Toronto Real Estate Snapshot, Powered By Zoocasa (Aug. 21-27)
The last official week of summer vacation tends to be one of the quietest of the year, as sellers avoid listing in close proximity to the long weekend, and prospective buyers head to cottage country to close out the season.
The resulting drop in activity is seen across all home types, with steep month-over-month declines in sales in both the 416 region, which encompasses the city of Toronto, and the 905 markets which include the Mississauga, Ajax, and Burlington real estate markets. However, annual performance is still improved compared to the same time period in 2018, indicating the market continues to strengthen over the long term.
A total of 75 detached houses sold in the 416, up 25 per cent year-over-year, but down -40 per cent month-over-month. Growth was even stronger in the 905 region with 410 homes sold, a 40 per cent year-over-year increase, and a -19 per cent month-over-month decline. However, performance in the semi-detached segment was softer, and the only home type to see a year-over-year drop with 19 sales in the 416 – a decrease of -21 per cent year-over-year, and down -63 per cent month-over-month. Demand was stronger in the 905, though, with 67 sales, marking a modest 6 per cent year-over-year increase, though down -47 per cent month-over-month.
The multi-family segment continues to see growth, especially among townhouses; a total of 17 sold in the 416, up 21 per cent year-over-year and down -37 per cent month-over-month. Sixty-nine sold in the 905, marking a strong 57 per cent year-over-year increase, though down -25 per cent from July. While growth continues to be steady in the condo segment, gains are more modest; 123 units changed hands in the 416, up 9 per cent year-over-year and down -39 per cent month-over-month. Meanwhile, in the 905, 194 units sold, up 13 per cent year-over-year and down -33 per cent m-o-m.