As we unpack the data from October 2023, it becomes evident that detached homes have retained their dominance in sales, while condos in Toronto have seen a significant sales volume compared to those in the GTA. Meanwhile, townhouses and semi-detached homes have shown varied performances across regions.
📉 Economic Backdrop: A Quick Glance In the second quarter of 2023, the Real GDP took a slight dip of -0.2%. However, by September, Toronto's employment growth showed a promising surge of 3.1%. On the other side, the unemployment rate nestled at 6.5%, and inflation was ticking at a year-on-year CPI growth of 3.8%.
For those keeping an eye on financing, the Bank of Canada's overnight rate stood firm at 5.0% in October, with the prime rate reaching 7.2%. Mortgage hunters? The rates for 1-year, 3-year, and 5-year plans were at 8.09%, 7.14%, and 7.04% respectively.
🏢 Year-Over-Year Real Estate: The Big Picture Compared to 2022, the real estate market witnessed a 5.8% dip in sales, but it wasn't all gloomy skies. New listings saw a robust increase of 38.0%, and active listings experienced a significant 50.1% growth. The cherry on top? The average price of homes rose by 3.5%.
For those who love details, the average time a property stayed on the market (List Date to Offer Date) remained consistent at 21 days, while the Posted Date to Offer Date saw a slight dip of 3%, averaging 32 days.
🔍 A Deeper Dive: Sales & Pricing By Home Type Navigating through Toronto and the GTA's diverse housing options, here's a breakdown:
- Detached Homes: A crown jewel for many, detached homes in Toronto were sold at an average price of $1,718,440, while those in the GTA fetched $1,350,022 on average. The combined average stood at an impressive $1,450,112.
- Semi-Detached Homes: These cozy abodes in Toronto averaged a price of $1,278,347, while in the GTA they went for $957,117. The combined figure settled at $1,102,721.
- Townhouses: Urban and chic, townhouses in Toronto averaged $1,017,094 in price, with their GTA counterparts at $905,222, culminating in a total average of $930,185.
- Condos: The epitome of city living, condos in Toronto averaged at $729,160, and $665,208 in the GTA. The combined average was a cool $708,780.
When comparing the YoY sales percentage change, detached homes saw a -5.7% dip, semi-detached homes at -3.2%, townhouses took a hit of -11.5%, while condo apartments experienced a slight decrease of -2.2%.
🔍 Closing Insights: Toronto & GTA Real Estate, October 2023
The intricacies of Toronto and Greater Toronto Area's real estate landscape in October 2023 were characterized by an intriguing blend of dynamics. Notably, the substantial rise in new listings paired with the upward movement in average home prices underscores the market's enduring vitality and adaptability.
For buyers, investors, homeowners, and all those keen on the real estate pulse, staying up-to-date of these shifts is paramount.
Stay tuned for more in-depth analyses, evolving trends, and the latest data-driven perspectives in our forthcoming articles.
Have any questions about the market? Let me know in the comments below!
Rylie C.
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