Average Sale Prices of Detached Homes in August in Comparison to August of 2024:
• Toronto: -9.64% at $1,55M
• Vaughan: -6.69% at $1,59M
• Richmond Hill: -19.33% at $1,68M
• Mississauga: -6.33% at $1,41M
• Markham: -10.21% at $1,57M
• King City: +7.65% at $3.26M
• Newmarket: 0.49% at $1,17M
• Aurora: -7.15% at $1,57M
• Bradford: -13.26% at $996,000
• Milton: -9.03% at $1,21M
• Stoufville: -15.85% at $1,41M
• Innisfil: -6.90% at $887,000
• Alliston: -11.27% at $783,000
• Burlington: -8.90% at $1,42M
• East Gwillimbury: 7.73% at $1,42M
• Barrie: -8.62% at $777,000
• Oakville: -7.91% at $1.91M
Here is a quick, but detailed update on what’s been happening in Toronto and the surrounding areas this August. The market has shifted a bit since the busy spring and early summer. Detached homes are still very popular, but with more listings coming online, buyers now have more options and better chances to negotiate a great deal.
Neighbouring cities like Vaughan, Richmond Hill and Markham are showing similar trends, prices have leveled off and sellers are becoming more flexible. Condos continue to be the softest part of the market, mainly because there are so many available units. That makes this a fantastic time for buyers or investors to pick up a condo at a more reasonable price.
Townhouses and semis are holding steady, offering a nice balance of affordability and space. Detached homes are still performing well compared to last year, and there are no intense bidding wars, making it less stressful to buy.
On top of that, the Bank of Canada just cut interest rates to 2.5%, which has already encouraged more buyers to jump back in. Whether you are thinking about selling or ready to find your next home, this balanced market is full of opportunity.
If you would like to talk strategy or need advice on your next move, give me a shout!
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