Toronto’s October real estate market was hot (relatively speaking), with the most sales we have seen since May 2024 and 44.4% more sales than last October. New and active listings continued to grow but much slower than the previous few months. We are seeing many signs confirming that the market has levelled out.
There is still a bit of difference between the 416 and 905. The 416 has seen slight increases in the year-over-year average price over the last 4 months, while the 905 has now gone 6 months and has yet to see any positive increase in the year-over-year average price. We also continue to see a divide between homes and condos, in the 416 the value of homes increased 3-4% while the value of condos dropped by -1%. Similarly in the 905, homes lost 0.1-0.4%, and condos lost -4.3%.
With sales increasing for the second straight month and fewer new and active listings building up, we are headed into a much more balanced market where great homes will sell for solid value, but buyers can still get some fantastic deals on homes that need improvements or are in less desirable locations.
Over the next few months, the housing inventory and the average price should continue to grow slowly.
October year-over-year statistics:
New listings were up +4.3% (+8.5% September year-over-year)
Active listings were up +25.3% (+35.5% September)
Sales were up +44.4% (+8.5% September)
Average selling price $1,135,215 up +1.1%
($1,107,291 down -1% September)
Average days on market were up from 33 to 43 days +30.3% (+43.3% September)
If you have any questions about the market, when we are forecasting the best times to sell or buy are or to learn more about our fantastic client services please contact us directly and we can speak more in person.