Loading...When examining the past few months of housing prices in Toronto, you can definitely see a downward trend in sale prices. Depending on the type of home, the changes may be significant. If you’re wondering if the freehold or condo market has changed more, let’s look at the past month’s sales data in more detail.
In November, the average sale price for detached homes decreased by 2.7% from October. And looking at year-over-year, the average price has decreased by 7.5%. The average price in November for a detached home was $1.57 million.
A similar trend can be seen in semi-detached townhomes and condo apartments.
For semi-detached houses, the monthly average price has decreased by 3.5% with a 5.0% decrease compared to November in 2024. Average price for semis in Toronto was $1.19 million.
The average price for Toronto townhomes also dropped by 4.6% monthly and 8.9% yearly. Average price for these were $1.06 million.
And lastly, for condos, the average price was $694k. Surprisingly, condo apartments experienced the least change in pricing. Monthly change saw a 0.7% decrease monthly and a 2.7% decrease in yearly change. This may indicate that the prices for condos have hit their bottom, as the prices aren’t trending downwards as significantly.
Regardless, it is still a great time to be a buyer, as prices have been trending down, and we are definitely in a buyer’s market. Especially with the large amount of inventory across all types of homes, there are many options for buyers.
Sellers will also need to realize that the high prices of 2021 are long gone. The sooner they accept the new prices and market slowdown, the sooner their homes will sell. With the glut of listings, it’s really important to make your listing stand out. Prices are still trending down, so work with a realtor who will be upfront and realistic about the market outlook.