Summer is officially over and Toronto is getting busy. Real Estate is market entered its crazy fall spell, where open houses are hosted by a dozen and sales and listings numbers are rising. As the numbers suggest, if there is a time to put your home for sale, it might just be now.
There were 7,825 property sales recorder in the Toronto market in September. This was a 22 per cent year-over-year sales growth across GTA. On a preliminary seasonally adjusted basis, the September 2019 sales level remained about the same as in August.
Detached homes segment recorded a 28.9 per cent rise in sales. Semi-detached houses and townhouses category had 15.1 and 21.8 per cent rise respectively. Condominium segment rose by 15.9 per cent this month.
New listings were down by 1.9 per cent in a year-over-year comparison. Active listings were down by 14.1 per cent. For a few months now listings were causing a concern across Toronto, with sales greatly outpacing the annual rate of new listings. This causes visible tightening of the market conditions across all segments.
The average price was up by 5.8 per cent across all segments. In the detached homes segment, it was up by 4.1 per cent. Semi-detached homes were up by 5.1 per cent. Townhouses rose in price by 6.8 per cent. Condos were priced up by 4.2 per cent.
Jay Banks, Sales Representative
With summer over, children back to school, public open houses have gotten busy once more. The numbers in attendance are sizeable. Buyers in attendance appear motivated to buy, asking a lot of questions related to the purchase of the property: is there a set offer date or are offers anytime, is the Seller willing to move in 60 days, 90 days, is there a pre-listing inspection report etc. it appears to be a good start to what looks to be a busy fall market.
Erin Haas, Sales Representative
September has had a strong start to the fall season. With the change of weather, came a plethora of new listings with detached and townhomes representing the highest increase in overall sales activity. Semi-detached and townhomes represented the highest increase in average price, whilst condo sales activity and average price have also increased, they represent the lowest increases in all housing categories. I have noticed that properties in sought after locations in the one million dollar range are seeing multiple offers and selling above asking. Looking forward to seeing what October will bring for our buyers and sellers!
Oliver Craven, Sales Representative
The rental market is also very busy. With very little good quality product available, property is moving quickly. Some landlords are taking advantage of this and trying to rent out property with for a higher price even if the condition is not up to scratch, they are sitting for a little longer.
The sales market is very strong. Properties around the million mark are frequently getting multiple offers. Buyers around and over $1.5 are being far more picky about the properties they see and often offer dates in these price ranges come and go with no offers at all.