July 2023 - Slow sales overall - a dip into buyer market territory for downtown condos
Sales took a dive in our summer July market (2nd lowest since 2000) although they were up +7% from a dismal July 2022. We ended up with a 'market velocity' or 'sales-to-listings' overall market ratio of 34%, almost in buyer market territory.
The average sale price for the entire Toronto GTA was approximately $60,000 lower than in June but it still showed an increase of 4.1% from one year ago.
Downtown condo sales were up +10% year-over-year but their sales-to-listings ratios dropped into buyer market territory for hi-rise condos in both C01 (24%) and in C08 (19%).
July 2023 Toronto Real Estate Market Report
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for JULY 2023 as we pass through the summer market.
Across the entire TRREB Board, JULY sales (5,250) were 7% above last year but were still the second lowest since the year 2000
Active Listings (15,371) however were identical to those in 2022
The ratio of sales-to-listings dropped again to 34% in July– close to if not in a buyer’s market territory
The July average sale price came in at $1,118,374– a drop of approx. $60,000 from June but up 4.1% from one year ago
The GTA real estate market ‘velocity’ overall has slowed slightly to 17 days-on-market
Detached home sales in July 2023 with a purchase price over $2,000,000 were higher by 22% (304 houses) while condo apartment sales over $2M were up by 50% (15 suites) compared to July 2022
The CONDO townhouse / highrise share of the overall market came in at 37% during the month and all condo-type sales (1,925) increased by 10% from 2022
In the City of Toronto only, detached house sales (518) increased by 9% from 2022 while the average detached sale price ($1,641,045) rose by 8%
Similarly, July Toronto semi-detached sales (168) decreased by -5% year-over-year while the average semi sale price ($1,257,086) declined by -1%
Downtown condo active listing numbers were up by 19% in C01 and by 38% in C08 from last year
July year-over-year downtown condo sales increased in C01 (+7.5%) but lower in C08 (-18%) compared to 2022 with 3-month rolling average Y-O-Y sale prices showing declines of -1% in C01 and -2% in C08
The downtown condo days-on-market average averaged between 18 & 21 days in both C01 and C08
The July ratio of sales-to-listings for condos downtown dropped into buyer market territory in both C01 (24%) and in C08 (19%) again indicating a definite slowdown of our summer condo high-rise market
The Toronto rental market remained very strong as demand continued to outpace supply.In the 905 districts, July saw average detached home prices up by 3.8% compared to 2022 while condo apartment prices in the 905 districts showed an increase year-over-year of 5.7%. Sales here showed big increases (+9% and +24%) from one year ago
Thomas@LivingInToronto.com
647-962-1650