First we had Brexit and this week we have "schexit" also known as the last day of school (a unanimous vote to leave). For parents it means no more early morning rush to get the kids packed and out of the house. Traffic around the city gets a little lighter even with increased construction. But as we cruise into those hot summer months we have the opportunity to take a bit of a breather from our fast paced lives, take a trip out of town, enjoy some time sitting by the dock or under your favourite patio umbrella...unless you are trying to buy a house, in which case all bets are off.
The freehold sector remained relatively unchanged from the previous week. Listings were only down slightly while sales held the line. Competition for homes is still strong with three out of every four sales happening at or above the list price. While this is frustrating buyers across the 416 that same enthusiasm for home ownership is spreading throughout the province. We have seen multiple offers on homes in Markham, London, Barrie and even little island get-aways in Georgian Bay.
Like the freehold market, the condominium sector is behaving in a similar manner. Listings are down a slight 1% and sales backed off only slightly. This seems in line with the historical trends as we enter the summer months. It is interesting to note that sales at or above the list price continue their scorching pace with a new record 43.1%. Bigger suites in the downtown core, particularly those in the $700k-$1.5m range are recieving the most attention with over half selling above the list price. In our opinion this is a clear indication of shifting trends in the residential market.