I trust you’re all in good spirits and enjoyed a wonderful long weekend. Welcome back to our Week 13 market update. This week, we’ll delve into the latest monthly statistics and discuss the looming possibility of interest rate hikes at the end of October. Additionally, we’ll provide an overview of the downtown and surrounding areas, including Don Mills, Leaside, Mount Pleasant, and Durham.
Let’s kick off with a glance at the monthly stats. The average price has seen a 3% increase both year-over-year and month-over-month, indicating a steady rise. Interestingly, the number of homes sold has decreased by 12% month-over-month, possibly due to a certain level of uncertainty surrounding the potential interest rate hike.
We’ve noticed a 44% increase in new listings year-over-year and a 32% increase month-over-month. This uptick aligns with the common trend of a post-summer surge.
As of early September, interest rates remain stable. This led to a surge in property listings that were previously on hold, either due to vacation plans or financial concerns. Notably, active listings have experienced a slight decline on a week-to-week basis.
Diving into the numbers, active listings have hit nearly 19,000, marking a record high since 2001. While this might suggest a buyer’s market, we’re technically in a balanced market with around 4 months of inventory.
Now, let’s look at the local breakdowns. In the downtown and surrounding areas, prices have remained relatively stable. Active listings have seen a slight drop, leading to a decrease in months of inventory. Sales, on the other hand, have remained consistent over the past few weeks.
Moving to the condo market, we observe over five months of inventory. This balanced condition extends across both condo and freehold properties, demonstrating a stable market.
Leaside presents a mixed picture, with condos showing stability and freehold properties experiencing a slight drop in active listings. This has caused a minor dip in months of inventory.
In Durham, we’re seeing a slight decline in sales, suggesting a different market sentiment compared to the city core. Active listings are on the rise, hinting at a potentially slower market.
As we navigate these statistics, it’s crucial to remember that these trends can change. With the upcoming Bank of Canada announcement, we anticipate shifts in the market. For those considering buying within the next few months, keeping a close eye on these movements is advised.
Remember, if you’re not in the market right away, these numbers might not directly impact your situation. Stay tuned for further updates and, as always, consult a trusted real estate agent or mortgage broker to assess your unique position.
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Looking forward to the next update. Take care!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,605,548 WB – 1,506,632
Active Listings – 689 WB-697
Sold firm –61 WB- 53
Month on inventory – 3 WB- 3.03
Average Days on Market-9 WB-9
Condo Ave Price-$821,022 WB- $814,888
Active listings-2,664 WB- 2,624
Sold firm-78 WB –77
Months of Inventory- 5.05 WB – 4.97
Average days on market-22 WB-20
Don Mills Area-
Housing Average Price- $1,451,667 WB – 1,427,625
Active Listings – 70 WB- 71
Sold firm – 3 WB – 4
Month of Inventory – 3.65 WB- 3.70
Average Days on Market- 38 WB- 9
Condo Ave Price- $655,500 WB – $703,500
Active listings- 97 WB – 99
Sold firm- 4 WB – 2
Months of Inventory – 3.69 WB- 3.77
Average days on market- 35 WB – 24
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $2,084,242 WB – $2,731,543
Active Listings – 150 WB-155
Sold firm – 9 WB- 12
Months of Inventory- 3.05 WB- 3.15
Average Days on Market- 14 WB – 8
Condo Ave Price- $814,778 WB- $769,750
Active listings-326 WB-313
Sold firm-9 WB-10
Month of Inventory- 4.22 WB- 4.06
Average days on market- 24 WB – 27
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $1,024,898 WB – $973,471
Active Listings – 1566 WB- 1519
Sold firm – 88 WB – 130
Month of Inventory – 2.49 WB- 2.41
Average Days on Market- 16 WB- 16
Condo Ave Price- $663,944 WB – $645,813
Active listings- 276 WB – 261
Sold firm- 9 WB – 16
Months of Inventory – 2.56 WB- 2.42
Average days on market- 34 WB – 19