Greater Toronto, Ontario, Friday July 4, 2025 - Toronto Regional Real Estate Board [TRREB] President Elechia Barry-Sproule This morning released the board's monthly stats update, “MarketWatch”, which summarizes residential market activity in Toronto, the Greater Toronto Area, and other parts of South-Central Ontario as reported by member Realtors® through the board's MLS® system for the prior month. With inventory continuing to rise and interest rates continuing to moderate somewhat, overall affordability has improved to a degree. Sales volume was down slightly year over year, with the only increases in sales volume coming in the Metropolitan Toronto low-rise market.

Overall…

Including all Types (e.g. Detached, Condominium, Land lease, etc.) and Styles (e.g. Single story, 2 story, Split Level, Apartment, etc.) of homes, sales volume was relatively stable compared to last June: There were 6,243 sales reported on the month, down 2.4 percent from the year-earlier period. The average price of those sales came in at $1,101,691, off 5.4 percent from the adjusted $1,164,491 figure last June. 

The Total Active Listings (TAL) figure is still rising, albeit at a lesser rate than we've seen over recent months. That's most likely a function of moving into the “Dog Days of Summer” -- typically one of the slower times of year, second only to December-January, generally speaking. Naturally - Supply and Demand 101 - more inventory leads to softer prices and - not surprisingly - homes taking longer to sell.

Those "overall" figures for the prior month were 6,244 sales reported at an average price of $1,120,879. 

Considering the general seasonal bias in the housing market in the area, all figures reported herein are year-over-year comparisons except where specifically noted otherwise. 

Specific Numbers…

In the city of Toronto - "Metro Toronto" - there were 794 sales of Detached homes reported at an average sale price of $1,641,868. That volume figure was up 5.9%, but the average price was off 6.5%. In the rest of TRREB's primary geographic coverage area - The GTA and parts of the Greater Golden Horseshoe - “The 905” (Area code), generally speaking - 2,217 Detached sales were reported, down 5.7 percent, averaging $1,302,556, down 6.5 percent - identical to the price drop in the city.

The Condo Apartment market in particular continues to be soft as well, though not as soft as we've seen over the past year or so: There were 990 sales reported in “T.O.”, down 2.6%, at an average of $731,232, down 4.3%. In the rest of the market area, there were 520 sales reported, down 2.3%, at an average of $630,156, down 4.9%. 

Bungalows, BungaLofts and Raised Bungalows for sale - one storey homes, generally speaking - remain in relatively high demand across the market area (and beyond!) primarily because an aging population - empty nesters, “matures”, etc - looks to downsize to a smaller, more easily navigated - and maintained - style of home… and put some - usually - tax-free dollars into retirement accounts, help the kids out, and so on.

What's rather disturbing is a chart we came across - very "unofficial" data, though we have no reason to “doubt its accuracy” - of Power of Sale listings on TRREB’s MLS®. That’s a steep rise in a short period of time, no doubt contributed to by job cuts in the wake of tariffs - threatened or “real”. Please see the chart ⬇️ below. 

“And I Quote…”

From this month's report:

TRREB Chief Information Officer Jason Mercer:
“A firm trade deal with the United States accompanied by an end to cross-border sabre rattling would go a long way to alleviating a weakened economy and improving consumer confidence. On top of this, two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices."

TRREB CEO John DiMichele:
“It is important to highlight that housing is not just impacted by economic and financial issues. Canadian residents, both homeowners and renters alike, are increasingly having to deal with the nightmare of violent home invasions and carjackings.” and “TRREB is encouraged by the recent federal announcement to table a crime bill this Fall introducing stricter bail conditions and sentencing for these disturbing crimes. While this is a good first step by the federal government to strengthen public safety, more is needed, such as working with provinces to increase law enforcement funding and improve capacity and efficiency in the court system.”

TRREB President Elechia Barry-Sproule:
“The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices. Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025.”

Ummmm… Sure - we agree with most of what's said above, though much of that is painfully obvious. Not sure what home invasions and car jackings - as heinous as those are - have to do with the housing market directly. Anyway - onward & upward…

On Inventory…

That Total Active Listings [TAL] figure mentioned above stood at 31,603 as of month end. That’s about 31% higher than last June’s 24,169 (adjusted figure) homes for sale. 

“Forward Inventory” - which simply gives us an idea of how long it would take to sell all current listings assuming sales volume continues at its present level - is arrived at by dividing TAL by the total sales volume for the month. That comes to a hair over five months: Inventory is clearly elevated by historical standards.

