The Toronto real estate market is the 13th most expensive and 6th fastest growing in the Greater Toronto Area. It is also known as the 8th fastest-selling market and has the 17th highest turnover in the GTA.
According to market reports from October 2022, the average price of houses in the Toronto market is $1,091,063. This is an 8.1% increase over the price of a month ago. The quarterly and yearly difference is -2% and -1.9%, respectively. Properties available on the market include townhouses, detached houses, and condos.
The current average price of detached houses is $1.6M, a yearly change of -10%. Available detached houses include two beds, three beds, four beds, five beds, and six beds. The average price of two-bed detached houses is $1.0M with a yearly difference of -12%. Three-bedroom detached homes are listed at an average price of $1.4M, with a change over the year of -6%. Four beds, five beds, and six beds are listed at average prices of $2.0M, $2.5M, and $3.4M, respectively, with yearly differences of -5%, -30%, and +36%, respectively.
Townhouses in the Toronto real estate market are available at an average price of $1.1M with a yearly difference of -5%. These properties range from 1 bed to four beds. One bed, two beds, three beds, and four beds are available at average prices of $594K, $929K, $1.1M, and $1.3M, respectively. The yearly difference of these prices is -17%, -2%, -5%, and +5%, respectively.
Condos currently available in the market have an average selling price of $774K with a yearly difference of +3%. These units range from studio apartments to three-bedroom units. The average price of studio units, one bed, two beds, and three beds are $451K, $644K, $914K, and $941K, respectively. The yearly difference for the different types of condos is +3%, +4%, +6%, and -7%, respectively.
Properties listed in Toronto have spent an average of 21 days on the market. They also have a selling-to-listing price ratio of 99%. According to available reports, a total of 4,765 new listings were placed in the Toronto market, and a total of 1,780 homes were sold.
Over 50% of the homes sold in October 2022 are condos. About 30% percent of the sales were detached homes, and about 20% were townhouses.
A total of 1,390 new listings of detached homes were placed on the market, which is a yearly difference of -14%. For townhouses, the total of new listings was 549, a yearly difference of -32%. A total of 2,817 new listings of condos were made on the Toronto real estate market with a yearly difference of -25%.
The sold listings of detached houses, townhouses, and condos are 525, 375, and 875, respectively with a yearly difference of -41%, -46%, and -50%, respectively.
Sales trends indicate a response to the higher costs of borrowing. The negative yearly difference in sales and new listings is particularly a reflection of the higher borrowing costs.
The trends of new listings and sold listings are worrisome and reflect a need for change.
