We kicked off the last month of summer with a long weekend, and the Toronto real estate market seemed to have taken a vacation as well.
Sales of every property type in the City of Toronto and across the Greater Toronto Area experienced double-digit percentage drops compared to the same period last year, as well as the previous month.
Month-over-month, sales of condo apartments fell 50 per cent in the GTA: from 426 sales in July to 214 sales.
Condos for sale in Toronto saw a similar drop at 51 per cent to 140 from 284 last month.
Semi-detached house sales saw the biggest year-over-year drop.
In the City of Toronto, there were only 17 sales compared to 46 last August. That’s a drop of 63 per cent.
Across the GTA, semi-detached sales followed a similar pattern with a drop of 61 per cent to 56 from 142 during the same period last year.
Across all property types in the GTA, detached homes saw the smallest year-over-year decrease at -26 per cent with 383 sales compared to 515 in 2017.
Within the City of Toronto, condo townhouses had the smallest drop at -28 per cent with 18 homes sold versus 25 last year.