September-2023 Housing Report Review
The Toronto Region Real Estate Board (TRREB) has just unveiled its September 2023 housing market report, and we’re here to provide you with a concise overview of what transpired in the real estate scene for September.
In a slight departure from the previous month, the total number of residential transactions experienced a modest decline of -7.1% compared to the same period last year. However, this dip was relatively mild, just -1.8% when compared to the preceding month.
Interestingly, against the prevailing perception, the year-over-year Average Selling Price surged by an impressive 3%, climbing from $1,086,538 to $1,119,428. This indicates a noteworthy facet of seller behaviour – a steadfast commitment to maintaining property values.
Notably, the influx of new listings into the market showed a remarkable increase of over 44%, surging from 112,281 to 161,258. This expansion in available properties has presented buyers with a wider array of choices. Even with this surge in inventory, the time it takes to sell a property decreased by -14.3% compared to the same period last year. Properties are now finding buyers in just 30 days on average, down from the previous 35 days.
It’s important to note that the figures mentioned above encompass all types of residences, including detached homes, semis, townhomes, and condos combined. Specifically, detached homes experienced a notable 5.2% increase in sales prices, whereas condos saw a decrease of -3.3% in sales during the same period.
Buyers and sellers alike have become increasingly aware of the likelihood of enduring higher interest rates in the foreseeable future. However, the recent rise in the overnight bank rate by the Bank of Canada has introduced an element of uncertainty into the market. Despite this, the potential for heightened market activity and upward price trends remains if the BOC maintains its rate in its next announcement. Staying vigilant and monitoring the central bank’s decisions will be instrumental in comprehending the market’s future trajectory.
As always, the real estate landscape continues to evolve, and adaptability remains key for both buyers and sellers in navigating these changing market dynamics.
If you have any questions or would like to discuss your unique needs and goals, please don’t hesitate to contact me at 416-908-5600. I’m here to help you find the perfect, tailor-made solution.
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A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
