There were a record 8,476 sales of houses and condominiums during the month – up a not-surprising 64% from 2022. Of course one year ago the world was imploding and every market was hitting bottom. However we are still up 561 sales over October of 2021 which was a record year.
The ratio of sales-to-listings for the month was 58.8% – on a par with June in the spring market. This is mainly due to the exceedingly small inventory of listings. There were approximately 15,000 listings during the month where this time of year we typically have 20,000 to 24,000 houses and condos available for sale.
The Average Sale Price For Homes Across The GTA Was $423,559, The Highest It’s Ever Been.
A big driver of this increasing average was the move-up buyer purchasing larger, more expensive homes. However the average sale price year-to-date is up only 3.6% over the same period in 2022.
Resale condominiums maintained their 31.6% share of the market, slightly higher than earlier in the year but less than during the third quarter of this year.
I have heard through the ‘appraiser grapevine’ that banks have been repossessing more homes in the last six months than they were previously. Still that number is nowhere near the foreclosures taking place south of the border.
Our Team has been fielding quite a few calls recently from past clients who are now looking to move up to a bigger house or to switch from a condo over to a semi- or detached home. If that trend continues across the board, more listings should be appearing over the next several months. We have a ‘chicken or the egg’ problem though… in this low-inventory market, people need to buy first before they sell. If they can’t find something, they don’t list their home thereby contributing to the lack of listings problem.
Advice to buyers today is certainly to buy first if you already own a home. Several of our clients have endured the manufactured multiple offer situation caused by listing agents pricing their homes artificially low (usually by $50,000 or more). This wastes an incredible amount of everyone’s time and is expensive for the buyer who needs to pay for a home inspection prior to putting in their offer.
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