The dog days of summer are here, and it’s especially apparent in the real estate market – as is typically seasonal, month-over-month sales are lagging behind July’s activity across all home types. However, it is shaping up to be a stronger August than last, as annual activity is up across the board.
Detached house sales continue to experience steady year-over-year improvement within the City of Toronto with 71 transactions, marking a 15 per cent increase, though down -45 per cent from July. A total of 404 sold within the Greater Toronto Area markets, up 41 per cent year over year, and down -12 per cent month over month. Semi-detached houses also had a strong showing, with 23 sold within the 416, up 15 per cent from 2018, and down -43 per cent monthly. In the GTA, sales are up by the largest margin with 77 transactions, an increase of 64 per cent year over year, though down -34 per cent from last month.
Demand was hottest for townhouses for sale in Toronto, which experienced the largest year-over-year increase in the 416 with 24 sold (+33 per cent), and the smallest monthly decline of -8 per cent. In the GTA, 80 sold, up 54 per cent year over year and -6 per cent month over month. Meanwhile, condos continue to lag single-family and low-rise housing; while the volume of transactions was higher in the 416 with 139 units, that’s an increase of just 9 per cent from 2018, and down -30 per cent from July. A total of 212 sold within the GTA, up 13 per cent, and down -28 per cent.