Toronto's housing market has cooled down significantly this summer but we'll see if it lasts Toronto RealEstate
show that summer has triggered a lull in the region's resale real estate market, with the volume of home purchases slowing substantially.
Condo sales figures across the GTA dropped a whopping 27 per cent from May to June, with house sales declining by 20 per cent in the same time period. This is also, it is worth noting, amid a period when these numbers have already been shockingly low compared to the heydey ofPrices, too, were down $7 per square foot month-over-month for condos in June, while houses remained high at an average $1,385,000.
"Seeing that many buyers are flocking to the cottage, capitalize on this exodus by keeping up with your search.... competition is traditionally less fierce until Labour Day when everyone heads back to the city," Strata.ca sales representative Janelle Tremblett writes to would-be homeowners in her newsletter Tuesday.
She adds that we are still in what is considered a sellers' market, with multiple offers coming in for properties in high-demand areas . Low inventory has been a huge factor as people shy from the market, its high prices and exorbitant interest rates; something that will likely persist as another potential lending rate hike looms next week.
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