Week 4 – Summer Slowdown is here.

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.

We appreciate your support and continued interest. Don’t forget to subscribe to our Youtube Channel.

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

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