Life and the City | Toronto Real Estate Team

September 2017 GTA Market Update

The September real estate market saw some dramatic changes in certain GTA neighbourhoods, while others are still doing very well. Overall, current conditions represent the perfect opportunity for a buyer to find a home they fall in love with AND negotiate with the seller one-on-one - a major shift from trends eariler this year.

Here is a summary of other significant real estate milestones and notable stats for September 2017:

  • Lowest number of overall sales for the month of September since 2011 (6,379) although they were up fractionally from August
  • The ratio of sales-to-listings dropped from August’s 38.7% to 33.5% in September – just barely a seller’s market
  • The average sale price climbed slightly to $775,546 – still up 15% YTD compared to 2016 – because of higher sales of lower priced condos
  • 2.6% average sale price increase from September 2016 (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years)
  • Sales in the month were down 35% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 24 – still quick compared to many markets
  • First-time buyer aspirations now shifting to a condominium lifestyle – condo sales took a ‘highest ever’ 36.4% of the total market in September - about 3% more than average 
  • Downtown condo listings were lower by 8-15% from last year at this time
  • The days-on-market average was 19-21 days 
  • The ratio of sales-to-listings for condos downtown ranged between 61.7% in C01 to 61.5% 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 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.

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Take a look at our September Market Update Infographic to better understand the numbers:

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Questions about the market, or want to know the current market value of your home, or what properties have been selling for recently in your neighbourhood? Get in touch with us! We're here to help!