Welcome back to Week 17 of our Monthly Market Update. Your support means the world to us. If you find our insights valuable, don’t forget to like and subscribe on YouTube. Your support helps us grow and provide you with even better content.
Now, let’s dive into the numbers. We’ll start by examining the TRREB figures for October. Year-over-year, we’re seeing a substantial increase in active listings, up by 50%. However, when we compare month-over-month data, the rise is a modest 3%.
It’s essential to note that while the headlines might emphasize these figures, they tell a specific story. The 50% surge in active listings doesn’t necessarily translate to falling prices. Year-over-year, average prices are up by 3%, and month-over-month, they remain relatively stable.
The market’s health is also reflected in sales figures. While sales are down by around 5-6% compared to last year, the month-over-month drop is more pronounced at 12%.
Zooming in on specific areas, we observe intriguing trends. Downtown surrounding areas have witnessed a decrease in listings, particularly in the Freehold sector. While sales are also down, the market remains balanced with a 3.3-month inventory.
For the condo market, we’re seeing fewer new listings, possibly indicating a shift in investor strategies. With 61 sales, Downtown Core condos maintain steady activity.
Moving to other regions, the Leaside area experienced a spike in average prices due to several high-value sales. However, these transactions are not representative of the broader market. In contrast, the condo market in the same region saw slight fluctuations in prices, indicating relative stability.
In the Durham area, prices are holding steady, with slight decreases in active listings offset by a rise in homes sold. The condo market here shows similar stability.
As we look ahead, it’s crucial to remain aware of the broader market trends. Transactions for the year are at their lowest since 2001, suggesting a cautious approach for both buyers and sellers.
If you’re considering entering the market, it’s advisable to consult with your mortgage broker and potentially lock in rates, especially if we’re anticipating further rate hikes. Additionally, for sellers, competitive pricing and presenting your property effectively are paramount.
We appreciate your continued support. Remember to like, share, and subscribe for more insights. Wishing you a successful journey in the real estate market.
Until next time,
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,421,379 WB – 1,429,306
Active Listings – 767 WB-774
Sold firm –36 WB- 60
Month on inventory – 3.30 WB- 3.36
Average Days on Market-15 WB-17
Condo Ave Price-$824,982 WB- $743,824
Active listings-2,781 WB- 2,843
Sold firm-61 WB –61
Months of Inventory- 5.25 WB – 5.39
Average days on market-25 WB-20
Don Mills Area-
Housing Average Price- $1,957,500 WB – 1,480,000
Active Listings – 82 WB- 88
Sold firm –2 WB – 2
Month of Inventory – 4.64 WB- 4.60
Average Days on Market- 8 WB- 25
Condo Ave Price- $695,000 WB – $621,000
Active listings- 101 WB – 97
Sold firm- 1 WB – 2
Months of Inventory – 3.75 WB- 3.69
Average days on market- 12 WB – 9
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $5,182,500 WB – $2,134,750
Active Listings – 174 WB-174
Sold firm – 4 WB- 10
Months of Inventory- 3.6 WB- 3.54
Average Days on Market- 11 WB – 9
Condo Ave Price- $887,630 WB- $647,300
Active listings-336 WB-344
Sold firm-10 WB-10
Month of Inventory- 4.45 WB- 4.46
Average days on market- 15 WB – 33
Durham ( Pickering, Ajax, Whitby)
Housing Average Price- $971,743 WB – $943,780
Active Listings – 1,715 WB- 1,759
Sold firm – 106 WB – 102
Month of Inventory – 2.72 WB- 2.80
Average Days on Market- 16 WB- 15
Condo Ave Price- $607,531 WB – $667,993
Active listings- 302 WB – 295
Sold firm- 13 WB – 15
Months of Inventory – 2.81 WB- 2.74
Average days on market- 19 WB – 16