It was a slower week overall for the Greater Toronto real estate market due to the long weekend – buyers and sellers put their motivations on hold as cottage country beckons, and it’s not advised to add new MLS listings to the market during a four-day workweek. All home types recorded sales declines on both a month-over-month and year-over-year basis in the City of Toronto and surrounding 905 region, with few exceptions.
A total of 65 detached houses sold over the course of the week in the 416, down -35 per cent from the same time period in July, and -19 per cent from 2018. In the 905, there was a total of 321 transactions, marking declines of -17 per cent and -5 per cent. It was a similar trend for semi-detached houses – with only 15 sales in the 416, activity plunged -55 per cent from last month and -40 per cent year over year. However, the decline was not as steep in the surrounding GTA with 50 sales, down -38 per cent and -18 per cent.
Townhouses, which can have more volatile sales swings due to their overall lower inventory, was the only segment to see annual gains, up 5 per cent in both the 416 and 905 with 20 and 60 sales, respectively. From a monthly perspective, however, that’s down -5 per cent and -20 per cent. Condo apartment sales, meanwhile, experienced double-digit percentage drops in both regions. A total of 121 units sold in Toronto, marking a -14 per cent decline from July and -17 per cent from 2018, while 181 sold in the 905, down -18 per cent and -13 per cent, respectively.
