Mid-August sales numbers from the Toronto Real Estate Board showed that activity in the detached housing segment is veering closer to that of multi-family sales, especially in comparison to last month.
According to the TREB data, detached home sales increased by 12% year-over-year in the City of Toronto and up 17% in the GTA.
These were marked improvements from the city’s mid-July home sales performance, which saw detached sales falling by 4% year-over-year in the City of Toronto and increasing by 9% across the GTA.
The August 1-15 figures backed up the results of a recent analysis by real estate investment services company Marcus & Millichap, which cited elevated prices as the main factor pushing the popularity of multi-family homes (apartments, in particular) among Toronto’s home buyers.
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The study further noted that demand for both residential and commercial apartments has not abated despite regulatory changes.
“Rent controls put in place recently have yet to slow investor demand or rent growth as was previously feared. Strong rental demand and improving property performance will keep sales activity elevated this year, particularly in areas near employment hubs with transit connectivity,” according to Marcus & Millichap.
The TREB data added that condo townhouses have seen sales activity increase by 31% year-over-year in the City of Toronto and by 9% in the GTA.
Meanwhile, sales of condo apartments remained flat in the City of Toronto and grew by 6% across the GTA.
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