Okay, August isn’t necessarily the dog days I just can’t pass up dog references.
Last summer we were still finding our footing after the spring ’17 market shift following the provincial government intervention, sales had dropped, prices started to pull back; given the perpetual demand for housing in the city it’s not surprising to see some nudging back up this summer even though it’s a slower time for real estate.
In looking at various types of housing we see some sales are up, some down, some prices are up over last year, others essentially static. The rate of sales growth this past month outpaced the rate of new listings (sales August 2018 +8.5% overall with listings in August just +6%), with an inventory of two months in the city many areas are impacted by a lack of inventory. On the ground showing clients homes in certain pockets I’m still seeing quick sales and well over asking, location location of course.
Detached: number of sales up 12.3% with prices +4.9%
Semi-detached: sales up 6.1% with prices fairly flat at -.5%
Townhouse: sales were down 4.7% with prices -.1%
Condo Apartment: number of transactions down 5.6% though prices up again by +8.3%
No surprise seeing some rebound with detached homes, average sale prices are down from 2017 (as always it depends what is selling and where), last August the detached suffered the biggest decline last year following the Ontario’s Fair Housing Plan making way for some substantial price increases in the condo as buyers shifted their focus, and budget.
September 2017 saw 6379 homes change hands (per Toronto Real Estate Board covering 416 and 905), August 2018 saw 6839 homes change hands, what will September 2018 bring? Stay tuned…