The big story as we approach the end of summer is the GTA’s depleted inventory of houses for sale. Supply is dangerously low even if you include the condominium market. The combined impact of the declining number of new properties coming to market and increased sales volume, sees greater Toronto limping into August with only 11,346 active listings. This figure is less than the total number of monthly sales reported in each of April, May, and June. By comparison there were 16,673 properties available for sale in July of 2015, an eye-popping 31.9 percent decline!
Toronto’s condominium market, which enjoyed an abundance of units not so long ago, is also disappearing. This lack of inventory resulted in a 9.2 percent increase in sales and an 8.2 percent increase in the average sale price of condominium apartments in July!
