**City of Toronto Real Estate Market Update**
In the month of September, we saw a significant slowdown in sales activity year over year (YoY) for all home types in Toronto. Although the consensus among Toronto Realtors going into September was to expect an onslaught of new listings hitting the market, that never really transpired. New listings in the month of September were down for all home types, except for detached houses where inventory was flat YoY. As well, we continued to see a build-up in active listings, as growth YoY accelerated for all home types, except condominium apartments where inventory declined.
Home prices began to stabilize in the month of September as we exited from the summer slowdown. The city of Toronto experienced moderate YoY price growth for detached, semi-detached and attached/row housing, while condominium prices continued to experience explosive price growth (+24% YoY). However, we will have to watch the condo numbers closely over the next few months, as sales activity trended down month over month (MoM) and a slight build-up of inventory began to form.
Only a few days into October, and it feels like this month is shaping up to be very much like September. There is still very strong demand in a number of neighbourhoods around Toronto, with many properties still attracting multiple offers. It will be interesting to see if the inventory of new listings picks up, as we head into the heart of the fall real estate market.
If you would like more information on your neighbourhood, or a neighbourhood of interest, feel free to call, text or email me at any time.
-torontoyourway
