A More Balanced Market
With 5,627 homes sold, August marked a slight increase over July in terms of number of homes sold as well as the average sale price. The average sale price YTD is now at $1,224,216, compared to 2021’s average price of $1 095,339.
Before you start to celebrate that the recession is over and prices are starting to rise again, please don’t! Let’s look at the real numbers. What August’s data shows is that the real estate market is active with sales and purchases taking place. While listings are in short supply, buyers are eager to purchase at today’s market price. A well price property sells in approximately 3 weeks, provided it is priced within 5% of market value.
While sales are taking place in all categories of properties right across the GTA, there are definitely areas of strength and weakness in the market. Condominium sales in the 416-area code have strengthened as demand has increased due to the price point and the fact that rents have increased significantly over the last year due to demand. Conversely, 905 detached home prices have softened, creating an opportunity for those looking to fulfill their dream of a private backyard and a white picket fence.