Week 10 -Inflation Up to 4%, what will this mean for next month?!

Hey everyone,

Let’s dive into the dynamic GTA market in our weekly update. We’ll discuss the unexpected 4% inflation figures and the recent GST cut by the Liberals. Plus, we’ll focus on key areas of interest in Toronto.

Inflation has come in at 4%, higher than anticipated. This will likely influence Bank of Canada’s decision next month regarding interest rates. Unfortunately, another rate increase seems probable. Gas and grocery prices are major contributors to this surge.

Last week’s hold on rates triggered a surge in new listings, up 40% over the last couple weeks. While the market is stabilizing, sellers must market and price their homes meticulously. Multiple offers are still happening, showcasing a steady demand.

Liberals are discussing removing GST from rental construction, a welcome move for the rental market. This might ease some pressure, though more needs to be done to balance supply and demand.

Now, a quick overview of specific areas:

1. **Downtown Surrounding Area**: Listings are on the rise, with a 40% increase in just two weeks. Sales are picking up, but so are listings. Expect inventory to rise.

2. **Condo Market**: More listings, slightly lower prices. Inventory is increasing, providing opportunities for buyers.

3. **Don Mills Area**: More listings and sales. Prices are inching up.

4. **Leaside Area**: Not a significant increase in listings, but higher prices. Sellers seem to be holding for now.

5. **Durham Area**: Listings are holding steady, but sales are increasing. Keep an eye on this market.

As we head into winter, expect a slower market. Buyers may find opportunities, especially those with cash in hand.

Feel free to reach out with questions or concerns. Don’t forget to hit that subscribe button on our Youtube Channel!

Thanks for your time I appreciate you all!!


                                                                                           WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$ 1,597,388        WB – 1,811,426
Active Listings – 601          WB-529
Sold firm –49           WB- 15
Month on inventory – 2.60         WB- 2.29
Average Days on Market-11      WB-20

Condo Ave Price-$754,994     WB- $838,732
Active listings-2,510       WB- 2,306
Sold firm-63        WB –59
Months of Inventory- 4.72      WB – 4.33
Average days on market-21         WB-32

Don Mills Area- 

Housing Average Price- $1,916,000    WB – 1,610,000
Active Listings – 66    WB- 53
Sold firm – 3      WB – 1
Month of Inventory – 3.56     WB- 2.86
Average Days on Market- 14      WB- 61

Condo Ave Price- $580,381     WB – $787,450
Active listings- 89      WB – 76
Sold firm- 3     WB – 2
Months of Inventory – 3.42    WB- 2.92
Average days on market- 36      WB – 19

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $2,376,380      WB – $3,085,000
Active Listings – 156     WB-142
Sold firm – 8       WB- 2
Months of Inventory- 3.19         WB- 2.91
Average Days on Market- 8   WB – 37

Condo Ave Price- $698,000      WB- $744,714
Active listings-306    WB-281
Sold firm-7       WB-7
Month of Inventory- 3.98     WB- 3.66
Average days on market- 17       WB – 27

Durham ( Pickering, Ajax, Whitby) 

Housing Average Price- $966,651    WB – $991,724
Active Listings – 1467    WB- 1383
Sold firm – 106     WB – 83
Month of Inventory – 2.32     WB- 2.19
Average Days on Market- 17      WB- 16

Condo Ave Price- $555,161     WB – $597,861
Active listings- 261      WB – 253
Sold firm- 19     WB – 18
Months of Inventory – 2.47    WB- 2.40
Average days on market- 23      WB – 26

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