The summer slowdown deepened this week with overall fewer MLS listings and transactions than in June – a typical development this time of year. However, the market continues to show strong gains compared to last year’s activity, an indication buyers are rebounding from the effects of the federal mortgage stress test as well as the policies brought forth in the Ontario Fair Housing Plan.
Detached houses continue to lead the pack in terms of sales, both within the City of Toronto and in surrounding markets. Sales totalled 100 transactions in the 416 and 462 in the Greater Toronto Area, an increase of 34 per cent and 51 per cent year over year, respectively. From a monthly perspective, though, sales were -31 per cent and -20 per cent where they were during the same week in June. Semi-detached houses also had a strong performance with 24 sales in the 416 and 84 in the GTA, up 20 per cent and 47 per cent year over year, and down -48 per cent and -31 per cent month over month.
Townhouses saw the least pickup in activity with 23 sales in the 416 and 75 in the GTA, up 5 per cent and 27 per cent year over year, but down -15 per cent and -28 per cent from June. Condos, however, had a stronger week than in past weeks with 143 units sold in the 416 and 236 throughout the GTA. That marks a 20 per cent and 21 per cent increase year over year, and down -25 per cent and -18 per cent from the same week in June, respectively.