“Absorption Rate” indicates how fast the market “absorbs” new listings. That’s calculated by dividing the “Sales” (volume) by “New Listings”. That was .314 for June.  

Homes sold “30% slower” in June: 26 Days on Market (DoM) based on “Listing Days on Market”. 

Just for a little context, we whisk you back once again to February 2022 - to this point the "high water mark" in residential real estate terms for our market area. The Bank of Canada had just bumped interest rates by a quarter of a percent. The market was looking toppy - unsustainable as many viewed it, including us - and we wrote in that blog post, "...there are possibly winds of change...". Yeah. Understatement. Hard to believe that was coming up to three-and-a-half years ago. Here’s a quick rundown of the relevant housing market stats for that month as reported at the time:

• Average Overall price: $1,334,544
• Average Toronto Detached price: $2,073,989
• Average “905” / Toronto periphery Detached price: $1,727,963
• Monthly Sales Volume: 9,097 homes
• Total Active Listings: 6,985
• Listing Days on Market: 9
• Forward Inventory: “.768 of a month” (or about 3.3 weeks)
• Absorption Rate: .643 (which was actually down significantly from February 2021).

Of particular note looking at those "historic" figures is that the Average Toronto Detached home price for June of this year has fallen (significantly) below the Average "905" Detached price for February 2022.

Finally, here's that chart of TRREB MLS® Power of Sale Listing totals going back 2 years to June 2023. Again, this is by no stretch "official data"... but we have no reason to doubt the accuracy. In fact, it may be incomplete - but the data for each period shown on the chart would be consistent... meaning there's a definite "trend"...

“That’s all we got for now” - As always, thank-you very much for stopping by… Hope you’re enjoying your summer: The snow flakes will be back soon enough! 🌞🏊‍♂️🍉🤸🏻🪁⚾️❄️

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SEE CHARTS BENEATH THE REFERENCE MAP FOR FULL JUNE 2025 BUNGALOW STATS BROKEN DOWN BY CITY/REGION:

• Total number of Bungalows Sold on the month
• Average, Median, Mode, Low & High:
  • Asking Price
  • Original Asking Price
  • Sale Price
  • % Listing-to-Selling Price Ratio
  • Property Tax Amounts
  • # of Bedrooms [Above grade level.]
  • # of Bathrooms / Washrooms [Total - all levels.]
  • # of Days on Market [DOM]

Greater Toronto, Ontario, June 4, 2025 - Toronto Regional Real Estate Board president Elicia Barry-Sproule this morning released the board’s monthly residential real estate statistical summary publication - “MarketWatch” - for May citing improvements in affordability and “choice” - as in higher inventory - compared to last May and buyers taking advantage of those better conditions… BUT sales were down, too. Inventory remains “elevated”. Prices are somewhat softer. Given that affordability remains elevated despite the moderation over the past three-plus years, many would-be buyers remain on the sidelines.

There’s still the issue of “stability” as well. Confidence. Tariffs and the trade situation. Debt. We believe that, while homes will continue to sell at or around current levels, no robust market will evolve without these conditions moderating further. 

The benchmark five-year mortgage rate was 6.09% in May, down from 6.84% a year earlier.

The Big Picture

Overall - meaning sales of ALL home types & styles across all of the Board’s geographic area as reported by GTA Realtors® through the MLS® system -  the average price came in at $1,120,879 for the month. That’s a drop of four percent even versus last May’s $1,167,646. There were 6,244 “firm” [e.g. unconditional] home sales on the month, down 13.3% from 7,206.

All stats reported herein are year-over-year comparisons - most relevant considering the usual strong seasonality of the residential real estate market - unless specifically noted otherwise.

“Peak Price” remains the February 2022 high, generally speaking, to this point. Here’s a quick look at a few key data points from that point in time:

• Average Detached Home Price:
  • Toronto $2,073,989
  • Balance of GTA: $1,727,963
• Total Residential Sale Transactions [all Types]:
  • 9,097 - note that that was actually down nearly 17% from the February 2021 total! 
• Time to sell the average home [LDOM] [all Types]:
  • 9 Days on Market [DoM] - and that was 37.5% “faster” than the 14 days reported the prior February.
• Total Number of Homes Actively Listed for Sale:
  •  6,985 - 20% fewer than the prior February.

Specific Numbers by Major Home Type

Metropolitan Toronto total Detached home sales came in at 781 on the month, down 7.9%, at an average selling price of $1,719,937, down 5.6%. In the rest of TRREB’s market area - “The 905” [area code] generally - 2,217 sales of Detached homes were reported, off 11.6%, averaging $1,321,458, also down 5.6%. Just for the record - as noted above - that latter figure in February 2022 was $1,727,963 [on 3,142 sales] - so the Toronto average is less now than the rest of the area averaged at that peak for the Detached category.

