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End of Summer Market Stats ☀️🏡

HOUSES: The bidding wars for move-in ready homes that we saw earlier in the spring had sizzled out substantially this summer. The types of homes that saw the most buyer demand in August were semi-detached homes and freehold townhouses, particularly in Toronto: the average semi-detached home increased in price by +9.4% while the average freehold townhouse increased in price by +6.2% over the past year. 

CONDOS: Compared to last year August 2022, condo sales increased in both Toronto and in the 905 suburbs, by +6.5% and +10.1% respectively. Last month August saw condos in the suburbs slightly outperforming condos in Toronto in terms of the average price appreciation over the past year: the average suburban condo increased by +1.6% in price over the past year while the average Toronto condo decreased by -1.8 % in price over the past year.

PRICE & SALES VOLUME:

💰 Compared to last August, on an annual comparison, the average property price remains nearly the same at a +0.3% increase. When comparing all housing types, condos in Toronto saw the largest annual price drop at -1.8%, while semi-detached homes in Toronto held on the best with a +9.4% price increase over the past year

Now, if we look at the month-to-month comparison between July and August, we see that all housing prices had decreased this Summer by an average of -3.2%. Condo prices decreased the most at a -4.0% price decrease from July to August, while detached home values held on the best at a -0.76% price decrease.  
 

📈 The number of active listings is up +16.5% in the GTA, creating a more relaxed market for buyers to shop in. That being said, we are seeing some buyer hesitancy that is largely driven by higher borrowing costs and uncertainty about the Bank of Canada's interest rate decision making. This led to slightly fewer sales in August compared to the same time last year: -5.2% fewer sales. 

WHAT TO EXPECT AS WE ENTER THE FALL MARKET 🍁: The industry is expecting to see an increase in sales volume towards the end of this month September. Traditionally, August is the slowest sales month during the summer with sales numbers picking back up after Labour Day Weekend. 

There are many fantastic opportunities for buyers: the current market is at a much more relaxed pace to shop where there is more inventory and for most parts of the GTA, you can likely avoid the stress around bidding wars. For those who are looking to sell a property, you can make a significant impact by working with the right team to assist with preparation, effective marketing and the right pricing strategy. 

If you're looking for guidance to navigate this market & effectively achieve your goals of selling or purchasing real estate, contact our team at 647-836-2895 ☎️