Have We Turned A Corner?

By: Thomas Cook

Have We Turned A Corner?

Sales were up 6% for October compared to last year with 7,492 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month in the past 5 years.

Condo townhouse and high-rise suites took a significant 35.4% share of the market with 2,653 units being sold.

The October average sale price for all GTA homes came in at $807,340– this was a modest 3.5% increase from one year ago.  Considering that May/June/July 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with October 2016 (with an average of $762,747), this year’s average was still up 5.8% in that 2-year period. 

The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of October compared to historical numbers was up 9.3% but was flat from last year at this time.

However, this is occurring selectively, with the ‘central core’ Toronto neighbourhoods still doing very well while the outer regions (Peel, York & Durham) are not seeing the same level of activity.

The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market. 
 
In October, that ratio finished at 39.6% - 2 percent above last year – and the 3rd highest so far in 2018.  The GTA overall is now into a moderate seller market territory so sellers may need to adjust their expectations if they want to make a move.

The days-on-market average for GTA / Toronto homes was 24 days, 2 days faster than in September. 

Here’s a summary of the significant real estate milestones for Toronto in October 2018… it could be the start of a ‘turn-around’ time for our market but time will tell.

Watch the video to get the complete October 2018 Market Report details.

 

Here's the complete text version of the October 2018 Toronto Real Estate Market Report to read.


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