Summer is always a slower time in Annex real estate. The reason being is that many Annex residents are fortunate enough to own cottages and country homes. We mention the slower effects of Summer because the Annex is one of the wealthier areas; when the market slows down, the Annex will continue to transact due to its higher-end real estate and always-in-demand location. It’s now back to school so we can expect an increase in Annex houses and condos over the next two months.
Some of the sales figures can be a result of the quieter Summer. However, there are indeed signs of a softening market in the Annex.
The Annex rarely has many sales, keeping the area in high demand. There were a total of 7 transactions. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Annex Homes Values
There were only 3 sales in the Annex in August 2022. The average home sold for $1,728,333, down substantially from $2,925,000 in August 2021. Note: sellers are struggling to price their homes at what the market (buyer) is willing to accept in this real estate environment.) The average list-to-sale price was 93%. There was a 50/50 chance of multiple offers on Annex house listings. The average home was on the market for a whopping 37 days – remember, the Annex is an area with many cottagers and country homeowners who leave the city in the Summer – the buyers do the same.
➤ Check out our top reads for anyone thinking about living in The Annex:
- The Annex Neighbourhood Guide
- How To Adjust Your Home Selling Strategy When Prices Are Falling
- 5 Things You Didn’t Know About Toronto Lofts
Annex Condo Values
There were 4 condo sales—the average Annex condo sold for $1,164,250, down from $2,225,600 in August 2021. The average list-to-sale price was 95%. There was a 50% chance of multiple offers on house Annex listings. The average Annex condo was on the market for 33 days.
Contact us here and read our Annex blogs to learn more about The Annex.
Not the Annex real estate market report you were looking for? Check out our complete library for all reports, old and new!
