06 Sep Market Update August 2017
**City of Toronto Real Estate Market Update**
In the month of August, we saw a significant slowdown in sales year over year (YoY) for all home types in Toronto. However, condominiums continued to display relative strength in August, when compared to all other housing types. Higher prices (+21% YoY) and a decline in overall resale inventory (-17% YoY) shows that there is still very strong demand in the city’s condo market.
We continue to see a buildup of detached and semi-detached housing inventory in some neighbourhoods across Toronto. However, even with the growth in inventory, most Toronto districts maintain between 1-2 months of detached and semi-detached housing inventory — still considered a seller’s market. We saw extremely low sales turnover in several of the luxury home districts in Toronto over the summer months. This is one reason for the continued downward trend in the average price of detached homes in Toronto.
As we enter September, more inventory will hit the market, including those listings that did not sell during the summer months and will now be re-listed. Homes located in specific neighbourhoods in Toronto are still attracting multiple offers, which shows that plenty of home buyers are still out there waiting for the ‘right’ opportunity.
If you would like more information on your neighbourhood, or a neighbourhood of interest, feel free to call, text or email me at anytime.