Photo: James Bombales
While September was a lackluster month for GTA home sales, October seems to be shaping up to have a slightly stronger performance.
Sales rose 1 percent year-over-year in downtown Toronto during the first two weeks of October, while sales of Toronto houses were up a whopping 52 percent from the first two weeks of September, according to the latest mid-month report from real estate website Zoocasa. Listings fell by 10 percent month-over-month in the downtown core, pushing the city into slightly tighter conditions.
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“An uptick in [low rise home] sales, both from a month-over-month and year-over-year perspective have been partially offset by a surge of new listings,” writes Penelope Graham, managing editor at Zoocasa, in the release. “However, the [GTA] region as a whole recorded a slight decrease [in listings] from September, which made the market slightly more competitive in October.”
Meanwhile, sales are up for condos in both downtown Toronto and the GTA, with 11 percent and 5 percent upticks, respectively. The number of new units in the GTA fell 4 percent month-over-month, leading to a slightly tighter market.
Finally, Toronto townhouses are experiencing what Graham calls an “especially strong October thus far.”
“Sales rose 35 percent from the same two weeks in September, and new listings down 19 percent,” she writs. “In the [GTA] region as a whole, they’re down a slight 2 percent, though that decline is more than offset by a 14 percent plunge in new listings, keeping the market on the higher edge of buyers’ territory.”
For a closer look at what’s happening in the market this month, check out Zoocasa’s infographic below: