"Toronto Real Estate Market: Stable Prices, Consistent Buyer Activity, and Close-to-Asking Price Sales"

The real estate market in the City of Toronto has shown some interesting trends over the past 12 months. In terms of average property sale prices, there has been a slight decrease of 2% from the previous month, but a 1% increase compared to the same month last year. This suggests a relatively stable market with a slight upward trend in prices.

Sale volume has also seen fluctuations over the past year. The most recent month saw a decrease in the number of properties sold compared to the previous month, but there has been an overall increase of 1% compared to the same month last year. This indicates a consistent level of buyer activity in the market.

Days on market, which measures the average number of days it takes for a property to sell, has remained relatively stable over the past year, with an average of 25 days in the most recent month. This suggests that properties are selling at a consistent pace.

The sales price to list price ratio, which measures the percentage of the listing price that a property sells for, has remained steady at 98% in the most recent month. This indicates that sellers are receiving close to their asking price for their properties.

Lastly, benchmark price variations, as reflected in the HPI data, show a 1% increase in the benchmark price compared to the same month last year. This suggests a gradual appreciation in property values over time.

Overall, the data suggests a balanced real estate market in the City of Toronto, with stable prices, consistent buyer activity, and properties selling at close to their asking price. This is positive news for both home buyers and sellers, as it indicates a relatively stable and predictable market.

Read the full article on: Toronto Regional Real Estate Board