Toronto Home Sales Have A Slow Summer Market Ahead [REPORT]

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It looks like Toronto’s real estate market is planning a summer vacation for home sales.

While May offered a brief uptick from a sluggish spring Toronto real estate market, things have slowed once again in the first two weeks of June. This means the Toronto housing market’s typically busy summer season has been cut short.

Zoocasa analyzed the TREB MLS market data from June 1 to 15, 2018 and found that year-over-year sales look much improved from the double-digit declines recorded over the last 12 months.

(Graphic courtesy of Zoocasa)

Take note, that is largely due to the market now aligning with the slowdown that occurred last summer, and is not a direct comparison to the market’s peak in the first half of 2017.

Sales are down -3 and -2 per cent respectively throughout the entire region and the City of Toronto.

Slowing market conditions are more evident in the month-over-month comparison. Activity plunged between -9 and -29 per cent across all home types when compared to the first two weeks of May.

(Graphic courtesy of Zoocasa)

Here’s What Zoocasa Found Looking At Data From June 1 To 15:

– In the City of Toronto, sales of detached homes declined by two per cent year-over-year and declined by 11 per cent from the same period in May 2018. In all TREB regions, detached home sales slid two per cent year-over-year, and declined by 15 per cent since the same period last month.

– In the City of Toronto, sales of semi-detached homes remained flat year-over-year and declined by 10 per cent from the same period in May 2018. In all TREB regions, detached home sales slid -1 per cent year-over-year, and declined by 18 per cent since the same period last month.

– In the City of Toronto, sales of condo apartments declined by two per cent year-over-year and fell by 29 per cent from the same period in May 2018. In all TREB regions, detached home sales slid -3 per cent year-over-year, and also declined by 29 per cent since the same period last month.

– In the City of Toronto, sales of condo townhouses declined by one per cent year-over-year and fell by nine per cent from the same period in May 2018. In all TREB regions, detached home sales slid -7 per cent year-over-year, and were down by 12 per cent since the same period last month.

(Graphic courtesy of Zoocasa)

 

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