Canadian long weekends are perfect for soaking up the sun lakeside, and unwinding from the hustle and bustle of the summer grind. What they’re not so great for, however, are real estate sales.

Fewer business days last week mean sales are down across every home type, compared to last week, month, and the same period in 2017.

Detached homes for sale plunged 47 per cent compared to the same time period in May, with 118 changing hands, and 10 per cent from 2017. That’s a slump from the 22 per cent surge experienced last week. Still, it is much improved from the -35 per cent decline recorded in the first week of May.

This indicates market conditions continue to better align with last year’s post-Fair Housing Plan market.

Condos in downtown Toronto fell 44 per cent month over month and 24 per cent year over year, likely reflecting a combination of seasonally slower activity and buyer fatigue as multi-family housing prices continue to rise.

Townhouses and semi-detached homes each fell 43 per cent from May, and 33 per cent and 34 per cent respectively, from 2017.

Real Estate News