September Toronto Real Estate Market Stats: Prices up 3.3% Year-Over-Over, High Condo Supply
Big picture-wise, the economy is acting like an old wooden rollercoaster with a loose-fitting safety bar. We Canadians have so much to be grateful for, even though the world might seem a bit topsy-turvy right now. As we saunter into the vibrant season of Fall, all eyes seem to be glued to the residential real estate market, pondering what's on the horizon. Well, here's the scoop on the September results for our beloved Toronto market.
As a Toronto real estate agent, I've got my finger on the pulse of this city. I keep a close watch on the ever-elusive average sale price of residential homes in Toronto and its neighbouring regions. With mortgage rates doing their little dance, the cost of living getting its groove on, and the Bank of Canada playing peek-a-boo with us, the supply issues seem to be easing up a tad.
Now, hold onto your toque because, despite the financial seesaw, the average home price in the Greater Toronto Area (GTA) still managed to pull off a 3% year-over-year bump, landing at $1,119,428 compared to last year's $1,086,762.
The number of sales (those real estate transactions that make the world go 'round) reported by the Toronto Regional Real Estate Board took a modest dip of 7.1% year-over-year in September, tallying 4,642 compared to the 5,038 we saw in the same month last year. Yet, here's where it gets interesting – the number of homes up for grabs increased by a whopping 40%. In plain English, that means in September 2023, we had 18,912 homes up for sale, versus 13,529 last year. Talk about choices, right?
But wait, there's more! This year-over-year sales slip was particularly evident in ground-huggers, like semi-detached houses and townhouses. When you take a closer look, even on a month-to-month basis after those seasonal adjustments, there was a teensy-weensy decline.
TRREB's Chief Market Analyst
Now, you might be wondering, what's the guru of all things market-related got to say? Jason Mercer, the Chief Market Analyst over at TRREB, tells us that residential prices in the GTA are still strutting above the average price in the first quarter of 2023. But here's the twist – there's a bit more harmony in the market as summer transitioned into early fall. With the growing number of listings up for grabs, Jason predicts that prices might just take a little siesta in the short term, hopefully balancing out those pesky borrowing costs.
But hey, let's zoom in and take a look at what's shaking in different pockets of the GTA, shall we? We've got the whole symphony of stats from Toronto, Mississauga, Oakville, Durham Region, York Region, and Brampton.
GTA Real Estate Market Stats:
In the grand scheme of things, when we sum up all types of homes in September 2023, the average sale price in the GTA went down 6.6%, hanging at $1,133,276 for the year. But when we compare it to the year-over-year price, it's a different tune – prices went up by a cheeky 3% to $1,119,428. And when we peek at condos in the GTA, they danced to the beat of their own drum, with prices down 3.3% year-over-year, but the number of condo sales stayed steady at 1,307.
Toronto Real Estate Market Stats:
In the heart of the city, where dreams meet reality, the average sale price for all types of homes in Toronto dipped 4.9% to $1,100,770 for the year, but when we take a look at the year-over-year price, it's a different story - prices up 5.4% to $1,119,452. When we shift the spotlight onto condos, they dipped by 4.8% year-over-year, while condo sales took a little step back, down by 2.9%.
Mississauga Real Estate Market Stats:
If you're thinking of planting your roots in Mississauga, here's what we've got - the average sale price for all types of homes slid down 6.7% to $1,065,009 for the year. But when we measure the year-over-year price, it's just a slight dip of 1.1%, landing at an average price of $1,021,324. Condo lovers, rejoice! Prices were up 2.2% year-over-year, but condo sales tiptoed down by 1.6%.
Oakville Real Estate Market Stats:
Now, Oakville is a class act, no doubt about it. The average sale price for all types of homes in Oakville showed a 6.8% drop to $1,546,424 for the year, but the year-over-year price was a 1.1% hike, reaching an average of $1,551,189. For condo aficionados, prices were up 2.5% year-over-year, though condo sales took a little stumble, down by 15.6%.
Durham Region Real Estate Market Stats:
In Durham Region, the average sale price for all types of homes slipped 9.9% to $945,995 for the year, but when we compare it to the year-over-year price, it was a pretty stable story at an average price of $907,359. Condo prices in the Durham Region slid by 6.2% year-over-year, but condo sales danced up by a dazzling 42%.
York Region Real Estate Market Stats:
Now, if you're eyeing York Region, you'll be delighted to know that the average sale price for all types of homes went down 4.4% to $1,351,747 for the year. Yet, when you see the year-over-year price, it tells a different tale, up by a peppy 6.8% to $1,330,636. Condo enthusiasts, the prices soared by 3.1% year-over-year, even though condo sales tiptoed down by 2.4%.
Brampton Real Estate Market Stats:
And last but not least, in the land of Brampton, the average sale price for all types of homes fell 11.6% to $1,061,351 for the year. But when you look at the year-over-year price, it was a 3.4% climb, reaching an average price of $1,041,829. Condo prices in Brampton dipped 4.5% year-over-year, but condo sales leaped up by 12.5%.
Ready to make moves!?
So, if you're thinking about making a move, don't hesitate to give us a shout. Whether you're looking to buy, sell, or invest in the Toronto real estate market, our experienced team of Toronto real estate agents is all ears and ready to chat. Your real estate adventure begins right here! 🏡🍁
