Fewer Homes For Sale, And What That Could Mean This FallAugust’s numbers are in, and the theme is scarcity. Sales slipped just over two per cent, but new listings fell 14.1 per cent, and the
Monthly Market Report: October 2024
Dated: January 6 2025
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Monthly Market Report:
GTA Real Estate Market Navigates High Supply and Modest Price Shifts
While analysts anticipated a more robust second half of the year, optimism remains following three rate cuts. A positive market shift is expected in the coming months, despite September's more moderate performance.
TRREB Chief Market Analyst Jason Mercer noted:
*"The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market.
The ability to negotiate on price led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first-time buyers."*
Sales Increase as Inventory Remains Elevated
- 4,996 homes sold in September, reflecting a 7.6% increase across the region
- 25,612 active listings kept inventory high, resulting in an average sale price of $1,107,291
- Prices rose 3% month-over-month but dipped 1% year-over-year
Supply-Demand Imbalance: A 35% Deviation from Historical Norms
- The ten-year monthly average for active listings in September is 16,641; this year’s 25,612 listings represent a 53% surplus
- The historical monthly sales average for September is 7,747, making this year’s total of 4,996 sales a 35% deviation from typical levels
Market Performance by Housing Segment
Detached Homes: Continued Strength
- 3,139 detached homes sold, a 10% increase year-over-year
- Average sale price: $1,423,056
- Inventory increased to 11,241 listings, a 33% year-over-year increase
- Buyers still have plenty of options despite the higher demand for detached homes
Condominiums: Persistent Challenges
- 1,312 condo sales recorded, reflecting -34% below the ten-year monthly average
- Average sale price: $682,542
- Active listings rose to 8,981 units, a 77% increase from historical averages
Despite the slower sales pace, buyers benefit from a wide array of choices due to elevated inventory levels.
Townhouses: Surprising Inventory Spike
- Over 2,000 active townhouse listings in September, a 107% increase from the past ten years of September data
- Average sale price: $982,656
- The abundance of inventory presents a unique opportunity for buyers to capitalize on the surplus
Semi-Detached Homes: Resilient Demand
- 446 semi-detached homes sold, a 4% increase month-over-month and an 11% increase year-over-year
- Average sale price: $1,090,749, reflecting a 6% month-over-month increase while holding steady year-over-year
- Inventory rose to 1,333 units, a 23% increase year-over-year
Buyers continue to take advantage of stable pricing and increased availability in the semi-detached segment.
Looking Ahead: A Delicate Balance
The GTA real estate market remains in a delicate balance. Interest rate cuts and increased inventory have created more opportunities for buyers, but price stability across property types will depend on how quickly demand catches up with supply.
As we move into the final months of the year, buyers and sellers will closely monitor economic conditions and market trends. There is cautious optimism for stronger activity in the coming months, but the market's performance will hinge on its ability to absorb elevated inventory levels while maintaining buyer confidence.
Davis Muscovitch Team
Residential Real Estate specializing in the central core of Toronto: Rosedale, Annex, Summerhill, Yorkville, Forest Hill, Cedarvale, Casa Loma, Wychwood Park, Hillcrest, Regal Heights, Seaton Village,....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
Toronto Real Estate Board (TREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested