OCTOBER 2024 HOUSING MARKET UPDATE
Posted on
November 1, 2024
by
Steven Hill
Supply levels improving for higher-priced homes
Sales and Price Range Dynamics | Sales of homes priced above $600,000 rose, which balanced out the declines at the lower end of the market. Overall, October sales were similar to last year, showing a rise from September and a level 24% above long-term trends for the month.
Supply and Demand Balance | The demand for housing remained strong, particularly in the lower to mid-price ranges, where inventory remains limited. Supply levels improved compared to last year but were primarily driven by higher-priced homes, leading to more balanced conditions in the upper end of the market.
Inventory Trends | Inventory levels in the city increased, reaching 4,966 units in October, up from 3,205 last year. This inventory growth has shifted composition, with nearly half of the homes priced above $600,000, helping ease tight market conditions.
Pricing Trends and Seasonal Effects | The benchmark price for residential properties was $592,500 in October, up over 4% from last year, with a year-to-date average increase of over 8%. Unadjusted prices saw a slight seasonal dip compared to September, though seasonally adjusted prices remained stable. |
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Detached | Home sales rose to 1,071 in October, a gain over last month and nearly 10 per cent higher than last year. While new listings were higher than last year, they slowed over last month, causing the sales to new listings ratio to rise to 69 per cent and preventing any further monthly gain in inventory levels. With 2,199 units available, the months of supply remained near two months, a gain over the under two months reported last year at this time, but slightly lower than last month.
The unadjusted detached benchmark price was $753,900 in October, slightly lower than last month but still eight per cent higher than levels reported last October. Additional supply choices in the higher price ranges have taken some of the pressure off home prices. However, the recent monthly pullbacks are more related to seasonal conditions, as seasonally adjusted prices have remained relatively stable over the past three months.
Semi-Detached | Sales in October rose over last month and were over six per cent higher than levels reported last year at this time, contributing to the year-to-date growth of over three per cent. New listings for semi-detached homes have also been on the rise, supporting some steady gains in inventory levels. The shift in supply compared to demand has helped push the market toward more balanced conditions, especially for higher-priced properties. However, with only two months of supply, the overall conditions still favour the seller.
The unadjusted benchmark price was $677,000 in October, similar to last month and over eight per cent higher than last year. Year-to-date prices have averaged an over 11 per cent gain. |
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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