July 2017 - The New Street Resale Real Estate Report for The Greater Toronto and Hamilton Region
The July Resale Real Estate numbers are in for both the Toronto & Hamilton Regions. If you've heard anything about it, you probably already know that prices and sales took another little dip.
GTA & Hamilton Home Prices - Last 12 Months
For the 3rd consecutive month, we've seen prices itch down and now we're pretty much back to where we started at the beginning of 2017. But there's more this unfolding story....
If you look at the chart below, you will notice that sales were down 26% from June in the GTA and 21% in the Hamilton-Burlington area. Prices also dipped 6% and 3.3% respectively. One number that I've been following closely from this chart is the number of new listings as well as the ratio between new listings and sales. This provides us with some indication of the supply and demand in the resale market. We are still seeing significantly more new listings hitting the market in comparison to sales, but the number of new listings is actually down over 27% from last month and only 5% more then July of last year, in the GTA. In Hamilton that number is almost the same in comparison to last month. If the amount of new listings continue to decrease at this rate then we should eventually see sales catch up with supply and hit that plateau that was mentioned in last month's blog post.
GTA & Hamilton Homes Sales Stats – July 2017
When we look at the stats for each particular home type, you'll notice that houses are still taking a harder price-hit then condos. While detached home prices in the GTA are only 5% more then 12 months ago, condos are still a very healthy 23.2% up. In the Hamilton-Burlington area, this trend is also evident with freehold home prices up about 9% while condos were up 21% in July. Interestingly, townhome prices in the 416 were the only home type that was actually up from last month, a whopping 0.4%.
GTA Sales & Average Price by Home Type - July 2017
Hamilton & Burlington Sales & Average Price by Home Type - July 2017
Take a look at average sales and price stats for communities throughout Hamilton and the GTA below. Grimsby, Dunnville, Hamilton Mountain and Waterdown all seem to be on their own in the green for July. Meanwhile in the GTA, the Halton Hills area including Georgetown saw a small price jump of 5% from just last month. Markham was also up from last month after we saw prices slide in May and June.
Hamilton & Burlington Prices & Sales by Community - July 2017
GTA Prices & Sales by Community - July 2017
Opinions are my own and should not be taken as advice. Data Compiled by New Street from TREB (Toronto Real Estate Board) and RAHB (Realtors Association of Hamilton-Burlington). In association with Right at Home Realty Inc., Brokerage, 5111 New Street, Burlington, ON L7L 1V2. The information here is deemed reliable but not guaranteed by New Street, TREB or RAHB. Not intended to solicit listed properties or buyers under agency agreements.