Condo Apartments sales continued to struggle: In Metro T.O., 973 units sold, down 25.2%, averaging $709,905, down 7.3%%. The balance of the area saw sales volume of just 509, down 24.8%, at an average sale price of $632,771, off 4.2%.

Quoting from the Report:

Jason Mercer, TRREB Chief Information Officer:
“Home ownership costs are more affordable this year compared to last. Average selling prices are lower, and so too are borrowing costs. All else being equal, sales should be up relative to 2024. The issue is a lack of economic confidence. Once households are convinced that trade stability with the United States will be established and/or real options to mitigate our reliance on the United States exist, home sales will pick up. Further cuts in borrowing costs would also be welcome news to homebuyers.”

TRREB CEO John DiMichele:
"With the federal government’s housing commitments reiterated in the Throne Speech, we now need concrete actions that will restore housing affordability across the GTA and the rest of Canada. This includes lowering high housing taxes and fees, embracing innovative construction technologies, and streamlining processes to reignite the construction of homes. Home construction is associated with huge economic benefits that would help mitigate the negative impact of ongoing trade disputes. Additionally, with inflation remaining low, a rate cut would be a welcome move—particularly for first-time buyers and those renewing their mortgages.”

Elicia Barry-Sproule, TRREB President:
“Looking at the GTA as a whole, homebuyers have certainly benefited from greater choice and improved affordability this year. However, each neighbourhood and market segment have their own nuances. Buyers considering a home purchase should connect with a REALTOR® who is knowledgeable about their preferred area and property type. In today’s market, working with a REALTOR® who brings expertise, the right tools, and a strong network is essential.”

On Inventory…

Total Active Listings [TAL] were 30,964 homes available for sale at month-end - up 41.5%. Housing shortage, huh? If we divide that total inventory number by the month’s sales volume we get an “Indicated Forward Inventory” of just under five months of supply assuming a consistent continuing rate of sales - that’s high by historical standards.

The “Absorption Rate” is the sales volume divided by new listings to tell us how quickly the market “absorbs” new listings as sales. That came to .286 - otherwise described as “slowly”.

The average home took 25 days to sell in May based on the “Listing Days on Market” [LDoM] measure. That’s “31.6% slower” than the 19 days a year ago.  Based on the “Property Days on Market” [PDoM] - which includes any previous listing[s] of the home by the same Agent, was 39 days versus 27 - or “44.4% slower” this May.

Thanks - as always - for stopping by… Get out and enjoy the… ummmm… INCONSISTENT Spring weather. 

Andrew for theBB.group and JustBungalows.com

#JustBungalows
#theBB.group

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SEE CHARTS BENEATH THE REFERENCE MAP FOR FULL MAY 2025 BUNGALOW STATS BROKEN DOWN BY CITY/REGION:

• Total number of Bungalows Sold on the month
• Average, Median, Mode, Low & High:
  • Asking Price
  • Original Asking Price
  • Sale Price
  • % Listing-to-Selling Price Ratio
  • Property Tax Amounts
  • # of Bedrooms [Above grade level.]
  • # of Bathrooms / Washrooms [Total - all levels.]
  • # of Days on Market [DOM]

Greater Toronto, Ontario - Tuesday May 6, 2025 - April, 2025 MLS® home sales statistics - as reported by Toronto & GTA Realtor® members of the Toronto Region Real Estate Board - were released this morning by Board President Elicia Barry-Sproule via the Board’s monthly MarketWatch report.

The “bottom line” for the April figures is pretty much “status quo” in terms of the recent trend - namely sales volume remaining soft year-over-year [though up a little from last month] in keeping with the general seasonal bias of residential real estate]; Total Active Listings inventory remaining elevated; average prices giving up some ground.

All figures reported herein are year-over-year [YoY] comparisons unless specifically noted otherwise.

The Big Picture

Overall - including all “Classes” and “Types” of home [e.g. Freehold, Condominium, Land Lease, etc are “Classes”; Detached, Semi-Detached, Linked, Townhome, Condos, etc are “Types] - across all of TRREB’s primary market area - 5,601 homes were reported “sold firm” in April. That’s 23.3% below last April’s total. The average selling price of those sales was $1,107,463 - down 4.1%. All types of home saw declines in average price with the exception of Townhomes in Metro Toronto proper which eked out a gain of +0.7%. 

Once again - all things considered - including “politics” - prices have held up reasonably well in our market. Even Condo apartments - sales volume for which continues to stumble hard - were pretty consistent with the broader market in terms of the softness in sale prices.

