Market Commentary October 2018

As autumn begins to cool down, the GTA’s housing market continues to heat up. TREB has released the sales data for September 2018, and for a fourth consecutive month, total sales were up year-over-year! The 6,445 combined transactions represent a modest 1.9% year-over-year gain, while the average sales price of $796,786 reveals a 2.9% bump for the same period.

As noted last month, the sales mix continues to show demand for low-rise housing… more detached homes were sold than any other housing type, representing 44% of the sales mix. Townhomes accounted for roughly 16.5% of sales, and semi-detached homes were 10%. At nearly 28% of total TREB sales, condo apartments continue to be an important option for GTA buyers. Of course, with over 500 communities, the sales conditions vary greatly by region. This fact becomes clear when we analyze the 416 market where condos accounted for over half of last month’s home sales. Within Central Toronto, condominium apartments represented a whopping 70.7% of residential housing sales in September.Looking closer at prices in the 416, the average detached home sold for $1,342,363, the average semi sold for $995,991, the average townhome sold for $743,721 and the average condo sold for $615,582. Worth noting, the sales price of homes sold in the central corridor closely reflected the list price, with an average ‘sales to list price’ of 100%.

Housing supply continues to challenge. There is currently 3.1 months’ supply across TREB districts and 2.4 months within Toronto. Buyers may find it more difficult to find a home that meets all their needs. If you’re thinking of buying or selling, feel free to contact us today.