Welcome back to week three of our weekly market update. We aim to provide you with valuable insights into the current real estate landscape in Toronto and the GTA. So, let’s dive right into the latest trends and developments.
As expected, the market is slowing down during the summer lull, but there are some interesting observations to discuss across different areas.
Downtown and Surrounding Areas:
The prices for freehold homes have remained relatively flat, with active listings showing a decrease from 516 to 493. Sold firm properties also decreased from 48 to 41, indicating a slight slowdown. However, the days on market saw a positive trend, going down from 14 to 11 days. An intriguing point to note is the months of inventory, which unexpectedly decreased from 2.2 to 2.14. This is primarily due to a higher number of listings being terminated (49 homes) as sellers adjusted their expectations.
For condos in the downtown area, prices have remained flat, with active listings also showing stability. The number of sold firm condos decreased slightly, and the months of inventory saw a slight uptick from 4.17 to 4.27. Again, the termination of 170 condo listings played a role in this.
The Don Mills Area:
Freehold home prices remain steady in this region, with a decrease in active listings and a slight dip in the number of properties sold. The days on market also saw a positive trend, going down from 14 to 11 days. The months of inventory decreased from 2.26 to 2.2, partly due to 10 listings being terminated.
Condos in the Mills Area showed a considerable increase in prices from $900 to $730. However, the number of sold firm condos saw a small increase, with days on market rising from 14 to 36 days. The uptick in the months of inventory from 3.17 to 3.5 can be attributed to 22 terminated condo listings.
Leaside, Davisville , Mount Pleasant Young and Eglinton Area:
Freehold home prices went up slightly, but it is essential to consider the wide range of property types in this area. Active listings increased, but the number of sold properties decreased from nine to four. The months of inventory rose from 2.4 to 2.66, with four terminated listings contributing to this change.
For condos in the same region, prices decreased from $900 to $730. Active listings remained stable, but the number of sold firm condos saw a slight increase. Days on market increased from 22 to 36, and 10 condos were terminated.
The overall market is experiencing a slowdown as anticipated. However, we must keep an eye on factors like terminated listings, as they play a significant role in affecting months of inventory. We expect to see some price adjustments due to the recent interest rate hikes and the surge in demand earlier this year. Moving forward, it is crucial to monitor the Bank of Canada’s actions closely, as they will have a considerable impact on the market’s trajectory.
Thank you for joining us for this week’s update. Be sure to subscribe to our channel for future updates, and don’t hesitate to reach out if you have any questions or concerns about specific areas or home types. We’re always here to provide you with valuable information.
Thank you, and have a wonderful day!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,468,275 WB – 1,445,812
Active Listings – 493 WB-516
Sold firm –41 WB- 48
Month on inventory – 2.14 WB- 2.21
Average Days on Market-11 WB-14
Condo Ave Price-$ 811,450 WB- $811,391
Active listings-2,265 WB- 2236
Sold firm-79 WB –89
Months of Inventory- 4.27 WB – 4.17
Average days on market-20 WB-19
Don Mills Area-
Housing Average Price- $1,403,000 WB – 1,400,500
Active Listings – 41 WB- 52
Sold firm – 6 WB – 2
Month of Inventory – 2.19 WB- 2.62
Average Days on Market- 14 WB- 8
Condo Ave Price- $ 905,000 WB – $517,000
Active listings- 84 WB – 81
Sold firm- 4 WB – 2
Months of Inventory – 3.2 WB- 3.04
Average days on market- 36 WB – 14
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $1,872,809 WB – $1,517,456
Active Listings – 131 WB-119
Sold firm – 4 WB- 9
Months of Inventory- 2.66 WB- 2.4
Average Days on Market- 15 WB – 27
Condo Ave Price- $ 736,173 WB- $949,571
Active listings-258 WB-261
Sold firm-11 WB-7
Month of Inventory- 3.44 WB- 3.34
Average days on market- 21 WB – 14