Greater Toronto, Ontario, Sept 6th, 2023 - The Toronto Regional Real Estate Board’s monthly stats update, MarketWatch, was released by TRREB President Paul Baron today and reflects moderately lower sales volume, increasing inventory, and generally flat prices across Metropolitan Toronto, the balance of the Greater Toronto Area, and the portions of South-Central Ontario’s Greater Golden Horseshoe that fall into TRREB’s market area.

The report tracks - generally - year-over-year residential market activity reported by Board member Realtors® via TRREB’s MLS® system. All figures herein are year-over-year comparisons unless otherwise noted.

Overall

Total residential sales reported on the month were 5,294 representing a 5.2% decline compared to last August and includes all Classes, Types, & Styles of homes. “Classes” refers to, for example, Freehold as opposed to Condominium or other forms of home ownership. “Types” refers to the structure: Detached, Townhome, Apartment, etc. “Style” is the individual home’s “layout” - for lack of a better word - such as 2-Storey, Bungalow or 1-Storey, Backsplit, etc.

Sales volume was “mixed-to-lower” considering all classes/types/styles with the Freeholds generally lower [except for T.O. Townhouses] and Condos higher. As for average selling price, that was up across the board with the exceptions of Metro T.O. Detached homes and Condo Apartments - both of which registered small declines.

Specific Numbers by Home Type

Metro Toronto - “The 416” [area code] - saw 452 Detached homes sell, down 11.2%, at an average selling price of $1,635,145, relatively flat at -0.8%. The rest of the Board’s market area -  “The 905" area code very generally speaking - saw 1,813 Detached sales reported 12.2%, averaging $1,361,943, up 3.8%.

Condominium Apartment sales were up across the area while prices stayed flat: In Metro Toronto 1,086 “Condos” traded, off 6.5%, averaging $724,549, off 1.8%.The rest of the Area saw 523 sales, up 10.1%, for an average $666,167, up 1.6%.

Quotable:

From the report…

TRREB President Paul Baron:
“Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area and broader Greater Golden Horseshoe. Record immigration levels alone will assure this. In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy.”

TRREB Chief Market Analyst Jason Mercer:
“More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July. As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales.”

TRREB CEO John DiMichele:
“While higher interest rates have certainly impacted affordability, the prospect of higher taxes will also hit households’ balance sheets, especially younger buyers with limited savings. With the City of Toronto moving to raise the municipal land transfer tax (MLTT) rate on properties over $3 million as a revenue tool, it must also consider helping first-time home buyers struggling to enter the market by adjusting their tax rebate threshold to reflect today’s higher home prices.”

On the Inventory Front

Newly listed homes totalled 12,296 in August, a welcome 16.2% pop over last year’s total. “Total Active Listings”, which we’ve always maintained is the more relevant stat [because it takes into account none of the “cancel & re-list” listings, many of which are counted in the “Newly listed” figure] - was up a similar 16.5% to 15,497 homes available for sale. In a market which, like many others, has seen very tight inventory for a long time, this is a welcome turn - finally - particularly for those on the buyer side of the equation, obviously. Bigger picture it’s just plain healthy as the run-up in home prices and the extremely limited inventory situation were not sustainable.

What’s a little surprising is that, even in the face of rising inventory and, let’s say “stubborn” prices, homes still sold “9.1% faster” versis the year-earlier period at 20 Days on Market on average compared to 22… continuing “PDQ” - pretty darned quick - by historical standards. 

“Forward Inventory” - Active Listings divided by the month’s Sales Volume - gives us the market’s pulse in terms of how long it’ll take to sell all the homes currently listed. That stood at 2.93 months which is far more in line with historical norms. Last August we were at 2.36 months. In August of 2021 the stats blog by-line here was “Inventory levels on life support”. At that point there were 8,201 Total Active Listings… and there were 8,596 sales that month. Yeah… that translated to a supply of inventory of less than a month - a situation that was by no means unique to that particular month in the context of the past several years. Or any other time, for that matter.

Regardless of the "bigger picture" inventory situation, Bungalows across Metro Toronto and the GTA continue to be in high demand - particularly in the more mainstream price ranges.

So - the big question: How far does this “pendulum” go? Will buyers sit on their hands and wait to see if prices soften before committing to a purchase? A big piece of the answer to that question lies with interest rates. Keep an eye on the Canadian 5-year bond yield chart for clues there: That’s the basis for mortgage rates [which is why bond yields are posted under “interest rates” on the Bank of Canada website]. Another piece of the puzzle is another simple question… Is the market simply exhausted with many “average peeps” simply being unable to afford even “the average home”?


