surprise as 2022 prices were at all-time highs. As mentioned in the last 3 monthly newsletters, the market continues to strengthen as average prices increased for the fifth consecutive month. Buyers who were on the sidelines are coming back…
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Toronto sales picked up in March as transactions were 45% higher February. When compared to 2022, prices in Toronto were down 13% compared to year ago. This is to be expected as prices in Q1 2022 were historic highs. Transactions are also down 37% as buyers adjust to higher interest rates. I mentioned last month…
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