In July, the average home in Toronto sold for $1,062,256 which is an increase of +12.6% compared with last year.
The average sales-price is down for the past two months, and I anticipate things to heat up again in September.
Anecdotally, I’m seeing some weakness in the housing market. Don’t get me wrong, there are still multiple offers and “over-asking” prices.
But I’m seeing a lot more pre-emptive offers getting accepted, and some homes which didn’t sell for as high as I anticipated.
Generally speaking, a seller will get the MOST money from an offer-date when many buyers compete. However, if there aren’t many showings or Buyer-feedback is underwhelming, a Seller may want to accept a bully-offer and not take their chances on offer-night.
Still, if a multiple-offer is done well, like in the last few listings, my Sellers would have left about $80k, $100k and $150k on the table if they accepted the Bully offers that came in!
As for downtown condos, they sold for $715,977 and have remained pretty steady over the past few months.
Lastly, the rental market in Q2 has increased from Q1 and Q3 is likely going to be higher still.
Looks like confidence in downtown is returning and things are getting back to pre-COVID levels.
July Real Estate Report
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