Housing Market
Generally speaking, sales of detached and semi-detached homes were down by 6.9% and 3.1% in the 416 area while prices were up by 8.1% and 9.5% respectively.
This is not surprising given the lower inventory levels we have been experiencing. And with some of the tighter lending regulations it makes sense that we have seen more growth in the semi-detached sector.
As you will see in the chart I have attached below, the average cost of a semi-detached home is substantially lower than a detached home making it a more affordable option for families.
Condo Market
In regards to the condo market, I know there has been a lot of discussion around the number of condos being built and whether all the new inventory will lead to a ‘crash’ of sorts. Q2 results indicate that sales were down by about 6%, but the average selling price was up slightly over last year by 1.7%.
Given the inventory levels we have had the fact that prices have remained stable indicates that our supply is meeting the demand.
If you have any questions about this update or your neighbourhood in particular, please feel free to send me an email.