A Look at the Stats by Major Home Type

Total Detached home sales reported in Metropolitan Toronto were 728 on the month - a healthier scenario than the broader market at down only 2.2%. The average sale price in The Big Smoke came in at $1,700,710, off 6.8%. As for the rest of TRREB’s market area - “The 905” [area code], generally speaking - 1,828 sales were reported, down 27.5%, at an average of $1,324,280, down 6.9%.

As alluded to above, the Condominium Apartment market - mired in a glut of available units - continues to stumble. Sales volume [remember, we’re only talking about MLS-listed units here - though the new build market is also slow apparently] totalled 925 in Toronto, down 29.9%, averaging $710,724, down 7.3%. The rest of TRREB’s primary market area saw 505 sales, down 31.5%, at an average of $618,196, down 6.1%.

A distant memory now, the “peak” in frothy market action probably remains as February, 2022. At that time there were less than 7,000 Total Active Listings… which sounds like a lot, but monthly sales volume was over 9,000 sales… and that was down about 17% from the prior February ['21]! But in that twelve month period - February ‘21 to February ‘22 - the sale price of a Detached home went from $1,684,073 to $2,073,989… a 23% spike in Metro Toronto. In the balance of the market area Detached homes went from $1,300,853 to $1,727,963 for a 32.9% romp. Would-be buyers throwing their hands in the air and walking away. Perhaps the yellow flag was that TAL inventory stat noted above: From that point things began to soften...

Quotable…. From the Report:

TRREB Chief Market Analyst Jason Mercer:
“Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA. Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments."

TRREB President Elicia Barry-Sproule:
“Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States. If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied.”

Notes on Inventory…

As of the end of April there were 27,386 Total Active Listings on TRREB’s residential MLS® system. Dividing that by the total Sales Volume figure of 5,601 we get an idea of how long it would take to “clear” - e.g. sell - all the current inventory given a constant rate of sales volume. That gives us an indicated Forward Inventory of just under five months… which is definitely “Buyer’s Market” territory but, again, bear in mind that that figure is “overweight” Condo Apartments.

We mentioned above that the number of listings remains "elevated". It should be noted that our "byline" on the April 2024 statistical update was "Inventory spikes". Elevated indeed... particularly in the context of the months and years immediately preceding that time. The pendulum has most definitely swung - which it was destined to do, politics or no politics.

While inventory has climbed steadily of late as confidence quickly faded on several fronts, Bungalows and the “Single Storey Lifestyle” in general have remained in high demand - particularly in the middle and upper-middle price ranges. A big part of the driver there is, of course, Baby Boomers becoming empty-nesters and looking to downsize… preferably with as few stairs as possible. Bungalows also appeal to other market sectors like young couples wanting to exchange their Condo balcony for a real back yard… IF they can sell the Condo. Contractors are also attracted to Bungalows for the “reno & flip” potential or - with often ample lot space - expand or entirely replace the existing one storey structure - including the option to add a second storey.

To wit, we were approached in February by a retired couple in Niagara Region. They’d already sold their big house and were renting which put them in a great position to make the purchase of their “forever home” when the time was right. They decided specifically on a Bungalow in the northern portion of St. Catharines, close to Lake Ontario. After looking at many homes online, we connected them with one of our local professionals in that area and, after physically going to see another ten or so homes, they decided on a split level - in part because they couldn’t find their “match” in a single storey home.

Split level homes are often the next best choice for folks like that because, while they do have stairs between the various levels of the home, those tend to be “half” staircases of five-to-seven steps including the stairs to the basement.

So - again - a popular style of home in a good neighbourhood and at a mid-market price point, they bought it in late April… but were one of six offers on the home. They move in in June. Ironically, of all the homes they looked at both online and in person, they ended up buying on the same street as the first house they inquired about. Good neighbourhood. Location, location…!

As our local rep in northern Niagara, Nancy, put it - “Lovely folks. We looked at about 10 places. Yup, not a bungalow, but a good fit for them. They knew what they wanted: They wanted to be by the lake. Something small, manageable for retirement. Really wanted a Bungalow, but...? Almost bought a different one. It needed so much work. The Sidesplit was the right choice… and I made new friends in them. Good people!”

We love stories like that. #WinWin

Overall, it took the “average home” 25 days to sell in April. Not surprisingly given the inventory levels and, therefore, enhanced choice for home buyers, that was “31.6% longer / slower” than the year-earlier period… though still well below historical norms.

