October numbers continue revealing the condo market as being the most vulnerable in the City of Toronto
The Average Sale Price for ALL Property Types in the City of Toronto
No worries here as the average sale price had yet another double-digit increase year-over-year of 16.5% and, from last month, an "oh so slight" increase of 0.4%. Freehold properties still hold their grip, sitting mightily in Seller's market territory. Detached and semi-detached are at 1.5 and 0.8 months of inventory respectively, both down slightly from last year and last month. Condo apartments, on the other side of the coin, continued with increased months of inventory both year-over-year and month-to-month. From last year, when it sat at 1.3, to this year at 4.0 and, up another half a month from September 2020 when it was 3.5.
Detached Properties in the City of Toronto
Steady-on would be a good catch-phrase for this property type
The average sale price came through with another solid increase from this time last year, up 11.2%. From the seasonal standpoint, month-to-month, there was further evidence of leveling off as they dipped again slightly, similar to that of September from August, down 1.1% from last month.
And again, year-over-year AND month-to-month the number of sales rose 18.8% and 5.8%. Both outnumbering the new listings that came to market in October causing another decrease in total active listings, down 12.6% from last year, and 9.0% from last month.
This trajectory, moving into latter Fall and early Winter, is what I consider a common circumstance that happens in real estate every year. The market has typically quietened the closer we get to the holiday season, and while it's near impossible to make predictions as to how things will play out this year, given COVID and it's on-going impact on everyone's lives, I remain of the opinion that the market will do as history has shown and slow through December/early January, before picking up steam toward mid/late Winter and early Spring.
Semi-detached Properties in the City of Toronto
Semi's are outpacing detached homes with increased active listings from this time last year
Here the average sale price increased 5.0% year-over-year and went up, ever so slightly from last month, by 0.7%. In this property type the number of sales, new listings, and active listings ALL increased, compared to the same month a year ago, and ALL decreased up against last month. In a nutshell, with these numbers running in parallel fashion, it reveals there is a steady ebb and flow happening in the semi-detached market.
Condo Apartments in the City of Toronto
For condos, the struggle is real. They've pretty much flat-lined with the release of October's numbers
The condo market is just barely up year-over-year in the average sale price category, a slight 0.8% increase, and took another downward slide from September of 2.6%.
Unfortunately, the picture doesn't get any better with the other stat categories! With number of sales down 8.7% from last year, and 7.1% from last month, combined with an increase in active listings year-over-year and seasonally, 172.7% and 5.5%, it puts greater downward pressure on pricing. Thankfully, new listings did taper-off from last month, down 6.0%. Hopefully this will allow some of the current inventory on market to get absorbed, and bring about a levelling-off for condos.
