One Minute Market Update - September 2023

September 2023 Key Takeaways: 
  • Average sale price was up month over month 11% and year over year 5%.
  • New home sales were down 8% month over month but remained the same compared to last year. 
  • New listings are way up since last month and last year.
  • The market is officially swinging into more of the buyers benefit in the city of Toronto. With potential for further interest rate hikes and general economic uncertainty buyers are mostly hoping to weather the storm while a lot of sellers are looking to liquidate assets in exchange for more cash in hand. 
  • The one surprising figure here is that given this decrease in demand, there was still a significant increase in average sale price. Values are still holding strong and time will tell if that will remain or if we will start to see more fuctuations. 
  • It's possible the war in the middle east causes gas and energy prices to go up effecting inflation here in Canada. Something to keep an eye on as that can have an indirect effect on the Bank Of Canada's decision whether or not to raise their overnight rate during their next announcement on October 25th. 

All data below. What do you think? 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.