Although July’s total sales figures declined 21% compared with July 2020, the total number of sales (1,724 freehold and condo properties) is not far off the five-year average of 1,775.
The same cannot be said for sale prices though.
Average sale prices for both residential (freehold) and condo properties increased 17% over July 2020, and year-to-date average sales are significantly higher as well. At the end of last year, the average condo sale price was $361,337 (an increase of 18.8% over 2019) and the average freehold sale price was $582,267 (an increase of 19.7% over 2019). The current year-to-date average sale prices for condominium and freehold properties are $422,339 and $728,107 respectively representing another significant increase.
Low housing inventory and high demand over the past 18 months has meant sellers have had the upper hand. However, housing inventory has been slowly increasing, so if you’re planning to list your home this year, you may have to temper your expectations. This will be welcome news for buyers!