August 2023 - No "falling off cliffs" this month
There's no question that the August Toronto / GTA real estate market was running slow... in fact, sales were the lowest going back 23 years. Active listings across the board increased by just 6% from 2022.
The interesting statistic, contrary to what you read in the media, was the average GTA sale price remained virtually the same compared to 2022 each month since May. August had more condos sold, percentage-wise, which makes logical sense considering they're averaging about half the purchase price of semi- or detached houses.
The significant change in the month was the active listing inventory of downtown condominium suites... up by +38% in C01 and +65% in C08 compared to August last year.
August 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 AUGUST 2023 as we start into the fall real estate market.
Across the entire TRREB Board, AUGUST sales (5,294) were 6% below last year and were the lowest for the month since the year 2000
Active Listings (15,497) however were 16% above those in August 2022
The ratio of sales-to-listings stayed at 34% in August – close to if not in a buyer’s market territory
The August average sale price came in at $1,082,496 – the lowest it’s been since February and almost the same as one year ago
The GTA real estate market ‘velocity’ overall has slowed again to 20 days-on-market
Detached home sales in August 2023 with a purchase price over $2,000,000 were lower by -5% (273 houses) while condo apartment sales over $2M were down by -8% (11 suites) compared to August 2022
The CONDO townhouse / highrise share of the overall market came in at 39% during the month and all condo-type sales (2,049) increased by 7% from 2022
In the City of Toronto only, detached house sales (451) dropped by -12% from 2022 while the average detached sale price ($1,635,145) remained virtually the same (-1%)
Similarly, August Toronto semi-detached sales (138) decreased by -13% year-over-year while the average semi sale price ($1,235,723) increased by 10%
Downtown condo active listing numbers were up by 38% in C01 and by 65% in C08 from last year
August year-over-year downtown condo sales decreased in C01 (-16%) but higher in C08 (+7%) compared to 2022 with 3-month rolling average Y-O-Y sale prices showing declines of -3% in C01 and -6% in C08
The downtown condo days-on-market average averaged between 23 & 27 days in both C01 and C08
The August ratio of sales-to-listings for condos downtown remained in buyer market territory in both C01 (25%) and in C08 (20%) 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, August saw average detached home prices up by 4% compared to 2022 while condo apartment prices in the 905 districts showed an increase year-over-year of 2%. Sales here showed contrasts (-11% houses / +7% condos) from one year ago.
Thomas@LivingInToronto.com
647-962-1650