A special note from the report:
“The PropTx MLS® System, of which TRREB is a part, has added a number of new client boards over the last year. Many of these boards' Members trade within the Greater Toronto Area and broader Greater Golden Horseshoe regions. As a result, historic data have been updated to reflect the addition of these boards' listings and transactions. This means historic data have changed relative to previously published static reports. To view updated historic data, click here."

That’s good news for consumers… and Realtors® - more information from a single source, essentially. Long overdue; still a ways to go yet.

As always, thank-you for stopping by! Questions? Comments? Drop us a line anytime… And enjoy the beautiful Spring 🌱🌱🌷🌼🌞🌻😎 weather!
Andrew.

#JustBungalows
#theBB.group

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Brant & Brantford Township  |  Dufferin County  |  Grey County  |  Guelph & Wellington County  |  Haldimand County  |  Haliburton County |  Hamilton [City]  |  Hastings County  |  Kawartha Lakes  |  Kitchener-Waterloo & Cambridge  |  Muskoka District |  Niagara Region  |  Northumberland County  |  Parry Sound District  |  Peterborough City & County | Prince Edward County

SEE CHARTS BENEATH THE REFERENCE MAP FOR FULL APRIL 2025 BUNGALOW STATS BROKEN DOWN BY CITY/REGION:

• Total number of Bungalows Sold on the month
• Average, Median, Mode, Low & High:
  • Asking Price
  • Original Asking Price
  • Sale Price
  • % Listing-to-Selling Price Ratio
  • Property Tax Amounts
  • # of Bedrooms [Above grade level.]
  • # of Bathrooms / Washrooms [Total - all levels.]
  • # of Days on Market [DOM]

Greater Toronto, Ontario - Thursday April 3, 2025 - Toronto Region Real Estate Board [TRREB] President, Elechia Barry-Sproule, this morning released the residential MLS® sales for March 2025 via “MarketWatch” - the Board’s monthly housing market stats publication. Once again - to exactly nobody’s surprise - homes in Toronto and The Greater Toronto Area continued to sell at a considerably lower rate compared to last March… and Beyond!... though prices held up relatively well despite sales volume and rising inventory as buyers enjoyed more choice and far less pressure than they’ve had in a long time.

That said, there are still multiple offer scenarios involving homes in the more moderate price ranges. Bungalows / One Storey Homes in particular remain popular as Boomers & Empty Nesters downsize and take cash off the table to pad retirement accounts - a trend we see continuing for a long time yet.

Specifically with respect to that currently coveted Single Storey Lifestyle, go to "Bungalows / “single storey” homes for sale & sold in Toronto, The GTA, and South-Central Ontario" and the “Bungalow Quick Stats” page [Resources area of the site]. You can also get there by using the main Menu links above. That gives you detailed info on “1 Storey Home Specific” information [Sales Volume, Ask & Sell Prices, List-to-Sale % ratio, Beds / Baths, Taxes…], broken down by Cities and Regions including a reference map and links to “archives” of that info going back to 2019. Hope it’s of use to you! Feel free to reach out if you’d like additional info on specific Bungalow-friendly Towns, Areas, Communities or Neighbourhoods.

While mortgage rates are at historically attractive levels for home buyers, an extreme of political - read “economic” as well - uncertainty and volatility persists. Another trend we’re likely to see continue for obvious reasons. Hopefully the upcoming Canadian election will bring some degree of stability.

Overall…

…including all “Classes” of home [Freehold, Condominium, Land Lease, etc] and “Types” of home [Detached, Semi-Detached, Linked, Townhome, Condos, etc] throughout the Board’s market area the average sale price for March came in at $1,093,254. That was 2.5% lower than last March - not bad given the drop in volume and the rise in inventory.

Volume - total sales on the month - came in at 5,011 sales reported, down 23.1% from 6,519 a year earlier. All stats reported here are year-over-year [YoY] comparisons which is usually most relevant given the usual strong seasonality of the housing market: Spring is usually most robust for sales followed by Fall with the dog days of Summer and the December 1st thru end of January “seasons” being significantly slower. What’s interesting is how this has changed, first by the COVID pandemic and more recently by political / economic / social developments - both domestic and international. 

A Closer Look at the Statistics by "Major Home Type"

The drop in sales volume was pretty broad-based, though did differ significantly by geographic area. The Detached homes group within Metropolitan T.O. - “The 416” [area code] - was down 10.8% to 572 selling at an average $1,723,489. While that was a slim gain of 1.1%, it was welcome nonetheless to those sellers as it was one of very few “+” signs in the report. 

