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A similar picture of the overall real estate market exists within the condominium sector. Although the number of new listings decreased by 4.6% last week, sales increased by 3.6% to 200 units, with 21% of those sales happening at or above the list price (up from 19% two weeks ago). Not surprisingly, there were fewer new listings in the central core’s entry level condo sector ($200k-$400K) yet it was that same sector that saw the biggest gain in sales.
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Despite the typical slowdown that hits the Toronto real estate market each July and August, we are still seeing a great deal of activity in the downtown core. Sales were up 8% compared to July 2014 despite consistently low inventory levels which have, in turn, driven the average price up nearly 11%.
The freehold market took a well needed rest last week. New listings backed off by 17% from the previous week and sales eased by nearly 65%. While that seems like a large percentage, it is in line with traditional summer markets and the long weekend hangover. Naturally the true gauge of the health of the freehold market lies in the fact that nearly 40% of all homes sold happened above the list price. While certainly off its peak, that number is considered strong given the natural and cyclical slowdown in the market.
There are two simple truths that we learned last week; Kanye West is NOT a Canadian and Toronto’s real estate market turned in another gold medal performance. Sure, things are slowing down a bit but that’s more a seasonal tendency. What catches our eye is the fact that while listings are way down in both the freehold and condo sectors, sales are only down a little.
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