Are you confused by the HOV lanes? Wondering how you are going to make it around the city over the next month? Wondering if it will ever warm up? We wish we could help. But if the latest information on Toronto real estate is something you need, well, we’re the company for you. Every week we pore through the data and talk to our managers and agents on the street to get you the latest information…just like this;
After hitting nearly 500 new freehold listings in early May, things have slowed down as we enter the traditional Summer market. Last week we dropped to just over 300 new listings. It seems that buyers are still out in full force however as sales increased by 5% last week. We found it interesting that sales at or above the list price tapered down to 53.8%, one of the lowest numbers this year. We expect that sales may underperform during the month of July thanks to the Pan Am Games but demand will not slow down. This should make the fall market exceptionally busy.
Like the freehold sector, new condo listings backed off by 8.9% last week and we saw a 16% reduction in the number of units sold. While the numbers don’t show it, we believe the condo market remains strong as the indicator that we follow, the number of suites that sell at or above asking price, was a very healthy 25.5%. The mid-market condo ($700k to $1.5m) in the central core was one of the hotter segments of the market followed by the entry level condo ($200k to $400k) in both the east and west cores.