Hard to believe we are already in September. With summer slowly coming to an end let’s look at the August numbers.
GTA numbers show the average price of all home types was just north of 1.1M. That’s up 12% from a year ago.
We see sales are down in the freehold section by nearly 30%. This is because it’s compared to August 2020 where we had unusual higher sales volume. August is traditionally a slower month in Real Estate with many taking time off, sellers prefer to wait to list in September & we usually have lower sales.
August 2020 was not like this because of the lockdown & many did not travel so they focused on their home. We had record sales of 7199 in the GTA August 2020, a year later we are starting to get back to our routines & sales closer to normal, 5050 for freeholds, still, this is more than we had in 2019 & 2018. Listings were also down 46%.
With all this demand Months Of Inventory is down to less than 1 month before we sell out of Freeholds. That shows we are in a hot sellers market.
Condo sales on the other hand where almost flat from last year, but looking at the condo slide you can see inventory is much lower this year down 42%.
Buyer demand is still high & especially in Toronto core we are seeing Condos be very competitive with multiple offers a norm. I suspect the average price to continue to grow in this segment going towards the end of the year as buyers trying to get into mrkt are struggling to afford Freehold houses because of how expensive they have become & turning to condos.
Condo inventory is only at 1.3 months before selling out of all condos. Again anything under 4 months of Inventory is a sellers market & super competitive.
Overall market was steady through August & although we saw a lull in July it started to pick up considerably towards the last 2 weeks of August with new buyers starting early & with the limited inventory it’s starting to heat up in many parts of the GTA.
With elections around the corner some are wondering how this will affect housing with all the policy promises on housing. Looking at what all parties are proposing I do not see anything of substance to decrease demand or increase inventory, rates are low & look to stay there for now, thus we will see more of the same for the foreseeable future.
We expect fall to be busy & we should finish the year in the same fashion.
As always any questions or comments feel free to DM me.