08 September 2022 ~ 0 Comments

August sales activity at 20 year low

With the August sales number across the GTA being released recently, one thing the Toronto Regional Real Estate Board fails to mention, is that 2022’s numbers are the lowest August on record dating back to 2002!
Now most of you have bought one, two or even three properties during this 20 year time period, and probably recall that the real estate market was “hot” meaning that there were more buyers chasing fewer properties, resulting in increased competition. 
You most likely felt like it was an incredibly stressful time on the buy side, and if you were lucky to be selling also, that might have offset some of the pain. 
What happens when you have a 20 year low in actual monthly sales? How is life as a buyer? Well, overall, the days on market sat at 34 days but in my sample area of Victoria Park to the east, D.V.P. to the west, O’Connor to the north, and the lake to the south, would you be surprised if I said that almost 43% of the houses sold, sold at or above the list price? Yes, 40% of the homes are still selling in multiple offers.
What has been removed from the market is the crazy 50% sale-above-list price that we were seeing late last year/earlier this year. Instead of 20+ offers on a property, there may be 2-5 offers. Some are still seeing more, but the crazy number of buyers and sale prices are gone. Also, active listings are down which may mean unrealistic or non-motivated sellers have taken their property off the market. 
With fewer properties available, with motivated sellers on the market, priced at close to market value, this will continue to be good for the real estate market in general. 

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