September has come and gone in Toronto with substantial housing inventory and continued downward pressure on prices. A total of 7,182 new listings brought overall inventory to 10,653 homes for sale. Properties are also spending more time on the market, averaging 47 days before selling. While average sale prices continue to trend lower, buyer activity has strengthened across every housing type compared to the same period last year with sales up 13.2%.
Below, you will find the average sold prices for the major housing categories, along with year-over-year (YoY) comparisons for both prices and sales: (The data in parentheses are from August and provided for month-month comparison.)
👉 The average detached price came in at $1,686,013 ($1,524,066), down by only 0.8% (-10%) compared to the same period last year. Despite the price decline or more likely because of it, sales continue to rise with a 12.5% (10.5%) year-over-year increase.
👉 The sales of semi-detached properties is up 17.6% (18%) even though the average price slipped 8.9% (-6.1%) to $1,181,672 ($1,131,498).
👉 Townhome sales received the most significant boost of 39.2% (9.4%). The average price of $929,597 ($915,511) is down by 4.9% (1%).
👉 The average sale price for condos is $681,115 ($667,660). That is 3.8% (-2%) less than last year’s. Unlike in the previous month, sales activity picked up by 7.4% (-3.4%).
Last month, condo sales and average price both decreased. This month, prices are still down but sales have picked up despite condos posting the highest number of new and total listings. The same is true for the freeholds, more units sold but with lower average prices. The increased activity is attributed to the interest rate cut. A lot of potential buyers on the sideline are waiting for further cuts to make mortgage payments more affordable.
The current market dynamic is defined by a curious mix: declining prices paired with rising demand. For buyers, this presents opportunities to enter or move up in the market at more approachable price points. For sellers, the uptick in sales is encouraging, but it also underscores the need for realistic pricing strategies in a competitive environment. Overall, Toronto’s housing market is demonstrating resilience. If affordability continues to improve, momentum could build further heading into the next quarter.
If you have questions or need assistance, send us a message. We are always happy to discuss. 📩