With a new month upon us, it’s time for our monthly Toronto & Greater Toronto real estate market update! We couldn’t be more excited to dive into the latest happenings in the GTA’s real estate scene for the month of September 2023.
Whether you’re a buyer, seller, or just curious on real estate news, you won’t want to miss what we have in store today. We’re going to break down the market statistics. And share insights to help you navigate this complex Toronto and Greater Toronto real estate market. So, let’s get to it!
As we bid farewell to the summer of 2023, the housing market in the Greater Toronto Area experiences a noticeable surge in home prices across all types. In fact, the average selling price surpassed $1,119,000 by the end of September. Marking an increase of nearly $37,000 in just one month.
This rise represents the first time such significant price growth has occurred in the third quarter of the year. Furthermore, this figure reflects a 3% increase compared to September of the previous year. This is where the average selling price stood at slightly over $1,086,000.
In September, there was a 2.2-month supply of all home types available on the market.
This figure remained unchanged compared to last month. But increased from the average of 1.4 months reported this time last year. Now, let’s consider the implications for you as a buyer or seller. It’s straightforward. The months of inventory indicate the estimated time it would take for all homes on the market to sell, based on average sales volume.
This month, the market reported a total of 4,642 home sales, marking a 7.1% decrease from September 2022. On a brighter note, new listings surged significantly, with 16,258 new listings in September 2023 compared to a mere 11,237 in September 2022. Overall, the summer and early fall showcased a more balanced market, with listings outpacing sales. This suggests that, for a period, some buyers could have improved opportunities for negotiating lower prices, although this favorable situation may be temporary.
So, you might be wondering about the average time it takes for properties to sell? Well, in September, the average was 20 days, which is a bit faster than last years average of 23. What does this mean for you if you’re thinking of selling your home? In general, a shorter time on the market is considered better for sellers, as it suggests high demand and a competitive market. However, the optimal time a property should spend on the market varies depending on location, price range, and property type.
Over the last year and a half, the real estate market in the Greater Toronto Area becomes quite complex. Buyers dealt with the tough challenge of rising interest rates. Now, both buyers and homeowners wonder how much longer these high rates will last.
In September, the Bank of Canada decided to hold its rate at 5%, but reiterated that another hike may be needed to control inflation. Right now, we are seeing mortgage rates range from high 5% to over 6%. If you are considering entering the market, be sure to check out all mortgage options that are available to you.
So in summary, when we look at the September market statistics, we can say that the real estate market in the GTA is remaining strong.
The average selling price is just over $1,119,000 for all home types, with 4,642 sales reported during the month across the board. Days on the market remains unchanged from last month at 20 days, and is down from 23 days this time last year.
Property prices continue to rebound and the market remains resilient. The surge in available properties and the uncertainty surrounding interest rates have created a cautious environment for both prospective buyers and sellers. Despite a temporary dip in sales, the month of September witnesses positive price trends across various property segments. Further proving the demand for housing even in changing economic conditions.
Just remember, the housing market is always changing, so it’s important to stay informed. While general market updates can be helpful, they might not be tailored to your unique situation. We’re dedicated to helping you make informed decisions when it comes to real estate. That’s why we suggest considering a free market evaluation or setting up a no-pressure chat with us. Our goal is to provide you with the guidance and support you need to navigate this complex housing market with confidence. So don’t hesitate to reach out – we’re here to help. At the end of the day, we’re all about giving you honest, straightforward info. So, if you’re interested in learning more, click here to book a no obligation consultation or check out our other videos for additional resources. And don’t forget to stay tuned for our next update – it’s coming soon!