Bye the way: On that interest rate front, bear in mind that that 5-year bond yield hit an all-time low of 0.276% during the COVID-19 pandemic. March, 2020. You probably remember that! The all-time high was 18.78%. September, 1981. You may or may not remember THAT.

Stay tuned… As always, thanks for stopping by. Get outside and enjoy the weather!??

Questions? Comments? Drop us a line!…
 

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd  to hear from you!

Browse GTA Bungalows by City / Region:

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


...

REFER TO CHARTS BENEATH THE REFERENCE MAP FOR FULL AUGUST, 2023 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]

Get Complete Listing & Sold Info for Your Own Neighbourhood Here


See Archived Bungalow QuickStats Monthly Updates Here

Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region |  Halton Region |  Peel Region |  Simcoe County |  Toronto by Boroughs |  York Region


#JustBungalows #theBB.group  #SOTM

Note: Unofficial data. Copyright TRREB, theBB.group™ and JustBungalows.com™. TRREB MLS© data only. Figures may be rounded; dates may be expanded as noted. GTA/GGH… map credit: neptis.org Statistics represent the average selling price of Freehold Bungalow Style homes for the time frames indicated. Other Home Types/Styles such as Condominium Bungalows, Freehold 1.5 Storey homes, etc., may or may not be included in this data. Year-over-year comparisons may require adjustment due to changing Board jurisdictional / data boundaries. For more information, please contact us. E&OE

...

Greater Toronto, Ontario, August 3rd, 2023 - The Toronto Regional Real Estate Board released its monthly MarketWatch statistics this morning summarizing July’s market activity reported by Toronto & GTA Realtors® through TRREB’s MLS® system. The report reflects modest gains in sales volume and selling price along with a significant increase in the number of homes newly listed for sale versus the year-earlier period. Talk by many of “the housing crisis” persisted, however, as overall inventory - represented by total homes available for sale - remained virtually unchanged. All figures quoted herein are, because of the strong seasonality of the residential real estate market, year-over-year comparisons except where specifically noted otherwise.

The Big Picture…

There was a total of 5,250 home sales reported in July, up 7.8%, at an average sale price of $1,118,374, up 4.2%. That includes all of TRREB’s market area and all home Types & Styles. As noted above, inventory remains relatively tight with a grand total of 15,371 homes available for sale compared to 15,329 last July.

It’s interesting to note that three years ago - after the market had reopened and rebounded from the COVID-19 shutdown - sales volume totaled 11,081 homes, a 29.5% surge from July 2019. Total Active Listings stood at 15,018, the Average Sale Price was $943,710 (+16.9% YoY), and the “LDOM” (more on that below) was down to 17 days.

By July 2021, the numbers were - respectively - 9,390 sales; 9,732 Total Active inventory; $1,062,256 overall average sale price; and 15 LDOM.

Specific Numbers

In Metropolitan Toronto - “The 416” (area code) - 518 Detached homes were reported “sold firm” this July, an increase of 9.1%, at an average sale price of $1,641,045, up 8.1%. As for “The 905” (area code - generally) - the balance of the Greater Toronto Area - 1,860 Detached homes sold, up 9.2%, averaging $1,367,718, up a more modest 3.8%. 

Condo Apartment sales were also up, including a very strong performance in the Board’s market areas outside Metro Toronto. That “905 region” outside Toronto proper saw a 23.6% jump in sales volume for the sector to 492 apartments sold, averaging $697,393, up 5.7%. In “Toronto proper”, MLS® sales volume for the sector rose 5.9% to 1,013 units on the month at an average sale price of $753,520, relatively flat YoY at +1.2%.

Some areas, home styles and price points are still seeing success with “offer nights” where sellers enjoy receiving "multiple offers" - two or more offers on their property. Naturally, this occurs most in the more popular neighbourhoods and mainstream price points. We’d also note that Bungalows across the entire region continue to be in relatively high demand as “empty-nesters” look to downsize and - ideally - reduce the number of stairs in their homes, general maintenance demands, and so on.

That particular cohort is also driving the popularity of Bungalows in “Detached Condominium” lifestyle communities such as Alliston’s “Nottawasaga / Briar Hill” development and Ballantrae’s “Ballantrae Golf & Country Club” in north-eastern Whitchurch-Stouffville. Both of those feature golf course elements, though memberships and green fees aren’t necessarily included in the purchase price or monthly fees.

