What will the Fall real estate market look like?
We will know in the coming weeks. But it’s safe to assume that there will be an influx of sellers and buyers. We expect to see many condo landlords selling these condos, which may soften this segment. Will the interest rate hikes over the last 18 months begin to sink their teeth into the consumer’s psyche? The reality is that the rates are staying the same for a while, and when they do, it won’t be drastic but marginal lowering as early as 2024. “Higher” interest rates, even though these are more in line with historic mortgage rates, are here to stay for some time.
Balanced is a term that Toronto last used in relation to our market a very long time ago. The market will balance out after the first few weeks of eager buyers.
We are seeing the rental market on fire right now. Nearly everything coming to market is in competition. This is a clear indication that the higher interest rates have taken would-be buyers out of the real estate market for now.
We are eagerly awaiting what the Fall market holds for Toronto.
Toronto Real Estate Market Report – August 2023
August 2023 was extremely quiet in Toronto’s central areas. There was a minuscule 835 sales. Toronto’s summer market is normally quiet, yet this is particularly quiet. Our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Detached Home Values
There were 119 sales in central Toronto in August 2023. The average home sold for $2,231,880, Down 8% since August 2022. The average home was on the market for 18 days – below the Toronto average days on the market – this tells us that active buyers want to buy today despite the slumping sales prices.
Semi-Detached & Townhouse Values
There were 98 sales in central Toronto in August 2023. The average home sold for $1,417,215 up 9% since August 2022. The average home was on the market for a relatively short time compared to the TRREB days-on-market average of 22 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
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Toronto Condo Values
There were 618 condo sales—the average central Toronto condo sold for $797,312, down 0.4% from August 2022. The average condo was on the market for 19 days – We may be seeing the beginning of a condo correction. Note that the correction has not impacted Toronto condos as much as the freehold housing market.
Contact us here and read through our blogs to learn more about Toronto real estate.
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