Row/ Townhouse Condos
After the first half of the year, row sales totalled 2,045, their highest mark since 2007. Those sales have been met with record-high new listings. This has caused inventories to trend up over recent months to levels higher than what we typically see at this time of year.
The higher inventories have not been a problem, as they’ve been balanced by strong sales. The month of supply remains below three months and this sector continues to favour the seller. Recent gains in the months of supply are helping the market move toward more balanced conditions, but it is too soon to see the shift impact pricing.
In June, citywide row prices totalled $299,300, one per cent higher than last month and nine per cent higher than last year’s levels. Prices have improved across most districts, but they remain well below previous highs.
Recent price gains have encouraged more people to sell their condominiums this year, causing both new listings and overall inventories to increase relative to the previous year. At the same time, relative affordability has supported sales totals that have improved from the exceptionally low levels recorded over the previous six years.
The result has been inventories that remain elevated compared to historical levels, but strong sales have helped bring the months of supply down to levels more consistent with balanced market conditions.
The balanced conditions have been supporting some price recovery in the market. Prices have trended up over the first half of the year and on a year-to-date basis they currently sit nearly three per cent higher than last year.
Prices have risen across all districts, but the largest price gain occurred in the West district. However, overall, prices remain nearly 15 per cent below previous highs.