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!
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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