Week 9 -Rates Held! Leading to an increase in new listings!

Greetings everyone,

It’s week nine of our regular market update, and there’s much to unpack.

Last week brought positive news from the Bank of Canada, holding interest rates steady. While we won’t see an increase for now, it’s uncertain if this trend will continue into October. So, let’s remain cautiously optimistic.

As expected, the market has shown signs of heightened activity. In the initial week of September, we witnessed a 20% surge in freeholds and a 10% increase in condo listings. This uptick was anticipated, especially after a slower August.

The market’s resilience is noteworthy. Despite some cautious sellers wanting to secure their listings before any potential rate hikes, there’s a steady influx of new listings. This creates a more competitive environment for sellers.

Looking ahead, a potential rate increase in October might lead to a challenging winter for sellers. Buyers, on the other hand, might find unique opportunities in the midst of increased inventory.

Canada’s robust preparation, including stress tests introduced five years ago, has helped mitigate the impact of market fluctuations. This proactive approach has prevented a surge in foreclosures that plagued many regions during the 2008 crisis.

Switching gears to the numbers for August, we observed a year-over-year increase in prices, though month-over-month data showed a relatively stable market. It’s crucial to dissect these figures considering the dynamic nature of the current market.

Our week-to-week breakdown focuses on key areas like downtown and surrounding areas, Davisville Mount Pleasant, Yonge & Eglinton, and Durham region. Notable increases in listings hint at an active market, particularly in condos.

For a more detailed breakdown, be sure to look at our breakdown below.

Supporting our YouTube channel would be a great honor. We’re committed to providing real-time insights into the evolving market. Stay tuned for next week’s update, where we’ll delve into inflation numbers, a critical factor in shaping Bank of Canada’s decisions for October.

Should you have any questions or concerns, don’t hesitate to reach out. We deeply appreciate each one of you.

 

WB- Week Before

Downtown & Surrounding areas 

Housing Average Price-$ 1,811,426    WB – 1,282,573
Active Listings – 529      WB-431
Sold firm –15      WB- 26
Month on inventory – 2.29         WB- 1.87
Average Days on Market-20      WB-11

Condo Ave Price-$838,732     WB- $831,257
Active listings-2,306     WB- 2,140
Sold firm-59     WB –49
Months of Inventory- 4.33    WB – 4.02
Average days on market-32         WB-28

Don Mills Area-  

Housing Average Price- $1,610,000    WB – 1,625,000
Active Listings – 53    WB- 43
Sold firm – 1      WB – 1
Month of Inventory – 2.86     WB- 2.32
Average Days on Market- 61      WB- 42

Condo Ave Price- $ 787,450     WB – $614,167
Active listings- 76      WB – 67
Sold firm- 2     WB – 3
Months of Inventory – 2.92    WB- 2.58
Average days on market- 19      WB – 25

Leaside, Davisville, Mount Pleasant, Young & Eg 

Housing Average Price- $3,085,000      WB – $2,287,500
Active Listings – 142     WB-108
Sold firm – 2       WB- 2
Months of Inventory- 2.91          WB- 2.21
Average Days on Market- 37   WB – 7

Condo Ave Price- $744,714      WB- $837,934
Active listings-281    WB-258
Sold firm-7       WB-10
Month of Inventory- 3.66     WB- 3.36
Average days on market- 27       WB – 21

Durham ( Pickering, Ajax, Whitby) 

Housing Average Price- $991,724    WB – $986,072
Active Listings – 1383    WB- 1309
Sold firm – 83      WB – 113
Month of Inventory – 2.19     WB- 2.07
Average Days on Market- 16      WB- 14

Condo Ave Price- $597,861     WB – $594,253
Active listings- 253      WB – 249
Sold firm- 18     WB – 15
Months of Inventory – 2.40    WB- 2.36
Average days on market- 26      WB – 26

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