Toronto Real Estate Snapshot, Powered By Zoocasa (Jul. 17 – 23)
As we enter the lazy days of late July, housing market demand eases from last month’s pace, though sales continue to briskly improve over the long term. All home types posted year-over-year gains in the City of Toronto and Greater Toronto Area cities, which include the Mississauga, Durham, and Burlington real estate markets.
Detached house sales continue to perform well with 85 transactions in the 416, up 10 per cent year over year, and 443 sales in the GTA, an increase of 42 per cent. Month over month, however, activity decreased by -39 per cent and -20 per cent in each region, respectively. Semi-detached houses saw a stronger week with 38 sales in the 416 and 95 in the GTA, marking increases of 27 per cent and 30 per cent, though down -42 per cent and -24 per cent from the same time period in June.
The greatest uptick in demand was experienced in the townhouse segment, which, with a total of 26 units sold in the 416, saw a whopping improvement of 136 per cent. Seventy townhouses changed hands in the GTA markets, up 52 per cent year over year. They also experienced the smallest month-over-month decline, at -4 per cent in the 416, and -19 per cent in the 905. Meanwhile, demand for condos continues to see only modest growth in Toronto with 148 units sold, an annual increase of 4 per cent. Demand was stronger in the 905 region with 236 sales, up 23 per cent. However, month over month, both regions saw sales dip by -22 per cent and -17 per cent.