July 2017 GTA Market Update

17 August 2017
Life and the City

July stats show a substantial drop in sales and a large increase in the number of listings. There were significant changes in certain neighbourhoods, while others still doing very well.

Here is a summary of the significant real estate milestones for July 2017:

  • Lowest number of overall sales for the month of July since 2002 (5,921)
  • The ratio of sales-to-listings moderated again from June’s 40.5% down to 31.6% in July – now just barely above a ‘neutral’ market
  • The average sale price dropped back to $746,218 – still up 19% YTD compared to 2016
  • 5.0% average sale price increase from July 2016 (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years)
  • Sales in the month were down 40% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 21 – still quick compared to many markets
  • First-time buyer aspirations now shifting to a condominium lifestyle – CONDO sales took 38.6% of the total market in July - about 4% more than average 
  • Downtown condo listings were lower by 6-28% from last year at this time
  • Low days-on-market average (17-19)
  • The ratio of sales-to-listings for condos downtown ranged between 57% in C01 to 47% in C08, well ahead of the overall market
  • The average sale price for downtown condominium suites is up by roughly $120,000 from 2016
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 26% year-over-year
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the Ontario government’s April 20th pronouncements – every district is now showing that they are in ‘buyer's market’ territory
  • Overall, with the increased inventory, it’s now a perfect opportunity for a buyer to find a home they fall in love with AND to negotiate with the seller one-on-one in many cases to come to an ideal mutual agreement.

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Have a look at our July Market Update Infographic to better understand the numbers:

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Questions about the market, or want to know the current market value of your home, or what properties have been selling for recently in your neighbourhood? Get in touch with us! We're here to help!