Will September Bump?
August Toronto Real Estate Market Results Remain Muted
Given today’s August TRREB results, the continued but slowing price compression across all 416 home types (-1.2% year-over-year) has both buyers and sellers wondering if there will be a traditional September bump in the real estate market this year. In stronger Toronto real estate markets, which we have not seen in three years, September is typically the fall market kick-off and an array of new listings would normally come on the market lifting buyer activity and interest.
More broadly, this year we are tracking to have another similar sales year to last year, and new listings have really tailed off dropping 14.1% YoY across the GTA. Active listings in the GTA also contracted 11.3% YoY but inventory (24,482) remains steadily in the four-to-five-month range which still tips the leverage towards Buyers especially when compared to the covid and pre-covid era. More properties are certain to come out this fall but how many will be new inventory versus re-lists will be interesting to watch.
If you are considering coming to market this fall it will be key to have a strong handle on real market value of your property so you can build a great strategy around it. Please feel free to DM me with any questions you may have about navigating the current market whether it be a successful home sale or purchase this fall.
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