At a more modest price point are Bungalows in “Land Lease” communities such as Innisfil’s “Sandy Cove Acres”, New Tecumseth’s “Tecumseth Pines”, “Wilmot Creek” on the shores of Lake Ontario between Bowmanville and Newcastle in the Municipality of Clarington, Southern Durham Region. While price points are significantly lower for this type of home, the monthly fees can be significant.

Quoting from the Report…

Toronto Regional Real Estate Board (TRREB) President Paul Baron:
“Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years.”

TRREB Chief Market Analyst Jason Mercer:
“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer.”

TRREB CEO John DiMichele:
“We continue to suffer from a misalignment in public policy as it relates to housing. The federal government is targeting record levels of immigration for the foreseeable future, but we have seen very little tangible progress in creating more ownership and rental housing to accommodate this growth. Population growth is imperative for economic development; however, this growth will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem.”

Finally…

“Forward Inventory”, calculated as Total Active Listings divided by the month’s sales volume total, gives us an idea of how long it would take to sell all the currently available inventory assuming the rate of sales continues at its current pace. That comes to 2.93, or just under three months. A year ago, that figure was 3.12 months. This is not the kind of number that supports the “housing crisis” theory; it’s far more in line with historical norms than at many points in time over the past few years. At least on the “available for sale” front. Affordability remains another issue.

Homes sold “10.5% faster” this July compared to last at just 17 days on the market [19 a year ago]. While that’s higher than it’s been at many times over the past few years, it’s still pretty quick, historically speaking.

That’s the “LDOM” figure, or “Listing Days on Market”, as opposed to the “PDOM”, or “Property Days on Market” seen in the YoY Summary chart above. TRREB describes the difference in that latter metric as: "Average Property Days on Market ("Avg. PDOM")...takes into account sold properties that were listed more than once by the same combination of owner, brokerage and salesperson during the original contract period" as opposed to the former metric which only takes into account the timeframe of the listing that was in effect when the property actually sold.

As such, “PDOM” is - overall - the more relevant measure. Unfortunately, it’s “incomplete” in that it doesn’t account, for example, for properties sold on the second or third (or more) listing attempt IF those subsequent listings were with a different owner name and/or listing brokerage and/or listing sales representative.

That’s it for this round. Thank-you, as always, for stopping by. Any time you have questions about the market, the home buying and/or selling process, or anything else “residential real estate related”, drop us a line at the link below. Enjoy the summer! ??????‍??????‍??


Questions? Comments? Drop us a line!…
 

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd  to hear from you!

Browse GTA Bungalows by City / Region:

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

...

REFER TO CHARTS BENEATH THE REFERENCE MAP FOR FULL JULY, 2023 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]

Get Complete Listing & Sold Info for Your Own Neighbourhood Here


See Archived Bungalow QuickStats Monthly Updates Here

Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region |  Halton Region |  Peel Region |  Simcoe County |  Toronto by Boroughs |  York Region


#JustBungalows #theBB.group  #SOTM

Note: Unofficial data. Copyright TRREB, theBB.group™ and JustBungalows.com™. TRREB MLS© data only. Figures may be rounded; dates may be expanded as noted. GTA/GGH… map credit: neptis.org Statistics represent the average selling price of Freehold Bungalow Style homes for the time frames indicated. Other Home Types/Styles such as Condominium Bungalows, Freehold 1.5 Storey homes, etc., may or may not be included in this data. Year-over-year comparisons may require adjustment due to changing Board jurisdictional / data boundaries. For more information, please contact us. E&OE

...

Greater Toronto, Ontario, June 2, 2023 - The Toronto Regional Real Estate Board’s [TRREB] President, Paul Baron, released their monthly statistical update, “MarketWatch”, this morning covering residential market activity in Toronto, The GTA, and South-Central Ontario reported by area Realtors® through the Board’s MLS® system for the month of June. In short, continued inventory remained relatively confined while sales volume remained relatively strong. Accordingly, the average selling price showed a modest increase of 3.2% compared to the year-earlier period. Due to the strong seasonality of the housing market in the  area, all figures quoted herein are year-over-year comparisons unless noted otherwise. 

