Toronto Real Estate Statistics

Toronto Real Estate Statistics - September 2012

October 3, 2012 - The Toronto Real Estate Board's September market stats are out and, as some had predicted, the number of units sold continues to soften, though average prices continue to rise.

New listings were up about 4% year-over-year, and the average price rose about 8.5% to $503,662, but unit sales dropped 21% versus the year-earlier period.

Now, 2011 was a fabulous year for the market. And, granted, the feds tightened up lending. And, granted, there were 2 fewer "working days" in September 2012 verus 2011 - as pointed out in the report...but 21%'s still 21%.

Interestingly, condos have been softening [some might say, "imploding"] for a few months now...see prior posts...but other home types have held up relaitvely well. Until now.

Here're the September 2012 numbers:
~ Detached homes units sold off 27% in the 416 and off 19% in the 905...detached average price up 10% in the former and 8% in the latter - for an average rise of 8%.
~ Sales of Semis and Freehold Townhomes fell 20% and 16% overall respectively; prices for those types rose 12% and 6% respectively.
~ Condo sales fell 29% in the 416 and 22% in the 905 for an overall drop of 27% year-over-year...though prices are still rising...up 8% in the 416 and 1% in the 905 for an average rise of 6%.
~ While new listings were up 4%, overall active listings were up 15%, obviously due to the drop in unit sales.
~ Average days it took to sell rose from 27 last year to 28 this year.

I read awhile back that there were more condos under construction and/or "approved and in the construction pipeline" in the Greater Toronto Area than anywhere else on the continent. If the condo market really is "flooded" and if sales don't rebound very soon, it appears it's spill-over into the broader market will continue.

Time will tell, as it usually does - but if those condo numbers from the past couple of months were, in fact, a "yellow flag", then the "red flag" may have just popped up. Stay tuned.

We're going to take a more in-depth look at the market numbers over the next few days and put out a Special Report.

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