In the balance of the market area - The GTA outside the city proper, or “The 905” generally speaking - 1,583 Detached homes sold, down 28.9%, averaging $1,336,568, off 4.3%.

Condominium Apartment sales totalled 927 in Metro Toronto, a 21.6% drop, at an average sale price of $716,460 off 1.8%. The balance of the area saw 477 Condo Apartment sales on the month, off an even 27%, averaging $615,086, down 5% even. Condo Apartments are unlikely to fare any better for the foreseeable future: By some estimates, available inventory is running at between two and 2.5 times the ten year average. With numbers like that we have to wonder: Who wouldn’t wait to buy unless there’s some other factor forcing their hand?

Quotable…

Board Chief Statistical Analyst Jason Mercer:
"Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term.”

Board CEO John DiMichele:
“While the policy debate heading into the federal election has rightly been focused on our cross-border trade relationship, it has also been important to see that the federal parties continue to view housing as a key priority based on the various election platforms. This is in line with recent polling suggesting access to housing options that are affordable remains top-of-mind for all Canadians. Building this housing will be a key economic driver moving forward.”

Board President Elechia Barry-Sproule:
“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve.”

More On the Inventory Front

Total Active Listings [TAL - or, simply, “Active Listings” in the MarketWatch report] is, as far as we’re concerned, a far more relevant - though generally less referenced - indicator of inventory than “New Listings”... especially now as we’ve shifted from Seller’s Market to Buyer’s Market. Here’s why: The latter includes homes terminated and re-listed… so they’re not really “New”. With the shift to Buyer’s Market it’s far more common for Sellers and their agents to “adjust” the asking price after a home has been on the market for any length of time.

Understandably, sellers elect to “improve” their asking price - assuming they do want to sell. Back in the “old days” the Board used to charge the agents to “re-run” a listing - which really just meant to “edit” it. But “modern” practice is to actually terminate and completely re-list the property coincident with a price change [though sometimes just to “freshen up” the listing with no adjustment in asking price. This “re-listing” practice then distorts the actual number of homes coming onto the market as “New Listings". TAL is simply that - total available inventory. 

At month-end, the TAL figure stood at 23,462. That’s getting close to double the inventory available a year ago at “+88.9%” and - even though a good chunk of that jump comes in the form of Condo Apartments - it’s still very much welcomed by anyone on the buyer side of the fence as we’ve noted previously.

“New Listings” totalled 17,263 on the month - still a healthy [particularly from the Byers’ perspective!] 28.6% jump YoY. 

The inventory situation can also be illustrated by “Forward Inventory” figure - Total Active Listings over the month’s Sales volume - thus estimating how many months it would take to “clear” all current inventory in the form of sales assuming present volume continued. For March that worked out to [23,462 / 5,011] about four-and-two-thirds months. A year earlier it was just under two months - which we suggested was “Still “snug"”... a little tight… by historical standards [which tend to be in around the 90 day mark]. Oh, how quickly a market can turn. Elon and many others would no doubt concur… but let’s not go there.

What’s - arguably - one of the more interesting statistics in the March report is the Days on Market [DoM]. Despite the inventory situation the homes that did sell sold more quickly this March at 24 days versus 20… that’s “20% faster”. Go figure. And that’s also relatively quick, historically speaking. And that’s “Listing Days on Market” [LDOM] rather than “Property Days on Market [“PDOM”]. Here - as we’ve written before since many folks don’t understand - is the difference:

The “LDOM” versus “PDOM” quoted in the charts: Listing Days on Market represents the average number of days homes took to sell during the listing contract term in place when the home actually sold. Property Days on Market represents the number of days the property took to sell including previous listings with the same brokerage. Bottom line: PDOM is actually more accurate in terms of how long homes are taking to sell currently, but it’s actually an “incomplete” statistic in that it doesn’t include the days on the market in cases where a seller re-lists with a different broker.

As always, we appreciate you stopping by…! Have a fabulous Spring “...and Beyond…”. 🌱🌹🌼🌸🌤️🥰
Andrew.

#JustBungalows
#theBB.group

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SEE CHARTS BENEATH THE REFERENCE MAP FOR FULL MARCH 2025 BUNGALOW STATS BROKEN DOWN BY CITY/REGION:

• Total number of Bungalows Sold on the month
• Average, Median, Mode, Low & High:
  • Asking Price
  • Original Asking Price
  • Sale Price
  • % Listing-to-Selling Price Ratio
  • Property Tax Amounts
  • # of Bedrooms [Above grade level.]
  • # of Bathrooms / Washrooms [Total - all levels.]
  • # of Days on Market [DOM]

Greater Toronto, Ontario, March 5th, 2025 - The Toronto Regional Real Estate Board - “TRREB” - today released its statistical update, “MarketWatch”, for February this morning. It was not what you might call “stellar”, but it is what you might expect: lower sales volume and rising inventory. In short, a full-blown shift to a Buyer’s Market.