Overall

Including all of TRREB’s market area and all Types & Styles of homes, there were 7,481 sales reported on the month which was a healthy 16.% increase. The average sale price came in at $1,182,120, up 3.2% as noted above. Multiple offer situations were once again seen in many towns and communities across the GTA - particularly for well-presented properties in the mainstream price ranges, not surprisingly given the snug inventory. More on that below…

Specific Numbers

Metropolitan Toronto saw 807 sales of Detached homes reported in June, up 9.2%, at an average selling price of $1,785,128, up 2.6%. The rest of TRREB’s market area - The Greater Toronto as well as some of its more immediate peripheral areas - had 2,570 Detached sales reported, up 14.6%, at an average of $1,451,198, a 6.6% gain.

Condo apartment sales were considerably stronger in volume terms - perhaps a simple function of price point: 1,470 units sold in The 416 [area code], up 24.1%, and 685 sold in the balance of the market area, up 34.3%... but prices were actually softer for this group: The former averaged $770,423, off.2%, while “Out in “The 905”” [area code, generally speaking], that average came to $674,305, down 2.7%.

Demand for Bungalows, BungaLofts and Raised Bungalows - one storey homes, generally speaking - was particularly strong across the area as empty nesters looking to downsize often opt for this more easily navigated - and maintained - Style of home.

Quoted

Toronto Regional Real Estate Board President Paul Baron:

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available.”

TRREB Chief Market Analyst Jason Mercer:

“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels."

TRREB CEO John DiMichele: 

“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month. In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves.”

Inventory

The Total Active Listings [TAL] figure came in at 14,107. That’s a pretty significant drop of 12.3% from last June’s [adjusted] 16,087 homes for sale. In terms of the indicated “Forward Inventory” - calculated by dividing the TAL by the month’s Sales volume total to give us a barometer of how long it would take to sell all the existing inventory - that’s about 1.9 months. Sounds like lots but, while it’s quite a bit better than some of the inventory figures we’ve seen lately, it’s still relatively low by historical standards.

“Absorption Rate” indicates how fast the market’s “absorbing” newly listed property and is calculated by dividing the Month’s Sales volume by the number of New Listings. That came to .47 based on June’s figures. 

Homes took “6.7% longer” to sell last month at 14 Days on Market [DoM]... still fast by historical standards based on “Listing Days on Market”. Last June the average was 13 days.

…’til next time, thanks again for stopping in… Enjoy your summer! ????‍??


Questions? Comments? Drop us a line anytime
 

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd  to hear from you!

 

Browse GTA Bungalows by City / Region:

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

...

REFER TO CHARTS BENEATH THE REFERENCE MAP FOR FULL June, 2023 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]

Get Complete Listing & Sold Info for Your Own Neighbourhood Here


See Archived Bungalow QuickStats Monthly Updates Here

Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region |  Halton Region |  Peel Region |  Simcoe County |  Toronto by Boroughs |  York Region


#JustBungalows #theBB.group  #SOTM

Note: Unofficial data. Copyright TRREB, theBB.group™ and JustBungalows.com™. TRREB MLS© data only. Figures may be rounded; dates may be expanded as noted. GTA/GGH… map credit: neptis.org Statistics represent the average selling price of Freehold Bungalow Style homes for the time frames indicated. Other Home Types/Styles such as Condominium Bungalows, Freehold 1.5 Storey homes, etc., may or may not be included in this data. Year-over-year comparisons may require adjustment due to changing Board jurisdictional / data boundaries. For more information, please contact us. E&OE

...

Greater Toronto, Ontario, June 2, 2023 - “MarketWatch”, the Toronto Regional Real Estate Board’s monthly stats report, was put out this morning  by Board president Paul Baron merely confirming the continued constrained inventory of available homes listed for sale as reflected in the statement, "...the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically...". In short, sales volume remained strong while inventory levels continued to lag versus the year-earlier period.

Talk of a continuation of the rise in interest - and therefore, of course,  mortgage - rates likely helped pull some buyers off the sidelines and get into the market before the next rate hike. Rising rates, obviously, negatively impact buying power but with inventory still tight, prices remain “supported”… All figures quoted herein are year-over-year comparisons - because of the strong seasonality of the residential real estate market - unless specifically noted otherwise.

The Big Picture

Overall - including all home types & styles across all of TRREB’s market area - GTA Realtors® through the Board’s MLS® system reported 9,012 homes sold representing a 24.7 per cent increase in volume. That volume was also up by +5.2% compared to April, 2023. The overall average sale price came in at $1,196,101, relatively flat at -1.2%. 

