How's the Real Estate Market in Toronto?
The PR people at the Toronto Real Estate Board are using 'healthy' as the buzzword to describe the current condition of the Toronto Real Estate Marketplace. By the numbers that's a total of 6,681 sales through MLS in October 2010, compared to 8,476 sales in October 2009.
That means the # of sales dropped by 21 percent. But don't forget, the fall of 2009 was a record breaking period of recovery from the financial crisis of 2008. And it was the beginning of the 'buy before the HST kicks in' surge in home sales. So if we go back one more year, we'll see that October 2010 is up 29% from 5,155 sales in October of 2008. Not so bad.
And prices? The average price for October 2010 transactions was $443,729, up 5% from October 2009. Compared to last month, prices are still up somewhat, from $427,329. That's an increase of almost 4% month over month.
Where's the market headed?
So both price and volume are doing ok, but what about the sales-to-listings ratios. These ratios are probably the most significant indicators of where the market is headed in the near future.
When we look at 6,681 sales occuring in October, and a total of 18,305 properties still on the market, we see that 36% of the listed properties sold last month.
Another way of expressing that would be to say that at the current level of sales, there is a 3 month supply of homes for sale. We would usually say that anything above 25% or less than a 4 month supply of inventory is a Sellers market. That's not exactly the market correction most first time homebuyers were hoping for.
East End Toronto Real Estate Statistics
Now let's look at East End Toronto Real Estate Market, specifically the market areas E01, E02, and E03, which include The Beaches, Leslieville, Riverdale and Danforth Village, Danforth Mosaic and East Danforth.
- E01 84 sales, with 133 active listings at the end of the month, or a sales to listings ratio of 63% and an average price of $512,448.
- E02 saw 68 sales, with 131 active listings at the end of the month, or a sales to listings ratio of 52% and an average price of $633,476.
- E03 saw 97 sales, with 260 active listings at the end of the month, or a sales to listings ratio of 37% and an average price of $390,784.
For the full Toronto Real Estate Market Statistics report, October 2010, see below for slide presentation. Use arrows to scroll through the presentation. View Toronto Real Estate Market StatisticsSeptember 2010