In Balance: GTA Housing Market is Stabilizing at Last.
Balance has returned to the GTA housing market, according to September results released recently by the Toronto Real Estate Board (TREB). And it’s good news for both buyers and sellers.
TREB results showed a year-over-year decline in sales of all housing types-down 35.1% to 6,379. Detached homes declined by 40.4% to 2,780 (down 41.0% to 642 in 416 and 40.3% to 2,138 in 905). However, overall condo apartment sales dropped by only 27.5% to 1,860 (down 23.2% to 1,362 in the City and 37.0% to 498 in the rest of the GTA.)
The good news: New listings increased 9.4% to 16,469. Notes TREB president Tim Syrianos: “The improvement in listings … suggests that home owners are anticipating an uptick in sales activity as we move through fall.”
Meanwhile, prices continue to moderate. The average selling price in September was $775,546 up by only 2.6% year-over-year and down from the 3% reported last month.
The majority of home types experienced single-digit increases, with the exception of condominium apartments. Condo prices jumped 23.2% overall (up 24.0% in 416 and 16.6% in 905). By comparison, the average price increase of a detached home was 0.0%. In 416, the price increased 4.4% % to $1,355,234 and in 905, it declined 1.7% to $912,921.
This month’s more balanced housing market may spell relief for buyers who have been waiting for it to stabilize. Their wait may be over.
Condo Demand Soars as Housing Market Stabilizes.
GTA buyers love their condos. As September housing market statistics released by the Toronto Real Estate Board (TREB) indicate, there is a strong demand for condominium apartments, resulting in reduced inventory and higher prices.
Generally speaking the housing market is stabilizing. Sales of all home types have dropped, and the average price of a home is levelling off. For September 2017, TREB reported home sales of 6,379, down 35.1% over September 2016. The average price of a home is now $775,546 – up 2.6% over last year but down slightly from August’s 3% increase.
And then there are condos.
Similar to all home types, condos experienced double-digit declines in sales. But to a lesser extent. Overall condo sales dropped 27.5% (compared to 40.4% for overall sales of detached homes and 34.4% for townhomes). Condo sales in 416 declined by 23.2% to 1,362, and in 905 by 37.0% to 498.
As well, the single-digit price increases seen in other home types, weren’t seen in overall condo prices, which rose by 23.2% to $520,411. The average price of a condo in 416 increased 24.0% to $554,069, and in 905, by 16.6% to $428,360.
Notes TREB’s director of market analysis, Jason Mercer: “Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed to a shift to condos in terms of buying intentions.”
In other words: Condo buyers-to-be may want to act soon.
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