Toronto Market Steady In August

Prices and inventory for both homes and condos remained steady in August, while sales and listings continued to decline.

Detached Homes

The average price for detached homes in the City of Toronto was $1,674,641 in August. This was 3% higher than last month and 11% higher than last year. Sales fell by 18% versus July while listings fell by 17%, so the inventory of homes for sale remained constant. Even though the market is much ‘thinner’ than it was earlier this year (both sales and listings are lower), inventory has remained under 1.5 months for the entire year. We are still in a strong sellers’ market.

Condominium Apartments

Condo prices in the City of Toronto have fluctuated in a narrow range since May. The average selling price in August was $720,832, up about 1% as compared with last month, and up 7% versus last year. Sales and listings were down versus July (-8% and -5%, respectively), and inventory was virtually unchanged at 1.5 months. The condo market has slowed over the summer, though not by as much as the market for detached homes. And, like homes, condos remain in a strong sellers’ market.

Buyers and sellers are now returning from their summer sojourns and the level of activity will undoubtedly increase over the next couple of months. Will this translate into higher prices? That will depend on whether buyers continue to out-number sellers as they have all year.