Your Weekly Toronto Real Estate Snapshot, Powered By Zoocasa (Dec. 5 – Dec. 11)
Sales across all home types are down from the same week last month, indicating activity continues to slow as the holidays approach. The semi-detached house market was especially hard-hit, down 56 per cent from November, with freehold detached houses and condos down 33 and 38 per cent, respectively, mostly due to seasonal demand factors. Townhouses for sale in Toronto experienced the smallest decline in sales at -16 per cent.
However, the year-over-year picture was more mixed; the number of detached homes exchanging hands was the same as it was last year, with 62 sold—that’s notable as the December 2017 market was unusually busy as buyers rushed to close deals before new mortgage rules came into effect on January 1st. Townhouse sales also saw a hefty 60 per cent year-over-year increase, though trends for this home type can be more volatile due to its relatively small inventory—that increase was marked by an uptick of only six units. Meanwhile, condo apartment sales fell 25 per cent from 2017 levels, indicating buyers’ motivations are less urgent this year.