How was your Thanksgiving? I hope you enjoyed the Thanksgiving long weekend. We are slowly starting to get those cool, crisp fall days. I love showing homes this time of year and walking into homes smelling fresh of crackling fireplaces, fall-scented candles, delicious fall baking, and comfort cooking. Homes always feel especially welcoming this time of year.
Here is a brief look at the September Toronto real estate market as reported by the Toronto Real Estate Board:
The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions, and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.
“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.
REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1 percent compared to September 2022. The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly.
New listings were up strongly on a year-over-year basis from the extremely low level in September 2022. The number of listings also trended upward on a month-over-month seasonally adjusted basis.
The MLS® Home Price Index (HPI) Composite benchmark was up by 2.4 percent year-over-year. The average selling price was up by three percent over the same time period. On a month-over-month seasonally-adjusted basis, both the average selling price and the MLS® HPI Composite benchmark edged lower by less than one percent.
“GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs,” said TRREB Chief Market Analyst Jason Mercer.
You can find an overview of the stats below.
Be sure to check out this month's recipe, as well as the local spotlight this month. I've also included another video as part of my Faces of The Kingsway series, which features a business I love in The Kingsway
Neighbourhood Spotlight:
Since 1963, Carriage Trade has held the profound reputation of being the premiere boutique in the west end of Toronto. Featuring two floors of robust retail space, Carriage Trade offers a wide and unique variety of some of the most in-demand European and North American women’s contemporary designer collections. Their carefully curated collection from over 100 designer brands embraces women’s empowerment through style, season after season, while their unmatched customer service stands the test of time, helping to define the store’s longstanding, premiere reputation in the city. Treat yourself to a few new fall staple pieces, or some winter essentials
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