Heading into the final month of the summer, there are a few noteworthy trends that have recently emerged in the GTA housing market.
For one, while the rest of the market continues to adjust to the effects of stricter mortgage rules, the condo segment is doing just fine.
“Condos continue to be one of the remaining affordable entry points into the market,” Zoocasa managing editor Penelope Graham told Livabl, in a recent video interview. “We’re seeing stronger demand for lower priced housing, as buyers try and get into the market.”
Meanwhile, sales across the market dropped 20 per cent month-over-month during the first two weeks of July, which Graham predicts will continue for the rest of the summer.
“Summer is traditionally a slower month for real estate,” she says. “Buyers are likely waiting for the autumn market.”
But this summer is slightly different, since the usual spring buying surge may have been pushed back.
“The other thing that is interesting to note is that we’re coming off of kind of a strange spring housing market,” she says. “We have a lot of people who are taking a wait-and-see approach, we’ve seen people not wanting to take a risk. It will be interesting to see when they decide to return to the market.”
For a closer look at Graham’s predictions for the GTA housing market, check out the video above.