August 2017 GTA Market Update

14 September 2017
Life and the City

Last month in August, we saw a slight decrease in the average sale price for all property types, yet the number of sales increased by 7.4%. The average sales price for a detached home also dipped below the $1mill mark again.

Here is a summary of other significant real estate milestones and notable stats for August 2017:

  • Lowest number of overall sales for the month of August since 2010 (6,357) although they were up from July
  • The ratio of sales-to-listings bumped up from July’s 31.6% to 38.7% in August – a very moderate seller’s market
  • The average sale price dropped back to $732,292 – still up 17% YTD compared to 2016 – because of higher sales of lower priced condos
  • 3.0% average sale price increase from August 2016 (traditionally we’ve seen an average annual appreciation of 6.8% over the last 20 years)
  • Sales in the month were down 35% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 25 – still quick compared to many markets
  • First-time buyer aspirations now shifting to a condominium lifestyle – CONDO sales took a ‘highest ever’ 39.4% of the total market in August… about 3% more than average
  • Downtown condo listings were lower by 15-26% from last year at this time
  • The days-on-market average was 22 days
  • The ratio of sales-to-listings for condos downtown ranged between 74% in C01 to 91% in C08 indicating a strong seller’s market… well ahead of the rest of the GTA
  • 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 25% year-over-year
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – every district is now showing that they’re in ‘buyer market’ territory
  • Overall, it’s a perfect opportunity now, with the increased inventory, for a buyer to find a home they fall in love with AND negotiate with the seller one-on-one in many cases to come to a mutual agreement.

.

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

.

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!