I hope you’re having a fantastically fun and relaxing summer. Here we are mid-summer already, where does the time go?
Since I’m busy packing, I’ve been in the city most of the summer. Somehow downtown feels even quieter this year. Apparently, travel is up significantly, and I believe that has also impacted the real estate market. Although we’re in the peak of the summer doldrums, sales were up 7.8% vs last July and the average sale price increased too, to $1,118,374. As you may recall, last summer interest rates were climbing, and many were watching from the sidelines. I think we’ve adjusted to current rates, and those who want or need to move are proceeding with their plans.
Unfortunately, the persistent lack of supply continues which is a huge challenge given the record population growth that Toronto is experiencing. Statistics Canada reports ‘The population growth rate from 2016 to 2021 of downtown, in the Toronto census metropolitan area, is +16.1%.’ That growth equates to approximately 100k new residents coming to the city every year. With just 2,000 homes for sale currently on the Toronto MLS, of all types and price ranges, across the GTA, and that number dropping every day, I expect we’ll have a robust fall market. In September we’ll have more properties coming on the market, but likely the supply will continue to be minimal, and we’ll see some moderate competition for the few available spaces on the market. Same story, different month!
If you have any questions, let me know. In the meantime, I hope you enjoy the rest of the summer. Stay safe and have a blast!