July Home buyers thirst STILL not quenched! Sales up by only 3% compared to same period last year. BUT that’s because we are so down on our inventory luck! New listings so far in July up only 3 % but total listings down by a bunch! And we all know you can’t sell from an empty cart. July Months of inventory in the city? 1.5 months…and you need 4 to 6 months of product just to have a balanced market!
And BTW? that 3% rise in July sales was LARGELY DUE TO CONDO SALES….for any of you who doubt the stability and/or need for this product…and yes, I was using my OUTSIDE voice there! 🙂 Condo sales were up by 11% vs same period last year.
So to sum it up, here goes:
Detached sales took place 4:1 in 905 vs 416 and average sale price in 416 is now $1,270,000 (FYI average detached home in central Toronto now over $2ML and in Vancouver?? over $THREE MILLION!
Semi-detached sales took place 2:1 in 905 . Average prices rose a WHOPPING 26% to $862.K in the city
Condo sales are 2:1 in the city vs 905 and prices rose 11% in GTA and 6% in the city to $420K!
905 ALERT!! you are catching up to 416…detached prices rose 23%, semis by 17%, town homes by 15% and condos by a crazy 19%