Sales numbers of the townhouse market have taken a hit this year. Compared to the first half of September last year, townhouse sales have decreased by 25%, as reported by the latest data from the Toronto Real Estate Board (TREB). The market also saw an increase of 40 % in townhouse listings compared to the same time last month.
However, it seems this decrease in demand is only limited to townhouses as other properties in Toronto such as detached homes, semi-detached homes and condos have shown an increase in both sales and supply. Zoocasa, real estate portal and Brokerage Company, reported after assessing the new TREB data,
“While buyers may be taking their time, sellers have entered the September market in full force, with a flood of new listings across every home type. That’s pushed the market into an easy buyer-friendly environment, from the relatively balanced market in August.”
On a year-over-year basis,
· Detached home sales saw an increase of 11% in the City of Toronto and 9% across the Greater Toronto Area (GTA).
· Semi-detached homes had a 9% increase in sales in the City of Toronto and 5% across the GTA.
· Condominiums had an increase of 7% in the City of Toronto and 8% across the GTA.
On a month-over-month basis,
· Detached homes listings increased by a significant 81%.
· Semi-detached homes had an increase in supply by 63%.
· Condos saw a 30% increase in listings.
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