Top line number for the Toronto Area's real estate market in September.
The growth in sales was driven by strong suburban demand. Sales were up in:
Halton 73%
York 50%
Durham 55%
Peel 45%
Sales in the City of Toronto were up 18% - see all GTA stats here
realosophy.com/greater-toront…
New listings were up 12% for low-rise houses in the GTA but active inventory (total number of homes for sale) is still down 20% over last year.
But things look very different in the condo market where new listings were up 73% over last year and active listings are up 99%
A lot of people have been asking me where all this condo inventory is coming from.
Two things: new condo listings are up 13% over last year which is contributing to the higher inventory.
When demand fell dramatically in April/May, inventory started to increase...
When sales picked up in June they did not come back strong enough to make up for the lost sales in April and May
In Q2 and Q3 this year, condo sales are down 19% over last year while low-rise sales are at the same level
The decline in demand is also behind the rise in inventory
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