The Bibby Group | October 2019 Newsletter
With October nearly behind us, we’ve seen another month where the annual rate of sales has outpaced the annual rate of new listings growth, as we are well below last year’s inventory levels. And while prices are at an all-time high, conditions have tightened this fall, especially within active resale condominium listings downtown—most of which are in high-demand buildings and neighbourhoods. Sales under the $1 million mark are still relatively active as a whole, and bidding wars continue for entry-level inventory (condominiums and homes), but larger suites and luxury properties are taking longer to sell. This shift in the pace of transactions presents a great opportunity for buyers shopping in the luxury or down-sizing market compared to the springtime.
Although the spring market was perhaps more robust, it is worth noting that buyers are still out in full force but are somewhat cautious, reflecting the unpredictability of our market. Given this shift, I am witnessing a market where sellers are being realistic with their pricing in response to a lack of offers. Even though conditions have settled down slightly, I still anticipate slow to moderate growth in all markets downtown as we move towards 2020 and a traditionally slower winter season. Realistic pricing and patience will be required in order to be successful in the weeks and months to come.
Finally, according to the Toronto Real Estate Board’s latest data, prices are up in the downtown core by approximately 8% year over year. We have roughly four to five weeks of activity before the holiday season arrives, so if you’re planning on selling, traditionally it is beneficial to avoid mid-December and January or wait until the springtime. But if you’re a buyer, there are some great opportunities presently. They may not last, though, as I expect pending inventory to be consumed as we approach the year end. I look forward to reporting back in a months time!