July 2023 sales activity is up 7.8% year over year and the number of new listings are up 11% with the average price up 4.2%. The average sales price across all types of housing segments across the GTA at $1,367,718. In the ‘416’ neighbourhoods the average price of a detached is $1,641,045 down slightly from the month of June. The average sale price for a condo in the 416 is $750,520 and $697,393 across the 905 regions, again down slightly from the month of June. We’re seeing a modest decline in prices as a result of consumer concern and sentiment towards the higher interest rates. There’s also less buyers in the market due to inability to qualify at the current rates (all buyers are stress tested at +2% of posted rates) so its a high bar to reach for many. In addition, we traditionally see less demand in the summer months.
We are anticipating an uptick in listings and activity as we head into the Fall. Historically 52% of sales happen in the first six months of the year while 48% occur in the Fall and that number is concentrated primarily in September/October and into early November.
The real estate market over the last few years have been fast and furious. A bit of a roller coaster ride. Prices, sales activity have been up and down since 2020 and uneven across all of the GTA. One thing has not changed though, the real estate market is hyper local, meaning you cannot paint with the same brush strokes right across the region. It’s can be very different from neighbourhood to neighbourhood. Local markets and activity and prices can change quickly.
More than ever you must have an experienced Realtor working for you. A Realtor that understands the dynamics of the current market and understands the nuances of your neighbourhood and areas of interest. You should work with an experienced full time Realtor, one with boots on the ground all day, everyday. One that has strong analytical, negotiation and communication skills. One that provides a thorough Comparative Market Analysis (CMA) on properties in your area, has strong project management and quality marketing, someone who can help navigate the process.
I’ve been a Realtor for 20 years and have worked in all types of markets. I’ve seen a lot and know a lot and can assist by providing quality insights, strategic thinking and sound knowledge. You should always receive a detailed analysis on whats happening in your neighbourhood and area of interest. If we need deeper information on an area outside of my core base area I will bring in one of my trusted Realtors from that area utilizing my wide range of contacts throughout the GTA and Ontario.
I pride myself in taking very good care of my clients. This is important work and you must have someone you can completely trust with the very best representation with no pressure, only guaranteed reliable professional service.
I would love to speak with you further, please reach out to me and we’ll get the conversation started.