June sales climbed to 2,197 units, an improvement over May but still nearly four per cent below last year and just under the long term average for the month. The story underneath that number is inventory. After several years of record housing starts, supply has built up fast, particularly in high density product, and that's opening a widening gap between how detached homes and condos are performing across the city.
Detached sales reached 1,202 units in June, in line with last year, driven by gains at both the top and bottom of the price range. The West district posted the strongest annual growth in the city at nearly four per cent, and along with the City Centre, it's now sitting at record high prices. The North East tells a different story entirely, with prices down nearly seven per cent as excess supply weighs on that end of the market. Citywide, the detached benchmark landed at $750,500.
Row home sales and new listings both pulled back in June, keeping inventory elevated at 1,152 units against 338 sales. Every district posted a year over year price decline, but the spread is stark: the South saw only a two per cent dip, while the North East and East both fell a full 10 per cent. That's the largest within-property-type price gap across any segment this month.
Condo apartments are absorbing most of the market's excess supply. Sales are down 26 per cent year to date to 2,260 units, and June's benchmark price of $299,000 is down nearly nine per cent from last year, the steepest annual decline of any property type. Inventory sits more than 24 per cent above typical levels, pushing months of supply to nearly five, solidly buyer's market territory. Every district posted declines, with the North East and East both down more than 14 per cent. The North West fared best, but even there prices fell seven and a half per cent.
Detached Homes Hit Record Highs, But Only in Two Districts
Detached sales reached 1,202 units in June, in line with last year, driven by gains at both the top and bottom of the price range. The West district posted the strongest annual growth in the city at nearly four per cent, and along with the City Centre, it's now sitting at record high prices. The North East tells a different story entirely, with prices down nearly seven per cent as excess supply weighs on that end of the market. Citywide, the detached benchmark landed at $750,500.
Row Homes Show the Widest Price Gap in the City
Row home sales and new listings both pulled back in June, keeping inventory elevated at 1,152 units against 338 sales. Every district posted a year over year price decline, but the spread is stark: the South saw only a two per cent dip, while the North East and East both fell a full 10 per cent. That's the largest within-property-type price gap across any segment this month.
Apartments Post the Steepest Slide in the Market
Condo apartments are absorbing most of the market's excess supply. Sales are down 26 per cent year to date to 2,260 units, and June's benchmark price of $299,000 is down nearly nine per cent from last year, the steepest annual decline of any property type. Inventory sits more than 24 per cent above typical levels, pushing months of supply to nearly five, solidly buyer's market territory. Every district posted declines, with the North East and East both down more than 14 per cent. The North West fared best, but even there prices fell seven and a half per cent.
