Toronto's Average Sale Price Up Fractionally Over Summer Months

By: Thomas Cook

Toronto's Average Sale Price Up Fractionally Over Summer Months

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our September 2022 Toronto real estate market report.
For the first time this year, the average sale price year-over-year slipped into negative territory.
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
The last time September sales numbers came in this low (5,038 sales of houses and condos across the GTA), at the start of the fall market was all the way back in 2001, 21 years ago.  This was 44% below September sales in 2021.
Condo townhouse and high-rise suite sales mirrored that of the overall market and were lower by almost 50%.  Overall, 1,712 units were sold in the month.
The September 2022 average sale price for all GTA homes came in at $1,086,762… a negative 4.3% decline compared to one year ago.  If you compare this September to September 2020, two years ago, the average sale price is still up a respectable 13.1%.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory for the month of September were almost the same as in August. This is 24% below the average September listings numbers over the past 12 years.
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.
With the market continuing to shift, the September ratio dropped to 37.2% indicating a 5% slide towards buyers’ market territory.
The overall days-on-market average for GTA / Toronto homes was 1 day slower at 23 days. 
Here’s a snapshot summary of the significant real estate milestones for Toronto in September 2022 as summer ends and we swing into the fall.

If you’re a seller who ‘has to sell’, you’ll need to be realistic, or maybe consider renting your property.  Those high sale prices we saw in the spring are in the ‘fantasy realm’ now.  But remember, if you sell for less, you’ll now be able to buy for less too. smiley

Thomas Cook

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