The Market After Victoria Day
The best way to frame where Toronto’s real estate market stands right now is to look at the annual cycle — specifically, the post-Victoria Day slowdown.
Every year, the May long weekend marks the end of the spring market. Over the next four weeks, sales will continue to dwindle, culminating in the third week of June. This officially marks the end of spring and the transition into summer, when families travel to Europe and cottages, take downtime, and leave many homes lingering on the market.
While there continue to be those hot micro-markets we’ve referenced in past newsletters, for the most part it’s challenging to sell freehold homes, let alone condos.
We expect to see a number of relists and new listings in September, starting in the second week after Labour Day weekend.
Looking for more insights into Toronto real estate? Check out these related posts from my blog!
- Toronto Micro Markets
- Best Toronto Neighbourhoods For Families
- What’s Great About Living In Summerhill
Fewer Listings Leading to Some Stability
We’ve noticed fewer listings coming to market over the last couple of months, which has led to stabilization in freehold values and improved absorption in the condo segment. While we don’t believe condos have hit their value floor, we are seeing sales activity pick up as buyers begin to respond to improved affordability.
Worth noting: in the City of Toronto, sales are slightly up and values are relatively flat year over year.
It continues to be remarkable that our market has maintained some degree of stability despite ongoing geopolitical uncertainty and recent increases in fixed mortgage rates.
Have questions about buying or selling in today’s market? I have answers! Reach me by email at ryan@ryanroberts.ca or call 416-925-9191.
