- The average price and number of sales had actually increased over last month.
- The Humber Bay Shores average price had increased by 3.2% over last year.
TORONTO – September 2, 2022
The month of August had seen a small rally for Toronto’s real estate resale market from July, which had resulted in increased sales, as the Toronto Real Estate Board had reported 5,627 sales of single-family dwellings in August 2022.
Total sales had increased by 14.5% from the 4,912 sales that had been recorded in July 2022, and total sales were down by 34.2% from the 8,549 sales that had been recorded in August 2021.
- The August average price had increased by 0.9%.
The average price in August 2022 had increased by 0.4% to $1,079,500 from $1,074,754 in July 2022. The August 2022 average price had increased by 0.9% from the August 2021 average price of $1,070,201.
Looking just at the City of Toronto, the average price for a detached home had been $1,648,298, while the average price for a condominium apartment had totaled $736,940.
- Active listings had decreased by 13.2%.
The number of active listings in August 2022 had decreased by 13.2% to 13,305 from the 15,334 active listings in July 2022 and had increased by 62.3% from the 8,199 active listings in August 2021.
- The Humber Bay Shores average price had totaled $743,707.
Condominium apartment sales in the W06 west district that represents Humber Bay Shores had decreased to 43 sales in August 2022 from 46 sales in July 2022. The average condominium price in this district had totaled $743,707 in August 2022, which had decreased by 11.3% from $750,257 in July 2022. The August 2022 average price of $743,707 had increased by 3.2% over the August 2021 average price of $720,707.
Where is the market in Humber Bay Shores?
To date in 2022, there had been 307 sales of condominium units that had been sold for under $750,000 in the Humber Bay Shores area.
During this time, there had been 312 sales of condominium units that had been sold for above the $750,000 price point. Of that amount, there had been 213 sales of condominium units that had been sold for between $750,000 and $1,000,000. Of those, 4 sales were from Palace Place, 3 were from Palace Pier, 3 were from Waterford, 7 were from Ocean Club, and 7 were from Lago.
So far, there had been 86 sales of condominium units that had been sold for between $1,000,000 and $1,500,000. Of those, 5 sales were from Palace Place, 4 were from Palace Pier, 1 was from Ocean Club, and 2 were from Lago.
Finally, 15 sales were sold for over $1.5M. Of those, 2 sales were from Palace Place, 2 sales were from Waterford, 2 were from Palace Pier, and 1 was from Lago.
Vita on the Lake, 70 Annie Craig Drive, had started selling in January and to date has had over 23 sales ranging from $599,000 to $1.6M.
To view the Original Palace Place Price Chart, click here:
To view the Waterford Price Chart, click here:
For a breakdown of market stats by neighborhood, click here:
It has been suggested that a further rate increase will be announced on September 7. While such an increase will certainly dampen market activity for the fall, other economic factors, like employment and immigration, remain strong. As we head into 2023, this should bode well for setting off a chain reaction of increased activity.
Those that price their condos in accordance with these market dynamics and in a reasonable price progression will have no trouble selling. Those that base their pricing outside of market justification will continue to build up their “Days on the Market”, which will only amplify the doom and gloom reported by the media.
By Luke Dalinda
Follow @LukeDalinda on Instagram!
Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.