Hello everyone,
Welcome back to our weekly market update, now in our fourth week.
This time, we’re diving into the latest July stats that were released last week. As well, we’ll focus on our specific areas.
Let’s start with the Trebb figures. Year over year, the average price has increased by 4%, yet month over month, it’s dipped by just over 5%. Home sales have surged nearly 8% compared to the same time last year, but month over month, there was a bigger drop at 30%. This aligns with the anticipated summer lull, compounded by the impact of Bank of Canada interest rate hikes, which we expect to carry into August.
Shifting our attention to the GTA’s different housing types, detached homes are up year over year but down around 6-8% month over month. Similarly, semis and townhomes are experiencing a downtick, while condos have remained relatively flat.
While year-over-year comparisons are encouraging, the month-over-month downturn is likely due to the summer slowdown and rate hikes. Pre-construction is also slowing down, which could potentially impact future inventory.
Now, to our weekly updates. In the downtown surrounding area, prices have seen a slight uptick, with active listings and sales remaining relatively flat. However, there’s been a noticeable reduction in months of inventory, possibly influenced by property terminations. The condo market follows a similar trend, with prices and sales holding steady, but terminations are on the rise.
Moving to the Don Mills area, activity is stable yet subdued, and the condo market echoes this pattern.
The Leaside, Davisville, Mount Pleasant, and Young and Eglinton area also show a similar picture, with a small decrease in active listings, modest sales, and a drop in months of inventory.
While the market seems steady, there’s a noticeable decline in month-over-month performance due to the ongoing summer slowdown and rate adjustments.
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Thank you, and until next time!
WB- Week Before
Downtown & Surrounding areas
Housing Average Price-$ 1,493,297 WB – 1,468,275
Active Listings – 460 WB-493
Sold firm –38 WB- 41
Month on inventory – 2 WB- 2.14
Average Days on Market-13 WB-11
Condo Ave Price-$ 815,160 WB- $811,450
Active listings-2,182 WB- 2265
Sold firm-76 WB –79
Months of Inventory- 4.17 WB – 4.27
Average days on market-23 WB-20
Don Mills Area-
Housing Average Price- $1,385,000 WB – 1,403,000
Active Listings – 43 WB- 41
Sold firm – 1 WB – 6
Month of Inventory – 2.29 WB- 2.19
Average Days on Market- 23 WB- 14
Condo Ave Price- $ 515,500 WB – $905,000
Active listings- 84 WB – 84
Sold firm- 2 WB – 4
Months of Inventory – 3.2 WB- 3.2
Average days on market- 20 WB – 36
Leaside, Davisville, Mount Pleasant, Young & Eg
Housing Average Price- $1,684,667 WB – $1,872,809
Active Listings – 121 WB-131
Sold firm – 3 WB- 4
Months of Inventory- 2.46 WB- 2.66
Average Days on Market- 7 WB – 15
Condo Ave Price- $ 636,080 WB- $736,173
Active listings-266 WB-258
Sold firm-9 WB-11
Month of Inventory- 3.54 WB- 3.44
Average days on market- 20 WB – 21
