Toronto home sales have been anything but typical this year.
And now with the typically busy back-to-school market upon, the first two weeks of September are proving to be slower than this time last month. Nonetheless, sales and market conditions are looking up from the same time period in 2017.
The report finds that buyers seem to be taking their time to approach the market, while sellers have entered the September market in full force.
So now, a flood of new listings across every home type have pushed the market into a buyer-friendly zone — especially compared to the relatively balanced market in August.
Of note, buying and selling conditions appear roughly the same year over year.
To determine whether a home is in buyers’, sellers’, or balanced territory Zoocasa has studied the market’s sales-to-new-listings ratio. This is calculated by dividing the number of sales by the number of new listings within a specific timeframe: a ratio between 40 and 60 per cent is considered balanced, with above and below that threshold as sellers’ and buyers’ markets, respectively.
Check out how home sales and listings for the first two weeks of September stack up to the same time period last year in both the City of Toronto and total region tracked by the TREB in the graphics below — and find out the key takeaways from the report.
Detached houses: Sales are up 11 per cent in the City of Toronto (189 vs. 171 last year) and up nine per cent in the GTA (854 vs. 787 last year).
Semi-detached houses: Sales are up 9 per cent in the City of Toronto (75 vs. 69 last year) and up five per cent in the GTA (203 vs. 194 last year).
Condo apartments: Sales are up seven per cent in the City of Toronto (376 vs. 350 last year) and up eight per cent across the GTA (554 sales vs. 512 last year).
Condo townhouses: Sales are down 25 per cent in the City of Toronto (40 vs. 53 last year) and up six per cent across the GTA (165 sales vs. 155 last year).