Currently, the GTA real estate market is more confusing than ever. It is essentially a tale of four different markets, split between homes and condos and the 416 and 905.
The resale home market in the 416 has levelled off and is now seeing increased sales and average price numbers. The 905 is still lagging, with its sales and average price numbers dropping for four straight months in a row. The condo market has been consistently dropping all year in both the 416 and 905. Here are some numbers to better illustrate what is happening out there.
In August, sales of detached homes in the 416 were up 8.3%, and the average price was up 3.2% year over year. In contrast, sales of detached homes in the 905 were down 3.3%, and the average price was also down 2%. For condos, the story was the opposite. Sales in the 416 were down 14.8%, only down 4.4% in the 905. The average price in the 416 dropped 6.0% and they dropped 0.8% in the 905.
Overall, we are finding that houses in good condition, well prepared/staged, and in desirable neighbourhoods in the 416 are selling relatively quickly and for solid value (about 5-10% off the peak values we saw at the start of 2022). Houses in lesser locations needing significant updates/repairs are taking much longer to sell and selling at a more substantial discount. For condos it’s more hit and miss, more unique buildings in desirable neighbourhoods are selling about 15% off the peak, but condos that are in more saturated areas, that are more cookie cutter are not selling at all unless they are the best priced in the building or have been significantly updated.
August year-over-year statistics:
New listings were up +1.5% (+18.5% July)
Active listings were up +46.2% (+55.4% July)
Sales were down -5.3% (-16.4% July)
Average selling price $1,074,425 down -0.8%
($1,106,617 down -0.9% July)
Average days on market were up from 36 in July to 44 days in August.
If you have any questions about the market or when we are forecasting the best times to Sell or Buy this year, feel free to reach out. If you have any real estate questions in general drop us a line and we can talk from there.