The most recent sales data from this past October has been published, revealing a number of impressive trends showing how the Toronto real estate market may be on the upswing. After months of instability, the City’s real estate stakeholders can rest easy knowing that things may be starting to improve.
Toronto Home Sales increase 12 Percent since September, 2017
The amount of home units sold from last month to this month saw a 12 percent increase overall. This is perhaps the biggest news to take away and suggests that the fall could see a significant uptick in sales. Buyer intentions have remained strong throughout 2017 and as the year begins to close, more will presumably take advantage of the high supply of units.
Toronto Home Sales have Dipped 27 Percent since Last Year
Comparing October, 2016 to October, 2017, overall Toronto home sales have fallen by 26.7 percent.
New Listings are Up 11.8 Percent
There are more new listings in the marketplace today than there were at the same time last year. Last month, year over year data showed new listings up by 9.4 percent and this month, that percentage appears to continue to grow at 11.8 percent. Even more impressive, the amount of active listings has increased a whopping 78.5 percent.
Detached Homes make up 44 Percent of Property Units sold in Toronto
Though condo development booms seem to be in full force, detached homes still make up 44 percent of all Toronto real estate sales. Next in line, there’s condo apartments which make up 28.4 percent, semi-detached which make up 9.7 percent, row townhouses which make up 8.8 percent, and condo townhouses which make up approximately 7.4 percent.
The Average Home Price is up by 2.3 Percent
As has been consistent throughout the last few months of sales data, the average home price in Toronto is currently $780,104, which is up 2.3 percent from the same time last year.
The Average Price for a Toronto Condo is up 22 Percent
The average price for a Toronto condo is $523,041 according to October, 2017 data. This marks a price increase of approximately 21.8 percent compared to the same time last year.
Why 2017 will go down as a Shaky Year in Toronto Real Estate History
As exciting as it has been to some buyers, falling real estate sales in Toronto in 2017 are more likely a blip on a larger upward trend. As the real estate market has arguably shown its first sign of recovery with October’s numbers, the late fall-early winter period is expected to deliver similar numbers.
What one can expect is to see 2017 close out with less sales than its prior year however don’t let that persuade you into believe the market will remain down. There is still much growth happening here and as those percentage losses diminish, the Toronto real estate market should bounce back shortly. It may not reach the heights of record growth it was at prior to spring 2017 however its growth should still be strong. As we await the numbers for November, it will be interesting to see how these numbers increase or decrease.