𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for September 2024 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📢
September brought an increase in the number of homes sold, up 8.5% as compared to last year, and also up on a monthly basis compared to August. It’s important to note however that new listings were up 10.5% year over year, therefore the rate of sale has not outpaced supply.
In most areas we are still very much in Buyers market conditions, some edging more towards balanced. Certain pockets of Toronto proper on the other hand are experiencing multiple offers however this is on a case-by-case scenario largely factored by product type, the amount of competing inventory and price point.
𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗼𝘂𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗮𝗸𝗲 𝗮𝘄𝗮𝘆’𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗶𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝘀 𝗺𝗼𝗻𝘁𝗵 𝗼𝘃𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 𝘄𝗶𝘁𝗵 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬𝟮𝟰:
◾️Toronto detached home values flat month over month, and with the average price down about 2% compared to last year. All other home values pretty much flat month over month.
◾️Mississauga detached home values down $90,000 month over month, providing for what could be a short-lived opportunity to buy a detached home at an excellent value. All other home types flat month over month.
◾️Oakville detached home values back up for September and a huge jump from August, up by approximately $240,000. This could be based on higher price point homes sold, and the rush to close on a new home in time for the school year. Where detached home values were up on a month-over-month basis, other home types are ripe with opportunity as their values slipped: freehold townhouses down just over $100,000, condo townhouses down $80,000 and condo apartments down $120,000 as compared to just one month prior.
◾️Burlington detached home values flat to last month and up 15% over last year with the largest year/year category gain of the areas in our report. Opportunity knocks in freehold townhouse values, down by $145,000 to just over $900k average townhouse price in September (an excellent value for freehold). Condo apartments also down by close to $70,000 not surprisingly.
𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱? Obtain a personalized market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.
