The increase in real estate sales in Toronto this past month exceed the amount of new listings. Due to the impact in the market, it is expected to slightly affect sales in August, which is usually a slower month.
New listings decreased 9% Y-O-Y, sales increased by 24.3% and prices grew by 3.2% Y-O-Y to the average price of $806,755. Lots of competition is in the air due to the market activity. Prices are expected to continue rising in the entry-level and busier markets.
The Detached home market is the only Toronto market that is not affected by positive sales and price growth in the Central District.
Condos in Toronto top the charts in price with an increase of 7.7% Y-O-Y, then Townhomes which have increased by 5.5% and finally, Semi-detached homes grew by 5%.
Due to the Bank of Canada decreasing the qualifying mortgage rate by 0.15%, we’re in for a bit or a show. Typically in August, there are lower reports in real estate sales. But that won’t stop the dedicated buyers out there!
Contact Pyramid Group today, to get a full market analysis also a broken down plan in order to get top dollar when selling your houses or get the best price when buying a house.