Market Update for October 18
Home sales continue to rebound as sales jump across the country. It’s the seventh straight month that home sales have grown with an upswing in activity, and record prices in Toronto and the surrounding suburbs. This has many people concerned as to the affordability which has become a major issue in the upcoming federal election with all major parties promising to improve affordability, particularly for first-time buyers. With all this uncertainty and the Thanksgiving holiday last week, it did contribute to a slowdown in both listings and sales in all neighbourhoods of Toronto. As we wade into the final days of the election, we shall soon see who will hold power. Get out and vote!
The freehold market continues to follow the long weekend pattern with listings down 32%, while sales remained consistent with the previous week. Sales at or above the list price also fell slightly from the previous week to 54%. The east end is still leading the pack with 63 percent of sales sold at or above the asking price.
The condo resale market has finally broken from tradition by mimicking its freehold rival. Listings were off pace, down 12% from last week while sales tapered off by 11%. Sales at or above the list price dropped to 43%, the lowest its been since the summer months. The hot spot in the downtown core is the $450,000 to $700,000 price range with one out of every two condos selling at or above the list price.