Market continues shift toward more balanced conditions after torrid start to the year.
Citywide sales in August reached 2,151 units, 37 per cent higher than last year and 25 per cent higher than long-term trends. Sales have slowed from the record-setting pace seen earlier this year, but on a year-to-date basis, the eight-month total of 19,516 sales is higher than annual sales figures recorded over the past six years.
“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® chief economist Ann-Marie Lurie.
“With more buyers than sellers, prices rose, providing opportunity for many of the move-up buyers in the market. Over the past several months we have seen some adjustments in supply relative to sales, helping move us toward more balanced
conditions.”