Granted, that shift was already under way or - it could be argued - already complete… but with affordability an issue for a while now combined with the intense, high-stakes threats + waffling & flopping around like a fish out of water spewing from Washington, D.C. [or a personal oceanside resort complete with private golf course in Palm Beach, Florida depending on whether or not the president actually needs to be in the capital], there’s no question the pendulum has swung. Hard.

One more factor might be the fact that we’re being told it’s likely interest rates will continue to fall. That on its own can have buyers stick to the sidelines waiting for better buying conditions from a borrowing standpoint. In any event, it’s been a long wait for would-be buyers to hear news in their favour on the home price and carrying costs front. Unfortunately for all the price tag is extremely high. A proverbial “double-edged sword”.

The Big Picture

Including all home types & styles across all of the geographic area serviced by TRREB member Realtors®, total sales volume in February was 4,037 homes. February 2024 saw 5,562 homes go under “firm” sale contract. That’s a decline in sales volume of 27.4%. And February 2024 wasn’t exactly what you might call a “Banner Year”. 

The overall sale price of those homes this February was $1,084,547. Pretty stable under the circumstances at -2.2%... though that appears to have been largely on the back of a rise in the average price of Detached homes in Toronto proper. More on that below.

All figures reported here are year-over-year (YoY) comparisons except where specifically noted otherwise.

Specific Numbers by Major Home Type

Sales volume of Detached homes in Metro Toronto totalled 411 units, down 27.1%, averaging a selling price of $1,782,262, UP 7.6%🤷‍♂️. The balance of TRREB’s market area - “The 905” [area code] generally speaking - there were 1,295 Detached sales reported, down 32.3%, at an average of $1,339,120, off an even three percent.

Condo Apartment sales - already struggling of late - were down 17.4% in Metro T.O. to 830 reported averaging $724,632, also “relatively strong under the circumstances” at -0.5%. The balance of the market area saw 395 units sell, down 30.2%, averaging $611,198, off 4.7%.

Quotable… From the Report:

TRREB Chief Market Analyst Jason Mercer:
“On top of lingering affordability concerns, home buyers have arguably become less confident in the economy. Uncertainty about our trade relationship with the United States has likely prompted some households to take a wait and see attitude towards buying a home. If trade uncertainty is alleviated and borrowing costs continue to trend lower, we could see much stronger home sales activity in the second half of this year.”

TRREB CEO John DiMichele:
"With the Ontario provincial election just behind us and the federal political situation in flux, there is a lot to consider from a policy perspective when it comes to housing. Not only do existing policy makers and those vying for high public office need to make clear their direction on housing supply and affordability, but they also need to be clear on how they intend to tackle issues related to trade and the economy. Clear direction will go a long way to strengthen consumer confidence.”

TRREB President Elechia Barry-Sproule:
"Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household income to comfortably cover monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability.”

Thank-you, Ms. Barry-Sproule.

On Inventory…

New Listings. New Listings. New Listings. Everyone talks “New Listings.” That may be the inventory stat that talks loudest, but clearly that’s not the inventory stat that talks… well… most clearly. New Listings - properties newly listed in February - totalled 12,066. That was up 5.4%. The problem with that Stat - again - is that it includes properties that were already listed. Meaning they’re not really “new” at all.

For various reasons home sellers and their agents decide to terminate a listing and “re-list” it - often with a price “adjustment”. Read, “drop”. Or - particularly in markets like the present one - listing contracts simply expire without the home selling. Happens all the time… unless inventory’s at historic lows. The problem with the “New” stat is that it includes all those “re-tread” listings. 

For those reasons - as we’ve been saying for years - the “tell” comes in the Total Active Listings [TAL] statistic. New listings - as noted above - were up a modest 5.4%. TAL were up seventy-six percent. Can you say, “Buyer’s Market”?! 19,536 homes for sale versus 11,097 a year ago. Bear in mind that Condo Apartments do make up more than their fair share of those listings… still - housing crisis? No. Affordability crisis compounded by wavering consumer confidence? Yeah. And then some.

