In fact, with home sales hitting their lowest volume for a month of September since 1996, the Toronto Regional Real Estate Board’s Market Watch, released last week, reported just 4,642 sales for the month, a full 7% year-over-year decline, and a significant fall from the 5,294 reported last month encompassing a 12% drop.Wait, wait, wait, someone will cry: prices are up, 3%, in fact, over last year and 3.4% over last month.
And in comparison to the almost non-existent inventory the Toronto market has had to contend with for years and years, this feels like a virtual flood, even though we are only sitting somewhere between 18 and 22% above the long-term average. Some might even say that while this may finally be the closest thing to a “buyer’s market” many of us can recall, we are still firmly in balanced market territory.
But even that number hides the reality that many properties are listed and relisted multiple times on their way to an accepted offer. The telling part, however, is that on it’s face we are seeing a gradual drift down in prices rather than aggressive deals being scored out there.
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