Home buyers continue to purchase in Toronto. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Toronto real estate market as of September 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Toronto Market
Sales in Toronto have decreased by 20%, marking a substantial slowdown in buyer activity compared to historical averages. Meanwhile, new listings have remained relatively stable, with only a 2% increase year over year, indicating that sellers are still entering the market despite the drop in demand. Inventory, however, has risen by 15%, and the months of supply have expanded by 30%, signaling that properties are staying on the market longer and giving buyers more choices.
Toronto's Detached Homes
The detached home segment has been particularly affected by the market slowdown. Sales of detached homes have dropped by 25%, yet prices have held firm with no significant decline. The average price for detached homes in Toronto remains steady at around $1,800,000. Inventory for detached properties has increased by 18%, which could start to place downward pressure on prices if demand doesn’t recover.
Toronto's Condominiums
The condominium market is also experiencing a slowdown, with sales falling by 15%. Along the reduced activity, condominium prices have decreased, with the average condo price dropping to at $681,835. Inventory levels have grown by 45% over the last 5 Augusts, providing buyers with more options in a market that is becoming increasingly favorable for those looking to purchase.
Toronto's Semi-detached & townhouse homes
In the attached home market (townhouses and semi-detached homes), sales have decreased by 22%, reflecting broader market trends. Prices for attached homes, however, have stayed firm, averaging $1,100,000. Inventory in this segment has risen by 20%, contributing to a more competitive market for sellers, but thus far, this has not led to any significant price drops.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Saved nearly $15,000 by having my offer accepted through Bōde instead of through a real estate agent. If you are willing to be more involved in the process it's definitely worth checking out.
My house sold with Bōde for $30k higher than what most realtors estimated, while saving me a ton in fees.
As a builder, I pour my heart and soul into these projects. With Bōde I was able to sell four luxury homes in 21 days, saving well over $100,000 in commissions.
We saved thousands of dollars selling out home with Bōde.
If we ever sell another home we will definitely use Bōde again.
We were amazed at how fast we were able to sell our home using Bōde.
We certainly priced our hom eright and were able to sell it for 7% more than market and 92 days faster!
Used Bōde to sell my condo, they were super responsive and helpful through the entire thing.
Scheduling all the showings myself was great, really simplified the process and saved a lot of money.
I have always wanted to list, show and sell my own homes in the pas but without a real estate licence it was never possible.
Now with Bōde, marketing and selling your own home is in reach.
Home » Blog » Monthly Market Updates » Toronto Real Estate Market – September 2024
Toronto Real Estate Market – September 2024
Real Estate Market Report | Toronto | September 2024
Sales Fall as Inventory Rises, but Prices Hold Steady in a Cooling Market
Home buyers continue to purchase in Toronto. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Toronto real estate market as of September 2024?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Toronto Market
Sales in Toronto have decreased by 20%, marking a substantial slowdown in buyer activity compared to historical averages. Meanwhile, new listings have remained relatively stable, with only a 2% increase year over year, indicating that sellers are still entering the market despite the drop in demand. Inventory, however, has risen by 15%, and the months of supply have expanded by 30%, signaling that properties are staying on the market longer and giving buyers more choices.
Toronto's Detached Homes
The detached home segment has been particularly affected by the market slowdown. Sales of detached homes have dropped by 25%, yet prices have held firm with no significant decline. The average price for detached homes in Toronto remains steady at around $1,800,000. Inventory for detached properties has increased by 18%, which could start to place downward pressure on prices if demand doesn’t recover.
Toronto's Condominiums
The condominium market is also experiencing a slowdown, with sales falling by 15%. Along the reduced activity, condominium prices have decreased, with the average condo price dropping to at $681,835. Inventory levels have grown by 45% over the last 5 Augusts, providing buyers with more options in a market that is becoming increasingly favorable for those looking to purchase.
Toronto's Semi-detached & townhouse homes
In the attached home market (townhouses and semi-detached homes), sales have decreased by 22%, reflecting broader market trends. Prices for attached homes, however, have stayed firm, averaging $1,100,000. Inventory in this segment has risen by 20%, contributing to a more competitive market for sellers, but thus far, this has not led to any significant price drops.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
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Bōde has created a marketplace to allow you to get transparent home data, set your price, and list your home on MLS (and 1000+ more sites). We will advertise your home and walk you through the whole sale process for 1% up to a maximum of $10K, only when the home sells.
Looking to buy? Bōde empowers buyers to purchase any Bōde property – for no charge.
With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
Get started at bode.ca
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