Toronto has been seeing a return to normalcy. Traffic has increased. Shops are busier, as are cafes and restaurants. There is little doubt that staff have returned to offices – even if in a hybrid model. The excitement of Toronto has boosted morale for many contemplating moving back to the city. The increase in rental demand (higher rental rates for our landlords) has shown that it’s just a matter of time before the resale market strengthens.
It’s worth noting that condos remain stable compared to housing prices. It’s also worth noting that there are fewer listings, which we believe has to do with the numerous sales in recent years. So many people purchased over the last two and half years that they don’t have a need to move again for some time. It’s as though buyers were borrowing from future inventory. This will, we believe, protect Toronto from falling much further in value.
There is no doubt that the number of listings and sales is down. What’s also worth noting that Toronto’s real estate market is is beginning to fall in line with long-term sales/transactions trends.
Toronto Real Estate Market Report – October 2022
September 2022 was a much quiet month compared to the Fall markets of the past in Toronto’s central areas. There were a total of 824 sales transactions. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – 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 164 sales in central Toronto in September 2022. The average home sold for $2,141,983, down 12% (a noticeable decrease) since September 2021. The average home was on the market for 17 days (which is quite good for sellers.)
Semi-Detached & Townhouse Values
There were 121 sales in central Toronto in September 2022. The average home sold for $1,422,414, down 4% since September 2021. The average home was on the market for half of the Toronto market average, a relatively low 18 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
- Why Parents Should Invest In Toronto Condos For Their Children
- This Is the Year For Buyers To Buy In Toronto
- Selling A Home In Toronto
Toronto Condo Values
There were 539 condo sales—the average central Toronto condo sold for $865,116, up 1% from September 2021. The average condo was on the market for a respectable 23 days.
Contact us here and read through our blogs if you want to learn more about Toronto real estate.
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