“How are the sales volumes, prices, and inventory levels in September stacking up against traditional norms and the market over the last year?”
What is the current state of luxury home market in Toronto?
Toronto Luxury housing market is shifting towards a buyer’s market. With the sales pace slowing and more homes on the market, the average price has remained steady around $3.1M for detached homes and $1.13M for condos.
Sales: Single-family home sales are up by 25%, but attached homes are down by 10%.
Listings: We’ve got a big jump in listings – 43% more for single-family homes and a massive 65% more for attached ones.
Pricing: On the price front, there’s a slight dip of 1% from last year, both for single-family and attached homes.
A closer look:
Detached Homes: Pretty balanced market here. Average price is slightly down to $3.16M, but sales are up 25% from last year. These homes are being snapped up in about 8 days, same as last year.
Condos: Definitely a buyer’s market. Average price has dipped a bit to $1.13M. Sales are booming at 65% higher than last year. On average, they’re getting sold 4 days faster than last September.
Most popular price range?
-For single-family homes, it’s between $3.1M-$3.3M, especially homes with 3-4 bedrooms.
-For attached properties, it’s in the $1.3M-$1.5M range with 2-3 bedrooms.
Some quick points on the market:
-Todays Buyers are looking for move-in-ready places. They’re not keen on doing major renovations; simple updating projects will do. They’re hunting for good deals and value. So, sellers with homes not meeting this criteria might find it a bit tough out there.
-While buyers want extra space, they do not want to be overwhelmed with larger debt, especially as interest rates continue to rise.
-As things return to normal, the shift back to living closer to amenities and locations closer to work are becoming the main priority once more.