July 14, 2021

Last month we saw 7,051 new listings hit the market with an average sold price of $1,116,736 . That’s still a remarkable 19%  year-over-year change. The overall average Days On Market is 12 days.

Let us follow the trends. Which numbers are on the rise and which are showing a decline?

Townhouse YOY average price has dropped from a staggering 27.7% growth in April to 17.8% while average sold price still saw an increase to $1,226,639. The same trend can be observed with detached homes.
 
Detached homes are still very much in demand. The average price is down to 23.9% YOY but the average sold price increased to $1,716,272. This is in direct contrast to what happened the previous month when the YOY significantly increased but the avg price went down.  

The average sale price for semis has again increased to $1,326,153, the big jump of 24.4% year-over-year growth in April continues and is now at 26.2%. Note that it was at 11.4% YOY in March.

Lastly, we have condominiums. The average sale price and YOY both went down to $716,976 and 11.5% respectively. This is still good compared to March when we were at -0.6% YOY and $707,835 average price.

The numbers are still strong overall. As anticipated, the market is gradually cooling down, especially as we get closer to summer and the lockdown getting lifted. More and more buyers are pausing their home search and trying to take advantage of our three months of warm weather.

If you are a buyer, we suggest doing the opposite now and taking your search seriously while everyone else is checked out. Typically buyers come swarming back to the market in September.

If you are considering buying or selling, we can come up with the right strategy for you to maximize. There are always several factors to consider and every case is unique. Fill out the general form below and we’ll get back to you.

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