Finally... An uptick in sales and average sales price

By: Thomas Cook

Finally... An uptick in sales and average sales price

Sales were up 19% for July compared to last year with 6,961 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since July 2010.

Condo townhouse and high-rise suites took a significant 36.3% share of the market with 2,537 units being sold.

The July average sale price for all GTA homes came in at $782,129 – this was a modest 4.9% increase from one year ago.  Considering that May/June 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $710,500), this year’s average was still up 10.1% in that 2-year period. 

The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of July compared to historical numbers was up just 7.8% but increased by just 5.2% from last year at this time.

However, this is occurring selectively with the ‘central core’ Toronto neighbourhoods still doing very well while the outer regions (Peel, York & Durham) are not seeing the same level of activity.

The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market. 

In July that ratio finished at 35.3% compared to an 31.3% last year.  The GTA is now into a very moderate seller market territory so sellers may need to adjust their expectations if they want to make a move.

The days-on-market average for Toronto homes was 25 days, four days longer than in June.

Here’s a summary of the significant real estate milestones for Toronto in July 2018… the market is showing a slow recovery from the double shocks of tighter lending criteria and an increase in mortgage rates.

Watch the video to get the complete July 2018 Market Report details.


 

Here's the complete text version of the July 2018 Toronto Real Estate Market Report to read.


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