Sales were down 40% for July compared to last year with 5,921 houses and condominiums changing hands in all the districts. Although it’s common for the market to dip lower in the summer months, this was extreme… the lowest sales for a July since 2002.
Condo townhouse and high-rise suites took a bigger 38.6% share of the market with 2,283 units being sold.
The July average sale price for all GTA homes came in at $746,218 – a still significant but much more moderate 5% higher than last year.
If you consider the year-to-date average compared to last year however, the market is still up 18.8% which shows that not all those gains in price during the insane spring have been lost.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been. The inventory average for the month of July compared to historical numbers was just about even but up a big 65% from last year at this time.
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 31.6% - compared to 88% last year and down from March’s 154%. We’re now just in a ‘barely above neutral’ slight seller market territory so owners with their homes on the market may need to adjust their expectations if they want their home sold.
The days-on-market average for Toronto homes was 21 days, 6 days slower than June.
Watch the video to get the complete July 2017 Market Report details.
Here's the complete text version of the July 2017 Toronto Real Estate Market Report to read.
Avoid Costly Mistakes When Getting Pre-Approved For A Mortgage
In today’s busy Toronto market, buyers often have to go in with either a firm, no conditions offer or occasionally with just a very short financing condition. Otherwise the seller will choose to accept someone else’s offer.
Once you sign that firm offer, you’re irrevocably committed to buying that home!
You can’t risk doing that without understanding how mortgage financing works and getting a FULL mortgage pre-approval ahead of time.
Reading the Toronto Home Buyer’s Financing Guide will give you clear, easy to understand guidance on how to approach the mortgage pre-approval process.