Sales were down 27% for October compared to last year with 7,118 houses and condominiums changing hands in all the districts. Although it’s common for the market to rebound higher once we are into the fall market, this only happened fractionally… we had the lowest sales for October since 2012.
Condo townhouse and high-rise suites took a 35.9% share of the market with 2,552 units being sold.
The October average sale price for all GTA homes came in at $780,104 – a mere 2.3% higher than last year.
If you consider the year-to-date average compared to last year however, the market is still up 13.7% 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 October compared to historical numbers was just about even but up a big 79% 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) not doing well at all.
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 37.7% - compared to 92% 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 23 days, 1 day faster than September.
Here’s a summary of the significant real estate milestones for October 2017… with dramatic changes in some neighbourhoods while others are still doing very well.
- Lowest number of overall sales for the month of October since 2011 (7,118) although they were up by several hundred homes from September
- The ratio of sales-to-listings increased from September’s 33.5% to 37.7% in October – a very moderate seller’s market
- The average sale price climbed slightly to $780,104 – still up 13.7% YTD compared to 2016 – because of higher sales of lower priced condos
- 2.3% average sale price increase from October 2016 (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years)
- Sales in the month were down almost 27% from one year ago
- The GTA real estate market overall averaged the days-on-market at 23 – still quick compared to many markets
- First-time buyer aspirations now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever’ 35.9% of the total market in October… about 3% more than average
- Downtown condo listings were lower by 4-9% from last year at this time
- The days-on-market average was 18-19 days
- The ratio of sales-to-listings for condos downtown ranged between 66.7% in C01 to 77.2% in C08 indicating a strong seller’s market… well ahead of the rest of the GTA
- The average sale price for downtown condominium suites is still up by roughly $120,000 from 2016
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 25% year-over-year
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – every district is now showing that they’re in ‘buyer market’ territory
- Overall, it’s a perfect opportunity now in many neighbourhoods, with the increased inventory, for a buyer to find a home they fall in love with AND negotiate with the seller one-on-one for a change.
Watch the video to get the complete October 2017 Market Report details.
Here's the complete text version of the October 2017 Toronto Real Estate Market Report to read.
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