Helt Real Estate Update: August 2019

With the Summer coming to an end, I have looked back to reflect on what transpired in the real estate market. Here is a summary for a few of the key markets that I cover. If you have any questions or want a customized report for your own market, feel free to reach out.

Toronto:

Prices in August for all home types were up 4% Y/Y continuing the string of positive growth seen throughout this year. Breaking it down, we see that this is attributed mainly to the Condo segment where historically low inventory levels and a larger buyer pool is maintaining the consistent annual price increases. However, the Y/Y growth in the number of sales in the Detached segment is outpacing the Condo segment as Buyers flock back to detached homes where prices have stabilized and there is a better value proposition compared to a Condo. This trend should continue in the Fall months.

Burlington:

Despite seeing positive Y/Y Sales for Detached homes earlier in the summer, August came in flat; returning to the trend seen for most of 2019. Similarly, Avg. sale price has remained relatively unchanged Y/Y, coming down from being up 11% in June and 3% in July. Meanwhile, the Condo market continues to act in the opposite manner, with healthy price and sales growth Y/Y. Inventory of available Homes & Condos remains substantially lower than last year which is tightening the market conditions and maintaining current price levels in the face of lower Buyer demand.

Hamilton:

Over the summer, prices for Freehold homes and Condos maintained the positive Y/Y trend seen throughout 2019. The number of Sales also continued to grow in the low double digits despite Freehold homes in August being relatively flat compared with last year. The number of new listings for Freehold homes coming to market continues to lag the figures from last year which has reduced the inventory of available homes at declining rate for the 5th month in a row. With less options and consistent demand, we should expect prices for Freehold homes to continue to increase in the coming months.