The million-dollar divide is the story of August. Overall sales fell 16 per cent to 1,660 units and new listings dropped nearly 10 per cent, but that pullback wasn't shared equally. Homes priced over $1,000,000, mostly detached and semi-detached, actually posted gains, while everything below that mark kept sliding. CREB's Ann-Marie Lurie points to favourable rental conditions as the reason: buyers who'd normally be entering the market at lower price points are staying put as renters instead of making the jump to ownership.
Apartment condos are absorbing the damage. Year-to-date sales for apartment-style homes are down 26 per cent, by far the steepest pullback of any property type, and the segment is sitting on nearly six months of supply. The benchmark price, $295,400, is down eight per cent from last year and now sits almost 13 per cent below its August 2024 peak of $341,300. Two years of oversupply have caught up to this segment in a way nothing else in the market is experiencing.
The North East is the weak spot across every category. Detached benchmark prices there are down over six per cent year over year, the steepest decline of any district, and months of supply in the north and north east has pushed past four months while the North West, West, South and South East all sit below three. Row homes in the North East are down over 12 per cent, the worst showing anywhere in the city, while North West row prices are essentially flat. Location is doing more work than property type right now.
Semi-detached is the one segment holding its shape. Prices are up nearly one per cent year over year at $690,500, helped by gains in the City Centre, North West and West offsetting softness elsewhere. But even here the cracks are showing: months of supply crossed three for the first time since January, and the sales-to-new-listings ratio slipped to 56 per cent in August. Balanced for now, but the trend line is pointing the wrong way.
Row homes are getting squeezed from both sides. Sales are down 15 per cent year to date, and CREB is flagging new-home supply and rising rental product as the twin culprits pulling buyers away from resale row product. The benchmark price, $415,200, is down five per cent from last year, the largest annual decline of any property type after apartments. Months of supply has held near four months for two straight months now.
Apartment condos are absorbing the damage. Year-to-date sales for apartment-style homes are down 26 per cent, by far the steepest pullback of any property type, and the segment is sitting on nearly six months of supply. The benchmark price, $295,400, is down eight per cent from last year and now sits almost 13 per cent below its August 2024 peak of $341,300. Two years of oversupply have caught up to this segment in a way nothing else in the market is experiencing.
The North East is the weak spot across every category. Detached benchmark prices there are down over six per cent year over year, the steepest decline of any district, and months of supply in the north and north east has pushed past four months while the North West, West, South and South East all sit below three. Row homes in the North East are down over 12 per cent, the worst showing anywhere in the city, while North West row prices are essentially flat. Location is doing more work than property type right now.
Semi-detached is the one segment holding its shape. Prices are up nearly one per cent year over year at $690,500, helped by gains in the City Centre, North West and West offsetting softness elsewhere. But even here the cracks are showing: months of supply crossed three for the first time since January, and the sales-to-new-listings ratio slipped to 56 per cent in August. Balanced for now, but the trend line is pointing the wrong way.
Row homes are getting squeezed from both sides. Sales are down 15 per cent year to date, and CREB is flagging new-home supply and rising rental product as the twin culprits pulling buyers away from resale row product. The benchmark price, $415,200, is down five per cent from last year, the largest annual decline of any property type after apartments. Months of supply has held near four months for two straight months now.