Specifics by Type of Home

Detached home sales volume reported in Metropolitan Toronto came in at 970 units, up 20.3%, at an average selling price of $1,913,132, virtually unchanged from last year. The balance of TRREB’s market area - “The 905” [area code] generally speaking - had 3,079 Detached sales reported,  representing a 22.2% jump, averaging $1,444,234, up one lonely percentage point.

Condo Apartments enjoyed even stronger sales volume increases than that Detached group, though prices were a little softer: In Metro T.O., sales were up 34.3% to 1,694 units averaging $784,914 - down 1.1%. The rest of the market area had 874 sales of Condo Apartments reported, up 49.9%,  at an average sell price of $677,874, off 6.3%.

That Inventory Thing

So “available homes for sale” has been a much debated issue for some time now. The powers that be want to bite into The Greenbelt to “solve the problem”. Others argue that that’s not the real issue. The latter argument might be supported by the month’s stats, namely…generally:

Sales volume is definitely up as outlined above.

Inventory continued downward relative to demand, with newly listed homes down 18.7% and [the more indicative] total available listings down 23.1%.

So why are prices “flat-to-lower”?

Markets don’t stay “flat”, generally speaking. At least, not for extended periods. As with anything else, they’re most often either in advance or decline mode. Could this be an indication that we’re back into a market shift to softer/slower as we saw through much of 2022? Or is this merely a “pause that refreshes”?

Many economists - professional and amateur alike - predicted more of a sustained correction in home prices in the face of massive debt combined with rising interest rates. The simple logic: Higher rates reduce buyers’ mortgage qualification amounts and, therefore, softer prices are inevitable. Further - and perhaps even more importantly - existing homeowners whose mortgages come up for renewal at significantly higher rates on very large mortgage principal balances would be forced to sell - a natural function of any “naturally functioning” market, be it homes, equities, bonds, or anything else. The result? Increasing inventory… and its “counter”, further softening prices. Supply v Demand.

But wait! That “natural function” wasn’t so natural after all. It seems many people weren’t even aware of something shiny and new: “The Mortgage Code of Conduct”. That included - as reported by Global News - “would direct financial institutions to provide Canadians struggling to make mortgage payments with “fair and equitable access to relief measures.” This could include adjusting payment schedules, extending amortizations on the loan…”.

That’s not insignificant - to say the least. The result, apparently for a lot of homeowners, is that monthly payments have remained constant but do not even cover the interest. This means the mortgage’s balance is actually rising as opposed to being paid down… and that means the amortization period is getting longer. A lot longer in some cases…like… over fifty years.

As BetterDwelling puts it, “Canadian Banks Are Extending Amortizations Over 35 Years To Avoid Defaults”.  But it appears this has actually deteriorated to the point where there’s now talk of “multi-generational mortgages” where the kids and the grandkids take over the payments. Oh, what a tangled web we weave… And this in the face of already extreme levels of debt in Canada. And housing costs that have shot higher in recent years. Interest rates have been increasing, of course, because of rising inflation… combined with the risk presented by elevated overall debt loads.

Quickly, diving a little deeper on those inventory figures: Total Active Listings came in at 11,868 homes available for sale… Dividing by the month’s sales volume gives us an “Indicated Forward Inventory” of about 1.3 months of supply. That’s stubbornly low by historical standards…still. We shall see…

The “Absorption Rate” - sales volume divided by new listings - essentially an indicator of how quickly the market’s “absorbing” new listings as sales - came in at .593.

Quoting from the Report:

Jason Mercer, TRREB Chief Market Analyst: “The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring.”

Paul Baron, Toronto Regional Real Estate Board (TRREB) President: “Despite the fact that we have seen positive policy direction over the last couple of years, governments have been failing on the housing supply front for some time. Recent polling from Ipsos found that City of Toronto residents gave Council a failing grade on housing affordability and pointed to lack of supply as the major issue. This issue is not unique to Toronto. It persists throughout the Greater Golden Horseshoe. If we don't quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest.”

And, Finally...

At just 14 days on the market [LDoM] versus 12 a year ago, homes were selling “16.7% slower” on the month. “PDoM”, “Property Days on Market”,  which includes a property’s previous listing[s] by the same Agent, was 15 compared to 18 one year earlier. Both figures fall into the “very fast” time-to-sell category.

Thanks for stopping by… Get out and enjoy the weather!

Questions? Comments? Drop us a line anytime
 

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd  to hear from you!

 

Browse GTA Bungalows by City / Region:

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

...

