Is the chaotic Toronto housing market in good shape?

By: Thomas Cook

Is the chaotic Toronto housing market in good shape?

Sales were down 35% for September compared to last year with 6,379 houses and condominiums changing hands in all the districts.  Although it’s common for the market to rebound higher once the summer months were over, this did not happen… we had the lowest sales for September since 2012.

Condo townhouse and high-rise suites took a bigger 36.4% share of the market with 2,325 units being sold.

The September average sale price for all GTA homes came in at $775,546 – a mere 2.6% higher than last year.

If you consider the year-to-date average compared to last year however, the market is still up 15% which shows that not all those gains in price during the insane spring have been lost.

The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  The inventory average for the month of September compared to historical numbers was just about even but up a big 69% from last year at this time.

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 September that ratio finished at 33.5% - compared to 87% last year and down from March’s 154%.  We’re now just in a ‘barely above neutral’ slight seller market territory so owners with their homes on the market may need to adjust their expectations if they want their home sold.

The days-on-market average for Toronto homes was 24 days, 1 day faster than August.

Here’s a summary of the significant real estate milestones for September 2017… with some dramatic changes in some neighbourhoods and some others still doing very well.

Watch the video to get the complete September 2017 Market Report details.

Here's the complete text version of the September 2017 Toronto Real Estate Market Report to read.