So much for a Summer slowdown!
Sales in the city were red hot in July – with a record-setting 11,000 + sales recorded for the month. We haven’t seen that much activity since April 2017. The average price of real estate in the city followed a similar trend hitting a new high (second month in a row) of $943,000. This represents an increase of nearly 17% compared to the same time last year… in a pandemic (crazy, I know).
You can thank the detached housing market for the increase in prices and sales – with a 2020 high of $1,540,000 up 1.3% from June and a whopping 25% from July 2019!
The price of semi-detached homes came down from last month’s high $1,287,000 to $1,181,000 – still up an impressive 20% from last year’s average of $981,000.
Condominium apartments had a lot more activity in July, with a 31% spike in activity than June. However, the increase in activity didn’t translate into much of a price jump, with average prices up only 1.5% compared to the previous month. Year over year, condos saw an 8.7%, which may sound good on its own – but was significantly less than the double-digit appreciation semis and detached houses recorded.
Demand for low rises (detached and semis) seems to be the trend during COVID. We suspect lower interest rates and backyards being the most significant driver to those looking to make a move.
DETACHED HOUSES
1,102 sales took place
208 more homes than the previous month (23% increase in sales)
236 more homes than the last year (27% increase in sales)
The average price of a detached home was $1,541,000
An increase of $17,000 compared to the previous month (1% increase in price)
An increase of $314,000 compared to last year (25% increase in price)
SEMI-DETACHED HOUSES
372 sales took place
109 more homes than the previous month (44% increase in sales)
96 more than the last year (34% increase in sales)
The average price was $1,181,000
A decrease of $106,000 compared to the previous month (8% decrease in price)
An increase of $199,000 compared to last year (20% increase in price)
TOWNHOUSES
393 sales took place
29 more homes than the previous month (8% increase in sales)
65 more homes than the previous year (20% increase in sales)
The average price was $852,000
A decrease of $3,000 compared to the previous month (.3% decrease in price)
An increase of $96,000 compared to the previous year (12% increase in price)
CONDOS
1,689 sales took place
402 more condos than the previous month (31% increase in sales)
72 more condos than the previous year (4% increase in sales)
The average price was $682,999
An increase of $10,500 compared to the previous month (1.6% increase in price)
An increase of $55,000 compared to the previous year (8.8% increase in price)
TRENDS TO WATCH
- July saw a lot more activity in the condo market, however, prices continued to hold near levels seen in late 2019/early 2020. If you’re a buyer, this is a great time to be looking at condos as competition is way down.
- With most universities and colleges offering online classes only, and out of country students not returning for the September semester, we’ll be watching the impact this has on the already hampered rental market.
- Semis and detached continue to be the most desirable styles of housing in this post COVID world. We’re not seeing this change any time soon!