REFER TO CHARTS BENEATH THE REFERENCE MAP FOR FULL May, 2023 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]

Get Complete Listing & Sold Info for Your Own Neighbourhood Here


See Archived Bungalow QuickStats Monthly Updates Here

Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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


Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County |  Toronto by Boroughs  |  York Region


Browse GTA Bungalows by City / Region:
Durham Region |  Halton Region |  Peel Region |  Simcoe County |  Toronto by Boroughs |  York Region


#JustBungalows #theBB.group  #SOTM

Note: Unofficial data. Copyright TRREB, theBB.group™ and JustBungalows.com™. TRREB MLS© data only. Figures may be rounded; dates may be expanded as noted. GTA/GGH… map credit: neptis.org Statistics represent the average selling price of Freehold Bungalow Style homes for the time frames indicated. Other Home Types/Styles such as Condominium Bungalows, Freehold 1.5 Storey homes, etc., may or may not be included in this data. Year-over-year comparisons may require adjustment due to changing Board jurisdictional / data boundaries. For more information, please contact us. E&OE

...

Toronto, Ontario - May 3rd, 2023 - Toronto Region Real Estate Board President Paul Baron this morning released the April, 2023 MLS® home sales stats as reported by Toronto & GTA Realtors® via the Board’s monthly MarketWatch report showing a market still tightening on the inventory front. The tighter market has led to continued price strength this year.

Overview


Overall - meaning all home types across TRREB’s market area - 7,531 residential properties were transacted in April representing a 5.2% drop versus last April when we were trumpeting a degree of relief on the inventory front. The overall average sale price was $1,153,269, down 7.8% from last April. [“Overall” meaning all TRREB areas and all home types]. All figures are year-over-year comparisons except where noted otherwise.

Specific Numbers


Reported sales of homes in the Detached group totalled 767 in Metropolitan Toronto, off 11.1%, at an average selling price of $1,787,752, off 8.1%. The balance of TRREB’s market area - “The 905” area code, generally - saw 2,681 sales reported, nearly uncharted at -0.5%, averaging $1,403,863, down 7.7%.

Condominium Apartment sales totalled 1,453 units reported on the month in Toronto, down just 1.8%, at an average sale price of $751,916, down an even eight percent. The balance of TRREB’s market area saw 707 units sell, UP 3.8% (the only “+” sign in the core stats), at an average of $666,987, down 7.7%.

At month-end there were 10,373 Total Active Listings. Divided by that total Sales figure of 7,531 gives us an indicated Forward Inventory of about one and one-third months. That’s actually better than we’ve seen in months past, but still relatively tight on the inventory front based on historical norms.

Homes took an average 17 days to sell…  also below historical norms… though that’s “54.5% slower” than last April’s 17 Listing Days on Market.

Quotable…


TRREB President Paul Baron:
“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government.”

TRREB Chief Market Analyst Jason Mercer:
“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability."

TRREB CEO John DiMichele:
“Lack of affordability in the GTA ownership and rental housing markets has been well-documented. On top of this, households faced with steep price increases for basic goods and services have had to make tough decisions to adapt. It is time for governments to make tough choices as well. On average, every dollar a household makes in the first half of the year goes to taxes. Governments need to provide more value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving forward."

Questions? Comments? Drop us a line anytime
 

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd  to hear from you!

 

Browse GTA Bungalows by City / Region:

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

 

...

REFER TO CHARTS BENEATH THE REFERENCE MAP FOR FULL April, 2023 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]

Get Complete Listing & Sold Info for Your Own Neighbourhood Here


See Archived Bungalow QuickStats Monthly Updates Here

Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  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



Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  York Region


Browse GTA Bungalows by City / Region:
Durham Region  |  Halton Region  |  Peel Region  |  Simcoe County  |  Toronto by Boroughs  |  York Region


#JustBungalows  #theBB.group  #SOTM

Note: Unofficial data. Copyright TRREB, theBB.group™ and JustBungalows.com™. TRREB MLS© data only. Figures may be rounded; dates may be expanded as noted. GTA/GGH… map credit: neptis.org Statistics represent the average selling price of Freehold Bungalow Style homes for the time frames indicated. Other Home Types/Styles such as Condominium Bungalows, Freehold 1.5 Storey homes, etc., may or may not be included in this data. Year-over-year comparisons may require adjustment due to changing Board jurisdictional / data boundaries. For more information, please contact us. E&OE

...
1
2
3
...
22