Toronto Market Update for September 2018

19 October 2018
Life and the City



The Toronto-area housing market continued to make modest year-over-year gains last month in September, with the average selling price across all housing types, from detached homes to condos, up 2.9% to $796,786. The number of resale home transactions rose 1.9% compared to September of 2017.

Seasonally adjusted sales prices showed a second month-over-month decline, with prices down 0.5% last month, compared to August — a $4,335 difference.

The average detached house price dropped 0.6% year-over-year to about $1 million region-wide, while the average of $1.34 million in the city of Toronto declined 1.4%, as compared to September of 2017.

In the surrounding 905 communities, detached houses sold for 0.6% less than in the same month last year, according to the Toronto Real Estate Board (TREB).

Condo prices continued to rise, with an increase of 10% in the Toronto region, including an 11.7% gain in the average selling price inside Toronto’s city borders and a 6.4% gain in the 905 areas.

Summary of significant real estate milestones for Toronto and surrounding regions in September of 2018

  • 2nd lowest September sales since 2012 (6,455)

  • The ratio of sales-to-listings decreased slightly to 32.1% in September – Now in a very moderate seller market territory

  • The average sale price came in at $796,786– which was up just 2.9% compared to September 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 5.4% higher than 2 years ago in September 2016

  • Overall sales in the month were up just 2% from one year ago

  • The GTA real estate market overall averaged the days-on-market at 26 – a fairly typical level for Toronto’s early fall market

  • Detached home sales in September 2018 with a purchase price over $2,000,000 were almost the same as last year

  • It’s noticeable that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a 35.4% 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 20-21 days – significantly faster than the overall market 

  • The ratio of sales-to-listings for condos downtown were close in both C01 (61.7%) and in C08 (65.1%) indicating an extremely strong seller’s market… a wee bit more than double the GTA overall.

  • The average sale price for downtown condominium suites is up by roughly $65,000 from September 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 slight inventory and sales increases as we move through the fall market - buyers should watch for more opportunities to get the condo or house of their dreams.

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