➕ ‘the numbers’ for September are in!


Despite persistent high borrowing costs, elevated inflation, a deceleration in economic growth, and uncertainty surrounding the decision-making process of the Bank of Canada, the Toronto housing market experienced a notable shift. In the face of a surge in property listings, the average price of a Toronto home surged by 5% in comparison to September 2022.


Notably, the dynamics varied within the housing market itself. Average selling prices for detached homes rose by an impressive 9%, semi-detached homes saw a 6% increase, while townhomes experienced a 5% uptick. In contrast, the condo market segment witnessed a 5% decline compared to the previous year.


With the influx of new listings, Toronto's Real Estate market has unmistakably transitioned into a Buyer's market. This shift suggests that prospective buyers may have already begun to, and are likely to continue, wield greater negotiating power, at least in the short term.


Looking further into the future, a consensus exists that borrowing costs will remain elevated until mid-2024. At this juncture, we anticipate a substantial surge in housing demand driven by the prospect of lower borrowing rates and unprecedented population growth.




Looking to buy or sell a home in Toronto?  Average prices in September were as follows:


➕Detached $1,724,007 [+9% vs. 2022]
➕Semi-detached $1,281,956 [+6% vs. 2022]
➕Townhouse $992,319 [+5% vs. 2022]
➕Condo $732,106 [-5% vs. 2022]

​Data presented is for City of Toronto Only.   Source: TRREB.

➕ ‘the numbers’ for August are in!




August in the Toronto real estate market was marked by higher borrowing costs, ongoing uncertainty about the economy and the decision-making process of the Bank of Canada, and a limited supply of property listings. Total sales remained stable, while new listings continued to increase compared to August 2022.


The more balanced market conditions observed this summer, in contrast to the tighter spring market, resulted in a slight decrease in overall selling prices [-3%] compared to last year's levels. However, there was inconsistency when analyzing different housing segments. Average sales prices for detached homes [-1%] and condos [-2%] experienced a slight decline, while townhomes saw average prices rise by [+6%], and semi-detached homes recorded double-digit growth [+10%] compared to August 2022.


Looking ahead in the long term, there is a solid demand for housing. However, the Toronto real estate market may have to navigate some short-term volatility until both buyers and sellers can have greater confidence in the economic aspects of home ownership. Today's Bank of Canada rate announcement did offer a glimmer of hope that rate hikes may be approaching their conclusion.




Looking to buy or sell a home in Toronto?  Average prices in August were as follows:


➕Detached $1,635,145 [-1% vs. 2022]
➕Semi-detached $1,235,7230 [+10% vs. 2022]
➕Townhouse $971,090 [+6% vs. 2022]
➕Condo $724,549 [-2% vs. 2022]

Data presented is for City of Toronto Only.   Source: TRREB.

➕ ‘the numbers’ for July are in!

Home sales in July remained strong and surpassed last year's levels, indicating that many households have adapted to higher borrowing costs. However, the sales momentum experienced earlier in the spring has slowed down since the Bank of Canada resumed its rate tightening cycle in June.


On the whole, the July market was more balance when compared to June - with sales trending lower and an increase in new listings.  This combination has shifted Toronto real estate into a slight ‘Buyers’ market environment.
    
Despite the uptick in new listings, Toronto continues to face challenges due to a persistent lack of listings, compounded by higher borrowing costs, impacting home sales over the last two months.


Uncertainty surrounding the economy and borrowing costs is keeping some potential homebuyers on the sidelines in the short term. Additionally, there is a mismatch in public policy related to housing, with little progress in creating more affordable ownership and rental housing despite the record levels of immigration targeted by the federal government.


Looking to buy or sell a home in Toronto?  Average prices in July were as follows:


➕Detached $1,641,045 [+8% vs. 2022]
➕Semi-detached $1,257,086 [-1% vs. 2022]
➕Townhouse $1,019,333 [+6% vs. 2022]
➕Condo $753,520 [+1% vs. 2022]

Data presented is for City of Toronto Only.   Source: TRREB.

➕ ‘the numbers’ for June are in!

Despite higher borrowing costs, the demand for homeownership continues to grow, indicating a robust Toronto real estate market.  Total sales were up +23% vs. June 2022, though trending slightly down [-4%] from last month.


What’s driving the demand? A resilient economy, a strong labor market, and significant population growth have all contributed to the continued strength in demand for Toronto housing.


Uncertainty surrounding inflation and future interest rate increases continues to impact new and active listing supply. This combination of higher sales and fewer new listings suggests tighter market conditions in June 2023 compared to the same period last year.  Most notably, the increased competition contributed to average prices increases of +3% in the detached and +5% in the semi-detached market segments, when compared to last June.


The Bank of Canada's upcoming interest rate decision scheduled for July 12th and guidance on inflation and borrowing costs for the rest of 2023 will provide further insights into the market's anticipated trajectory for the remainder of the year.


Looking to buy or sell a home in Toronto?  Average prices in June were as follows:


➕Detached $1,785,128 [+3% vs. 2022]
➕Semi-detached $1,408,550 [+5% vs. 2022]
➕Townhouse $1,033,432 [+1% vs. 2022]
➕Condo $770,423 [0% vs. 2022]


​Data presented is for City of Toronto Only.   Source: TRREB.

the numbers’ for the April are in.  Tightening market supply, increasing competition, and a gradual recovery in average price continued to be Toronto’s spring market housing story in April.


Overall, April’s home sales remained below 2022. New listings, which traditionally proliferate in the spring market, declined 29%  vs. April 2023. The lack of listings this spring coupled with increasing demand for home ownership helped push prices higher since the beginning of the year.  The average selling price for all types of houses and condos increased about 6% to $1.12M in April over $1.05M in March, though still remains -10% below April 2022.


“Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government” said TRREB President Paul Baron.


Looking to buy or sell a home in Toronto?  Average prices in April were as follows:


➕Detached $1,787,752 [-12% vs. 2022]
➕Semi-detached $1,326,462 [-25% vs. 2022]
➕Townhouse $1,053,864 [-20% vs. 2022]
➕Condo $751,916 [-2% vs. 2022]

​Data presented is for City of Toronto Only.   Source: TRREB.