Marianne's ongoing statistical analysis translates into her well thought out recommendations and guidance, allowing for clients to make educated decisions regarding their largest assets. Each month Marianne releases a market report that identifies trends and key findings in Toronto's ever changing real estate market as it relates to the economic climate.
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In July, all 5,250 properties reported sold were contracted after only 17 days on the market (on average), while all properties sold for 102 percent of their asking price. In the City of Toronto, properties sold for 103 percent of their asking price.
February’s sales results are the best we have seen in months. February’s sales are up 6 percent since November, 54 percent since December 55 percent since January. Similar to the volume of sales, the average sale price has also shown improvement.
In absolute numbers, 3,100 properties traded hands this January. Last year, 5,594 properties were reported sold. The decline in sales volumes and average sale prices are universal, impacting all housing types throughout the greater Toronto Region.
One of the factors keeping average sale prices from falling below $1 million has been the lack of supply. In November, only 8,880 new properties came to market compared to 10,044 last year, a decline in inventory of almost 12 percent.
Average sale prices hit a low of $1,074,052 in July. At this point, rising mortgage interest rates were still being absorbed. However, since then, average sale prices have increased by almost 1.5 percent to $1,089,426, despite further mortgage interest rate increases.
Sales prices are now consistently lower than asking prices. That’s because buyers have more choices and multiple offer competitions are the exception and not the norm as they were during the height of the pandemic.
The sharp increases in the policy rate by the Bank of Canada continue to destabilize the residential resale market, not to mention the residential rental market (beyond the scope of this Report) that has seen rents increase by as much as 25 percent in a single year.
All properties (on average) sold in just 15 days, only 2 days more than the 13 days it took last year. (This number does not reflect properties that were listed, cancelled, then relisted at a lower price).