Here is your September Real Estate market update for the GTA
The Toronto Regional Real Estate Board (TRREB) has shared its housing data for August. There were 4,975 transactions reported through the local MLS, marking a 5.3% decrease in home sales compared to the same month last year.
New listings have been outpacing sales, resulting in a well-supplied market as September begins. There were 12,547 new listings, a 1.5% increase from last August, and the number of active listings surged 46.2% year-over-year to 22,653. The current housing inventory stands at 4.6 months.
This increase in inventory has led to a slight dip in prices compared to last year. The average selling price is $1,074,425, reflecting a modest 0.8% decrease from 2023. The MLS Home Price Index (HPI) Composite Benchmark, which tracks market inflation, decreased by 4.6% year-over-year (4.3% in Toronto).
On average, homes sold in August were on the market for 28 days and went for 99% of the listing price. About 70.13% of transactions fell between $600,000 and $1,500,000. Sales of homes priced over $2,000,000 made up 5.99% of the sales, down from 6.53% in August. Detached homes accounted for 44.6% of sales, followed by condo apartments at 28.5%.
By housing type: Detached homes had an average price of $1,414,070, which is a 0.3% decrease from last August and a 0.8% decrease from the previous month. Semi-detached homes averaged $1,026,435 (down 3.9% year-over-year and month-over-month), townhomes averaged $891,892 (down 4.6% year-over-year and 2.5% month-over-month), and condos averaged $674,706 (down 4.5% year-over-year and 6.1% month-over-month).
As we move into the fall market, buyers are benefiting from the increased housing supply and slightly reduced prices, particularly for condominium apartments and ground-level attached homes. Following the Bank of Canada’s third consecutive interest rate cut this week, with more cuts likely, affordability is expected to improve, especially for those with variable rate mortgages. As sales increase, the ample market choices should help keep price growth in check.
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