The real estate market in the City of Toronto has experienced a decline in the benchmark price for all property types by 11% in the last year. However, the market has shown signs of recovery in the last three months with an increase of 6% in the HPI index. The average price of all properties sold in the last month was $1,240,934, which is higher than the average price of $1,188,873 in the last year. The market has been highly active in the last 12 months, with 27,735 properties sold, resulting in a dollar volume of $30.6 billion. The average days on market (DOM) has decreased to 17 days, and the sales-to-new-listings ratio (SNLR) has increased to 62.3%, indicating a seller's market.

The market has also experienced a shortage of inventory, with only 4,452 active listings in the last month. This has resulted in a low months of inventory (MOI) of 1.63, indicating a highly competitive market. Despite the shortage of inventory, the number of new listings has increased to 4,389 in the last month, which is higher than the average of 3,919 in the last year. The market has also shown an increase in the average sale price to list price ratio (SPLP) to 104%, indicating that properties are selling for more than the asking price. Overall, the real estate market in the City of Toronto is highly competitive, with a shortage of inventory and a high demand for properties, resulting in a seller's market.

Read the full article on: Toronto Regional Real Estate Board