August 2018 Toronto Market Update

25 September 2018
Life and the City

 

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The Toronto real estate market last month in August performed better than a typical summer market, with an increase of 8% year-over-year in the average sale price for all property types across Toronto, and a 4.7% year-over-year increase in the average sale price for all markets across the GTA. Overall sales were down by 1.5% in Toronto last month, but GTA markets saw an increase of 8.5% year-over-year.

While the sales-to-listings ratio pointed towards a moderate seller's market in August, a greater number of sellers are now entering the September market, resulting in a shift to a more buyer-friendly environment. Yet there are still not enough listings to satisfy the demand, and buyers are more particular when it comes to what they are willing to pay top dollar for. Get in touch with us by filling out the form below, to learn more about the current state of the real estate market in Toronto.

Have a look below for our highlights from the Toronto real estate market in August.

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Summary of the significant real estate milestones for Toronto and the GTA in August 2018:

  • 2nd lowest August sales since 2012 (6,839)

  • The ratio of sales-to-listings increased slightly to 38.3% in August, leaning towards a moderate seller's market

  • The average sale price for all markets across the GTA came in at $765,270, which was up 4.7% compared to August 2017 – Remember last year, the new Ontario government rules came into effect on April 20th which really influenced the late spring and summer markets last year

  • Note that this average was still over 7.6% higher than 2 years ago in August 2016

  • Overall sales in the month were up 8.5% from one year ago

  • The GTA real estate market overall averaged the days-on-market at 27 – a more normal level for Toronto’s summer months

  • Detached home sales in August 2018 with a purchase price over $2,000,000 were up 18% from last year

  • It’s noticeable that first-time buyer aspirations continue to shift to a condominium lifestyle – CONDO sales took a 37.1% share of the total market

  • Downtown condo active listing numbers were lower in C01 and C08 by 8-10% from last year at this time

  • The downtown condo days-on-market average was 18-22 days – significantly faster than the overall market 

  • The ratio of sales-to-listings for condos downtown were identical at 72% in both C01 and C08 indicating an extremely strong seller’s market… close to double the GTA overall.

  • The average sale price for downtown condominium suites is up by roughly $65,000 from August 2017

  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 11-13% year-over-year

  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – York Region is now showing that they’re in ‘buyer market’ territory

  • Expect inventory and sales increases as we move into the fall market - buyers should watch for more opportunities to get the condo or house of their dreams.

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Do you have questions about the market, or want to know the current market value of your home or what properties have recently been selling for in your neighbourhood?

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