Condos Ruled October: What’s Happening in Toronto’s Market?

Sale numbers are up from September

The Toronto Real Estate Board President Tim Syrianos has announced that sale numbers are up from September to October, by almost 12 percent.

While we usually see a jump every year between September and October, this year is more pronounced. Normally, month-to-month changes aren’t in the double-digits. But, of course, this has been a year of firsts and stark changes in Toronto’s rapidly-shifting market.

Sales momentum seems to be growing even as we shift into the colder months, and we’re getting further away from what looks like the lowest point in the market – August.

 

Average price is higher than 2016

You read that right: with all the talk of slowdowns and pre-2017 comparisons, this is the first month since the Fair Housing Plan where the average selling price is higher than a year ago.

It’s not by much – the average (resale) selling price in October 2016 was $762,691, and the average selling price in October 2017 was $780,104. Still, that 2.3% increase bodes well for homeowners in the future, since the triple-digit decrease in single-family homes that we saw a few months ago looks to be leveling out.

 

Condos are carrying the market

It’s important to note that these sale numbers include condos and townhomes – which make up the sector with the strongest price growth.

The average condo sale price in October 2016 was $440,096. This year, that number has shifted to $555,004.

So October’s 2.3% average price growth includes the condo market’s 20% increase from the year before. It doesn’t look like the condo market is going to slow down, either.

 

We’re settling in for the winter

Every year, the market starts slowing down as we gear up for the winter holidays. While there’s never a bad time to enter the market, winter often shows fewer buyers and sellers, making it a good time to stand out with competitive offers or unique real estate.

No one can know for sure what to expect over the next few months, but we can say that November and December will likely show fewer sales than September and October, which happens yearly. The interesting figures to look out for, though, are how November and December 2017 compare to 2016.

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