“Forward Inventory” gives us an idea of how long - given a constant level of sales volume - it would take to sell all the homes currently listed for sale (Total Active Listings / monthly Sales): That comes to 4.84 months. Historical averages for Forward Inventory - a “healthy, balanced market” - are in the 60-90 day range. #BuyersMarket

What we are sure of is that Bungalows continue to enjoy a larger amount of activity across TRREB’s market area [“...and Beyond!...”] Region as folks downsize without trading their back yards for balconies - yet - and most often take some tax-free dollars off the table to pad retirement accounts, help out the kids, and so on. Inventory levels of single storey homes continue to be relatively tight - especially in the more “mainstream” price points and popular Towns & Neighbourhoods - for those reasons. It doesn’t help that many builders in recent decades have built fewer Bungalows & Bungalofts. That’s because, of course, they can get more money for more square footage… and that, of course, implies two-storey builds the vast majority of the time.

Each month we post a "QuickStats" update specifically covering Bungalows for sale and sold in TRREB's market area of South-Central Ontario. That's like a "summary" with links to our monthly updates going back more than five years. Last month's update is here. We also track active and sold listings on an "informal", weekly basis - simply to monitor the state of the market - #SOTM - purely from the standpoint of available listings versus sales volume. Looking at the "Bungalow QuickStats" linked above versus the overall market activity it's interesting to note that Bungalows and other "versions" of Single Storey low-rise homes are still very much in demand - for obvious reasons. If it's of interest to you, compare that February post with the July 2024 QuickStats post for example. 

As for pure sales volume versus available inventory, on July 1st, 2024 there were 9,899 Bungalows for sale on TRREB. Remember, these are "unofficial" figures. There was a grand total of 47,070 homes for sale of all types & styles - including the Bungalows. The latter, then, represent about twenty-one percent of the market's inventory. Firm sales of Bungalows - or "going under contract" as some put it - totalled 591 in the prior seven days, and total sales came in at 2,496 for the prior seven days. That means single storey homes accounted for nearly 24% of the sales despite the lower piece they occupy in overall inventory.

Those figures - just for the record - for the seven days ending March 2, 2025 were 9,371 Bungalows for sale of 46,595 total homes for sale across the market area, or about 20% of inventory consisted of "1 storeys". For that same seven days, 530 Bungalows went under contract out of 2,451 total firm sales, or about 21.5% of the market. The other take-away from those numbers is the bigger picture inventory: There are a lot fewer Bungalows for sale right now than there were during the Dog Days of Summer, 2024 than there are now on the cusp of the Spring Market... which may come to be known as "The Spring Market that Wasn't" the way things are going. 🤞 Let's hope not. There are also fewer overall homes for sale in The GTA & South-Central Ontario now than there were last summer. #Limbo ...??

Homes took 28 days to sell [DoM - Days on Market] on average in February. That was “12% slower” than the year-earlier period. No shock there given the inventory numbers, etcetera...

Thanks - as always - for reading. Do your best to ignore the intense “noise” right now… as difficult as that is. [BTW - it occurs to me that this could possibly give birth to a new addition to the dictionary, namely “Elongate”. #Elongate ??! Capital “E”. 🤷‍♂️ Never mind...]

Anyway - let’s focus on “opportunity coming from adversity”. It won’t necessarily be easy, but opportunity will surely be there.If there’s anything we can do to help in the area of real estate, financing, and “related” - even if that’s just an informal conversation - feel free to drop a line: That’s what we’re here for. Spring is poised…

Andrew.

#JustBungalows
#theBB.group

Questions? Comments? ...We'd ❤️ to hear from you: Drop us a line here!...

Set Up Your Own Customized SmartSearch

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JustBungalows.com Home Page

Browse GTA Bungalows by City / Region

Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  
Toronto by Boroughs  |  Toronto by Neighbourhoods  |  York Region

Browse "Beyond the GTA" Bungalows by City / Region

Brant & Brantford Township  |  Dufferin County  |  Grey County  |  Guelph & Wellington County  |  Haldimand County  |  Haliburton County |  Hamilton [City]  |  Hastings County  |  Kawartha Lakes  |  Kitchener-Waterloo & Cambridge  |  Muskoka District |  Niagara Region  |  Northumberland County  |  Parry Sound District  |  Peterborough City & County | Prince Edward County

SEE CHARTS BENEATH THE REFERENCE MAP FOR FULL FEBRUARY 2025 BUNGALOW STATS BROKEN DOWN BY CITY/REGION:

• Total number of Bungalows Sold on the month
• Average, Median, Mode, Low & High:
  • Asking Price
  • Original Asking Price
  • Sale Price
  • % Listing-to-Selling Price Ratio
  • Property Tax Amounts
  • # of Bedrooms [Above grade level.]
  • # of Bathrooms / Washrooms [Total - all levels.]
  • # of Days on Market [DOM]