Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for AUGUST 2024 as we slide into the fall real estate market.
• Across the entire TRREB Board, AUGUST sales (4,975) were -5% below last year
• Active Listings (22,653) however were +46% above those in August 2023-highest since 2008
• The ratio of sales-to-listings dropped slightly again during the month to 22% in August – a definitive indication of a buyer’s market
• The August average sale price came in at $1,074,425– a -1% drop from the 2023 average one year ago and the 2nd lowest this year since January
• The GTA real estate market ‘velocity’ slowed more to 28 days-on-market
• Detached home sales in August 2024 with a purchase price over $2,000,000 were up by +1% (276 houses) while condo apartment sales over $2M were up by 9% (12 suites) compared to August 2023
• The CONDO townhouse / highrise share of the overall market was steady at 36% during the month but all condo-type sales (1,793) were the lowest since 2002
• In the City of Toronto only, detached house sales (484) increased by +7% from 2023 while the average detached sale price ($1,692,239) was up +3% compared to a year ago
• In August Toronto semi-detached sales (133) were down by -4% year-over-year while the average semi sale price ($1,204,678) was lower by -3% compared to last year
• Downtown condo active listing numbers were up BIG time again… an increase of +44% in C01 and by +27% in C08 from last year
• August year-over-year downtown condo sales declined in C01 (-22%) and fractionally up in C08 (+4%) compared to 2023
• The downtown condo days-on-market average increased to between 36 & 34 days in both C01 and C08… several days slower than in July
• The August ratio of sales-to-listings for high-rise condos downtown stayed constant in deep buyer market territory in both C01 (14%) and in C08 (16%), caused principally by the large increase in condo suite inventories
• In the 905 districts, August saw average detached and condo apartment home prices decline by around -2% to -1% compared to 2023. Sales numbers were slightly lower (-3% houses / -4% condos) from one year ago
• With 5-year fixed-rate mortgages now available but uncommon at 4.39%, we are still, in my opinion, too high to influence the market very much. If we get the BoC rate down into the 3’s by the end of the year, we might look for a better market next spring
